Speaker 1: And now talking real estate.
Speaker 2: Yeah, let's have a look at what's happening in the
Speaker 2: property market in Sydney and in Brisbane. Thanks to our
Speaker 2: friends at Domain. I'm delighted to tell you that the
Speaker 2: national property editor at Domain, Alice Stoles, is with us
Speaker 2: again this weekend.
Speaker 1: Greetings, hope you well.
Speaker 3: Oh, good morning work. Great to bear with you and all.
Speaker 1: The listeners lovely.
Speaker 2: Let's get straight to the auction numbers and perhaps clearance
Speaker 2: rates from last week.
Speaker 3: What can you tell us, well, a bit of a
Speaker 3: sleepy weekend this weekend, given we've got a long weekend
Speaker 3: in most parts of the country. Sydney today is just
Speaker 3: four hundred and ninety one auctions, almost half of what
Speaker 3: they had last weekend, and Brisbane has eighty six options,
Speaker 3: so I think that they're kind of in the heavy
Speaker 3: lifting this weekend. It seems like out of those two
Speaker 3: states now, last weekend, Sydney came in at sixty eight
Speaker 3: percent for that clearance rate. So what we're seeing, you know,
Speaker 3: we know how high auction numbers were last weekend, and
Speaker 3: what we're seeing is I guess that increased confidence from
Speaker 3: buyers out in market, most likely because of that second
Speaker 3: interest rate cut is really starting to flow through the
Speaker 3: clearance right in Brisbane came in at forty percent last weekend,
Speaker 3: so pretty much on average for that market there.
Speaker 2: We'd like to look at the best buyers and the
Speaker 2: expensive buyers too, don't we? In Sydney and Brisbane and
Speaker 2: last weekend in Sydney the honors when if that's the
Speaker 2: right way of putting it? To Stratfield in Brisbane a
Speaker 2: kangaroo point.
Speaker 3: Yeah. And with this house in Strathfield, it's sold for
Speaker 3: ten point one million dollars. Now it's a six bedroom house,
Speaker 3: I have to concede. It does come with a bowling
Speaker 3: alley which is at tribute of a property. And now
Speaker 3: the buyer at this auction, guys, there were two hundred
Speaker 3: people watching it. The buyer viewed the property ten minutes
Speaker 3: before the auction and ended up being the one who
Speaker 3: bought it. There were five registered bidders and four active
Speaker 3: bidders at the auction. But isn't that just mind boggling
Speaker 3: ten point one million and he was a local. It
Speaker 3: was a local resident in Strathfield bought this place clearly
Speaker 3: as an up great house. Now the property in Brisbane
Speaker 3: last week that's sold for just over four million was
Speaker 3: a three bedroom apartment on Kangaroo Point, This epic, beautiful,
Speaker 3: gorgeous set of one of those really the lamb sexy
Speaker 3: style apartments that we're seeing more and more of now
Speaker 3: that almost look like a huge luxury house, but it's
Speaker 3: actually an apartment. Just over four million dollars.
Speaker 1: That one sold for jeez.
Speaker 2: And the best buys Lakember and Logan Home.
Speaker 3: Indeed, there was a two bedroom apartment in la Kember
Speaker 3: that sold for three hundred sorry, one bedroom brother three
Speaker 3: hundred and fifty thousand dollars in la Kember.
Speaker 2: Not bad, is it?
Speaker 1: Three hundred fift Hey, you.
Speaker 3: Know that's unheard of in Sydney most days. That would
Speaker 3: normally be a stop stop press moment, wouldn't it. And
Speaker 3: in Logan Home in Queensland, sorry, a three bedroom home
Speaker 3: there sold for just under six hundred and fifty thousand dollars.
Speaker 3: So again it's interesting to me these sort of little
Speaker 3: green shoots that do pop up every now and then
Speaker 3: to give you a bit of a hope, there still
Speaker 3: are some affordable bargains out there if you can only
Speaker 3: sift through a lot of those listings.
