WEBVTT - Domain Property with Alice Stolz

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<v Speaker 1>And now talking real estate.

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<v Speaker 2>Yeah, let's have a look at what's happening in the

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<v Speaker 2>property market in Sydney and in Brisbane. Thanks to our

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<v Speaker 2>friends at Domain. I'm delighted to tell you that the

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<v Speaker 2>national property editor at Domain, Alice Stoles, is with us

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<v Speaker 2>again this weekend.

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<v Speaker 1>Greetings, hope you well.

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<v Speaker 3>Oh, good morning work. Great to bear with you and all.

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<v Speaker 1>The listeners lovely.

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<v Speaker 2>Let's get straight to the auction numbers and perhaps clearance

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<v Speaker 2>rates from last week.

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<v Speaker 3>What can you tell us, well, a bit of a

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<v Speaker 3>sleepy weekend this weekend, given we've got a long weekend

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<v Speaker 3>in most parts of the country. Sydney today is just

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<v Speaker 3>four hundred and ninety one auctions, almost half of what

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<v Speaker 3>they had last weekend, and Brisbane has eighty six options,

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<v Speaker 3>so I think that they're kind of in the heavy

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<v Speaker 3>lifting this weekend. It seems like out of those two

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<v Speaker 3>states now, last weekend, Sydney came in at sixty eight

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<v Speaker 3>percent for that clearance rate. So what we're seeing, you know,

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<v Speaker 3>we know how high auction numbers were last weekend, and

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<v Speaker 3>what we're seeing is I guess that increased confidence from

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<v Speaker 3>buyers out in market, most likely because of that second

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<v Speaker 3>interest rate cut is really starting to flow through the

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<v Speaker 3>clearance right in Brisbane came in at forty percent last weekend,

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<v Speaker 3>so pretty much on average for that market there.

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<v Speaker 2>We'd like to look at the best buyers and the

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<v Speaker 2>expensive buyers too, don't we? In Sydney and Brisbane and

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<v Speaker 2>last weekend in Sydney the honors when if that's the

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<v Speaker 2>right way of putting it? To Stratfield in Brisbane a

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<v Speaker 2>kangaroo point.

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<v Speaker 3>Yeah. And with this house in Strathfield, it's sold for

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<v Speaker 3>ten point one million dollars. Now it's a six bedroom house,

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<v Speaker 3>I have to concede. It does come with a bowling

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<v Speaker 3>alley which is at tribute of a property. And now

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<v Speaker 3>the buyer at this auction, guys, there were two hundred

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<v Speaker 3>people watching it. The buyer viewed the property ten minutes

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<v Speaker 3>before the auction and ended up being the one who

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<v Speaker 3>bought it. There were five registered bidders and four active

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<v Speaker 3>bidders at the auction. But isn't that just mind boggling

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<v Speaker 3>ten point one million and he was a local. It

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<v Speaker 3>was a local resident in Strathfield bought this place clearly

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<v Speaker 3>as an up great house. Now the property in Brisbane

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<v Speaker 3>last week that's sold for just over four million was

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<v Speaker 3>a three bedroom apartment on Kangaroo Point, This epic, beautiful,

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<v Speaker 3>gorgeous set of one of those really the lamb sexy

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<v Speaker 3>style apartments that we're seeing more and more of now

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<v Speaker 3>that almost look like a huge luxury house, but it's

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<v Speaker 3>actually an apartment. Just over four million dollars.

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<v Speaker 1>That one sold for jeez.

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<v Speaker 2>And the best buys Lakember and Logan Home.

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<v Speaker 3>Indeed, there was a two bedroom apartment in la Kember

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<v Speaker 3>that sold for three hundred sorry, one bedroom brother three

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<v Speaker 3>hundred and fifty thousand dollars in la Kember.

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<v Speaker 2>Not bad, is it?

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<v Speaker 1>Three hundred fift Hey, you.

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<v Speaker 3>Know that's unheard of in Sydney most days. That would

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<v Speaker 3>normally be a stop stop press moment, wouldn't it. And

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<v Speaker 3>in Logan Home in Queensland, sorry, a three bedroom home

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<v Speaker 3>there sold for just under six hundred and fifty thousand dollars.

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<v Speaker 3>So again it's interesting to me these sort of little

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<v Speaker 3>green shoots that do pop up every now and then

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<v Speaker 3>to give you a bit of a hope, there still

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<v Speaker 3>are some affordable bargains out there if you can only

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<v Speaker 3>sift through a lot of those listings.

