Melbourne In Limbo?
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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 a Wednesday morning, the 4th of May for 2022. And coming up, we're going to be talking with Fabian Sinelli from Melbourne, taking a look at the property market and auctions there. And if you're travelling overseas, you may be able to cast a pre-vote prior to departure. I'm just realising how funny that sounds if you're travelling overseas. I mean, it's something we just haven't been able to say for the last couple of years, but it's here and available for us to head off overseas.
Early voting centres open up on the 9th of May, which is only five days away as we get closer and closer to Election Day coming up on May 21. It's the main centre forecast with propertybuyer.com.au. Around Australia we go firstly to Sydney expecting a mainly fine day with a little bit of rain later in the day and a high of 25 degrees. Melbourne it's going to be damp with showers and a high of 17. Brisbane a mostly fine one with 27 degrees and in Perth expecting sunshine and a high of 23. If you've got a question that needs answering, you can email us at myrealestatepodcast at gmail.com. Well, you may have seen a special 60-minute interview with Ukrainian President Vladimir Zelensky, who at the end of the interview had a special message for Australia.
He said his country would never forget the support Australia offered in his country's hour of need. We're thankful to Australian people that you helped us already, and it's true, but we need more. It's also true, I'm sorry, I'm the president of war country, the country which is in war, and with such friends like you, with such respect friends, maybe my English is not good, I'm sorry, dear Australian people, I'm very sorry, but I think you understand my feelings to you. That is the main thing. You have to know that Ukraine will always remember. It will be written in our historical books about your help. Thanks a lot. Wow. Everything about Zelensky is from the heart. It's genuine. He wears his heart on his sleeve, but also knows how to be strong to fight for Ukraine's freedom.
what is happening in Melbourne with the slowdown? Are we in a limbo auction market there? Well, let's find out. And welcome to the podcast, Fabian Cinelli, Managing Director and Auctioneer from EYS Auctions. Good morning, Fabian. Welcome to the Real Estate Podcast. Hi, Craig. How are you going? Thanks for having me. Yeah, great to have you on the show. And this is a new podcast series. It's called Melbourne Property and Auctions. And we're going to get to speak every couple of weeks. So welcome to you as a regular contributor. Thank you. Looking very much forward to giving my insights. Yeah, it'll be very interesting to just get your angles on the Melbourne market. And as I mentioned earlier, the election is coming up.
You might be the best person to ask from Melbourne about whether there is any buyer hesitancy, do you think, from people attending auctions and getting bidding with their arms going up in the air before the election? Or do you think that there's going to be some people just sort of sitting on the fence? Yeah, look, I'm definitely seeing some hesitancy, Craig. I think, see, auctions are driven by social proof. And if buyers hold back, everyone else just follows. So that hesitancy trend is starting to filter through the buyer's mentality that they're starting to think potentially they might be able to buy below market value. I think that's one reason, Craig. And another is over the last 60 days, there has been obviously an explosion of stock hitting the market.
So the FOMO factor has dropped off. when buyers suddenly have more choice they're less connected to the property because they have backup options that results in less bidders at auctions and as an auctioneer you can see it with your own eyes that buyers are either holding back or getting told to it's definitely harder to get the auction moving nowadays as well opening vendor bids are more common than not
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