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Speaker 1: Welcome to the Property Pendulum, brought to you by Domain

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Speaker 1: and Fear and Greed, the podcast that tells you which

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Speaker 1: way the property market is going to swing and how

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Speaker 1: to make the most of it. I'm Michael Thompson and

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Speaker 1: I'm joined as always by Alice Stalt's National property editor

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Speaker 1: at Domain and one of Australia's foremost experts on all

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Speaker 1: things real estate, known to audiences around the country for

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Speaker 1: her work on nine including the Block. Hi Alice, Hello, Michael.

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Speaker 2: Great to be here.

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Speaker 1: Today's topic is a great one and it's one that

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Speaker 1: anyone who spends some time looking at property listenings would

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Speaker 1: have seen this language popping up. Today we are looking

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Speaker 1: at what that property listening is really telling you. The

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Speaker 1: language used in a listening can be kind of it

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Speaker 1: can be full of hints, can't it. It's not just

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Speaker 1: about the size of the property, and not just about

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Speaker 1: kind of how much sun it gets all that kind

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Speaker 1: of thing, but about the price that you might actually

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Speaker 1: end up paying for it. So today we're going to

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Speaker 1: decode some of the language so that you can hopefully

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Speaker 1: some of the opportunities and maybe avoid some of the

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Speaker 1: pitfalls as well. So we're putting together a bit of

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Speaker 1: a list. Let's jump straight into number one, mortgage or

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Speaker 1: kind of distressed listings. If you see mortgage pop up

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Speaker 1: in a property listing, what does that mean?

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Speaker 2: So this is probably the most obvious one that gives

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Speaker 2: you a sense of where the seller is at. Now,

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Speaker 2: that seller, in that case of its mortgage could actually

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Speaker 2: be the bank, But a distress listing will also imply

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Speaker 2: an owner is under financial distressed unfortunately for them, and

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Speaker 2: that opportunity presents itself that basically they're going to have

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Speaker 2: to just take whatever offer they can get. So I

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Speaker 2: think for a lot of people, when they see those words,

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Speaker 2: they have a sense of the pressure that the seller

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Speaker 2: and or the vendor, just in case it's not the

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Speaker 2: actual owner is under and does need to sell no

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Speaker 2: matter what.

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Speaker 1: And I suppose with kind of interest rates relatively high,

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Speaker 1: there is a greater risk that we will start seeing

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Speaker 1: more of these listings coming through.

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Speaker 2: That's right. Look, I think people predicted the mortgage cliff,

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Speaker 2: which didn't quite eventuation the way that people expected it to,

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Speaker 2: but we definitely are still seeing an increase on mortgage

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Speaker 2: g or distress listings pop up in certain parts of

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Speaker 2: the market, so that there was a lot of expectation

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Speaker 2: that we'd see a big on slot of listings like this.

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Speaker 2: That hasn't happened. But there are definitely certain areas in

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Speaker 2: every capital city where people are feeling that pinch and

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Speaker 2: you will see words such as mortgage and distressed filter through.

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Speaker 1: And do they typically go to auction those ones or

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Speaker 1: is it just the same as any normal listing whereby

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Speaker 1: you may have an opportunity to buy it before it

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Speaker 1: goes to auction.

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Speaker 2: It can happen in either case. It depends on how

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Speaker 2: the sello wants to proceed basically. Look, I think also

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Speaker 2: it's reflective of what the market's doing at that time,

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Speaker 2: and I think if there is heat in that market,

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Speaker 2: as we've touched on, certain states around Australia at the

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Speaker 2: moment are still quite strong and they're probably the ones

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Speaker 2: that would take it to auction, knowing you are going

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Speaker 2: to have a lot more competition hopefully for that time.

