Chapter 1: What is the main topic discussed in this episode?
The Real Estate Podcast sounds like this. And everything that we thought we knew was turned on its head and upside down when the pandemic struck Australia and the rest of the world. What are some of the more subtle changes do you think that COVID has produced, which potentially might be with us for a little while to come?
Other than the economic pain, health, those obvious things, and then the ramifications of credit policy, first-time owners grants, and all the government stimulus, some of those not-so-obvious changes are around the trends that are either going to be sustainable or not. And that might be the movement of populace away from areas to different areas.
Chapter 2: What changes in the real estate market emerged due to COVID-19?
But dad is a property developer. Him and his two brothers have been doing it for 30, 40 years. So I grew up around it, seeing them buy blocks in the 80s and 90s and knock them down and build townhouses. So I think it was definitely in my blood. And we'd sit down at the dining table and he'd show me floor plans and how to draw windows and doors.
And when I was in primary school, he sat down with me and we drew a townhouse together. And then he ended up building that off my design. So it's something that I was very passionate about. So we've seen significant increases. Finally, the unit market, that oversupply is now flattening out. And we're now starting to see increases when it comes to townhouses and apartments.
It's been a great market and things are actually starting to pick up, which is really good to see. I feel that that will continue over the next few years. And Granted, it's still quite far away, but we've got a lot of infrastructure and exciting things happening in Queensland, which is just going to continue to make the market continue to be strong. You talk about the right question.
Some people are just so scared to actually ask about the property price. It's like they feel embarrassed.
Chapter 3: How has the pandemic influenced property trends in Australia?
Yeah. And you'll be shocked how many times I ask agents outright what will buy it when they've got no guide price or even an auction. And they'll say to me, oh, we've just knocked back $535,000. The owner's counted at $550,000. That type of dialogue in response, I reckon I get that probably 60% to 70% of the time back from agents, even in this market. And you talk about speed.
I mean, speed is it's the currency of the negotiation, the end result. Absolutely. I mean, that's probably the biggest difference between professional property buyers and just the general public. It's the speed at which we can get through the due diligence period.
and navigate that buying process so you've got to realize that if you're competing in this market with multiple buyers and in some areas of Australia at the moment right now I'm competing against 50 buyers on the same property on the same day you've got to get through that DD fast and it doesn't mean rushing a lot of buyers think oh it's rushed I'm going too fast but it's having the confidence to know what's going to come next and what you've got to do to get your ducks lined up to be in a position to make a successful offer.
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