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Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio, also on Spotify and Apple Podcasts, or wherever you get your podcasts from. Well, it's the end of another working week. I hope it's been a good one for you so far. Friday, the 8th of April for 2022. And coming up in just a moment, it's Rich Harvey from Property Buyer.
But first, let me tell you about the Real Estate Breakfast Club, which is coming. Yes, we're going to be giving away all sorts of cool prizes, including Mystery Weekends Aweigh. But you will also get to hear exclusive real estate content, which will only be available to the Real Estate Breakfast Club members. Plus, there is going to be specific real estate product giveaways.
So all you need to do is email us to this email address.
You can email us at myrealestatepodcast at gmail.com.
And in the header when you email us, put in the header Real Estate Breakfast Club. That's myrealestatepodcast at gmail.com.
It's the main centre forecast with propertybuyer.com.au.
Yes, let's have a look at weather for Sydney expecting a shower with a possible storm today with 22 degrees. Melbourne partly cloudy with 23. Brisbane expecting a shower or two with 27. And in Perth today expecting one or two showers and a high of 27 degrees.
We feature market updates, interviews and trends. It's your real estate podcast for breakfast.
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Chapter 2: What should home buyers consider before starting their property search?
There's no point unless you've got the capacity to go there. You've also got to develop very deep and wide relationships with all of the local agents. And this takes time and you've got to understand how they price property, how they operate, how quickly they sell or how slow they sell depending on market conditions. And you also need to track auction results.
I mean, we're going through a stage now in Sydney and Melbourne where the market's retracting a bit, right? We're seeing price guides being revised. We're seeing price guides being much more accurate. So it's very important to keep a week by week handle on the market. Just like last year in 2021, it was an incredibly fast market. Prices were moving almost 2% or 3% a month.
Now we're heading into a slightly changing market. It's not dropping at 2% a month, but it's certainly correcting a little bit. And so that gives more opportunity for buyers. So back to your question, how deep do you go? As deep as possible, as deep as you need to make a wise decision.
So when we do an analysis for our clients on a property, we're going to be looking at five to six comparable sales before we advise them what the value of the subject property is in today's market.
Yeah, make sure you get out there and don't just do an online research because you need to physically see the property and see if it's overshadowed or next to a busy school or a childcare centre or something like that and just see all of the negative features of the property in person.
And what about off-market opportunities? How can you be more proactive in finding these properties that are off-market?
We always get asked, how many off-market properties can you find? And for me personally, probably around 50% of my transactions last year was off-market. How do you find them? With difficulty is the answer. And they are out there. So agents are constantly talking to vendors that are potentially about to list or sell their property. And there's different types of off-market.
There's what we call a pre-market, like it's about to come to market and the agent will just send it out to their database. And then there's the true off-market where the owner has said, look, I only, only want truly highly qualified buyers coming through. I don't want it advertised because of whatever reason.
I don't want people knowing they're going through a divorce or a difficult situation, or maybe they're a politician or a celebrity or something like that. So these off markets do exist. And the other way that I get access and my team get access to off markets is we often are direct to vendor where there's no agent involved.
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