Speaker 1: And now the real Estate show thanks to Domain, Australia's
Speaker 1: trusted property marketplace. Yeah, it's time now to find out
Speaker 1: what's happening on the property market in Sydney and Brisbane
Speaker 1: thanks to our mates at Domain. I'm pleased to say
Speaker 1: that the national Property editor at Domain, Alice Stoles, is
Speaker 1: on the line and joins me again this weekend. Hi, Alis,
Speaker 1: good morning, Luke.
Speaker 2: Great to be with you.
Speaker 1: I hope things are good with you. Let's kick off
Speaker 1: with where we normally do with the auction numbers and
Speaker 1: how are they looking today.
Speaker 2: Things are good, Luke, and Sydney buyers have a lot
Speaker 2: of choice today. Nine hundred and sixty five houses are
Speaker 2: going under the hammino. This is the biggest weekend Sydney's
Speaker 2: had this month, so pretty pretty spoiled for choice. Yes,
Speaker 2: we could say Brisbane had a habit of a drop
Speaker 2: in auction numbers. That's down to seventy four auctions going
Speaker 2: under the hammer today, so probably better conditions for sellers.
Speaker 2: Dare I say that there's not as much choice that
Speaker 2: buyers kind of get corraled into buying whatever's on the
Speaker 2: market today.
Speaker 1: It sounds like, yeah, so how do we end up
Speaker 1: here because I think you might have even flagged this
Speaker 1: last week. Big numbers in Sydney not so in Brisbane.
Speaker 1: I mean, they're both beautiful cities in Australia. What's the difference,
Speaker 1: do you think?
Speaker 2: Yeah, well, a lot of it's because obviously interest rates
Speaker 2: sort of play a part in this. But these are
Speaker 2: obviously been booked in these campaigns sort of five six
Speaker 2: weeks ago. And I think we know that the seasonality
Speaker 2: of the Brisbane market is quite different from the Sydney market.
Speaker 2: Auctions basically start the year there quite quickly and quite
Speaker 2: early in January, whereas the Sydney market a bit more
Speaker 2: Laxadasians that it takes a while to warm up, shall
Speaker 2: we say, and auctions really kick off there in February.
Speaker 2: So what we find is it into the winter month.
Speaker 2: Sydney kind of lasts a little bit longer before it
Speaker 2: tapers down into that winter hiatus, but Brisbane's pretty much
Speaker 2: already into that lower gear, it seems.
Speaker 1: Gotcha all right, clearance raked from last week.
Speaker 2: Well, Sydney had a big weekend and it came in
Speaker 2: at seventy percent, And I mean, I'm not sure if
Speaker 2: you and the listeners looked around town, but we saw
Speaker 2: lots of bidding at auction, Luke and I really think
Speaker 2: we noticed that sort of I guess a bit more
Speaker 2: confidence from buyers to sort of stretch a little bit further.
Speaker 2: And I'm not talking about crazy, crazy amounts, but I
Speaker 2: just saw quite a few options whether that competition remained
Speaker 2: very tight to the very end. So I think the
Speaker 2: Sydney market seems to be responding very well to that
Speaker 2: interest rate cut. Brisbane's clearance right coming at forty three percent,
Speaker 2: which was consistent week on week. Obviously a less auction
Speaker 2: centric market, but it's interesting watching that market in Brisbane
Speaker 2: just kind of get their head around auctions a bit more,
Speaker 2: and we're seeing more and more. I guess sellers choose
Speaker 2: that method.
Speaker 1: Of saleh Alright, our expensive buyers from last week in
Speaker 1: Brisbane at Sunny Banking, Sydney Elizabeth Bay.
Speaker 2: Yeah, it was a home in a Sunny Bank that
Speaker 2: sold for one point eight five million dollars in Brisbane,
Speaker 2: a five bedroom home with a granny flat. Now we
Speaker 2: know how much value granny flats add. People love the
Speaker 2: thought of them, whether it's for their home office, whether
Speaker 2: they let it out for short term accommodation or put
Speaker 2: a kid adult in. It always strikes a lot of
Speaker 2: desirability with people. And in Sydney it was Elizabeth Bay.
Speaker 2: An apartment there sold for six point four to five
Speaker 2: million dollars with beautiful views over the harbor and all
Speaker 2: the bells and whistles that one can imagine from a
Speaker 2: property that sort of manages to get a figure like that.
Speaker 2: Six point four to five minute not bad?
