Chapter 1: What recent trends are influencing the Sydney real estate market?
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, also Spotify and Apple Podcasts or wherever you get your podcasts from. It's another Wednesday morning at your place, June the 22nd for 2022.
Coming up in just a moment, now we're going to be having a look at positivity in the marketplace with plenty of active bidders, prices going beyond expectations. What is happening? Well, we'll find out soon with a real estate agent from Sydney this morning. And of course, Katie is here. She is back talking about this great trip that we're giving away to the Hunter Valley.
It has a secret word every day, which you need seven of these secret words before you can enter the competition. I've got another secret word coming up and we'll talk to Katie next. It's the main centre forecast with propertybuyer.com.au.
Chapter 2: How is buyer confidence returning after recent market changes?
And let's have a look at your weather around Australia. First, we go to Sydney, expecting fine and sunny conditions, a high of 18 degrees. Melbourne, some morning showers with 15 as your high. Brisbane, blue skies, 23. And in Perth today, expecting some of the wet stuff, the rain for your Wednesday and your high expecting 22 degrees.
Well, if you're celebrating your birthday, you're in pretty good company for June the 22nd. Meryl Streep is turning 72 years old. And Cyndi Lauper, remember her? Girls Just Wanna Have Fun, the radio single released in 1983. She is turning 69 today.
Chapter 3: What auction results indicate a shift in buyer behavior?
Well, if you're at home at the moment recovering from COVID, long-haul COVID is likely to affect women far greater than men. A new study has shown after analysing data from around 1.3 million patients in the US, and it concluded that women were 22% more likely to suffer from long-haul COVID than men. and would experience substantially different symptoms.
So I wish you a speedy recovery if you've got it at the moment. We feature market updates, interviews and trends. It's your real estate podcast for breakfast. If you've got a question that needs answering, you can email us at myrealestatepodcast at gmail.com.
Well, if you haven't already heard, we're giving away to one lucky Breakfast Club member a two-night stay with a whole tonne of activity, including wine, spa experience. Let's get Katie Lee back from the Hunter Valley. Good morning, Katie. Great to have you back on the show. Oh, good morning, Craig.
Chapter 4: What factors are contributing to the return of FOMO in property bidding?
Thanks so much for having me back. So you've got another little piece of the prize package, maybe a bit of a recap and then launch into the next piece that people are going to experience in the Hunter Valley. Yeah, I am excited for today's reveal. But first, a little recap.
So we've got accommodation with Mercure Resort, Hunter Valley Gardens, two nights, breakfast included, a wine tasting experience with Julius Wines, and a Go-Karts Go experience with Go-Karts Go Hunter Valley. So today's prize is a really exclusive one. It's a 10-minute helicopter joyride with Aerologistics Hunter Valley.
So you'll get to go up and see the Hunter Valley from a different perspective. It's amazing to see the vineyards from high in the sky. A beautiful sunny day. You'll get to fly over the region.
Chapter 5: How do recent auction results reflect market corrections?
You'll get to see all of the places that you'll be going to as part of this prize package. It's going to be a fantastic inclusion experience. And if you don't like heights, that's okay. You don't have to do it. But I honestly recommend you do. It's an experience of a lifetime. I love it.
Well, I'll tell you what, the great thing with helicopters, as you said, it gives you this completely different dimension, different aspect when you're looking down. And boy, this prize package, it is building and building. You guys are doing such a fantastic job. Oh, it is, Craig. Honestly, I'm so jealous.
Chapter 6: Are property vendors adjusting their expectations in the current market?
All right. Well, thank you for that, Katie Lee. We'll talk to you tomorrow morning for another reveal of another part to this prize package. Thanks so much for having me, Craig. Across every state, city and town of Australia, the Real Estate Podcast. Expectation versus realisation is always an ocean apart.
But if you look at some properties selling in Sydney that are selling above expectation, is it above expectation or is it merely that these properties are selling for what they're worth? Of course, the point is that you can't swing the paintbrush back and forth and paint everybody at the same time and say that the market is changing. What is happening is the market is correcting.
It's not affecting every single house, apartment or unit throughout Australia.
Chapter 7: What unique experiences are included in the Hunter Valley prize package?
Some of these properties are selling as family-friendly properties. They're in great locations and so the list goes. goes on and some of these auctions over the last few days have drawn a really decent crowd. In some cases, a seriously decent crowd with active bidders getting stuck right into the auction and making themselves look like big bloated FOMOs.
So let's bring in Nicholas Arena into the conversation from Ray White. Good morning, Nicholas. Welcome to the podcast. Morning, Craig.
Chapter 8: How can listeners participate in the Hunter Valley competition?
Thanks for having me. Great to have you on the show. Well, who would have thought that we would be saying that people after two cash rate rises are so active in their bidding that we're seeing the FOMO return? Well, yeah, I mean, I wouldn't have predicted that a few weeks ago, but, you know, we have had a few auctions, especially on the weekend.
We had two really good auctions and both auctions, I think the first one had seven registered bidders and the second one had 10 registered bidders. Good sign. Yeah and we'll get to those seven bidders in just a moment. Are you seeing buyer confidence returning I guess is the question following the uncertainty of the federal election and those rate hikes?
Yeah I think over the last sort of two to three weeks especially the numbers in our own homes have been higher. We've seen more buyers wanting to sort of engage in in pre-auction offers there's definitely been a bit more sort of confidence coming back into the market, which is good to see.
Now, coming back to those seven bidders that you mentioned, because I believe at the weekend you sold a property with those seven bidders that were registered. Correct, yeah. So we had a property at 105 Crystal Street in Petersham. I think we had about 80 buyers through that campaign in the four weeks.
We issued about 25 contracts and we had seven registered bidders and five active bidders on the day. And what are the vendors saying? Because they've got to be pretty happy when you're saying before you get the auction underway that seven registered bidders are there at their property ready to go. Yeah, look, I think that's always a good sign for those guys, to be honest. They were very happy.
And I think, you know, leading into the actual auction itself, it sort of gives them confidence that, you know, whatever price they get at the auction is, you know, is almost guaranteed to probably be the best price that's out there at the moment. And, you know, tomorrow it will be one month since we all went to the polls on election day.
So four weeks on and, you know, things are a little bit better, aren't they? Yeah, yeah, definitely. I would agree with that. I think, you know, the weekend, I think pretty much leading up to the election, the month of May, it was pretty...
particularly tricky i think for for a lot of the campaigns we had on the market just due to that and uncertainty you know rates and also the election and then as soon as that election sort of had been done and finalized with you know there's definitely been a bit more sort of confidence has come back amongst the buyers as i sort of said before yeah
And let's just put a little bit of perspective back into the conversation because we are in that correcting market. Not all vendors are going to see the dollar value that they want on their properties. Are you starting to see any downsizing taking place with the people that you're interacting with? Yes, yeah, definitely.
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