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<v Speaker 2>Now through the week we had the domain groups made

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<v Speaker 2>twenty twenty five market insights new listings rose sharply across

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<v Speaker 2>most capitals, didn't they showing sellers are feeling a bit

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<v Speaker 2>more upbeat about the market.

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<v Speaker 3>Indeed, So what we're seeing is those sellers who have

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<v Speaker 3>been sitting on the fence have now kind of moved

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<v Speaker 3>forward after that second interest rate cut, and I suppose

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<v Speaker 3>that slight sort of optimism that there might be further

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<v Speaker 3>rates to come. It's certainly pushing a lot of sellers forward.

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<v Speaker 3>So at this stage we're looking at having quite an

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<v Speaker 3>active winter, which is obviously quite unusual for the property market,

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<v Speaker 3>particularly in Sydney. But a lot of that is being

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<v Speaker 3>driven by that confidence in the market with those interest

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<v Speaker 3>rate cuts hopefully continuing to.

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<v Speaker 1>Wash through and new supply.

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<v Speaker 2>Isn't that the case that it jumped over the month by

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<v Speaker 2>more than were nearly twenty percent?

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<v Speaker 3>Yeah, new supply is a really important part of this

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<v Speaker 3>because we know that if there's a new supply coming

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<v Speaker 3>to market, it means that buyers are feeling of satisfied

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<v Speaker 3>that there are enough options out there. So new supply

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<v Speaker 3>is continuing to push through, so it's encouraging news for

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<v Speaker 3>buyers definitely, and also sellers. It makes us a bit

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<v Speaker 3>more competition on the market. But look, in my mind,

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<v Speaker 3>that's not a bad thing for anybody. Really, we need

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<v Speaker 3>more of it.

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<v Speaker 1>Yeah, exactly right.

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<v Speaker 2>Days on market Is there a trend there that we've

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<v Speaker 2>noticed in either city?

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<v Speaker 3>Yeah, this is really interesting. So even though we are

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<v Speaker 3>seeing a lot of activity in the market, the days

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<v Speaker 3>on market represents how long places are taking to sell,

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<v Speaker 3>so they're basically kind of increasing. So in Sydney it's

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<v Speaker 3>up to sixty three days is on average the time

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<v Speaker 3>it's taking for a property to sell. Now, what that

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<v Speaker 3>means is often if we have a disconnect between what

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<v Speaker 3>a seller wants for their house and what a buyer

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<v Speaker 3>is willing to pay, those days on market can stretch out.

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<v Speaker 3>We've also seen those days on market increase in Brisbane,

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<v Speaker 3>but that's still only at forty four days, so still

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<v Speaker 3>considerably faster to selling Brisbane than it is in Sydney.

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<v Speaker 3>And that really is talking through the fact that demand

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<v Speaker 3>in Brisbane remains high while the supply is still not

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<v Speaker 3>yet satisfying that part of the market there. But it's

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<v Speaker 3>an interesting thing and I think it's a cautionary night

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<v Speaker 3>for sellers also to ensure they're pricing correctly because even

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<v Speaker 3>though buyers want to buy, they're not going to overpay

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<v Speaker 3>because most of them are still constrained by affordability.

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<v Speaker 2>Yeah, fascinating stuff. So in Sydney the lowest days on

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<v Speaker 2>market Saint Mary's, Marrickville, Sydenham and Campbelltown. And in Brisbane

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<v Speaker 2>it was the gap Inaugura, Forest Lake, Oxley, bald Hills,

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<v Speaker 2>Everton Park. Fascinating stuff. Now we'll take a break. I

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<v Speaker 2>want to come back and ask you about the rise

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<v Speaker 2>of stay vestas and then we'll get to our unique

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<v Speaker 2>properties of the week. Yes, it's eight to midday every year.

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<v Speaker 2>Domain is trusted by meetings of Australians to buy, rent

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<v Speaker 2>and sell their home. Domain's got access to the most current,

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<v Speaker 2>comprehensive and unique housing data in all of Australia, helping

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<v Speaker 2>you to navigate the market and make in four decisions

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<v Speaker 2>on matters that impact your home and your property. All

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<v Speaker 2>the things we talk about Domain dot com dot au.