Speaker 2: Now through the week we had the domain groups made
Speaker 2: twenty twenty five market insights new listings rose sharply across
Speaker 2: most capitals, didn't they showing sellers are feeling a bit
Speaker 2: more upbeat about the market.
Speaker 3: Indeed, So what we're seeing is those sellers who have
Speaker 3: been sitting on the fence have now kind of moved
Speaker 3: forward after that second interest rate cut, and I suppose
Speaker 3: that slight sort of optimism that there might be further
Speaker 3: rates to come. It's certainly pushing a lot of sellers forward.
Speaker 3: So at this stage we're looking at having quite an
Speaker 3: active winter, which is obviously quite unusual for the property market,
Speaker 3: particularly in Sydney. But a lot of that is being
Speaker 3: driven by that confidence in the market with those interest
Speaker 3: rate cuts hopefully continuing to.
Speaker 1: Wash through and new supply.
Speaker 2: Isn't that the case that it jumped over the month by
Speaker 2: more than were nearly twenty percent?
Speaker 3: Yeah, new supply is a really important part of this
Speaker 3: because we know that if there's a new supply coming
Speaker 3: to market, it means that buyers are feeling of satisfied
Speaker 3: that there are enough options out there. So new supply
Speaker 3: is continuing to push through, so it's encouraging news for
Speaker 3: buyers definitely, and also sellers. It makes us a bit
Speaker 3: more competition on the market. But look, in my mind,
Speaker 3: that's not a bad thing for anybody. Really, we need
Speaker 3: more of it.
Speaker 1: Yeah, exactly right.
Speaker 2: Days on market Is there a trend there that we've
Speaker 2: noticed in either city?
Speaker 3: Yeah, this is really interesting. So even though we are
Speaker 3: seeing a lot of activity in the market, the days
Speaker 3: on market represents how long places are taking to sell,
Speaker 3: so they're basically kind of increasing. So in Sydney it's
Speaker 3: up to sixty three days is on average the time
Speaker 3: it's taking for a property to sell. Now, what that
Speaker 3: means is often if we have a disconnect between what
Speaker 3: a seller wants for their house and what a buyer
Speaker 3: is willing to pay, those days on market can stretch out.
Speaker 3: We've also seen those days on market increase in Brisbane,
Speaker 3: but that's still only at forty four days, so still
Speaker 3: considerably faster to selling Brisbane than it is in Sydney.
Speaker 3: And that really is talking through the fact that demand
Speaker 3: in Brisbane remains high while the supply is still not
Speaker 3: yet satisfying that part of the market there. But it's
Speaker 3: an interesting thing and I think it's a cautionary night
Speaker 3: for sellers also to ensure they're pricing correctly because even
Speaker 3: though buyers want to buy, they're not going to overpay
Speaker 3: because most of them are still constrained by affordability.
Speaker 2: Yeah, fascinating stuff. So in Sydney the lowest days on
Speaker 2: market Saint Mary's, Marrickville, Sydenham and Campbelltown. And in Brisbane
Speaker 2: it was the gap Inaugura, Forest Lake, Oxley, bald Hills,
Speaker 2: Everton Park. Fascinating stuff. Now we'll take a break. I
Speaker 2: want to come back and ask you about the rise
Speaker 2: of stay vestas and then we'll get to our unique
Speaker 2: properties of the week. Yes, it's eight to midday every year.
Speaker 2: Domain is trusted by meetings of Australians to buy, rent
Speaker 2: and sell their home. Domain's got access to the most current,
Speaker 2: comprehensive and unique housing data in all of Australia, helping
Speaker 2: you to navigate the market and make in four decisions
Speaker 2: on matters that impact your home and your property. All
Speaker 2: the things we talk about Domain dot com dot au.
