Sydney Auctions Have Changed
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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 Spotify and Apple Podcasts or wherever you get your podcast from. Well, the weekend has arrived. Another Saturday morning is here, the 14th of May. And coming up, we're going to be talking auctions.
What changes are happening in the Sydney property market?
The dial is moving in favour of buyers as the market starts to change. And we'll take a look at the Sydney market with auctioneer Stu Benson and find out his thoughts about what happened last weekend in the auctions and what is coming up this weekend across Sydney. It's the main centre forecast with propertybuyer.com.au. Let's have a look at your weather around Australia. First to Sydney, expecting some cloud cover but a mainly dry Saturday with 25 degrees. Melbourne, one or two pieces of rain and 20. Brisbane, rain at times at different stages throughout the day and expecting a high of 23 degrees. And in Perth today, showers to increase and expect a high of 21. informing you on real estate. Wake up every morning to the Real Estate Podcast.
Well, it looks like Elon Musk is probably unlikely to buy Twitter after all. That would be my prediction after he raised questions about how many fake accounts Twitter has. Now, the reason that I think it's unlikely is because when you're buying a business like Twitter, the main thing, the very main thing that you are going to be interested in is how much advertising revenue is Twitter making, which is going to pay back your loans. And fake accounts are probably an accepted problem for social media companies. It's just sort of part of the territory. And to raise fake accounts probably doesn't bode well for the owners who were licking their lips at the $40-plus billion that Musk offered. And talking of social media, if you're celebrating a birthday today, you are celebrating it with Mark Zuckerberg.
I didn't realise he was still in his 30s. He is turning 38 today. We feature market updates, interviews and trends. It's your weekend real estate podcast. Well, let's look at some of the numbers last weekend across the Sydney housing market. And there were around 700 city auctions. That's roughly 200 fewer than the week before. and almost 400 fewer than at the same time last year. And if you need further proof that the market is changing, not all of those auctions went ahead. And to discuss the changing market and to drill down on this further, we're joined this morning by Sydney auctioneer, Stu Benson. And good morning, Stu. Great to have you on the podcast.
Good morning, and thank you for having me before what's going to be an interesting Saturday here in Sydney.
We'll talk to that in just a moment because you can forget the political expression, a lot can change in seven days. Real estate has proven a lot can change within 24 hours after an RBA cash rate rise.
This is correct. We've had quite a few changes in strategies and the phones have been ringing hot since the announcement. So yeah, interesting times and a lot of agility needed right now.
And so you're in the trenches, you're seeing firsthand what is happening at auction time. What did you see last weekend that perhaps surprised you? Did it tell you anything that you didn't already think was happening?
Look, at the moment, what we are seeing is that we're still dealing with people who are pre-approved. So, at the moment, the people who are registering to bid at auctions have already done their sums and financial figures and a lot of them are on the clock. They don't want to have to go through the red tape of reapplying for a mortgage. So, there is still a little bit of urgency out there from the buyers that we're dealing with. They want to borrow based on the rate that they might have already locked in on their pre-approval. So, Still transactions happening, but the sold prior numbers are definitely creeping up as well.
And with active bidder numbers down, that is increasing the odds for sure for buyers getting what they want.
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