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<v Speaker 2>And we're having a chat with Alice Stoles, who joins

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<v Speaker 2>us each week. Alice, what is a stay Vesta, Well.

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<v Speaker 3>Look forget rent Vesta's investors. Luke, It's now about the

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<v Speaker 3>stay vester. Now, many adults are probably scratching their head

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<v Speaker 3>at these adult kids that are living at home longer

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<v Speaker 3>and longer, saying that they're saving up for a deposits

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<v Speaker 3>for a house, many which are, but some of them

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<v Speaker 3>are getting to the next level and actually buying a property,

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<v Speaker 3>renting it out while so someone else is paying their

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<v Speaker 3>mortgage and they stay living at home under their parents' roof,

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<v Speaker 3>perhaps enjoying the spoilers of living at home with mum

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<v Speaker 3>and dad a little bit longer. And what it means

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<v Speaker 3>is they can start paying down that mortgage or essentially

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<v Speaker 3>someone else's paying down their mortgage and gives those adult

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<v Speaker 3>children the chance to build some wealth while not having

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<v Speaker 3>to pay mortgage at the same time. Now, look, what

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<v Speaker 3>I like about this is that it kind of, I guess,

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<v Speaker 3>turns the idea of the bank of mum and Dad

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<v Speaker 3>around a little bit, because we know that a lot

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<v Speaker 3>of people can't obviously afford to be the bank of

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<v Speaker 3>mum and dad or are able to. So what this

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<v Speaker 3>means is that if you can at least give your kids,

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<v Speaker 3>you know, a roof over their head when they're adults,

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<v Speaker 3>and that they've actually managing to buy property. It can

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<v Speaker 3>actually sort of give them something that is sort of

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<v Speaker 3>priceless but doesn't cost you any more money in return,

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<v Speaker 3>hopefully except for the laundry bills that they.

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<v Speaker 2>Might That's right, Crewing, I they're paying Mum and dad

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<v Speaker 2>decent red I have to say unique properties of the week.

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<v Speaker 2>We're going to beautiful Rose Bay in Sydney. First off.

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<v Speaker 3>Yeah, Now with this house, it's five beds, six bath,

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<v Speaker 3>it's in Rose Bay. It is on the market for

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<v Speaker 3>ninety million dollars nine zero. It's on over one thousand

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<v Speaker 3>square meters of land and it is the most spectacular

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<v Speaker 3>view of that gorgeous, beautiful Sydney harbor sparkling. The house

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<v Speaker 3>is able to accommodate up to two hundred people for

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<v Speaker 3>a party at.

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<v Speaker 2>NiFe or something.

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<v Speaker 3>But just the most eye watering figure. But you see,

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<v Speaker 3>if you like that, I guess it kind of makes sense.

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<v Speaker 3>But still just an amazing testament to the strength of

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<v Speaker 3>the strength of the strand property market.

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<v Speaker 1>Does it come with a bowling alley?

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<v Speaker 3>It doesn't come with a bowling alley, I reckon you're

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<v Speaker 3>probably you can probably negotiate that with the age based

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<v Speaker 3>on that asking price. Yeah, Brisbane is a great place

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<v Speaker 3>on the market in BERLINBA. Now, this is a house

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<v Speaker 3>that's five beds, seven bath. It has a five meter

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<v Speaker 3>taj Mahal island bench that the master sweet is one

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<v Speaker 3>hundred and twenty square meters with a boutique style walking road,

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<v Speaker 3>which I think sounds pretty wonderful. It's got a wellness

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<v Speaker 3>studio or a private games room with its own roulette table,

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<v Speaker 3>an eight car garage complete with a Ferrari inspired mural.

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<v Speaker 3>And the house is actually being sold fully furnished. Now

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<v Speaker 3>I can't give you a price for that one. You

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<v Speaker 3>have to contact the agent because Queensland law prohibits us

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<v Speaker 3>talking about price guides if a house is being sold

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<v Speaker 3>for auction or for expressions of interest. So sorry listeners,

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<v Speaker 3>but call the agent and I'll be able to give

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<v Speaker 3>you a bit more clarity on what that figure is.

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<v Speaker 2>Yes, excellent work by you. Alas Stoles, National Property editor

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<v Speaker 2>at Domain.

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<v Speaker 1>Thank you. We'll talk to you next week.

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<v Speaker 3>Thanks, Luke, good on it.

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<v Speaker 2>We'll take a break now it's almost four to midday.