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May 5, 2024 14 mins
  • Michael Yardney, CEO at Metropole Property Strategists reviews the latest housing and market data sets
  • Auction bidding strategies. Which is best? Alec Brown, Sales Director and award-winning auctioneer at Ray White provides the answer
  • Sam McGregor, Principal at Windrose Property takes a look at this month’s Corelogic Hedonic Home Value Index, through a local lens

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    Episode Transcript

    Available transcripts are automatically generated. Complete accuracy is not guaranteed.
    Speaker 1 (00:01):
    Cameron Rene's Real Estate show.

    Speaker 2 (00:03):
    Sounds like camera, sounds like Mixed one A six point three.

    Speaker 3 (00:06):
    Jwland introducing homes of uncompromising quality across premium locations.

    Speaker 4 (00:12):
    Hi, there, it's Cameron Renee.

    Speaker 5 (00:13):
    Here.

    Speaker 6 (00:13):
    Each week on Mixed one and six point three we
    present the Mixed Oney six point three Real Estate Show.

    Speaker 1 (00:18):
    We speak with industry experts, leaders in Canberra, property national
    analysts and arrange above property specialists.

    Speaker 6 (00:25):
    So let's take a listen to some of the things
    we looked at in last Saturday show.

    Speaker 5 (00:30):
    Night stepping in for Cam Sullings Maddie stepping in for
    the lovely Renee weatherwayse Today wend the nation's capital, seventeen
    are expected top chance of fog early this morning.

    Speaker 4 (00:39):
    I we've moved past that.

    Speaker 5 (00:42):
    Still a medium chance of showers as well around town
    at the moment thirteen degrees.

    Speaker 2 (00:46):
    Now, believe it or not, we are one third of
    the way through this year.

    Speaker 4 (00:50):
    How'd that happen?

    Speaker 2 (00:51):
    I don't know.

    Speaker 4 (00:52):
    We just blink more than a third.

    Speaker 2 (00:54):
    Yes, And we've also just got in a few more
    details around some property and market and to help us
    understand what is happening on the ground, we have our
    regular guest mister Michael Yardney, the CEO of Metropol Property
    Strategists and host of the Markel Yardney podcast. Good morning Michael,
    Good morning guys. Now the latest data sets from the

    (01:14):
    major property research houses are out. How of how housing
    market's performed in the first three months of the year
    or four months?

    Speaker 4 (01:21):
    Now, Well in this four.

    Speaker 7 (01:23):
    Months, isn't it? And in fact they've been soaping through
    sixteen months of consecutive growth. So it started at the
    beginning of twenty twenty three despite the high interest rates
    and all the challenges that have been handed to them.
    CANBRA also increased in value houses and apartments, but only
    a little bit so. While the overall Australian property markets

    (01:46):
    and there is one Australian typical market a bit but
    have done better. CANBRA grouper point two of a percent
    in the last month. I'm just picking up a little bit.
    It's been an underperformer for the last year or so,
    but steady slow growth.

    Speaker 5 (02:04):
    It's like then Diesel says in the Fast and the Furies,
    doesn't matter if you win by an intro Amina wins
    a win and point twoven percent, that's still great, Michael,
    Yes it is.

    Speaker 7 (02:14):
    It means the markets aren't running away and people looking
    to buy a house or an investment. It's actually not
    a bad time despite all the challenges in the world,
    because camber has underperformed for a while.

    Speaker 8 (02:25):
    And we'll catch up. That's the way cycles work.

    Speaker 4 (02:29):
    Yeah, you're welcome Camber. No dramas.

    Speaker 5 (02:32):
    What about inflation, Michael, How the inflation figures looking. Are
    they going to come and hurt us?

    Speaker 7 (02:36):
    Well, yes, the government's and the Reserve Bank's a bit
    disappointed that inflation hasn't come down as fast as they'd life.
    They've kept interest rates higher and most of us were
    expecting interest rates to drop in the middle of the
    year because the thought was inflation was going to come down.
    But over the last week, the latest figures of inflation
    statistic they're not coming down anywhere near as fast as

    (02:57):
    the Reserve Bank would like. Unemployment is strong and we're
    still spending. So despite high infustrations, there's a lot of
    people without a mortgage, whether they're the fifty percent.

    Speaker 9 (03:07):
    Of home buyers who don't even home owners who don't even.

    Speaker 7 (03:09):
    Have a mortgage, or tenants. Sure they've got to pay
    a bit more rent, so we're still outspending. At greaging
    the wheels of industry.

