Townsville Property Affordability vs Sydney Eastern Suburbs Density: What Buyers Should Know
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What is the main topic discussed in this episode?
It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. Hey, welcome back to the Real Estate Breakfast this morning as we launch into another episode with more property information coming up as our weekend continues, connecting you to the largest real estate podcast library across Australia. And we are here every morning, seven days a week. And if you are an expat... We know we've got so many listeners across Australia, but there's a lot of expats in different countries. If you are listening, let us know.
What makes Townsville a more affordable option for home buyers?
Well, we know you're listening because we can see with our data where the heat map lights up in literally just about every country we have listeners. So if one of those people are you, let us know. Our email address is myrealestatepodcast at gmail.com. You're listening to the Summer Series on The Real Estate Podcast.
Absolutely. And it's also bringing a lot of people to Townsville because at the moment, in a way, the best way to explain it, it's still affordable because we can foresee the change coming. And if it's going to follow like Brisbane and the rest of Australia, it's going to get tough. So with the money they're pouring into Townsville, people are trying to get embedded now and
Yeah, that is true. And I just want to circle back to Garbert with this report from PropTrack. Now, that range I mentioned from $341,000 in Garbert to $861,000 in Manly, that lower entry point, boy, all the eyes are on Garbert for that very reason.
Correct, because in a way that just shows you where we're going, but it shows you where we're at at the moment.
How are median house prices changing in Townsville?
And we are finding a lot more people, and that price will rise because a lot more people can afford units over the house prices these days.
Can you run through the median house price both on the units there in Townsville as well as the houses?
The units were averaging between the $300,000 to $400,000 on units, whereas houses have gone that bit more expensive. They've gone about $550,000 to around that $700,000. It is quite a wide range. However, because we have got a lot of buyers around and that competition, it's very hard to pinpoint that medium one because it's just increasing.
And I want to get on to the subject of why selling off market could cost you thousands of dollars. Now, we've all seen people, especially on social media, different agencies, different companies saying, hey, look, I've got this idea. off-market property and, you know, it's a good one, blah, blah, blah. But selling your property off-market means basically you are skipping public listings and advertising. And I've said it in the past, it is in the name. Off-market is not mass market.
That is correct. And I have a saying off market is under market. And the reason I say that the buyers set the market. And if you're not willing to get your property out there, you're going to be selling under that market value. And the reason being you send a property live, you're hitting hundreds of thousands of people. Whereas if you're working one-on-one with an agent to do off-market, you're anywhere between one buyer and maybe six buyers.
Why should sellers consider the risks of off-market property sales?
So you're limiting that buyer competition, the buyer interest. And we've got a lot of southerners wanting to move up here. So we're finding if you're reaching out to a couple of investors or a couple of locals, you've just cut your buyer pool by about 96%.
Now, how frustrating is that? Because you talk about the lower sale price, a smaller audience means fewer higher offers. That is the key. And on the open market, multiple interested buyers are more likely to push the price higher. Hence, you're not going to be missing out on the best possible price.
Correct. And we're also finding as agents, someone in that same suburb, when we're going to do an appraisal on their property and we see one that sold two doors down for such a low price, the first thing we do is go, yep, off market because that's not its true value. So you can't even include that as a comparable because it's not fair to the seller.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:42
2
What makes Townsville a more affordable option for home buyers?
0:42–1:52
3
How are median house prices changing in Townsville?
1:52–3:32
4
Why should sellers consider the risks of off-market property sales?
3:32–4:39
5
What impact does buyer competition have on property pricing?
4:39–5:40
6
How are zoning changes affecting property values in Sydney's Eastern Suburbs?
5:40–7:10
7
What are the long-term implications of increased density in urban areas?
7:10–9:06
8
How do median profits from property sales differ between houses and units?
9:06–17:42
Speakers
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