December 22, 2024 • 22 mins
- Michael Yardney CEO of Metropole Property Strategists shares his 2024 property highlights, plus his big prediction for 2025
- Bushy Martin from Realty Talk and KnowHow Property Finance shares his 2024 property highlights, plus his big prediction for 2025
- Maria Edwards, CEO at the Real Estate Institute of the ACT shares her 2024 property highlights, plus her big prediction for 2025
- Steve Lowe, Director at Agent Team Canberra shares his 2024 property highlights, plus his big prediction for 2025
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Speaker 1 (00:01):
Cameron Renee's Real Estate show on Mix one oh six
point three be the Envy of Canberra. Live in de
Burga Northorne village by JW Land now selling.
Speaker 2 (00:10):
Hi. There, it's Cameron Renee. Here.
Speaker 1 (00:12):
Each week on Mixed one A six point three we
present the Mixed Oney six point three Real Estate Show.
Speaker 3 (00:17):
We speak with the industry experts, leaders in Canberra, property
national analysts and arrange above property specialists.
Speaker 4 (00:23):
So let's take a listen to some of the things
we looked at in last Saturday show. Now, as the.
Speaker 5 (00:28):
Property market closes the books for another whirlwind of a year, Cam,
we do have one of our regular guests who is
an expert on all things real estate. His name is
Michael Yardney, CEO of Metropol Property Strategists and also host
of the Michael Yardney podcast.
Speaker 4 (00:47):
Michael, Good morning, Good morning Bee.
Speaker 5 (00:49):
Okay, Michael, if you could sum up the year in
property in one sentence, what would it be? And just
remember I am studying my real estate and auctioneering, so
I am listening and taking notes that everything you're saying now.
Speaker 6 (01:01):
Well maybe I can make it easier. One word resilience.
I mean, we had high interest rates longer than most
people expected. The government gave us all these new legislations,
there was problems here and around the world, and yet
despite all the predictions of things going wrong, our property
markets stood up pretty well, Beth okay.
Speaker 3 (01:21):
And so when you say resilience and you listed off
all of those things, it's resilience in buyers, it's resilience
in sellers, it's resilience in people who manage properties. So
it's right across the border would imagine, well, it.
Speaker 6 (01:34):
Means that property values overall stood up very well. Now
unfortunately not in Canberra where you are, not as much
in Melbourne where I am. Where basically in both those
cities property values finished up more or less where they started.
But in Perth they went up over twenty five percent,
In Adelaide over double digit growth, the same as in Brisbane.
(01:58):
So overall our housing markets in Australia went up about
eight percent. But that was in spite of all the challenges.
And that's why I use that word camp.
Speaker 5 (02:07):
And what was the biggest surprise in the world of
property for you in twenty twenty four.
Speaker 6 (02:12):
I think the fact that Melbourne and Canberra, despite the
little challenges they've got, really didn't perform anywhere near as
well as the other capital cities, and particularly Canberra. Melbourne's
got to hangover from COVID and the government that's taxing
us wherever they can. But Canberra should have done a
(02:34):
bit better than just treading water, because I guess if
you think about it, with inflation and the cost of
everything going up, if past price has stayed the same,
actually they dropped back a little bit in real terms.
Speaker 2 (02:47):
Right, Okay, Michael.
Speaker 3 (02:48):
Each and every time of this time of the year,
when we speak to you, we say what do you
see for property in the following year? Now, we always
preface this by saying we'll be writing this down and.
Speaker 5 (02:58):
We'll be taking over literally writing it down. I mean,
hopefully things will pick up a little.
Speaker 4 (03:04):
Bit to camera.
Speaker 3 (03:05):
So here we go, Michael, what do you see for
property in twenty twenty five?
Speaker 6 (03:10):
Well, well, I think it's going to be a year
of two halves camp. I think it's going to continue
being a bit slower in the first half of the year.