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Speaker 1: Come a day now, the next one on the list

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Speaker 1: Alice is a deceased estate. Now this can go either way,

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Speaker 1: can't it? Where you would think that perhaps you might

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Speaker 1: be able to pick up a bit of a bargain here,

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Speaker 1: it might be kind of something that hasn't been touched

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Speaker 1: for forty years and just kind of has been lived

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Speaker 1: in by one person for that entire period, But you

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Speaker 1: could end up kind of in the middle of a

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Speaker 1: family feud, right.

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Speaker 2: That's right. These are sort of often the ones that

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Speaker 2: I think can trick people up, and it happens because

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Speaker 2: the deceased to state is normally means that the often

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Speaker 2: that the children or the offspring of the owner are

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Speaker 2: the people selling that that house. Now, in many cases

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Speaker 2: that is a number of siblings rolling together to get

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Speaker 2: that deal done. Now, particularly if there's if the family's

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Speaker 2: bits of acrimonious and relationships aren't great between the siblings.

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Speaker 2: The way it's often done is the valuation will be

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Speaker 2: done for the property, and that will often be a

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Speaker 2: kind of below market rate, like what it will have

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Speaker 2: to sell at I guess, so you will often see

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Speaker 2: a lower price there than what you would see from

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Speaker 2: a normal person selling their normal house and wanting to

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Speaker 2: make money out of it. And that's because price guidwise,

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Speaker 2: it's going to sell no matter what. Now, the issue

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Speaker 2: often with the seas to say, is not only that

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Speaker 2: it's luring you in with this price, which if there's

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Speaker 2: competition will probably go well over that. But the other

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Speaker 2: issue is, and this is where it gets really thorny

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Speaker 2: come auction day, is that you've often got let's let's

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Speaker 2: really enjoy this moment, six siblings in the dining room

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Speaker 2: battling it out for do we sell, do we wait?

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Speaker 2: Do we keep pushing up the auctioneer to get more

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Speaker 2: in and before you know what you've got, as you mentioned,

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Speaker 2: family feud like taking over and siblings just going all

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Speaker 2: out for the money effectively. And the issue is that

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Speaker 2: it can go on and on and on because often

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Speaker 2: it's very hard to have agreement between poolor parties and

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Speaker 2: often these as are the people who actually would really

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Speaker 2: benefit from having probably a vendor advocate, and that's someone

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Speaker 2: who represents the vendors in that instance to sort of

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Speaker 2: shall we say, herd cats or get people across the

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Speaker 2: line to ensure they actually are all singing from the

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Speaker 2: same song sheet. Because you can just imagine the issues

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Speaker 2: that happen when there's not alignment when it comes to selling.

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Speaker 1: Especially with all the heightened emotions then as well of

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Speaker 1: having to sell kind of mum or Dad's house as

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Speaker 1: a family home that's been there for decades, so I

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Speaker 1: can see why that would lure people in with the

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Speaker 1: thought of potentially kind of snagging a bargain. Yeah, tend

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Speaker 1: up right in the middle of World War three.

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Speaker 2: Yeah, but you will often see in a seasis state

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Speaker 2: it's a very low figure and it will often sell

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Speaker 2: it that amount, So it can be great and as

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Speaker 2: you mentioned, they cannot often be those sort of really

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Speaker 2: sort of untouched, really old fashioned garden sort of orange

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Speaker 2: brick houses, which I actually think a fantastic buying. So

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Speaker 2: they're definitely worth looking at, but just don't be too

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Speaker 2: optimistic that you're necessarily going to get the keys at

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Speaker 2: that price.

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Speaker 1: At number three, what does motivated seller mean, because I mean,

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Speaker 1: to me, it just just screams there's a bargain here.

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Speaker 2: To me, it represents a certain urgency behind the seller's situation.

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Speaker 2: So basically it means the seller may have already bought

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Speaker 2: another property that they're going into and they need that

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Speaker 2: want to avoid having to have a bridging loan or

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Speaker 2: something of that house, and they've got to settle quickly.

