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Speaker 1: Job mission with Jones and Amanda. This Old House, Not

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Speaker 1: Quite Lux of Listings is a new Amazon series that's

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Speaker 1: real Estate Pawn. We get to look at some of

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Speaker 1: Sydney's most extraordinary and expensive homes. We get a glimpse

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Speaker 1: into what it's like to sell Australia's most expensive houses.

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Speaker 1: We follow the country's top three real estate identities. One

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Speaker 1: of those is Gavin Rubinstein, who joined us now. Gavin, Hello, guys,

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Speaker 1: good morning.

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Speaker 2: How are you doing well on the show. It's such

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Speaker 2: a great show.

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Speaker 1: It's amazing Gavin, But can I ask you did you

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Speaker 1: have to think twice about being featured? Because when all,

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Speaker 1: there's a lot of money involved here, and I imagine

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Speaker 1: at that level there'd be a lot of privacy issues.

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Speaker 3: Yeah, one hundred percent, But no second guessing on my

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Speaker 3: You know, I am just preparing for an opportunity like

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Speaker 3: this my entire professional career. You know, if you've kind

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Speaker 3: of wind the clock back to how I marketed myself

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Speaker 3: somewhat different to the Australian norm for the real estate intry,

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Speaker 3: and so you know, always had confidence and belief in

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Speaker 3: my body of work and my practice that over time,

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Speaker 3: you know, the right opportunity would would come up, and

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Speaker 3: you talk about right opportunity, there's there's no better person

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Speaker 3: than Amazon Prime. And here we are. And look, you're

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Speaker 3: always going to find some some clients. You know, I

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Speaker 3: want to keep things confidential. But what I've found, particularly

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Speaker 3: going through this process is there's a lot even more

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Speaker 3: that I thought. You know, they want to get involved

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Speaker 3: and be part of the fund, and you know that's

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Speaker 3: that's exactly what it is. So it's been great.

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Speaker 2: So if you sell a house for fifty million dollars,

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Speaker 2: how much do you get out of that?

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Speaker 3: It's always a question. I get asked, Look, fees range

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Speaker 3: kind of either side of two percent, so.

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Speaker 1: We can't do the mass we find out.

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Speaker 2: I could do the maths on two percent and fifty

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Speaker 2: million dollars, but it's a lot of money, isn't it.

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Speaker 3: Two percent of fifty million is one percent fives about

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Speaker 3: a million.

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Speaker 2: I think, Wow, that's.

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Speaker 1: Pretty good with these with these big, massive houses. What

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Speaker 1: are some of the surprising things you've found in there?

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Speaker 1: Are there sort of six dungeons.

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Speaker 3: Or bank vaults?

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Speaker 1: What are some of the more unusual things you see

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Speaker 1: in these houses?

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Speaker 3: Never come across as sex Dundred you know, the interesting

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Speaker 3: part about it is definitely the personalities. I mean, the

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Speaker 3: property porn and the properties are fantastic, but the personalities

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Speaker 3: of some of the owners of these properties is what

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Speaker 3: is probably most inspiring and kind of motivating, right to

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Speaker 3: actually delve into people who have built really phenomenal businesses

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Speaker 3: and kind of understand how they've done it. Obviously not completely,

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Speaker 3: but success leaves clues, and to me, part of the

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Speaker 3: journey for being a real estate agem and dealing with

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Speaker 3: this caliber of people is getting better every single day.

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Speaker 2: You know.

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Speaker 3: It's just a great experience. And buying a.

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Speaker 2: House, it's and I'm sort of one of those people

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Speaker 2: that almost like impulse buys a house. I get a house,

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Speaker 2: and then I sell it, and then I buy another house.

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Speaker 2: But usually what happens is, like the house that I'm

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Speaker 2: in at the moment, I didn't wasn't even looking for

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Speaker 2: a house ninety seconds to make that decision to buy

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Speaker 2: the house. And then people say that to me, And

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Speaker 2: It's worked for me about three or four times in

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Speaker 2: my life. But I'm thinking I got to stop doing

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Speaker 2: That's that's crazy because no building inspection, no pest inspection.

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Speaker 2: I didn't even know if there was like a burial

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Speaker 2: ground underneath. Is that something that a lot of buyers

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Speaker 2: do or is that just me?

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Speaker 3: Well? First off, I mean if you're buying and selling regularly,

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Speaker 3: I hope next time you show you give me a

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Speaker 3: call because I would love to work with you. Second point,

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Speaker 3: you know, if it ain't broke, don't fix it. You've

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Speaker 3: done it four times it's worked well. You clearly have

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Speaker 3: a particular personality that goes on you know, impulse and

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Speaker 3: good intention and seems to be working for you. So

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Speaker 3: it's a personality thing. Everyone's different. Some people will want

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Speaker 3: to do due diligence. You'll find there's even a personality

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Speaker 3: type that will cause paralysis from so much analysis that

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Speaker 3: they talk themselves out of a deal. You know, well

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Speaker 3: miss out on a good opportunity. So it just depends

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Speaker 3: on the person. I would say, if it works for

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Speaker 3: you and it ain't broke, don't fix it.