    Speaker 9 (03:17):
    And all the banks have now changed their forecasts and
    none are suggesting an interest drate drop before November, so
    we've got to hold on for quite some while before
    we get a bit of relief in our pockets.

    Speaker 2 (03:29):
    Not mind stuff everyone got, Yeah, definitely not good that
    we have to wait longer for it to come back down.
    Going back to tenants, what's happening in the rental markets
    around Australia.

    Speaker 7 (03:40):
    Well, the rental markets have been really, really strong and
    many markets have had double digit growth. Melbourne has rents
    went up ten percent, Sydney's nine percent, Adelaides nine percent.
    But over the last year, Canberra house rents only went
    up one point nine percent and Canberra unit rents only
    went up one point five percent over the last twelve months.

    (04:02):
    So tenanting Canbra are getting a bit better relief. Ren
    spottomed out in September last year. Now I have been
    growing seven months in a row in Canberra, but they're
    still nowhere. News strong growth is the other parts of Australia.
    So's some relief for local tenants.

    Speaker 2 (04:20):
    Well, fingers cross, we keep that relief going for everybody
    across all the different parts of being in real estate.

    Speaker 4 (04:27):
    Good news. We'll take it.

    Speaker 2 (04:28):
    Yes, thank you so much for joining us this morning.

    Speaker 4 (04:30):
    Michael, My pleasure.

    Speaker 2 (04:32):
    That was Michael Yarney, the CEO of Metropol Property Strategists. There.

    Speaker 4 (04:36):
    Auctions.

    Speaker 2 (04:37):
    It's a scary thing.

    Speaker 4 (04:38):
    Actually eight of them.

    Speaker 5 (04:38):
    I if I look at it a house and it
    says it's for auction, I'm like, well, I'm not buying it,
    so I am too scared.

    Speaker 2 (04:44):
    I did think of that, and then I bought my
    house at auction. You I did. It was very scary.
    It didn't get any better. I'm still scared of them
    if I ever have to do it again. But to
    help us talk about auctions and bidding strategies, we have
    Alec Brown, the sales director and award winning o at
    Ray White, on the phone.

    Speaker 10 (05:01):
    Good morning, Alec, Body, nights morning, Maddie.

    Speaker 2 (05:04):
    How are we We are good?

    Speaker 4 (05:05):
    Now?

    Speaker 2 (05:06):
    What is the number one strategy? If you do have
    a strategy that should be used at an auction, I.

    Speaker 8 (05:13):
    Guess it comes down to knowing your price essentially. I
    mean we see all types of strategies where the people
    come in straight away with the opening bid or you
    want to wait and see. I guess the main strategy
    that I would always recommend is go in knowing your
    numbers and be ready to put up a little bit
    of a fight. So you know, if a ten thousand
    dollar bid comes out, you don't necessarily have to match

    (05:35):
    that ten thousand If it's comfortably within your budget, it
    might actually pay dividends to put in a more intimidating
    style bid and go in a little bit harder, or
    perhaps you could just sort of, you know, wait in
    the wings until it's time to sort of swoop. But
    quite frankly, I think the best strategy is when you're
    confident around, you know you want the home, you're pre approved,

    (05:55):
    you're ready to go, it's within your budget, you've got
    nothing to lose if you're the in fact, you'll you'll get,
    you'll have a guaranteed loss if you're not bidding, So
    you know, being comfortable and getting out there and giving
    a go, that's that's the number one priority.

    Speaker 4 (06:09):
    Alex.

    Speaker 5 (06:09):
    I've always been a fan in all aspects of life,
    of the shock and or approach to most things.

    Speaker 4 (06:14):
    And is there anything to be said.

    Speaker 5 (06:16):
    Let's say, for example, you're going to bid on a
    house and you're expecting it to go for about a
    million bucks and You've been approved for one point one
    and that's as high as you can go. When when
    the auctioneer says, do we have any opening bids?

    Speaker 7 (06:29):
    Do you?

    Speaker 4 (06:29):
    Is there anything in just going one point one million?

    Speaker 5 (06:32):
    Like just go straight to the top of the heap,
    and just everyone else goes, holy crap, this guy knows
    what he's doing.

    Speaker 8 (06:38):
    No, it's it's known as a as a king hit
    bid there.

    Speaker 4 (06:40):
    It is.

    Speaker 8 (06:41):
    It's something that I prefer not as an auctioneer, because
    I'd rather everyone get involved than the price just sort
    of creeps up if I was a buyer. That's that's
    that's essentially my strategy.