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Speaker 2: But it does give you an insight into sort of

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Speaker 2: the desperation of that seller. So again it's another key

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Speaker 2: if you're sure it's true to understand that you might

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Speaker 2: be able to underdeliver on that bid you're offering knowing

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Speaker 2: that that seller is indeed motivated to sell.

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Speaker 1: Are any of these terms ever used mischievously to entice

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Speaker 1: people in a motivated seller? I mean, anyone is motivated

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Speaker 1: to sell their property, right if I was selling by place,

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Speaker 1: of course, a motivated to seller putting it on the market,

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Speaker 1: can it be used mischievously to try and attract more

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Speaker 1: people a little bit in the end, you're still going

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Speaker 1: to hold out for the best possible price.

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Speaker 2: It could indeed be that case, Michael, But it doesn't

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Speaker 2: actually happen very often that it is disingenuous, And I

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Speaker 2: think that's because agents, to their credit, kind of hold

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Speaker 2: it back for the times that actually needs to happen. Yeah,

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Speaker 2: which which is just sort of interesting, isn't it in itself?

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Speaker 2: But I guess because also an agent is really also

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Speaker 2: motivated to represent the seller and therefore get the best

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Speaker 2: price for a property, So it's sort of against their

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Speaker 2: interest to do it. So when you do say it,

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Speaker 2: I've not seen it be be abused.

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Speaker 1: Put it that way, Okay, So I should stop looking

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Speaker 1: for conspiracies where there are.

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Speaker 2: None in this instance, Yes, Michael.

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Speaker 1: Okay, thank you, Ellis okay. Number four, this is probably

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Speaker 1: my favorite on this entire list. It is the renovator's delight,

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Speaker 1: and everyone's heard of the renovators delight or the fixer upper,

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Speaker 1: or how about this one imagination needed you don't you

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Speaker 1: don't need too much imagination to know what that means.

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Speaker 2: Or worst house on the best street sort of thing,

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Speaker 2: which is very subjective. Obviously. Look, I love this one

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Speaker 2: too because I have also seen just some utter I

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Speaker 2: saw it was in my time in my job. I'm

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Speaker 2: talking people falling through the floors, not even the kitchen sink,

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Speaker 2: literally squalor like conditions that have got you have to

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Speaker 2: sign a waiver to enter the property.

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Speaker 1: Hang on you actually, as in a personal injury kind

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Speaker 1: of thing, that there is a risk that a beam

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Speaker 1: could fall on you.

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Speaker 2: Indeed, okay, indeed, And a lot of it can happen

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Speaker 2: around very old heritage houses that someone's bought and went

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Speaker 2: to renovate and whatever reason didn't and it might sit

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Speaker 2: on the market for years, and this house becomes completely

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Speaker 2: neglected and derelict, and before you know it, it is

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Speaker 2: completely uninhibitable basically. So I have seen it all, and

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Speaker 2: it's funny when you say renovated, it's like people have

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Speaker 2: a sort of a vision of some sort of lovely, old,

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Speaker 2: rambling French chateau with you know, crumbling wallpaper and pastoral

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Speaker 2: colors and unpolished floorboards. But that's not the reality. Michael, Like,

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Speaker 2: so this is really truly you're going to get a bargain,

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Speaker 2: but you are going to have to do so much

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Speaker 2: work on this house. Go in with your eyes wide open,

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Speaker 2: get a builder through the property, have an inspection report done,

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Speaker 2: just to understand what you are chewing off if you're

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Speaker 2: looking at a house like this.

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Speaker 1: So there's a reasonable chance that if you see a

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Speaker 1: renovator's delight or fix it up, it may be more

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Speaker 1: suited to a knockdown rebuild kind of scenati.

