Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. And welcome to another episode of The Real Estate Breakfast, available on iHeart Radio every morning and on Spotify and Apple and wherever you get your podcasts from. Thursday morning, here we go again. The week is fast disappearing. I don't know if you found this week a really fast one.
It's been fast here. The 20th day for October for 2022. Coming up in just a moment, we are talking to a couple of guests. The first is Candy in Perth there. She is selling luxury properties and we're going to find out in just a moment how that end of the market is going. And we're also speaking with Michelle Tynan, the CEO at REIACT.
We're going to be talking about the minimum standards regarding the Residential Tenancy Act. So if you are a landlord in the ACT, listen out for what is coming and we'll find out what is coming very shortly from Michelle. And boy, you've got to be feeling for the Ukrainians with these Putin-fired drones that are hitting them at the moment.
When is all of this madness and hellish nightmare for the Ukraine going to end? Sooner rather than later, hopefully. And if you're celebrating your birthday today on this 20th day of October, happy birthday. You're celebrating it with Snoop Dogg, the American rapper and producer, also actor. He is turning 51. And Viggo Mortensen from Lord of the Rings, among many other films, is turning 64.
And on this day, pretty important day in Australia... It happened in 1973. The Sydney Opera House opens its doors. The iconic building began work way back, way back in 1959 at a cost of over $100 million. And in the current property market, what would that be worth, the Sydney Opera House? In fact, you've got to say that it's something that you just couldn't put a price on.
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Well, if you're a madman follower of the 1960s show that Don Draper was made into a household name, we're going a decade later into the 1970s because there's this fantastic looking property in Perth. But we'll get to that in just a moment. But first, let's welcome into the real estate breakfast this morning, Candy Italiano from Mint Real Estate. Good morning, Candy.
Welcome to the real estate breakfast. Good morning, Craig. Thanks for having me.
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Chapter 2: What insights does Candie Italiano share about the luxury property market in Perth?
Wonderful name there, Italiano. Well, I do say it's easy to remember. It is for sure. How's things going for you there in Perth? It's definitely changed in the last six months, but by demand in the area where I sell in Cottesloe is still relatively ready to move into. That's the big thing because people don't want to build or renovate in this market. It's too expensive. Yeah, that's right.
Everything's gone right through the roof. And I guess where you are too, it's very nice. You've got some coastal properties that you're dealing with. And I think the property that I just gave a nod to from the 1970s, gee, this is a nice looking property, eh? It's a brand new build. Is that right? No, so it was built in the 70s, but it's been fully renovated. It's very cool, very different.
Yeah, it's a very funky home. It's really nice. It's a treat to sell homes like that. Wow, it confused me because I was looking at it, I read the piece and I thought, now is that 1970s or is that somebody that's made a 1970s home? Yeah, no, no. It was completed by Ferguson Architect end of the 60s, 70s. It's very different to your standard home.
You know, it's got beautiful north-facing front with a stunning kitchen, Gaggenau appliances and so on. And then it's got a whole pavilion out the back with full kitchen, Miele appliances overlooking the pool. So you've sort of got your winter kind of area and you've got your summer retreat as well. It's very cool. Oh, stop it. It makes me want to be in Perth. Yeah.
I know, it makes me want to move. Now tell me, you're working in that luxury end of the market there in Perth. So what's sort of happening with people moving in? Are you still getting those investors coming in? For example, where are they coming from? I've mainly had, oh no, I've had a number of East Coast buyers who are here looking for homes.
So quite a few of those have come through, but lots of local buyers as well. So there's still strong demand from our local buyers in the high end of the market. With most of the high end homes I've sold, they're mainly to local buyers. I mean, we've got all the mining and, you know, our economy is sort of pumping. So there's lots of people.
with the dollars to kind of buy beautiful homes along the beach. But we still have the East Coast buyers coming back, for sure. That is the thing about Perth, because the market is sort of operating a little bit differently at a different speed, particularly when you compare it to a Sydney. Yeah, well, what's happening in the Sydney market?
Because that's sort of changed quite a bit lately, hasn't it? People are saying it's a bit tough over there. Yeah, it definitely is. I mean, you compare Sydney compared to Perth and everything that we've heard on this particular podcast, lots of positivity coming out of Perth right at the moment. The local economy there is going pretty well. Yeah.
What I've noticed more than anything, a premium will be achieved on something special or something where people don't have to do work. that need work done or renovating, that price has been compromised in the last six months. Over COVID, they would have sold for a premium, but of late, they're a tougher gig to kind of sell. Yeah. So we're heading towards Christmas, as I mentioned.
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