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Speaker 1: Can I ask you this, Gavin? You were alluding before

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Speaker 1: as to how fascinating it is to see the people

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Speaker 1: who own these massive houses. How do people in Sydney

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Speaker 1: make that much money? What are they doing to have

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Speaker 1: fifteen million dollar houses?

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Speaker 3: You know a lot of it has come from enjoying

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Speaker 3: the rise of the tide of the property market. You know,

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Speaker 3: so for example, their house is worth X when they

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Speaker 3: bought it twenty thirty years ago, and now since the

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Speaker 3: market has increased, it's worth a hell of a lot more.

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Speaker 3: And essentially they can leverage off of that tax free

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Speaker 3: gain because you don't pay tax on your principal place

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Speaker 3: of residence. You know, there's there's a broad range of

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Speaker 3: what people do, but that's probably you know, the main

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Speaker 3: segment I see to be really really powerful in the market.

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Speaker 2: And with that property market, is it Sydney Is it

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Speaker 2: too inflated? That Harry Dent guy has been saying for

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Speaker 2: years that Sydney's way too inflated and there's going to

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Speaker 2: be a bit where our houses are going to be

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Speaker 2: worth fifty percent less. There's a crash coming.

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Speaker 3: Yeah, I mean there's always going to be that person. Well,

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Speaker 3: there'll be a few of those people, right And like

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Speaker 3: you say, he's been saying for years. Ultimately, if history

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Speaker 3: shows us anything, it's the property market, particularly in the

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Speaker 3: eastern suburbs, has gone one way and whilst the sad

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Speaker 3: kind of peaks and tross, ultimately that is up I'm

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Speaker 3: not an economist, you know, but I am at the

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Speaker 3: cold face, and I can tell you that I don't

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Speaker 3: like to complicate things. Being I am a real estate agent.

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Speaker 3: I like to keep them really simple. And if we

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Speaker 3: just bring it back to the supply and demand equation, supply,

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Speaker 3: they're not making any more land in the eastern suburbs,

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Speaker 3: you know, there's no more available. It's all kind of

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Speaker 3: extremely densely populated and demand. You know, Sydney more and

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Speaker 3: more and more is becoming a desirable spot to live,

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Speaker 3: especially after you know, lux Listings has showcased the lifestyle

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Speaker 3: here in a way that it has. I think it's

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Speaker 3: put Sydney on the map in a way like la

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Speaker 3: or malibur even kind of New York. You know, you

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Speaker 3: don't see Sydney shot like this, And even if you

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Speaker 3: live there and you see it, it makes you realize, you know,

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Speaker 3: what a phenomenal place we live in and see it

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Speaker 3: going the opposite.

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Speaker 2: And you look at places like water Grove. My brother

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Speaker 2: had a place wall Grave, and I think at the

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Speaker 2: time he paid four hundred and eighty thousand for it,

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Speaker 2: and then he said it just recently, it's like about

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Speaker 2: nine hundred thousand, you know it was, And I'm just

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Speaker 2: going that, has anyone going to get it? How does anyone?

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Speaker 2: I don't know how I got into the market all

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Speaker 2: those years. Like my first house we brought up in

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Speaker 2: Brisbane because that's all we could afford. So I guess

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Speaker 2: that's the thing to do. If you're a young person,

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Speaker 2: you've got to buy in another market, then try and

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Speaker 2: get yourself back into the Sydney market.

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Speaker 3: Yeah, you've just got to go tunnel vision on it.

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Speaker 3: I always said the first purchase is always the hardest,

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Speaker 3: and then you know, once you get over that hurdle,

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Speaker 3: you find the second, and the third and the fourth

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Speaker 3: even becomes easier because again, you know, provided the market continues,

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Speaker 3: you know, you revalue the whatever property you've bought, and

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Speaker 3: you can use that equity leverage onto the next It

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Speaker 3: becomes a smoother process, right versus that first one. You've

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Speaker 3: got to save beg borrow of steel around you know,

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Speaker 3: your twenty twenty five percent of positive including stamp duty.

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Speaker 3: But I'm seeing crazy things in the market. You know,

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Speaker 3: people buying houses a year and a half ago and

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Speaker 3: making you know, two million tax free after moving in

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Speaker 3: for twelve months, just purely because of a supply issue,

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Speaker 3: you know, COVID restrictions. People are keeping it in house,

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Speaker 3: they can't travel. All of these factors we're constributing to

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Speaker 3: what is, you know, a big boom. Obviously money being

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Speaker 3: cheap two helps.

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Speaker 1: Well, there you go, next minute, fifty million.

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Speaker 2: Well and if you're looking for sex dungeon, just when

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Speaker 2: Amanda's place.

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Speaker 1: I'm looking on an extension.

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Speaker 2: It's a rumpus roommate.

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Speaker 3: Can we can custom build it enough?

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Speaker 2: Our lux Listing Sydney is available to spread the stream

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Speaker 2: now on Amazon Prime Video. Gavin Ribbinstone, thank you for

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Speaker 2: joining us.

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Speaker 3: Appreciate your time.

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Speaker 2: Guys.

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Speaker 3: Thanksgavin, Jonesy and Amanda's SMA