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Speaker 2: Yes, but then that's going to depend on the heritage

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Speaker 2: laws around the property at the time. But I do

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Speaker 2: also think the funny thing is about a renovator's delight

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Speaker 2: is that sometimes in a market, it's a great time

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Speaker 2: to buy a renovator's delight, Like at the property wise,

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Speaker 2: it's the right time to buy knowing it will take

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Speaker 2: you a year to renovate it, then flip it and

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Speaker 2: then make money on it. Now, of course, over the

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Speaker 2: past couple of years, with renovation costs going up so much,

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Speaker 2: people have really been spooped by properties that renovating. So

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Speaker 2: even at the moment in the current market, the brave

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Speaker 2: are being rewarded for looking at renovators delights because most people,

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Speaker 2: nine out of ten buyers a moment, do not want

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Speaker 2: a property that needs renovating, and the really plucky people

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Speaker 2: are the ones who are bolshy enough to go, yep,

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Speaker 2: I'm doing it. You know, I've got my brother and

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Speaker 2: my cousin, and you know my auntie knows everybody in

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Speaker 2: the area of the trades. I'm going to do this.

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Speaker 2: So they're the ones that are being rewarded and will

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Speaker 2: absolutely come top those rewards in the future, because I

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Speaker 2: think so many odds's at the moment are just still

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Speaker 2: turned off from renovating or building themselves.

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Speaker 1: Yeah, no, that makes sense. That's really really good insights there.

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Speaker 1: You mentioned heritage listing, and that kind of leads us

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Speaker 1: kind of neatly into our next one. It's a bit

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Speaker 1: of a catch all, I suppose for a bunch of

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Speaker 1: different phrases and words that you might see within a listing,

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Speaker 1: and it's about kind of zoning. For instance, it might

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Speaker 1: be that a property has been zoned for a certain use,

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Speaker 1: it's got approval for apartments to be developed into apartments,

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Speaker 1: or it might have commercial zoning attached to it as well.

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Speaker 1: All of these kinds of things that start to get

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Speaker 1: into the technicalities of what a property can be used

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Speaker 1: for or can be done it can be done to

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Speaker 1: the property, and a lot of them have perhaps red

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Speaker 1: flags attached to them because it might mean that suddenly

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Speaker 1: you are competing with developers for that place and so

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Speaker 1: you're not going to get a bargain necessarily for it,

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Speaker 1: or your hands might be well and truly tied in

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Speaker 1: terms of the amount of work that you can do

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Speaker 1: and if you want to go in and do a

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Speaker 1: knockdown rebuild, for instance as a heritage listing. No hope,

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Speaker 1: I think this is.

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Speaker 2: The one where a lawyer can be your friend in

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Speaker 2: this instance of just really understanding what the restrictions are

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Speaker 2: when you're buying a property with any kind of issue

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Speaker 2: around zoning or overlay on the property. Because I also

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Speaker 2: think getting that clarity early on and to be honest.

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Speaker 2: The agent should be able to also help you decipher

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Speaker 2: what it means and who's the likely buyer is. Because

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Speaker 2: it also means that if you're you know, if you've

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Speaker 2: got developers or the zoning can be for a commercial

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Speaker 2: building or something, you've got suddenly commercial realistate agents kicking

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Speaker 2: the tires on the property, so to speak, you're probably

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Speaker 2: going to be completely blown under the water. And ideally

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Speaker 2: you will have an agent that will tell you that

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Speaker 2: in the outset, just to say, okay, this is not

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Speaker 2: going to be the place to me, I'm not going

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Speaker 2: to compete with developers because we know how deep the

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Speaker 2: pockets are of buyers in that instance. So I do

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Speaker 2: think it sort of can helpfully stop you from getting

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Speaker 2: ahead of yourself and potentially wasting money on due diligence

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Speaker 2: for a property that you've never really in with a shot.

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Speaker 2: With things like heritage is really interesting, and I always

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Speaker 2: really recommend that people call the local council and look

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Speaker 2: at the website to understand the zoning in their area

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Speaker 2: of their own property and also the property next door

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Speaker 2: to them, because even if you're buying a lovely heritage

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Speaker 2: home and you think you've got romantic ideas about restoring

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Speaker 2: it back to its you know, Victorian glory and so forth.

