Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of The Real Estate Podcast, available every morning on iHeartRadio and also Spotify and Apple and wherever you get your podcast from. Well, it's a Tuesday morning. It is the 12th day of July for 2022. A quick calculation this morning. It's just 172 days before the first day of 2023.
Too early? Probably. It's like Christmas music that just keeps getting earlier and earlier each year. And the Grinch in me will tell you that I absolutely hate Christmas music with a passion. Coming up this morning, we take a look at an auction last week that got somewhat heated when the losing bidder stormed out of the auction and then broke something.
We will catch up with the agent who was there to find out more and who said FOMO was dead. And if you're having your breakfast, I hope you're enjoying yours. Mine was a little bit different this morning after running out of cereal. And I just hate it when you think you've got an extra box in the pantry only to realize, no, that was wrong.
So this morning I was left with pizza for breakfast with a coffee. And I have to say it's Not as bad as you think, a perfectly good substitute. If you're celebrating your birthday today for the 12th of July, happy birthday, have a great one. And I see in the history books a young 21-year-old Australian cricket player
player by the name of Don Bradman is playing in the third test against England at Leeds on this day all the way back to 1930. By lunch he had scored 105 with the bat by tea he had gone on to 220 and by stumps he was not out sitting on 309 runs. You see he liked nothing better than making an Englishman chase all day long the red leather around
the field and that is why he is the greatest batsman of all time. Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au. And checking on your weather around Australia. First we go to Sydney. It should be a mainly dry day with some cloudy periods, a high of 17 degrees.
Melbourne, just one word which requires the raincoat and the brolly this morning before you head out. Expecting showers and it's going to be cool with just 12 degrees. Brisbane, expect some rain today and for it to increase and your high of 20. And in Perth, expecting blue skies with winter sunshine and your top of 19 degrees.
from first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. Well, premium properties, it seems, are still selling well in certain cities, especially around Sydney at the moment. And one of the barometers is just how hard some of the bidders are going toe to toe with each other.
Now, we said a couple of weeks ago that FOMO appeared to be creeping back into some areas of real estate, especially in high end properties. And a point in case to that, Domain the other day ran a story in Sydney. They were reporting on the frustration of one bidder who snapped her bidding paddle in half after losing out to another bidder on a property.
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Chapter 2: What auction incident sparked discussions about FOMO in real estate?
Now tell us a little bit about this particular property because the bidding was taking place. It was very strong and I believe that it raised the temperature, shall we say, for a few people. Yeah, it was definitely a bit of an experience on Saturday. This home was offered for the first time since 1975. And it just goes to show how often properties along this peninsula become available.
So, you know, you might not have an opportunity for a few more years to purchase something along this line of land. So bidding started and it was quite aggressive. You know, they were increasing in increments of $300,000, $200,000. And then towards the end, a little knockout bid of $5,000 got the winning bid. And yeah, as reported in the newspapers, a bit of frustration set in.
We lost our lucky number eight at all. And yeah, we had the underbidder make way to the front door and leave the auction. Have you seen that before? I mean, I've never heard of somebody doing that. I guess it's happened before though, right? I've never seen it in my career, so it was really interesting to see.
I was a bit taken back and so was the team, but we just pushed on and carried on with the auction and still got it sold under the hammer.
It's a great story and so the property sold for just over 4.6 million dollars and interesting that the family who bought the property only saw it on the day of the auction and you do hear about this happening a lot especially on high valued properties for some reason. So Mario why
is that why does that happen where somebody just turns up on the day of the auction for a property like this which is high end and then end up buying it well i'm a strong believer that once you walk into a home you know whether it's a place you can live whether you can call it home so to speak So this gentleman was following the auction for a couple of weeks.
He told me, he goes, I had nothing to do this morning. So I thought I'd come down and have a look and see it play out. And yeah, he walked in, he saw the view, fell in love with the place. The rest is history. He thought that, you know, he'd only go to about the mid falls, but then the competition drove it.
And like I said earlier, you know, a cheeky $5,000 bid at the end was enough to have him walk away with the keys. You know, I'm just thinking if the woman that snapped the paddle is listening to the podcast and now finds out that the gentleman that bought the property says to you, oh, I had nothing better to do, so I thought I'd stumble. And I mean, she'd hate that.
Yeah, I really don't know what to say about how that panned out. How that paddled out, you mean? And I made a comment a couple of weeks ago that many homeowners who have a lot of equity in their properties are chalk and cheese when it comes to first home buyers who are so heavily dependent on a large mortgage.
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