Why Vendors Switch Agents — And What Comparable Sales Reveal About Real Market Value
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What is the main topic discussed in this episode?
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Why do vendors switch agents when pricing expectations don’t match the market?
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Body corporate fees at the moment in Queensland are just going up and up and up. I know you can probably expect to pay about $5,000 per year in Brisbane, and that's not for a high-rise tower. That's just for a smaller complex, no swimming pool, no elevators. And I think the key reason for that here in Brisbane is insurance. And Our insurance costs have gone through the roof, A, because we've got a lot of natural disasters up here in Queensland, and also the cost of construction has gone up so significantly as well. So insurance payers have to pay out more, therefore they increase their premiums. Yeah, you know, Body Corps are an interesting thing. You're working there in the space as a buyer's agent.
Do you find, you know, from time to time, there are these people, they love to engage in a really deep dive when it comes to body call. I don't want to call them troublemakers, but you know the types. They go, no, you can't do that. In this case, we've got the pot plant, but it's not just the pot plant. There's multiple things that people can get their sort of noses out of joint and put their nose into other people's business, dare I say that. Yes. I know as well, in particular in the complex that I live in, there has been one of those neighbours who just has an absolute fit over anything that's not 100% within the body corporate bylaws. I remember at one point in time, I had an air conditioner installed and the condenser piping that had to remove the water from the property, it went over common property and she absolutely lost it and we had to spend a few hundred dollars to go and remove and relocate that pipe elsewhere.
So there's always going to be those people. And look, I actually don't think it's the worst thing in the world. I would rather have someone who really cares than have no one in the complex who cares. And like I've been to some complexes where no one cares and it's just full of investors. And, you know, you trip over the best sewer main on the way in, the balustradings are all falling apart. No one's reporting issues at the complex, retaining walls, things like that. So I normally suggest to people, I'd be happy to pay slightly higher body corporate fees if they're actually spending the money well and the complex is being taken care of. Yeah, and just since you're talking about the developers, I want to talk about the rooming accommodation.
Now, investors, what they're doing here is they've seen a bit of a gap in the market, and they're setting up, in many cases, multi-rooms rooms. in houses. I'm not too sure how many of these are in apartments, but they've got their own en-suite. Some of them are making the rooms large enough so that you can put a tea in, you can put a writing desk, almost sort of self-sufficient, use the main kitchen, etc. That's pretty smart, I think, in today's environment. I think it's a good way to assist with this housing crisis and rental crisis that we've got going on at the moment in Brisbane. So, yes, I'm seeing this quite a lot. Developers or even just, you know, your mum and dad investors will buy a block in Brisbane that can be subdivided.
And what they'll then do is they'll build two of these dwellings. Now, you're very right. Most of these dwellings, depending on who builds them and how they're designed, they'll have five bedrooms with five bathrooms and five little kitchenettes. And then they'll also have one big living space and a larger kitchen as well, which I find generally don't really get used.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–0:43
2
Why do vendors switch agents when pricing expectations don’t match the market?
0:43–4:22
3
What is driving rising body corporate fees in Queensland and why does insurance matter?
4:22–5:07
4
How do comparable sales influence buyer behaviour and bank valuations?
5:07–15:35
Speakers
1 identifiedMore from Aussie Real Estate Podcast
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