Speaker 1: Is it not bad? Three bedrooms, had two bathrooms and
Speaker 1: a car space and an apartment Elizabeth Bay six and
Speaker 1: a half million if you don't mind. What about value
Speaker 1: there was that seems extraordinary value at Paddington in Sydney.
Speaker 2: Yeah, I love his story. So it's a little studio
Speaker 2: flat that's sold in glen View Street, Paddington that's sold
Speaker 2: for four hundred and seventy nine thousand dollars. Now, as
Speaker 2: I said, it is just a studio, so it's not
Speaker 2: even a standalone one bedroom unit. But it does have
Speaker 2: parking on site, but you can't let it out, so
Speaker 2: it's not attached to the title. There is parking for residents.
Speaker 2: And I thought, what a wonderful story that we're on
Speaker 2: the say, sort of second floor Deco style brick apartment
Speaker 2: sold for sort of a figure that is kind of
Speaker 2: you know, imaginable for some first time buys in particular,
Speaker 2: and I think it's a good example of ways that
Speaker 2: people can get onto the market. And maybe they won't
Speaker 2: live in that place forever, Lou. Clearly they're probably going
Speaker 2: to outgrow it if they have a family or want
Speaker 2: some more space in the future, but it could be
Speaker 2: a good little investment for someone to think about options
Speaker 2: like that, given it was under five hundred thousand dollars,
Speaker 2: which is well and truly below the meeting in Sydney.
Speaker 1: And have Paddington on your on your business card, I
Speaker 1: live in Paddington. I have to tell them anything else, yees.
Speaker 1: So you were going to tell me about Brisbane.
Speaker 2: Yeah, it was. We had a house I went to
Speaker 2: market in Pekember. Now, this five bedroom house sold for
Speaker 2: seven hundred and forty thousand dollars. So what we're really
Speaker 2: seeing is that affordability in Brisbane that people are I
Speaker 2: guess just going further out to get bang for their buck,
Speaker 2: because really, in most it is in Australia wouldn't find
Speaker 2: a five bedroom house for that price. So clearly people
Speaker 2: driven by price primarily are going that a little bit
Speaker 2: further out and they're getting what they want. And in
Speaker 2: this case it was a five bedroom, two bar, four
Speaker 2: car house for seven hundred and forty thousand dollars.
Speaker 1: Jeez, Now tell me about domain sustainability and probably report
Speaker 1: it's revealed that energy efficient homes are not only fetching
Speaker 1: premium prices, but and how high on the wish list.
Speaker 1: I guess the cost of living is so crippling for
Speaker 1: many that if you can get a place where you
Speaker 1: don't have to spend almost a mortgage repayment on your
Speaker 1: power bills, then it's a big tick.
Speaker 2: Yes, I think energy efficient homes are sort of the
Speaker 2: gift that keeps on giving in that you can reduce
Speaker 2: the power bills. But what we are also seeing in
Speaker 2: the data is that when it comes to selling it,
Speaker 2: you will make a premium on it. In Sydney alone,
Speaker 2: energy efficient houses sold for twelve and a half percent
Speaker 2: on average more than non energy efficient homes and that's
Speaker 2: around one hundred and eighty thousand dollars extra. Now in
Speaker 2: Brisbane it wasn't as extreme as that. They're selling for
Speaker 2: a four ten point one percent more one hundred and
Speaker 2: twenty k more than non energy efficient houses. But what
Speaker 2: we're seeing is I think this, you know what did
Speaker 2: appear a very niche sustainable housing and energy efficiency. And
Speaker 2: remember when solar panels were kind of rare and now
Speaker 2: increasingly becoming sort of a compulsory feature for many people
Speaker 2: when it comes to buying their house, and they want
Speaker 2: it for the saving that they get through those energy bills,
Speaker 2: and they're also wanting i think, to obviously help the planet,
Speaker 2: but also knowing they're going to make that money back
Speaker 2: when it comes time as selling. So you know, for
Speaker 2: a lot of people, it is that initial outcost of
Speaker 2: whether it's double glazing the windows, you know, changing the
Speaker 2: orientation of a house when you're designing it, if you
Speaker 2: are doing it from scratch to have a northern orientation,
Speaker 2: making really energy efficient heating choices, they can obviously cost
Speaker 2: more in the beginning, but it seems the rewards are
Speaker 2: well and truly being met as the house grows in
Speaker 2: value down the track.
Speaker 1: Now we can buy an island, is that what you're suggesting?
