The Sunday Property Rewind
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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, also on Spotify and Apple and wherever you get your podcasts from. And a Sunday has arrived at your place as the weekend continues. and you've managed to get through another week of paying your mortgage.
How is the current Australian mortgage squeeze affecting homeowners on July 24, 2022?
Our thoughts are with you as the great belt tightening is going on across Australia to salvage and save mortgages, where it is the 24th day of July for 2022. Coming up, we are back into another Sunday week in review. It's a time to reflect back on some of the stories, the interviews, the comments about real estate, as we do every Sunday morning. And if you're celebrating your birthday for the 24th, you are sharing it on the same day as Jennifer Lopez. She is turning 52 today. And I didn't realise that she and Ben Affleck tied the knot the other day, so they are now husband and wife. Barry Bonds, the baseball player, he is turning 57 today. And last night I finished the last and final series of Ozark.
Jason Bateman is so good in this. If you're an aspiring actor, he gives out a masterclass on how it should be done in every episode. If you haven't watched the series, I can totally recommend Ozark, which is currently streaming on Netflix.
From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. 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 checking on your weather around Australia and Sydney. First we go expecting the rain. Yes, one or two showers and a high of 18 degrees. Melbourne, a little bit of cloud, but it is going to be dry for your Sunday morning.
What standout Sydney auction result shocked the market in Ramsgate Beach?
18 is your forecast high. Brisbane, blue skies and sunshine, 22. And in Perth, one or two showers today and a high of 17 degrees.
It's your real estate weekend podcast in review.
I want you to tell me a little bit about Ramsgate Beach Townhouse. This got everybody talking, people reporting on this. It's another property in Sydney carrying a price well above expectations. So tell us a little bit about what happened.
It was an unreal auction result. It went way above the reserve, 450,000 above the reserve. A result that even now, you know, we're going through the whole process, how the whole auction day rolled.
Why did a Ramsgate Beach townhouse sell $450,000 above reserve and create a new local benchmark?
And I still can't believe it. Myself, my colleagues, the vendors, even the buyers and whoever had the opportunity to attend this auction. Specifically, when you see all these auction clearance rates dropping week by week, and then this auction comes along and then sells 450,000 above reserve. We had 13 registrations and 24 contracts during the four weeks. The amount of people that came to the auction, I was thinking, and I turned around to the auctioneer and I said, what is going on today? Because this just reminds us back before Christmas or even in February and March earlier this year. And now, yes, exactly, the neighbors said, okay, well, if this townhouse is now selling for this much, how much is my house worth?
Everyone's expectations are obviously going way beyond then how much they were thinking their property worth. And I can't blame them. Three-bedroom townhouse sells for almost similar price for a three-bedroom freestanding house in the area. This resort definitely created a new benchmark in the area. But the question mark is, does the next similar property or something bigger than this worth a lot more? It's definitely a question and a debate that is going to last for three or four weeks at least.
Enjoy your morning coffee. It's your real estate weekend podcast in review.
What is happening in your current market there with the vendors going to market? Are vendors quietly optimistic for outcomes or cautiously pessimistic?
Yeah, so I do think that expectations are adjusting. We're fortunate to work with vendors that are motivated, so they've got a good reason to sell. To go on the market in our area, you're looking at an investment of close to $10,000 in advertising, but most of our vendors are still achieving a price that they're comfortable with and that allows them to move on.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:28
2
How is the current Australian mortgage squeeze affecting homeowners on July 24, 2022?
0:28–2:17
3
What standout Sydney auction result shocked the market in Ramsgate Beach?
2:17–3:01
4
Why did a Ramsgate Beach townhouse sell $450,000 above reserve and create a new local benchmark?
3:01–5:05
5
Are vendors and buyers in this market becoming more realistic or still holding last year's expectations?
5:05–7:03
6
How are sales agents adapting mentally and strategically to a changing property market?
7:03–8:21
7
Why is Bardwell Valley seeing buyer migration and how has that shifted local prices?
8:21–12:30
8
What regional differences explain ongoing competition in Brisbane, Adelaide and Perth markets?
12:30–12:50
Speakers
4 identifiedMore from Aussie Real Estate Podcast
Josh Tesolin Banned for 10 Years: What It Means for Australia’s Real Estate Industry
Australia Property Market Slowing: Interest Rates Impact Sydney and Melbourne Growth
How Higher Interest Rates Are Changing Property Buying in Australia: First-Home Buyers and Investors Respond
Melbourne Property Market Distortion: First-Home Buyer Stamp Duty Cap Driving Price Pressure
Australia Housing Market Stability: Low Mortgage Arrears and Minimal Negative Equity Explained
Australia Property Prices Rising: Construction Costs, Materials and Fuel Driving the Market