Chapter 1: What is the main topic discussed in this episode?
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And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcasts from. It is a Wednesday morning, the 13th day of July for 2022.
Coming up this morning, we are looking once again at the Sydney property market, which could be described as a split personality with some of the tricks around property prices at the moment in Sydney. It's a Houdinian act, and we'll be talking with Shannon from Breswick Whitney Real Estate and finding out some of his comments in terms of what is going on.
If you saw the movie Bohemian Rhapsody a few years ago, they reenacted in the film Live Aid, which still stands as one of the best concerts of all time for a lot of different reasons. And it was on this day in the history books, 1985, that that took place. Concerts were held at both Wembley Stadium in London and John F. Kennedy Stadium in Philadelphia. It raised awareness.
over $70 million for African famine relief. And Bob Geldof was the one that put it all together. And if you're celebrating your birthday, Patrick Stewart, Captain Picard from Star Trek. He is turning 81 years old. And Indiana Jones, Harrison Ford, not far behind Patrick Stewart. He is turning 79.
Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au.
And looking at today's weather, first we go to Sydney, expecting some scattered showers and a high of 17 degrees. Grab the raincoat and the brolly because the showers are back again today for Melbourne. 13 is your high. Brisbane expecting some morning fog, a dry day and some windy conditions. Your high of 20. And in Perth expecting sunny blue skies and a high today of 22 degrees.
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Chapter 2: What are the current trends in the Sydney property market?
Well, Sydney is still pushing the price boundaries in a favourable way if you look at some of the recent sales across the last couple of weeks. Even though Sydney's auction clearance rate dropped last month to 52.1%, Smaller blocks, even two bedders, are maintaining pretty strong price points. And this evolving market probably is unlike any previous property cycle in modern times.
It still has this yo-yo effect of surprising and surpassing and going against some of the predictions right across the landscape. But as some people would say, that's property. So let's welcome to The Breakfast Podcast this morning, Brezic Whitney's agent and principal, Shannon Whitney. And good morning to you, Shannon. Welcome to The Real Estate Podcast. Good morning to you, Craig.
Thanks for having me. You've been around long enough, I think, to have seen a few property cycles. Is this one a little bit different to the others from your point of view?
Yes, so 28 years in the Sydney real estate market. And yes, I have seen quite a lot of strong and bearish markets and cycles. So the difference with this particular cycle is probably the speed of the deceleration and the erosion on values probably come down faster than I've normally seen in a down cycle like this.
However, coming off the back of the previous cycle we've just experienced, which was one of the strongest bull markets and value rises we've seen in Sydney. You can probably understand what goes up fast probably has to come down quite quickly too.
Yeah, that's interesting about the speed because I want to come back to the point about the clearance rate being 52.1% versus some of the positives because it really has, doesn't it? It's got this Jekyll and Hyde property market feel about it. It does.
Yeah, it does. If you stand back and look at the last two and a half years in Sydney real estate, it's been a real roller coaster. You know, the run down the hill was a really steep, fast, aggressive strength in pricing and demand. And then when we reached the top,
you know, and some of the macroeconomic changes and some of the social changes that had to go on both in our domestic economy and also around the world meant that, you know, the interest rate cycle changed quite quickly and quite ferociously. So to see, you know, the values come down as quickly as it has is stark contrast to where we were, you know, not only 12 months, 18 months ago.
It also feels like we're at that tipping point, possibly because of the RBA rises, you only need one more global event of some kind and the dynamics change again. And this is what is making this real estate cycle unique and possibly unlikely to repeat once we come out of this supply chain chaos, interest rate adjustments, the oil, and so the list goes on.
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