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Speaker 2: What if the house next door can be subdivided and

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Speaker 2: have you know, a mid level building put on it.

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Speaker 2: How's that going to sit next to your area at

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Speaker 2: home in the future. Also at the moment, though particularly

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Speaker 2: in Sydney, Melbourne and Brisbane, Adam, I mean really all

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Speaker 2: around the country. Our cities are going through such a

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Speaker 2: huge change at the moment when it comes to zoning.

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Speaker 2: So zoning is changing right before our eyes, and there

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Speaker 2: are being activity centers identified new zoning for development in

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Speaker 2: certain thoroughfares around established infrastructure. So think about it at

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Speaker 2: the moment and that's me. Often also hear of neighbors

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Speaker 2: budding up together and then go into an agency and say,

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Speaker 2: four neighbors in the street, we're all aligned, we're all

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Speaker 2: neighboring properties. Find us the commercial agent to sell our

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Speaker 2: block of land to knowing it can be redeveloped, for example,

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Speaker 2: to have an apartment block or numerous townhouses put on it.

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Speaker 1: I love those stories, like they're always so exciting to

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Speaker 1: see kind of neighbors cooperating, which is really kind of

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Speaker 1: in itself.

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Speaker 2: It's great wouldn't you love to be a fly on

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Speaker 2: the wall? As conversations though, like to think, who, how

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Speaker 2: do they get Doris cross the line to do that?

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Speaker 2: And what did Kevin actually have to do? Like did

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Speaker 2: he have to give her the hydranger clippings from that tree?

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Speaker 2: She always loved to get her across the line because

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Speaker 2: people are you know, it's so unusual that can actually happen,

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Speaker 2: that you can get that sort of everybody's lined up

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Speaker 2: at the same place at the same time. Basically, However,

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Speaker 2: if you've got a commercial or develop a significant own

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Speaker 2: your property and you bundled a block together, you can

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Speaker 2: be selling four millions and millions and millions of dollars

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Speaker 2: if you're in the right area.

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Speaker 1: Yeah, suddenly it kind of goes from each property being

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Speaker 1: worth perhaps individually one point five million, to the four

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Speaker 1: properties being worth as a block ten million. That's exactly right,

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Speaker 1: And there you go. You've each pocketed an extra million

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Speaker 1: dollars just because you managed to for once cooperate with

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Speaker 1: the neighbors and stop arguing over the fence line. The

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Speaker 1: fence line doesn't matter anymore. It's going to be knocked down.

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Speaker 1: So look, I love those but look zoning. It can

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Speaker 1: be a headache, it can be a red flag. And

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Speaker 1: that is, as you say, when a lawyer can be

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Speaker 1: your friend to help you decipher some of the those

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Speaker 1: terms in that listing. So you might end up competing

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Speaker 1: with developers in that case, in number six hours, you

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Speaker 1: might end up competing with an entirely different group of

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Speaker 1: buyers instead, because we're talking about school catchments and kind

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Speaker 1: of school zones around your area, and if it's a

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Speaker 1: particularly kind of desirable school that you're in the area for,

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Speaker 1: you might end up up against dozens of other families

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Speaker 1: who've got the same idea that you have.

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Speaker 2: My gosh, I mean, school zones are so hotly contested.

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Speaker 2: Forget about status handbags and cars and designer watches. School

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Speaker 2: zones are worth more than all of those things, Michael,

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Speaker 2: and you have not seen competition and seen you until

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Speaker 2: you've seen auction on a Saturday of people elbowing each

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Speaker 2: other out of the way to get into certain school zones.

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Speaker 2: And that's a whole other conversation for a rainy day

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Speaker 2: about what people will do to get in the right

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Speaker 2: school zone. Anyway, school zones on a listing is an

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Speaker 2: incredibly valuable word. And that's because when you're in a

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Speaker 2: certain school zone. Traditionally it was always around secondary schools.