    Speaker 5 (06:51):
    Oh so that's I was sort of half being facetious,
    but that is legitimately something that people can do and
    will do.

    Speaker 8 (06:56):
    Oh absolutely well.

    Speaker 3 (06:58):
    And quite often when you when you see that there
    might be you know, five ten registered bidders, you know,
    the more value there is in the office. So if
    you started off at take seven hundred thousand dollars, which
    all know is homes worth a million bucks is going
    to be nowhere near the level of.

    Speaker 4 (07:15):
    You're just push putting around there, aren't you. You Everyone
    knows that you're.

    Speaker 8 (07:18):
    Only inviting trouble at that stage mate, So you're only
    going to get more people involved.

    Speaker 10 (07:21):
    So yeah, I say go hard or go home personally
    say that as an auctioneer, but it is a sound
    strategy to possibly give yourself a competitive edge over the
    other people who are interested, right.

    Speaker 2 (07:34):
    I feel like for a lot of people though going
    to an auction for the first time, the only experience
    I've had with it is watching the block on TV.
    Is that a bit different to what actually happens.

    Speaker 8 (07:46):
    Let's just say in the world of TV media they
    do a fair bit of editing and it is a
    different world. Best suggestion I can always give if you're
    buying an option for the first time, don't wait for
    that auction to be the first action that you go
    and see. I mean, they're free events, there's no cover charge.
    You can turn up on you know, over sixty seventy

    (08:08):
    actions on a weekend across all of Canberra and actually
    just see firsthand how some auctioneers work, how some bidding
    strategy works, and you'll get a bit of a feel
    for things. But if you know your numbers, if you
    know your budget and where you're comfortable to, don't be
    afraid to actually be that person who opens up the bidding.
    Don't be that afraid to sort of counter bid fairly
    quickly as a more aggressive tactic, even if it's your

    (08:31):
    very last bid. You know, it's a little bit of
    poker if you play around with it and show just
    be the determining factor.

    Speaker 5 (08:38):
    Making eye contact with you fellow bit as while biting
    into a raw onion also establishes dominance.

    Speaker 2 (08:43):
    Okay, Tony, have it over there, just.

    Speaker 8 (08:45):
    Saying well, I haven't seen that one yet.

    Speaker 5 (08:48):
    Night.

    Speaker 4 (08:49):
    It works every time.

    Speaker 8 (08:50):
    I'll keep an eye out for you are at the
    next auction with an onion, but.

    Speaker 4 (08:54):
    Just take a step back. You know, they go, this
    guy's nuts.

    Speaker 8 (08:57):
    Look, I just think you know, seriousness. The best part
    about an auction is at least it is a transparent forum.
    You can see where other people are bidding, and you
    are in that position to be able to make a
    determination whether you keep going or you don't. And look,
    if it's within budget and you're happy with the home.
    I just don't see there's any downside of putting your
    best foot forward and giving it a crack.

    Speaker 2 (09:17):
    Well, there you go. I think that's some really good
    advice about going and looking at different auctions, because I
    thought my house at an auction without being prepared at
    any way, shape or form.

    Speaker 5 (09:25):
    Would you manage to make it work?

    Speaker 2 (09:27):
    We made it work. It was a very very scary
    thing and I think having gone and seen one might
    have helped that. So great advice there. Thank you so
    much for joining us this morning, Alec Maddie, he might.

    Speaker 8 (09:38):
    Be filling in, but I think you're doing a great job.
    Who even is this camboke?

    Speaker 4 (09:43):
    Wow?

    Speaker 2 (09:44):
    Well he's going to be listening and he's going to
    get so grumpy at you. Thanks so much. That was
    Alec Bround, the sales director and award winning auctioneer and
    sledger at ray White.

    Speaker 8 (09:55):
    Right.

    Speaker 2 (09:56):
    We talked a little bit earlier about the core logic
    Hedonic home Value in that was published this week, but
    to dive a bit further into it and to give
    us more info about Cambra specifically, we have Sam McGregor
    on the line, the principle from Windrow's Property. Good morning, Sam,
    Good morning.

    Speaker 4 (10:12):
    How are we? Oh mate?

    Speaker 5 (10:13):
    We're doing all right, but we need to look at
    these figures to a slightly more local lens, if you will.

    Speaker 4 (10:19):
    How are we doing here in the nation's capital.

    Speaker 6 (10:21):
    Well, absolutely like to look at the figures for you.

    Speaker 8 (10:24):
    It's been an interesting.

