Chapter 1: What is the main topic discussed in this episode?
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 Google and Apple Podcasts or wherever you get your podcast from. Well, it's another Monday morning which rolled around pretty quickly. I hope that you had a great weekend. Let's have a look at the main set of forecasts with propertybuyer.com.au for Monday the 21st of March.
And Sydney expecting a high today of 25 degrees and partly cloudy. Melbourne mostly fine with 27 degrees.
Chapter 2: What is the great Australian dream and why should we rethink it?
Brisbane expecting a fine day with 27. And in Perth today expecting a high of 29 and partly cloudy. And we're going to be talking in just a moment to Alice Stultz, who is Domain's National Managing Editor. And in a recent opinion piece, she said that we need to rethink the great Australian dream.
Undoubtedly, property ownership makes an abundance of sense financially as well as practically, but it is more than that.
she goes on to say it's the security it brings today as well as tomorrow and ultimately the sense of place and belonging well let's bring alice in a very good morning alice and welcome to the real estate podcast good morning craig and thank you for having me it's great to be here and i should say well done you for coming on to the program because you are still recovering from covert
I am indeed. So hopefully listeners can forgive me if I sound a bit husky or the brain fog descends.
Chapter 3: How does property ownership provide a sense of belonging?
But it's been a tricky sort of period, but I feel like I've turned the corner now.
How difficult has it been?
Look, I think what's been hard for me to manage with it is that it's just been sort of consistently not feeling amazing, which is pretty tough for someone like me. I normally go quite hard and actively through life. So it's really sort of put the brakes on a lot of the things I love to do and not having a sense of taste or smell has been debilitating and it's kind of torn through my whole family.
Children, husband, the whole lot have ended up with it. It hasn't been super fun, but that's just a sign of the times.
Chapter 4: What challenges do Australians face in accessing the property market?
And I suppose technology, we're so lucky, aren't we? Here you are sort of communicating from where you are and we're able to sort of soldier on.
I mean, gosh, can you imagine if we didn't have this? It's been a lifeline to the outside world for me. So it's really created a large amount of solace having access to technology, I've got to say.
Well, I mentioned that, you know, the sense of place and belonging, it is so true about belonging in this opinion piece that you wrote, as the home is a foundation that everything springs forward from, especially for a family starting out on the property ladder. And it seems in recent times the basic notion of having that is kind of out of reach for many Australians, do you feel?
Look, I really do think, and I think when we think about Australia, one of the things that people love about it is the access that we've traditionally all had to property.
Chapter 5: How have expectations of home ownership changed in Australia?
And we know it brings great financial rewards for many, it brings security, but ultimately it also brings shelter. And I think we can sort of get a bit deep in the weeds of property and forget that it is providing that basic sense of shelter and protection. as well as a place in community, which I think is just fundamental to a well-functioning democracy and society.
And what about you yourself? Do you know people that have got this real challenging aspect of climbing into the property market?
Look, we see it all the time, Craig, that people are feeling so overwhelmed about how are they going to access this? How can they live the life that they were raised up to dream about? How do they get into that market? And I think a lot of it is that idea of having to make concessions or compromises along the way.
But I think for many buyers, they think they have the luxury of automatically inheriting the dream that their parents had. And unfortunately, times have changed. And I suppose for me, I think it's important to think about for buyers to cut the cloth to the market that they're in.
And we've seen such staggering increases in affordability over the past decade in particular, you know, exponential price growth. And I think that for many Australians, the dream of owning a house on a quarter acre block with a lovely garden and maybe a pool if they're lucky is just in reality out of reach.
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Chapter 6: What is the concept of rent vesting and why is it gaining popularity?
Yeah, and in your opinion, Peter, You went on to say that Australians should be able to access a home should they so desire and should they be willing to work for it. But it needn't be lavish and plush, as you say. It needn't be in a certain postcode and it needn't be a quarter acre block.
So do you think that some people haven't been able to recalibrate the current market trends to people's expectations?
I think that's exactly what it is. And I think it's an assumption by many, and I don't say this disparagingly, but an assumption by many that they will have the house they grew up in.
Chapter 7: How can first-time buyers navigate the current property market?
And I think times have changed. And that's why I think it is about...
Chapter 8: What insights can we gain about future property price trends?
particularly for first-time buyers, perhaps going out in further suburbs out without thinking they're going to be able to buy the house around the corner from their parents and where they grew up or a beautifully renovated house.
Property is all really about compromising and I think it's just going to constantly test you about how much you're willing to compromise on to get that place in the market.
I really like the moment that you make in the piece about you and your husband buying your first home quite late. And with your first home, you had three children in tow. So that era is probably a bit of a distant memory, but what can you remember about that?
My situation was quite strange. My husband and I moved overseas for over a decade. When we came back to Australia, we were suddenly almost 40-year-old first homebuyers with three children. And I think the thing to remember is while everybody around us had sort of bought their house 10 years prior because we'd lived abroad, we hadn't done that.
And what it meant was that there was no way of catching up. And I see that amongst first-time buyers all the time now, which is why I think you know, if it's about buying an investment property to start off in the market, if you can do that, that's a better thing to do than doing absolutely nothing, I suppose. Because for us, we were just overwhelmed and we were happy to compromise on space.
But the reality was we had three children, so we could only compromise to a certain extent in that regard. And it It's why I really implore first-time buyers to really think about the size of the footprint they're buying in, the postcode that they're buying in, the type of property. At the moment, units are much more affordable than houses and that won't remain that way forever.
But it is the case at the moment and I do think it's an opportunity for first-time buyers if they can bend their mind around not having a big house, as we said, on a quarter-acre block, you could get an amazing opportunity with a unit that could be a fantastic investment property. So it's about thinking about that dream differently from how it was when we all grew up.
Yeah, it's all about that recalibration. One of the things that I've really found fascinating and interesting is this whole rent vesting and how professional couples are staying in the CBD, but they are sort of buying outside of their location, perhaps outside of their state. I think that's a real phenomenon that's just sort of taken off over the last three or four years.
It has. It's an incredible trend, I think. And what it does do is allow people to maintain the lifestyle that they want, because we know particularly for this current first homebuyer generation, you know, that they do love the lifestyle they're living. And there was that obviously article years ago about sort of they're not willing to give up smashed avocado.
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