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Speaker 2: The high schools were the one that people wanted to

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Speaker 2: be in, these sort of superstar zones off because it's

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Speaker 2: saving what can be these days thirty forty fifty k

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Speaker 2: apparently in private school fees these days.

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Speaker 1: Wow.

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Speaker 2: So when you're in that right zone, you feel incredibly powerful.

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Speaker 2: The risk is, though, and counselor can do this, They

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Speaker 2: can change that zone at any given moment, and people

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Speaker 2: can lose the value of their property by one hundreds

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Speaker 2: of thousands of dollars overnight. When councils deem that suddenly

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Speaker 2: the wrong side of High Street is now out of

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Speaker 2: that sumptual as school zone and it's now for the

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Speaker 2: other zone. They are literally left to feel like chopped

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Speaker 2: liver and the value of their house plummets overnight.

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Speaker 1: Oh wow, And you have absolutely no control over that nothing.

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Speaker 2: But look, but I mean, I'm not trying to scare

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Speaker 2: people off. I'm just trying to say, by beware, I

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Speaker 2: guess so the closer you out of that school the better. Now,

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Speaker 2: the other issue is, it's interesting is that this is

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Speaker 2: now actually happening when it comes to prime imary school

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Speaker 2: So this was a trend that only really happened at

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Speaker 2: secondary school level, and now primary schools we're seeing parents

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Speaker 2: vie to get into certain zones even at a primary

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Speaker 2: school level. And to a non school parent, you might think, well,

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Speaker 2: this is Australia. Aren't all schools great? And yes, we're

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Speaker 2: very lucky in astray that nearly all schools are absolutely wonderful. However,

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Speaker 2: when you're sort of laying over things like naplan results

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Speaker 2: and all sorts of studies and it, ask local parents

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Speaker 2: at local park about this and they'll talk your ear

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Speaker 2: off for a few hours about it. The value and

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Speaker 2: the premium people are willing to pay just keeps going

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Speaker 2: up and up and up based on certain school zones.

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Speaker 1: All right, so very very important one to look out

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Speaker 1: for there. At the other end, I'm in a group

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Speaker 1: of few in under the next one number seven, best offer, price, reduced, negotiable,

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Speaker 1: must sell price to sell. All of these they signify

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Speaker 1: an element of urgency, don't they.

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Speaker 2: It's kind of like the boxing day sales. I guess

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Speaker 2: we could say, like it's just this big red alert

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Speaker 2: of like bargain basement is here, and I think on

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Speaker 2: those ones when you're getting words like that flung about,

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Speaker 2: if you want to go in and lowball, you kind

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Speaker 2: of can, and you're less likely to be to insult

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Speaker 2: someone or be laughed out of the room, because there

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Speaker 2: are times when people lowball an agent to pass on

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Speaker 2: that bit to the seller and it ends up just

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Speaker 2: insulting everybody and it doesn't help anyone. And I know

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Speaker 2: it sounds silly to say, well, what does that really matter,

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Speaker 2: but if you get that agent and seller offside, it

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Speaker 2: can really work against you. So I think when you've

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Speaker 2: got words like you just mentioned, Michael, you actually have

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Speaker 2: full permission to do as you please, because that is

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Speaker 2: really what it's encouraging, and it's trying to get everything

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Speaker 2: out of the woodwork to get a deal done, and

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Speaker 2: you're basically being told you've got full permission to have

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Speaker 2: a crack.

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Speaker 1: To go for it, because I mean, as you say that,

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Speaker 1: the seller might have already bought a new property, they

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Speaker 1: might be moving overseas, there might be a whole bunch

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Speaker 1: of different reasons as to why. And these are the

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Speaker 1: little kind of signifiers that you've got to keep an

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Speaker 1: eye out for. And it is licensed to really go

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Speaker 1: for it and have a go number eight on our list,

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Speaker 1: sold as is? What does that mean? Is this is

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Speaker 1: this kind of a fixer upper kind of one as well,

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Speaker 1: or where does that kind of fall into the category?

