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 on Spotify and Apple and wherever you get your podcasts from.
It is a Friday morning which means the weekend is coming and the second day of September for 2022 and I've got to say there is something to be said about the psychological feeling that you have about spring. What? Whatever it is going on in the mind, it sure beats the feeling that we have of winter.
And coming up this morning, staying with that theme, we are talking to Rich Harvey about spring property and the prediction of what is going to happen this spring. Is it going to be the buyer-seller vibe of bust for spring, or is it going to be the buyer-seller spring bounce? That is the question. We will check on that very shortly. And because it is spring, we are going on a road trip.
And we're heading north from Brisbane. And our first destination is going to be Harvey Bay, right there on the Fraser Coast, the capital for whale watching. It's a beautiful spot. And we will find out some interesting information about Harvey Bay. From there, we're going to head even further north, heading to Rockhampton. And we're going to find out the crucial things that you need to know.
And for first home buyers, brace yourself for some pretty interesting surprises. And from Rockhampton, we then head further north to Mackay, the sugar capital of Australia.
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Chapter 2: What impact does spring have on the property market?
And then from there, we go all the way up to Cairns. So that is coming up and starting from tomorrow, the road trip north of Brisbane. If you're celebrating your birthday today for the 2nd of September, have a great Friday. You share your birthday with Keanu Reeves. He is turning 57. Lennox Lewis, the former heavyweight boxing champion, he is turning 56. And Salma Hayek.
She is turning 55 and it was on this day back in 1951 that the US, Australia and New Zealand signed the ANZUS Mutual Defence Treaty. From first home buyers to property investors and everything in between. Every morning on The Real Estate Podcast. We are just as addicted to property as you are. Every weekday morning from 6.30am. It's the main centre forecast with propertybuyer.com.au.
All right, let's have a look at your weather around Australia and good morning to you in Sydney. Expecting some rain today, a high of 19 degrees. Also some possible showers in Melbourne, your high of 13. In Brisbane today, some rain developing also and a high of 21 degrees. And in Perth,
expecting mostly fine and sunny conditions and a high of 23 degrees it's the real estate podcast across australia seven days a week let's talk property a podcast series with rich harvey well spring has arrived along with a friday morning so you may be feeling that spring in your step but will the spring weather have any impact on the property market and buyer and vendor sentiment
Well, rising interest rates has been the biggest drag on consumer confidence. We all know that.
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Chapter 3: What predictions are made for buyer and seller sentiment this spring?
And you're probably asking the question of how much further will the rates rise? Will we see a significant bounce in listing volumes or will the market pricing continue to take a dive? So to find out all about this and what may lay ahead for the property market in spring, we have Rich Harvey, Buyer's Advocate and CEO of propertybuyer.com.au.
And welcome along, Rich, to this Friday morning and the second day for spring. Yeah, thanks, Craig. Great to be with you. I can definitely say the weather's warmer. I've been out for my morning walk this morning and just out in a T-shirt and didn't feel cold at all. It's wonderful. There's a real difference in the atmosphere. I love it. Oh, yeah. Yeah, spring. We have waited.
It almost seems like we've waited such a long time. 100%. It's been a cold winter. I can't wait to get out of it.
all right and talking of the summer let's perhaps first find out what's been happening in various locations along the east coast of australia i guess over the last two to three months yeah it's been a mixed bag craig there's been a lot of different things happening our team of buyers advocates we cover sydney melbourne brisbane gold coast newcastle the major regions and
They've generally observed that buyers are approaching the market with a lot of caution. And that real hesitancy to consider buying property has resulted in a lot less properties being put up for sale. We are definitely seeing price corrections in pretty much all markets now.
The latest stats that just came out today from CoreLogic are showing that Sydney and Melbourne are down at least 7% on the headline rate. But if you drill down and go, what's happening on the ground, it's more like a 15% drop. And the Brisbane and Gold Coast markets are now, there's evidence that those markets are starting to turn two or 3% down to 5%.
It doesn't mean though that every property has dropped massively in value. And I'll just give one quick example. We had a client that I bought a property for probably about 15 years ago for 820,000 in Beacon Hill. And they just sold it two weeks ago for 2.45.
Now, had they sold that property last year, they might have got two six, but it's still a pretty decent result, even in a correcting market. So it just goes to show that, you know, good quality properties are still selling well. And the other thing, Craig, I just mentioned, we actually interviewed John McGrath from McGrath Estate Agents. And we asked John, where do you see the market at?
And he reckons the market's already fallen 15%, like we say in Sydney and Melbourne. But he also says that we're about 2% to 3% away from the bottom of the market. So he suggests that we're almost most of the way through the correctional phase. And there's a great window of buying well over the next six months to get properties at quite a discount.
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