Chapter 1: What is the main topic of The Sunday Reflection episode?
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. And it's a Sunday the 29th of May today for 2022.
Hope your weekend has been productive especially if you've attended or are intending to attend any auctions today and because it's a Sunday that means it's almost time to have a look at the week in review but first let's have a look at your weather around Australia. It's the main centre forecast with propertybuyer.com.au.
And let's go to Sydney, where it's expected to be a mainly fine Sunday and a high of 19 degrees. Melbourne, a little bit cloudy but dry. Expect a high of 15 degrees. Brisbane, good morning to you. Mainly fine. 23 is your forecast high. And in Perth today, for your Sunday, expect cloudy, dry conditions and a high of 18 degrees. Enjoy your morning coffee.
It's your real estate weekend podcast in review. There are some smaller distilleries, there's some cafes and restaurants. So tell us a little bit about just some of that that's going on. Yes, well, it really has changed so much, the Hunter Valley, over the last 20 years, since we first moved here.
It has been so exciting just to see the number of vineyards and distilleries, so the craft beer and gin distilleries that have been opening up in Pecolburn and Lovedale areas. So that's been a really lovely change, but also some really exciting new cafes and restaurants that have been popping up as well. So that's I guess, growing and growing.
And you can really see that the tourism industry is really thriving now. So again, that's just a great opportunity for locals to get employment in the area, but also for people outside of the area to come and visit. Sounds pretty magical.
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Chapter 2: How is the weather impacting real estate this weekend in Australia?
And we should also mention for people that are looking and thinking about heading into the Hunter Valley in terms of purchasing property, there is easier commutes to major towns like Maitland and Newcastle, particularly on the expressway there, which no doubt, you know, that's something which has probably been a bit of a godsend in the time that you've been there. Oh absolutely.
Our children go to school in Maitland so it's made a big difference from that perspective but just being able to access the beautiful beaches and other attractions along the coast in Newcastle and further north it's just really easy to get to those places and to explore out there on the weekend it's an easy commute.
Now, just coming back to that earlier point about first home buyers, no doubt you are working with perhaps some younger people or you know some younger people. Have you come across these first home buyers that have moved into the area over the last two, three years? Yeah, absolutely. They're looking for a place that has, you know, lots of fresh air and space for their families to grow up.
But also there's lots of job opportunities out here as well. Definitely the tourism industry is a big employer and we're always looking for people. You know, that's an exciting industry to be part of. Yeah, we've really seen a lot of younger people coming here, I guess, attracted by those benefits. Hi, it's Amy.
Every Sunday, we look back on the podcast interviews with the main talking points on The Real Estate Podcast. Similar shared equity schemes are already running in some states like the Keystart program in Western Australia and Homebuyer Fund in Victoria. So that's a little bit of a look at the help to buy scheme, but Labour were also going to adopt the Morrison plan too, weren't they?
Yeah, it was interesting to see that not only did they come up with this help to buy scheme, but also that they said that they would continue the first home guarantee or the home guarantee. It's already running. It's been running for two years. But what the coalition promised was more places in the scheme and higher property price thresholds so you could buy a more expensive house.
And what Labor came out and said in the campaign is that they would do that as well. So that means we would have 10,000 places in the Help to Buy scheme, but also another 50,000 places per financial year for the Home Guarantee Scheme, where you can buy a property with as little as 5% deposit and not have to pay a lender's mortgage insurance. Out of that 50,000, it is broken down.
35,000 places are for first home buyers. There's 10,000 places for regional Australians and then 5,000 places for single parents. I wonder how the first home buyers are feeling, do you think, this morning after the election a couple of days old?
It seemed like a policy void at the beginning of this election campaign where both sides weren't really putting forward much in terms of housing affordability, despite it being a key issue in the election. And then by the end, we had schemes coming out of our ears. So, you know, I think people will be looking at what options they have now that the dust might look to be settling in Labor's favour.
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Chapter 3: What developments are happening in the Hunter Valley region?
Yeah, absolutely. Look, you're right. It was listed and 48 hours later, we had the under office sticker up. So it was a very quick turnaround, very, very small property. I think it had a nine metre frontage, 188 square metres, as you said, and it was snapped up pretty quick. Yeah, $699,000 was the asking price. And I see that Footscray's median house price is $962,000 and a little bit of change.
So obviously the purchaser did their sums and thought there was some value in this. That's right. Yeah, and location was everything here. It was in one of the better spots of Footscray. Amazing proximity to shops, to cafes, to restaurants. So it was a no-brainer for the buyer when he saw it. He actually is renting in a parallel street. He couldn't go past it.
I was having a look at it, at the picture of it, and I guess the land is obviously crucial here. And if you have a really good architect, he might be able to work that 188 plot for you. Yeah, that's right. That's right. I don't think the home was of too much appeal. I would call it more so a shack than anything. There is a tenant in there at the moment.
So he is living in there and it is getting a good rental income, $265 per week. So the owner is going to speak to his architect and, you know, build his dream home there. It's your real estate weekend podcast in review. We've seen property values in Melbourne dip. So we've seen them drop 0.2% in the last week. We've seen them drop 0.4% from last month.
But Craig, positively, we're actually 6.6% above over the last 12 months, which is actually significant. the strongest performing capital city in Australia for price growth. So that comes back to what I was saying on the last show about our market going through a correction. So to still be up 6.6% from this time last year is a huge positive.
It just simply means that we've gone from a strong market to a normal market since 2022 kicked off.
another observation i've also found craig is that good quality stock in this market that's priced well will still generate enough competition and more than likely sell but it's those upper end properties that are starting to feel the biggest pinch and i think that's because of that rate rise and finally The not-so-in-demand properties need a different strategy in this market, plain and simple.
So, for example, tenanted properties, apartments, potentially poorly presented properties and maybe land, agents should really start looking at in-room auctions to generate more buzz and competition as those types of properties probably wouldn't benefit an on-site method in this market. We connect you to the best real estate information across Australia, The Real Estate Podcast.
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