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Speaker 2: That really means often a property might be partially renovated.

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Speaker 2: I've seen some examples of this where like perhaps so

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Speaker 2: the kitchen's done and the bedrooms are done, let's just say,

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Speaker 2: and you get to the living room, you think, I

390
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Speaker 2: can't wait to see this, it's going to beautiful. And

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Speaker 2: you get there and there's not actually a wall, there's

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Speaker 2: no doors, it's not even window frames up, and you

393
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Speaker 2: just think, oh gosh, what's happened here? Like and often

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Speaker 2: like the builders run out of money or the couple

395
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Speaker 2: are divorcing and they're just completely over it and they

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Speaker 2: want to get out quick smart. So what you're seeing

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Speaker 2: is people often say, oh, are they going to finish that?

398
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Speaker 2: Are they going to put that wall in? Before selling?

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Speaker 2: And it's like no, no, no, that's it. It's being

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Speaker 2: sold as is. And often if it's at a property

401
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Speaker 2: that sounds great on paper, but actually in reality it

402
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Speaker 2: is not all that it seems to be what you've

403
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Speaker 2: read about it. So it can be good, particularly if

404
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Speaker 2: you've got a trade and you know how to sort

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Speaker 2: of fix things up. And again I just also think, Michael,

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Speaker 2: the thing is here though. These are all just the

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Speaker 2: insights of what can help you negotiate and justify the

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Speaker 2: price that you think the property is worth without feeling

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Speaker 2: that you've you've got someone cranking your arm behind your

410
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Speaker 2: back to sort of make you up your offer, and

411
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Speaker 2: you can actually say, well, no, the living room is

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Speaker 2: not even here yet, mate, or the bathroom isn't even

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Speaker 2: tiled or something. So it is actually a good one

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Speaker 2: that and it's one we often said a little bit

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Speaker 2: more of during times of recession or something, when people

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Speaker 2: are really going under and builders are being really impacted

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Speaker 2: quite sharply.

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Speaker 1: So it kind of goes back to what we've spoken

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Speaker 1: about in previous episodes. It's about all the research that

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Speaker 1: you need to do before making an offer, and this

421
00:20:49,680 --> 00:20:52,760
Speaker 1: is essentially doing your research for you because the information

422
00:20:52,840 --> 00:20:55,160
Speaker 1: is right there in the listing already, so you've already

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Speaker 1: gotten insight into the state of the seller, kind of

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Speaker 1: what position they are in, and potentially the information that

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Speaker 1: you can use in your offer. Number nine, our last

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Speaker 1: one on this list. This I don't know which way

427
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Speaker 1: this one goes one of a kind. When I say

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Speaker 1: when I hear that something is one of a kind,

429
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Speaker 1: instantly I think, well, this sounds fancy. I reckon it's

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Speaker 1: going to be architecturally designed, it's going to be spectacular,

431
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Speaker 1: it's going to maybe have a turret. Who knows, is

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Speaker 1: that what we're talking about here or is it the

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Speaker 1: other way and it is just a just a hole

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Speaker 1: in the ground.

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Speaker 2: I think that real estate agents would love to hear that.

436
00:21:28,240 --> 00:21:30,679
Speaker 2: You actually respond to that, Michael, because that is what

437
00:21:30,720 --> 00:21:32,840
Speaker 2: they're trying to do. They're trying to entice you in

438
00:21:32,920 --> 00:21:38,320
Speaker 2: and say, Wow, fantastic, so unique. I read it in

439
00:21:38,359 --> 00:21:41,800
Speaker 2: a very negative way and think it normally means something

440
00:21:41,840 --> 00:21:45,879
Speaker 2: that no one else wants and it literally sticks out

441
00:21:45,920 --> 00:21:49,840
Speaker 2: like a shag on a rock. So buyer, beware.

