Chapter 1: What highlights were featured in this week's real estate interviews?
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. Well, this long weekend continues on our Sunday morning, June the 5th for 2022. I trust your weekend of any real estate activity is going well. Coming up is the week in review with the Sunday Reflection.
It's a time to look back at some of the highlights of the interviews we've done in the last week. Oh, yesterday too I saw the new trailer for Baz Lueman's film called Elvis and whoa!
trailers typically aren't something i really buy into often they're cheesy not put together well or they simply reveal too much of the plot point in the movie like it's why bother to see the movie i've just seen it in 90 seconds but this baz lumen film trailer on the other hand about
Elvis Presley is spectacular the production design is first class as is the performance of the lead actor and who would want to take this role or who wouldn't want to take this role on one hand it's daunting but on the other hand what a role to play Austin Butler he plays Elvis
He's a 30-year-old American who previously had a small role in Quentin Tarantino's film Once Upon a Time, but this is the biggest role of his career.
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Chapter 2: What insights can we gain from the latest property market forecasts?
So looking forward to seeing the king, Elvis.
It's the main centre forecast with propertybuyer.com.au.
Alright, let's have a look at your weather around Australia. First, we go to Sydney, expecting a cloudy day but dry, a high of 19 degrees. Melbourne showers to east, all going to be another cool day with just 13 degrees on the Mercury. Brisbane expecting a late shower and 21 degrees. Good morning if you are in Perth expecting a dry and cloudy day and your high a top of 18 degrees.
Enjoy your morning coffee. It's your Real Estate Weekend podcast in review.
Well, I see that realestate.com.au last week ran a story about a woman who grew up in a house and then after her parents sold the property in 2014, ended up buying it back again.
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Chapter 3: How did a woman successfully buy back her childhood home?
Good morning, Gemma. This happened to you? Yes, it did. And your parents were there on auction day last Saturday?
Yeah, so both my parents came as well because I thought that would be nice.
And tell me a little bit about the fact that you were the only bidder. Is that correct?
Yeah, correct. There was a few people there, so we're actually quite shocked just given the location of it. My partner had a feeling though because it's actually like just under 600 squares.
Chapter 4: What factors contribute to the high demand for land in Byron Bay?
It's a split level block. My dad said that it's like built on rock. Like we think that investors were turned off by it. So it's not really like something you could subdivide and knock down. So yeah, it worked in our favor, that's for sure.
So you've bought the property as an investment. You're not going to be living in the property?
No, we don't plan on living in it. We've already got a place that we've renovated, so we live in that. And then, yeah, we just thought as an investment, closer schools should be quite easy to rent out.
Chapter 5: How has the property market changed since its peak in late 2021?
And how many of your friends, Gemma, are still struggling to buy their first home?
Yeah, quite a few, actually. I count my blessings every day that we were homeowners pre-COVID. I just think it'd be so hard as a first homeowner buyer right now to get into the market with all these auctions and, yeah, just the banks. It's just a lot. The deposits.
Informing you on real estate. It's your Real Estate Weekend podcast in review.
And tell us a little bit about the lack of available land. I mean, this has really contributed to the problem in terms of the escalation.
Chapter 6: What trends are emerging in the Sydney and Melbourne real estate markets?
Land is always key in most property deals, but land in Byron Bay takes that to a whole new level, doesn't it? Look, it does, and I think what people probably don't realise, certainly when they come from the big dollar median suburbs of Sydney, is that Byron's quite a small place.
It's only about 3,500 homes in Byron, one way in and one way out, and it is quite small, and there's only limited land. A lot of reserve there, a lot of wetland, So you're right on the coast is mainly where you are on the beautiful beaches. So it's quite small. So whatever land does get released will be gobbled up at very high prices.
There's a development that's released about 40 blocks at the moment, and I think, and basic building blocks, and they're starting around that $1.7 million mark. So yeah, look, it's very hard to get any land. And certainly, you know, within the middle of town, it's near impossible.
Chapter 7: Which suburbs are currently affordable for first-time home buyers?
And looking at the really hot peak of the market for Byron Bay, you have to go back to October, November, December last year where it really did peak. What has happened since? Like where's the market at now? Yeah, look, the way I see the market is you're right.
In October, November, December, it certainly was at its frenziest with half a dozen buyers for every property and not being able to secure the deal quick enough. We still saw a bit of that overflow into the start of January and through January. But then the heat certainly, I believe, started to go out in February and March. There were still buyers, but not as many.
And then obviously the end of March and March and the end of March, we had floods in the region and some floods in the town centre, obviously the election coming. So it's balanced out a bit now.
Chapter 8: What are the best investment opportunities in the Gold Coast area?
There's still a lot of people wanting to buy, but not as many. And they're not prepared to pay that over the top price that maybe they were paying back at the end of last year.
It's your real estate weekend podcast in review.
You mentioned you sold a couple of penthouses. I think one went for $22 million and the other was $13 million. Now, are these local people buying these properties or is it a cross mix of interstate slash international buyers?
So $22 million penthouse was bought by an international buyer. So he is actually based in Sydney, but he traveled always, you know, Sydney, Hong Kong and China. So he just wanted to buy something to hold on. Once he gets a bit older, he can come back and stay there. And another, the $13 million one is bought actually by a local buyer.
He is Australian and he's got a massive house in the eastern suburbs. And I just want to, you know, he hasn't sold yet, but he will be selling that one once he gets a little older. And he bought one just for the future investment.
And I mentioned that the city was very unattractive during lockdown, but it's come back from this death of a city in lockdown to having that vibrant feel. And no matter what sort of major city around the world, people always seem drawn, don't they, to the inner lifestyle a Metro CBD like a Sydney offers.
The city is full. So if you don't have a booking for restaurants, there's no way you can get in anywhere. So now we have Vivid, you know, we have all the operas, you know, all the shows are starting, you know, all the seats are booked out because I've just been to a couple.
shows recently and they can see the restaurants and bars you know like it's just so exciting i think sydney is actually back to life so which is you know the sydney should be so proud we are after all international city we've got so much to offer so everybody's back to city so come have come come have a look at you know what's happening in the night it's full
Monica, there are some people that are downsizing, which some people might think, well, how is that possible that they're downsizing? But it very much depends on what they're downsizing from, right?
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