    Speaker 6 (10:26):
    Data set that's come from Core Logic reflecting I think,
    what is it now the first four months of twenty
    twenty four. It's gone pretty quick. In the last month
    we saw a rise, just a slight rise of zero
    point two percent so across April, which is a four
    percentage over the last three months and two point one

    (10:46):
    percent in total over the last twelve. So the numbers
    are showing that the market's probably still want a bit
    of a slide up ticket the moment.

    Speaker 4 (10:54):
    Okay, we'll expecting that.

    Speaker 5 (10:56):
    I keep hearing all lots of doom and gloom forecasted,
    and then the actual figures out as bad as we
    said they were going to be.

    Speaker 4 (11:02):
    Is that a fair assessment?

    Speaker 5 (11:04):
    Man?

    Speaker 6 (11:04):
    That's exactly right.

    Speaker 8 (11:05):
    And it's a bit of a.

    Speaker 6 (11:06):
    Paradox at the moment because you're right in here, Indermam gloom.
    But some people were saying deerman gloom because they think
    that house prices are going to clash, and the numbers
    are really showing that we've come right out the other
    side of that. And the other side why it is
    a paradox is because the germ and gloom is that
    some people are not happy that house prices on the
    way up. So just an interesting bunch of numbers that

    (11:28):
    are sitting in front of us at the moment. What's
    telling us.

    Speaker 2 (11:30):
    Was there anything in there particularly that has surprised you
    as you read through it?

    Speaker 6 (11:34):
    Well, I won't say that it surprised me, but what
    was sort of unexpected that came from those numbers was
    that inflation was a four percentage higher than expected over
    the last quarter, and that's a national figure. But what
    that means is that where inflation is on the way up,
    house prices usually follow. And so the bit that is
    surprising is that inflation is doing something that people quite

    (11:58):
    maybe weren't expecting to see, which is probably why we're
    seeing what we are in the housing market.

    Speaker 5 (12:03):
    Any it seems like a slightly open ended question, Sam,
    and I hope you take it in the spirit in
    which it's intended. But what is the number one thing
    you're hearing on the street at the moment, Well.

    Speaker 6 (12:13):
    The number one thing I'm hearing is that it's probably
    a very good time to buy a house because there's
    not a great amount of leavers that policy makers can
    pull at the moment to slow things down. And whilst
    it're not off like a rocket. It's really clear that
    we've come out at the bottom of the market. So
    if we've done two point one percent over the last
    twelve months, the market is strong and it's probably only

    (12:35):
    going to include Wich. Means that if you're out there
    looking to buy, it's a great time.

    Speaker 8 (12:38):
    And if you're if.

    Speaker 6 (12:40):
    Your own house any think it's time to make a move,
    it's probably also a great time because there's a lot
    of confidence in the market.

    Speaker 2 (12:44):
    Okay, I feel like the number one question that everyone
    always has, and it's not the top of my mind,
    interest rates what's your prediction of when they might move
    go up down? What are you thinking?

    Speaker 4 (12:56):
    Oh?

    Speaker 6 (12:56):
    Look, I speak to a lot of people about this
    all the time, and the information I'm I'm triangulating generally
    is that they're probably going to be a lot more
    stable than people have predicted. Some people say they'll go up,
    some say that'll go down, But the general feeling at
    the moment is that probably come back down, but not
    until the end of the year. So a couple of
    months ago we're sort of saying maybe the first movement
    will be made during and it's not looking like that now.

    (13:18):
    It's probably more like the end of the year before
    anything changes, just in time for Christmas.

    Speaker 2 (13:22):
    I just want it sooner. Just an extra couple hundred
    dollars a week would make all the difference from me
    at this.

    Speaker 4 (13:27):
    Point, did you make some cole, Sam that happening. That
    would be great.

    Speaker 2 (13:30):
    Let's drop it, reel down and then let me fix
    it for thirty years when my mortgage finishes. That would
    be great.

    Speaker 6 (13:36):
    Yeah, let's see what we can do then.

    Speaker 2 (13:38):
    Well, thank you so much for joining us. That was
    Sam McGregor. The you principle of windrows at property, going
    through all the stuff from it, the call Logic Hardonic
    Home Value Index reports.

    Speaker 1 (13:49):
    Well, those are the interviews we most enjoyed in last
    week's Mixed one O six point three real estate show.
    If you love hearing about the latest trends, or you're
    just up for a sticky beak, be sure to drop
    by for a listen Saturday between nine and ten Cameron.

    Speaker 2 (14:02):
    Rene's Real estate show.

    Speaker 3 (14:04):
    Sounds like camera, sounds like mix on a six point
    three
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