442
00:21:49,280 --> 00:21:50,760
Speaker 1: We are going to go with that one just then.

443
00:21:53,960 --> 00:21:56,680
Speaker 2: But I do think that sort of house is normally

444
00:21:56,800 --> 00:21:58,880
Speaker 2: so unique, and the thing that will work in your

445
00:21:58,920 --> 00:22:01,879
Speaker 2: favor is there there is less likely to be a

446
00:22:01,960 --> 00:22:04,800
Speaker 2: number of buyers on it, and it also means it's

447
00:22:04,840 --> 00:22:09,440
Speaker 2: often harder to sell because properties like this are incredibly unique,

448
00:22:09,720 --> 00:22:13,760
Speaker 2: individual etc. And they're quirky so they're the ones that

449
00:22:13,800 --> 00:22:17,159
Speaker 2: people walk in and go, oh, I can't get my

450
00:22:17,200 --> 00:22:20,600
Speaker 2: head around this. So anything like that will most likely

451
00:22:20,640 --> 00:22:23,120
Speaker 2: have a smaller pooler buyers on it than a more

452
00:22:23,200 --> 00:22:26,080
Speaker 2: generic property, which is going to go in your favor

453
00:22:26,240 --> 00:22:29,280
Speaker 2: as the buyer. Just to say, there's not only any

454
00:22:29,280 --> 00:22:32,040
Speaker 2: competition here, mate, like, you've got to accept my offer

455
00:22:32,040 --> 00:22:35,280
Speaker 2: because that's basically all you've got and it plays right

456
00:22:35,320 --> 00:22:36,080
Speaker 2: into your favor.

457
00:22:36,840 --> 00:22:40,640
Speaker 1: Also, I reckon we put together a fairly comprehensive list there.

458
00:22:40,640 --> 00:22:44,040
Speaker 1: It's bordering on a dictionary of real estate terminology. Here

459
00:22:44,040 --> 00:22:48,960
Speaker 1: we've got mortgage and distress sales and deceased estate, motivated

460
00:22:49,040 --> 00:22:52,399
Speaker 1: seller renovators to light and fixer upper and imagination needed

461
00:22:52,920 --> 00:22:55,640
Speaker 1: zoning and the subject to council approval. All of those

462
00:22:55,680 --> 00:22:59,520
Speaker 1: ones in that basket, including heritage listings at school catchments

463
00:22:59,560 --> 00:23:04,720
Speaker 1: or school zoning, best offer price, reduced, negotiable, must sell

464
00:23:04,800 --> 00:23:07,400
Speaker 1: price to sell, all of those ones that signify, hey,

465
00:23:07,440 --> 00:23:11,360
Speaker 1: maybe it's okay to go in with you potentially low

466
00:23:11,400 --> 00:23:14,760
Speaker 1: ball offer. Number eight was sold as is, and then

467
00:23:14,840 --> 00:23:17,680
Speaker 1: number nine one of a kind, Thanks.

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00:23:17,480 --> 00:23:19,400
Speaker 2: Very much, Alis, pleasure Michael.

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00:23:19,840 --> 00:23:22,840
Speaker 1: That was real estate expert Alice Doltz. National Property editor

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00:23:22,880 --> 00:23:25,280
Speaker 1: at Domain and I'm Michael Thompson. Make sure you're following

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00:23:25,280 --> 00:23:27,800
Speaker 1: the podcast and we'll be back next week with another

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00:23:27,840 --> 00:23:30,399
Speaker 1: episode of the Property Pendulum, brought to you by Domain

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00:23:30,520 --> 00:23:32,600
Speaker 1: and Fear and Breed, the podcast that tells you which

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00:23:32,600 --> 00:23:34,840
Speaker 1: way the property market is going to swing, how to

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00:23:34,840 --> 00:23:35,720
Speaker 1: make the most opision