Smashing Profits $1M Dollars
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What are the recent trends in property profits across Australia?
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. Another Monday has turned up. Yes, here we go again, a new week. And if you were out amongst the property deals in the weekend, I hope that that was successful for you. Today is the 22nd day of August for 2022. And coming up this morning, we're going to be discussing property windfalls, just how much money are people making and some of the big landslides of profits over the $1 million mark. And joining us is Paul Ryan from PropTrack very shortly. And sticking with PropTrack, they reported yesterday an auction smashed its reserve by $385,000.
And it has some people saying that homebuyers are no longer fearing interest rate rises.
How have interest rates affected property sales and buyer behavior?
Multiple homes sold for hundreds of thousands of dollars above reserve on Saturday are as Victoria's auction market recorded a 66% clearance rate and that is from 476 reported results. That's according to a preliminary prop track figures. The house sold in question for $1.74 million. And Fabian Sinelli was the auctioneer who we speak to here on the podcast. And Fabian says he doesn't think the rates are having an impact right now, which is further evidence of what Fabian only mentioned here last week when he said the same thing. So is this a turning point in the market? We are just as addicted to property as you are. Every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au.
Which suburbs are seeing the highest profits in property sales?
All right, let's check on your weather around Australia. And look at that, a mostly sunny day for you today in Sydney and a high of 23 degrees. Melbourne expecting the rain unfortunately, but your temperature not too bad. 17 is the forecast high. Brisbane, partly cloudy but dry. 21 is your forecast top. And in Perth today, a mostly sunny Monday and your high of 17 degrees. From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. It's The Real Estate Podcast across Australia, seven days a week. Well, rapid exceptional price growth over the past two years has seen vendors make small fortunes and in many cases a king's ransom.
What factors have contributed to the surge in property prices during the pandemic?
I mean, who knew a pandemic would result in the market acting like it was on steroids? It's a market nobody, nobody could have predicted. And even if you've heard somebody say, I knew what the market was going to do, then the line from the castle comes to mind, you're dreaming, mate. So nobody really could have predicted this. And in this current market, even sellers over recent months are not selling properties at a loss. And a PropTrack report has said that the proportion of recent sales that have resulted in capital loss is one third the rate seen in the two years prior to the pandemic and half the rate seen over the two years of COVID. So let's bring in Paul Ryan. He is the senior economist from PropTrack.
And a very good morning to you, Paul. Welcome to the Real Estate Breakfast podcast.
How are lifestyle changes influencing property buying decisions?
Thank you very much. And likewise, good morning. So people have been making over $1 million in profit, $900,000, $800,000. Your recent reports looked at a profit breakdown from March of this year to July of this year. So let's start with breaking down some of those areas that really turbocharged a vendor's bank balance. Yeah, absolutely. So we've looked at people that have sold properties from March to July this year, which is since interest rates started to increase. To look at, you know, who are these sellers? How much profit are they making? How long have they held their properties for?
What is the performance comparison between houses and units in the current market?
The results were quite striking. So particularly in regions to the north of Sydney, places like Pittwater and Manly and Kuringai, we saw people making the typical seller over that period that includes houses and unit sales was over a million dollars in Pittwater and Manly and $830,000 in the Kuringai region of Sydney. These regions were kind of typical of that lifestyle shift that we saw at the start of the pandemic.
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Chapters
8 chapters
1
What are the recent trends in property profits across Australia?
0:02–1:09
2
How have interest rates affected property sales and buyer behavior?
1:09–2:04
3
Which suburbs are seeing the highest profits in property sales?
2:04–2:54
4
What factors have contributed to the surge in property prices during the pandemic?
2:54–3:52
5
How are lifestyle changes influencing property buying decisions?
3:52–4:32
6
What is the performance comparison between houses and units in the current market?
4:32–5:35
7
How long do sellers typically hold their properties before selling?
5:35–6:40
8
What does the future hold for property prices and seller profits?
6:40–11:41
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