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 on iHeartRadio every morning and also on Spotify and Apple and wherever you get your podcasts from. Well, it's a Thursday. One more day and we're into the weekend. It's the 25th of August for 2022. And coming up this morning, we're talking regional New South Wales areas that are now crushing the $1 million median mark.
Chapter 2: What regional NSW areas are surpassing the $1 million median price?
In fact, a lot of these properties are selling well in excess of a million dollars. But what effect is that having on the local market? There is a cost to local communities, and we'll discuss that in just a moment with Alice Stultz from Domain. We're also going to talk about being 26 years old and having $80 million to slap down on a property in Melbourne. We are in the wrong line of work.
If you're celebrating your birthday for today, have a fantastic Thursday. You're sharing your birthday with Tim Burton, the film director. He is turning 63 years old. Elvis Costello, he is turning 68. And frontman Gene Simmons from Kiss. He is turning 73 and tomorrow night KISS are playing in Sydney. So if you're going to that concert, it will be a beauty. KISS know how to entertain.
I saw them in 1997 and it's one of those concerts you never forget. So enjoy that, I think, Perth next week.
From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. Music It's the main centre forecast with propertybuyer.com.au.
All right, let's head around Australia and check in on your weather forecast on this Thursday morning. And first to Sydney we go, expecting a late shower or two. From the Met service, they don't tell us exactly when, but a high of 20 degrees. In Melbourne, expecting the showers today to ease and your high of 14.
And good morning in Sydney, expecting a top today of 22 degrees and mainly fine and sunny Thursday. And in Perth, expecting mostly sunshine and your high of 23 degrees.
It's the Real Estate Podcast across Australia, seven days a week. We are just as addicted to property as you are. Every weekday morning from 6.30.
Well, let's talk about stress. It was in our lives well before any pandemic turned up, or we knew what the word COVID meant. In fact, we were dealing with everyday stress levels and dreaming probably of a less stressful way of living our life. And then getting away from the busy city life, cocooning ourselves in a much, much easier lifestyle.
It almost seems, when you think about it, a romantic notion. But the pandemic and the forced lockdowns really did put the blowtorch on this very subject. Suddenly, it seemed like an obtainable possibility.
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Chapter 3: What impact does the $1 million median price have on local communities?
We can have our cake and eat it too. That is, of course, if you got in nice and early because just like every other aspect of this raging property steroid price hike, so too was the getting away from it concept. So fast forward to where we are right now And we see, surprise, surprise, this getaway is going to cost you plenty.
And the other day, Domain revealed regional New South Wales median house prices are north of $1 million. And some of these areas have, in fact, overtaken Sydney prices. So let's bring in Alice Stultz, Managing Editor of Domain this morning and catch up with her thoughts. And a very good morning to you, Alice. Welcome back.
Good morning, Craig. Great to be with you.
You know, it is so true, isn't it? You miss the boat and you pay for it. And this is just another area of dreaming of a more of an easier, relaxed lifestyle.
It is really incredible to think we now have multiple regional million-dollar clubs. We've always talked about million-dollar clubs in the inner-city areas, particularly of Melbourne and Sydney, but to see that now permeating around to the regional areas is quite extraordinary.
Yes, so talk about trying to predict this market in the area. Some did, of course, and they bought very astutely. But in amongst all of this, we must not forget about the locals who have been completely locked out of their own market.
That's right. Look, it's an extraordinary situation. And I think one point to press on here is how much Australians love lifestyle locations. And it really shows now that many Aussies are willing to pay a premium for that lifestyle location. And that was really evident during the pandemic with many Sydney and Melbourne city slickers taking their city salaries and moving to the regions.
And what that's done is really turbocharged the price growth in those areas. And often these residents move there with massive pools of equity that had made on their properties in the big Sydney and Melbourne markets. And then they took that money and then put it into property in the regions. And now what it's doing is sort of disrupting the locals, so to speak.
And that's why I think we're seeing, you know, Byron's new median house price is $1.8 million now, whereas Ballina is $1.1 million.
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