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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, also Spotify and Apple Podcasts or wherever you get your podcasts from. It is a Sunday, June the 19th for 2022. And coming up in just a moment, we've got the Sunday Weekend in Review when we look back on some of the last week with real estate insights and comments about what is going on in the current market.
If you're celebrating a birthday today, I tell you what, you are in very good company. Paul McCartney, can you believe it? is turning 80 today, 80, Paul McCartney. Also, on this day, in fact, I remember this like it was yesterday, James Gandolfini, best known for the role of Tony Soprano, an American mafia crime boss in The Sopranos, he died on this day.
It happened back in 2013 from a heart attack.
It's the main centre forecast with propertybuyer.com.au.
Alright, let's have a look at your weather around Australia on this Sunday morning. First to Sydney, the wet stuff is expected to show up today with some showers and a high of 19 degrees. Melbourne, some cloudy periods hanging around but it should be mainly dry and your high today for a Sunday is 15.
Brisbane, a cloudy dry day with 23 and in Perth expecting showers but they're going to ease during the day and looking for a high today in Perth of 19 degrees. Don't forget about the fantastic prize that we are giving away to the Hunter Valley. This is a prize that you could win. It's got an amazing itinerary. It's a two-night getaway.
You need to be a member of The Breakfast Club, of course, and more details coming up tomorrow morning on the podcast. It's your real estate weekend podcast in review. It is becoming more difficult at this time to accurately price properties, get that pricing right so that you don't run into too many difficulties when you come up against that discounting on price.
Yes, absolutely.
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Chapter 2: What insights are shared in the Sunday Weekend in Review?
You really need to have a good look at what is on the market at the time of listing a property and what has sold. And sales that have occurred three or more months ago, even two or more months ago, are really irrelevant when it comes to using comparable sales.
And I've also heard the expression the market is price sensitive at this time and if it was that way before Tuesday's RBA cash rate change it's probably got a little worse. Perhaps explain to the audience what that actually means being price sensitive because some people might not know.
if a property is even perhaps 10 or 20 or $30,000 overpriced, the initial wave of interest will be a lot less. So at the moment, it's really about finding that sort of sweet spot where the market engages with the property and the property represents fantastic value for money. But if it is just slightly too high, you will really miss the mark and you'll miss out on that initial wave of interest.
And that can cause those price reductions a little bit later on down the track.
Okay. And Melbourne was a strong market, has been a strong market for two plus years. And sticking with that price sensitivity, I wonder how easier it is for people now to just put their hands up in the air and say, you know what, I'll just sit the rest of the year out and maybe look at 2023 before I list my property. How are you finding that whole scenario in Frankston in Melbourne?
Yes, I think after, you know, speaking to a lot of clients, that is definitely a conversation that is happening at the moment. When there is a downturn, it takes, you know, a little while for the market to recover. So if they want to put their plans on hold, it would generally need to be, you know, 18 to sort of 24 months before they would reconsider selling again.
And buyers have had more properties to choose from in recent months. The wave of new supply coming to market over the last six months, particularly as you say in Sydney and Melbourne, has lifted the stock on market and eased how competitive the market has been. And that's only going to continue. So let's take a look Angus at what's happening regarding the numbers in Sydney.
Yeah, so Sydney's really interesting because it's had a very busy first quarter for new listings. And what that's meant is that we're seeing the number of properties available for sale. So the total stock, if you're a buyer that you're faced with, actually now up around the decade average or even a little above.
And that's a radical change from where we were even a year ago through the pandemic when buyers were faced with relatively few options. So that's going to come as pretty good news for buyers. You know, they have a lot more choice. They're not going to be seeing as much competition when they go to auction or to sale.
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