Chapter 1: What is the focus of today's Real Estate Podcast 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 and also Spotify and Apple Podcasts or wherever you get your podcasts from. Well it's another Saturday morning, the 7th of May for 2022. More property inspections no doubt for people up and down Australia and property purchases. Good luck if you have a busy Saturday with property.
Coming up we're going to be checking in on Canberra's median house price and what is happening in the local market there and talking to somebody local on the ground. Music
It's the main centre forecast with propertybuyer.com.au.
And looking at weather around Australia, first we go to Sydney expecting a mainly sunny day, a high of 20 degrees. Melbourne, it's going to be a little cool with just 15 degrees, one or two showers in Melbourne. Brisbane expecting rain with 24 degrees. And in Perth today expecting a sunny Saturday and a high of 23 degrees.
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Well, Johnny Depp and Amber Heard's trial continues today.
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Chapter 2: What are the current median house prices in Sunshine Beach?
Man, oh man, what a train wreck of a shambles this is. You know, people watch these entertainment programs like ET and the likes in part to get insights into the rich and famous, but this trial must be for the details that it's giving the closest insight you will ever get.
get into a star's life i mean it's got everything it's got drama it's got conflict drugs lies twists and turns alleged violence and you can just put money on it that there will be people out there that will be transcribing everything with a view of writing a book And, of course, somebody will be wanting to write that all-important screenplay to make a movie.
But when you watch it play out in the courtroom, it's cringeworthy and you almost feel embarrassed to watch it. But one thing's for sure, everyone has got a side and one is going to win everything. and the other is going to lose. But really, in the end, how can they both not end up as losers with so much dirty laundry being rinsed through a court of law?
We feature market updates, interviews, and trends. It's your real estate podcast for breakfast.
Well, the picturesque Sunshine Beach, what a great spot to be this morning. And if you bought there a few years ago, you would be pretty happy with that purchase because it's become Queensland's first ever $3 million suburb with new data revealing the Noosa village increased by a massive $250k during the first three months of this year. I mean, that's an indication, isn't it?
And if you're wondering what the median house price is for a home in Sunshine Beach, this time last year it was $2,087,000. But following a record year of continued growth, it now sits at $3.25 million.
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Chapter 3: How has the Sunshine Beach market changed recently?
And how does that compare to other top-performing suburbs around the country? Well, it's the best-performing suburb in Australia.
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Well, what is happening in Canberra right now with the median house price? Oh, that's right. It's the property boom. Silly me. Every Canberra region now has a median house price of $900,000 plus. And Tim Burke is a local real estate man with his feet on the ground there. He knows a thing or two about the market. So I thought, well, let's talk to Tim Burke. Good morning, Tim.
Welcome to the Real Estate Podcast. Good morning and thanks for having me. As I mentioned, how long and patiently Brisbane have waited for their property boom, but I reckon Canberra has probably waited even longer for their turn in the spotlight.
Chapter 4: What is happening in Canberra's real estate market?
What do you reckon?
Yeah, look, I think so. We've always been the sensible place as far as what we followed on the coattails of other markets, seemingly. So like the Sydney-Melbourne market, we're obviously somewhere between the two of those geographic locations, but we've always been slower behind them when they had their rises.
Yeah, and the story that really did catch my eye, as I mentioned, every Canberra region now has a median house price of $900,000 plus. I mean, you would not have been expecting that, say, as little as just 12 months ago.
No, a real big shock. When you consider what we were coming out of the back of, I mean, we were coming on the back of that first COVID lockdown. It was anyone's guess as to where it was going to go. Everyone was battening down the hatches, worried about what could happen and probably on a negative.
The experts were suggesting quite big reductions in price, but instead it did exactly the opposite and really started to take off.
And one of the stats from Domain is that there was this increase of 4.2% over the quarter, but a very eye-watering 40.8% year on year. I mean, that's staggering.
Massive. When you start to look, I mean, incremental changes don't really sort of stand out.
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Chapter 5: How have Canberra's median house prices evolved?
And because we've got quite used to them over the last year or so, you don't really see it. But when you do, you do hear a figure, 40 plus percent is just... astronomical and you think about all the conversations you had with people where maybe they were holding off or waiting for it to drop down and they'd be absolutely kicking themselves if they had have done that.
And more than half of Canberra's eight regions have a median price now of $1 million. So just talk to that a little bit about some of these regions that are well over $1 million.
Well, you've got your top area in Canberra, which is your central area, in particular the inner south, then followed second in a, by a fair stretch, but the inner north there, which is around the geographically southern side of the lake, northern side of the lake. But those particular ones have been over 1.4 and 1.9 in the inner south. So they're quite high. They're our best areas.
And those, the areas around there, which are all above a million, other ones just bookending those ones too.
And infrastructure in the region is clearly something a lot of people are paying close attention to, including investors, which is no doubt helping to push that median to that $1 million plus price point. Tell us a little bit about, if you would, some of the infrastructure around Canberra.
So one of the, well, obviously, not obviously, but what we see in Canberra is a very big public service. So both federal and local public service. So it's fairly well driven by public servants through there.
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Chapter 6: What infrastructure developments are impacting Canberra's growth?
Private sector, also good. The public service really drives the incomes Now, infrastructure wise, we've got things like the light rail project, which has been a more recent one. And that's been very heavily invested in.
And also what we've seen on the back of that, because that was started on the northern end of town, we did see those areas benefit quite significantly in their house prices or unit prices also lifted. It's about to start the second stage, which is from the city down towards the southern area in Woden. And that particular project, I think that people are going to have pretty long memories.
And so they'll start to invest around those spaces as well.
And what is sort of coming up over the next couple of years in terms of infrastructure? Is there anything, you know, to note here while we've got you on the phone as far as Canberra's growth?
I think Canberra's losing its tag, being a bit of a boring sort of place to be. There's a lot to really like about it down here, and those that live here know exactly what I'm talking about. The bush capital, as it's sort of called through there, there's a lot of people that want to be here because they're only 15, 20 minutes from the city at the furthest edges.
The attractions that Canberra has, it certainly keeps people here and keeps them occupied.
And we've spoken to the likes of the Adelaides, to the Brisbane, of course, with all of this interstate moving where people have just packed it up from Melbourne, packed it up from Sydney and moved into these regions.
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Chapter 7: What makes Canberra an attractive place for new residents?
What's one of the points of interest, the points of difference, perhaps, that people interstate moving into Canberra? Can you put your finger on any one or two things?
Yeah, absolutely. I talked about it just before, but that geographic location, I mean, you can live in Sydney in the outer suburbs and it could take you an hour and a half to two hours to get to work. You don't have that here. Our peak hour, if you will, you know, might take you at your extremities during peak hour.
It might take you maybe half an hour, 40 minutes to get to the centre of the city in absolute peak hour, you know, and you'd have that in just a general trip otherwise. So I think the schooling's good down through here from a family area point of view.
You know, people that do want to spend time as a family, Canberra has it absolutely in droves and I think really puts most other capital cities to shame.
Yeah, right. That's a good part to leave the interview from right there, I think. Hey, Tim, thank you so much for coming on to the Real Estate Podcast, telling us a little bit about the market, what's been happening, the median house price, and sounding a little bit like a tourist dude towards the end there, really selling it nicely. Thanks for having me.
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