Speaker 2: And we're having a chat with Alice Stoles, who joins
Speaker 2: us each week. Alice, what is a stay Vesta, Well.
Speaker 3: Look forget rent Vesta's investors. Luke, It's now about the
Speaker 3: stay vester. Now, many adults are probably scratching their head
Speaker 3: at these adult kids that are living at home longer
Speaker 3: and longer, saying that they're saving up for a deposits
Speaker 3: for a house, many which are, but some of them
Speaker 3: are getting to the next level and actually buying a property,
Speaker 3: renting it out while so someone else is paying their
Speaker 3: mortgage and they stay living at home under their parents' roof,
Speaker 3: perhaps enjoying the spoilers of living at home with mum
Speaker 3: and dad a little bit longer. And what it means
Speaker 3: is they can start paying down that mortgage or essentially
Speaker 3: someone else's paying down their mortgage and gives those adult
Speaker 3: children the chance to build some wealth while not having
Speaker 3: to pay mortgage at the same time. Now, look, what
Speaker 3: I like about this is that it kind of, I guess,
Speaker 3: turns the idea of the bank of mum and Dad
Speaker 3: around a little bit, because we know that a lot
Speaker 3: of people can't obviously afford to be the bank of
Speaker 3: mum and dad or are able to. So what this
Speaker 3: means is that if you can at least give your kids,
Speaker 3: you know, a roof over their head when they're adults,
Speaker 3: and that they've actually managing to buy property. It can
Speaker 3: actually sort of give them something that is sort of
Speaker 3: priceless but doesn't cost you any more money in return,
Speaker 3: hopefully except for the laundry bills that they.
Speaker 2: Might That's right, Crewing, I they're paying Mum and dad
Speaker 2: decent red I have to say unique properties of the week.
Speaker 2: We're going to beautiful Rose Bay in Sydney. First off.
Speaker 3: Yeah, Now with this house, it's five beds, six bath,
Speaker 3: it's in Rose Bay. It is on the market for
Speaker 3: ninety million dollars nine zero. It's on over one thousand
Speaker 3: square meters of land and it is the most spectacular
Speaker 3: view of that gorgeous, beautiful Sydney harbor sparkling. The house
Speaker 3: is able to accommodate up to two hundred people for
Speaker 3: a party at.
Speaker 2: NiFe or something.
Speaker 3: But just the most eye watering figure. But you see,
Speaker 3: if you like that, I guess it kind of makes sense.
Speaker 3: But still just an amazing testament to the strength of
Speaker 3: the strength of the strand property market.
Speaker 1: Does it come with a bowling alley?
Speaker 3: It doesn't come with a bowling alley, I reckon you're
Speaker 3: probably you can probably negotiate that with the age based
Speaker 3: on that asking price. Yeah, Brisbane is a great place
Speaker 3: on the market in BERLINBA. Now, this is a house
Speaker 3: that's five beds, seven bath. It has a five meter
Speaker 3: taj Mahal island bench that the master sweet is one
Speaker 3: hundred and twenty square meters with a boutique style walking road,
Speaker 3: which I think sounds pretty wonderful. It's got a wellness
Speaker 3: studio or a private games room with its own roulette table,
Speaker 3: an eight car garage complete with a Ferrari inspired mural.
Speaker 3: And the house is actually being sold fully furnished. Now
Speaker 3: I can't give you a price for that one. You
Speaker 3: have to contact the agent because Queensland law prohibits us
Speaker 3: talking about price guides if a house is being sold
Speaker 3: for auction or for expressions of interest. So sorry listeners,
Speaker 3: but call the agent and I'll be able to give
Speaker 3: you a bit more clarity on what that figure is.
Speaker 2: Yes, excellent work by you. Alas Stoles, National Property editor
Speaker 2: at Domain.
Speaker 1: Thank you. We'll talk to you next week.
Speaker 3: Thanks, Luke, good on it.
Speaker 2: We'll take a break now it's almost four to midday.