Speaker 2: I mean, how often do I get to say that
Speaker 2: there is an island for sale off Northern Queensland. It's
Speaker 2: three k's off Cape Palmerston National Park, which is sixty
Speaker 2: k southeast of Mackay. Now, this is a forty nine
Speaker 2: point seven hectare island and on this island is a
Speaker 2: three bedroom house. Now the house is owned by two
Speaker 2: families and one of the families are selling out their
Speaker 2: share and with that house you get the island. It's
Speaker 2: quite extraordinary. And this is the only house on the island.
Speaker 2: And it's got a little air strip so you can
Speaker 2: ride it on your own little private private plane if
Speaker 2: you don't mind, or a ten minute boat. A ten
Speaker 2: minute boat trip from the coast. Now, this is apparently
Speaker 2: absolutely spectacular. You can go snort clean are on those
Speaker 2: beautiful waters, the coral reefs are there, and pristine bushland
Speaker 2: to explore. But it's on the market for six hundred
Speaker 2: thousand dollars. Wow, I just think and I'm sort of
Speaker 2: watching if other than media around the world picking this
Speaker 2: story up, because as someone mentioned, it's the fraction of
Speaker 2: a car. It's basically what you pay for a parking
Speaker 2: spot in Sydney.
Speaker 1: Sometimes you can you know, if uber eads deliver, I
Speaker 1: don't know, but.
Speaker 2: Funny you should ask that, Luke, because I had to
Speaker 2: laugh at the listing. It's said that the island does
Speaker 2: have coverage for Optus and Telstra mobile phones, and I
Speaker 2: just put that such a sign of the times, isn't it.
Speaker 2: You could be stuck with you Uber eats or a
Speaker 2: door dash. I'm not sure they're going to get milk
Speaker 2: delivered on your doorsteps. I think I think you'd have
Speaker 2: a lot of probably fishing to do, and you know,
Speaker 2: a lot of seafood to live off pretty happily there.
Speaker 2: I don't think you'd be I don't think you'd be
Speaker 2: many complaints coming from you on a place like that.
Speaker 1: I think you're right. I think you're right. How wonderful
Speaker 1: is that? All right, we'll take a break back with
Speaker 1: more from Alice and Justic sec and we are joined
Speaker 1: by Alice Stoles from Domain, the National Property Editor. Alice,
Speaker 1: the rise of pre fab homes. This is interesting, isn't it?
Speaker 1: Could prefab homes be a large solution to our large
Speaker 1: housing crisis? What do you think?
Speaker 2: Look, look, I'm a real fan of this notion of
Speaker 2: prefab homes, and it's because basically they can deliver houses
Speaker 2: much faster than the traditional methods of construction, which we
Speaker 2: know we've experienced over the past few years, in particular
Speaker 2: incredible challenges around that. It also means that there's no
Speaker 2: delays attributed to weather because basically all the hard worker
Speaker 2: building the home is un in a factory than that
Speaker 2: house sort of slubs of it are put on trucks
Speaker 2: and trucks around the country. Now, the benefit is homeowners
Speaker 2: can also have bespoke called truly sort of custom designed
Speaker 2: houses and have kind of quite clever and ingenious design
Speaker 2: and have that individuality to a house that often people
Speaker 2: obviously enjoy, particularly in Australia, and do all that in
Speaker 2: record time. Now it also usually can come in at
Speaker 2: a cheaper cost because materials are used so much more effectively,
Speaker 2: there's no wastage, and there's also no delays to weather,
Speaker 2: but just in terms of how quickly they arrive. I
Speaker 2: was reading an article and I always laugh at this,
Speaker 2: and I've seen it happen myself. But literally you'll see
Speaker 2: a neighbor will go off to work as a blank
Speaker 2: piece of land. They come back and there's a house
Speaker 2: on it. Now, all the groundwork has been done for
Speaker 2: months prior. I'm not saying it's click your fingers and
Speaker 2: it's delivered. That evening. But that's how quickly it's construction
Speaker 2: constructed on site, because everything is done off site and
Speaker 2: then it's literally just trucked in and ascend and it's
Speaker 2: basically almost ready to go at that point.
Speaker 1: Yeah, it's amazing. Now. Properties of interest which I haven't
Speaker 1: had time for, I'm sorry, one at North Bridge and
Speaker 1: one at Cadanga Creek in Queensland. In Queensland, it's an
Speaker 1: eight better if you don't mind, will put links to
Speaker 1: the on the podcast. To those listings. There's three living spaces,
Speaker 1: eight bedrooms, the one in Queensland. Properties of Interest. Thanks Alice,
Speaker 1: I'll talk to you next week. That's Alice Stoles from
Speaker 1: domain