We've got a federal election coming up, and that often
puts people off. They stop making big decisions like moving house,
and interest rates are going to remain high until probably
the middle of the year. But I think when interest
rates eventually fall, and they most likely will maybe starting
(03:33):
in May, we've spoken about this often before, then consumer
confidence will recur, Buyers will have a bit more money
in their pocket because they can borrow more, and the
market will pick up and the second half of the
year will be better and it'll probably be much the
same as this year. That overall our markets will have
gone up maybe five or six percent. And let's hope
(03:55):
the Canberra market will do a bit better in twenty
twenty five than it did in twenty twenty four.
Speaker 3 (04:00):
Okay, And so do you reckon that there'll be an
interest rate adjustment before a federal election?
Speaker 1 (04:07):
Did it?
Speaker 6 (04:09):
The Reserve Bank tries not to interfere with elections by
doing that. It did a couple of elections ago. I'm sorry,
I can't remember which one off the top of my head,
but it's not as it shouldn't be related to politics.
It should be related to how's our economy going, how's
the inflation and it is coming down. So at the
end of the year. Inflation started to come down this year,
(04:31):
but what did go up was the number of people employed.
Unemployment dropped, and that's not what the Reserve Bank wants
because if everyone's got a job, it leads to wages
rising and that's inflationary. So on the one hand, inflation's
coming under control. On the other hand, despite the challenges,
businesses are employing people, governments employing people. So I think
(04:53):
the Reserve Bank's going to hold off after its first
meetings in February. It's probably going to leave it until
April or May.
Speaker 3 (05:00):
And this is where the whole thing just doesn't pass
the test for me, because we want people to have jobs.
I mean people need to have jobs here ess sas anyway.
Speaker 5 (05:08):
It's all very very complicated, but hey, you make it
easier for us to digest.
Speaker 4 (05:12):
So thank you so much.
Speaker 6 (05:13):
Well you've written it down. Let's discuss it in twelve
months time.
Speaker 3 (05:16):
All right, mate, we have done and we will do
that with a smile on our face. Mate, thank you
so much for twenty twenty four. We love having you
on this show and the insights that you bring and
the energy that you bring to the show as well.
So Michael, thank you so much for joining us.
Speaker 6 (05:29):
Well. Wishing you and your family of fantastic Christmas and
a happy and healthy twenty twenty five.
Speaker 2 (05:34):
Cam and Bet thank you.
Speaker 5 (05:35):
That was Michael Yardney, host of the Michael Yardney Podcast
and also CEO of Metropal Property Strategists. Now you've told
me that you want to try something here.
Speaker 2 (05:45):
No, no, no, no, you can't put this on me.
Speaker 4 (05:48):
You want anything fun and I said it's risky. You
can what I tell you. I say, play brother rules.
Speaker 2 (05:52):
Cam, Okay, here we go.
Speaker 3 (05:54):
So what we're about to do is either going to
be the most awesome thing ever or it's going to
be a complete desigre. And the idea you can hear
him sniggering in the background. The idea has been put
forward by Bushy Martin, of course, one of our regular
guests from Realty Talk and Know How Property Finance.
Speaker 2 (06:11):
Bushy, good morning, how are you so good?
Speaker 7 (06:14):
One of you, Cam and Beth. I'm loving this and
great orders might.
Speaker 2 (06:19):
Them up the year as well.
Speaker 7 (06:21):
In the firstive season is all about celebrating with music.
Guys as a closet music, there's always a song for
a breacasion.
Speaker 2 (06:29):
So this is what we're going to do.
Speaker 3 (06:31):
So we've got the same three questions for all our
guests this morning. So we sent those questions to Bushy
and he's come up with some songs to best describe
his answers, and then he's going to explain.
Speaker 4 (06:42):
Okay, all right, so.
Speaker 3 (06:43):
I've got the little bits of the songs ready to go.
Let me just make it all work over here, all right?
Speaker 4 (06:50):
So are you ready to have I don't know, Are
you ready? Bushy?
Speaker 8 (06:57):
Always ready?
Speaker 4 (06:58):
It's like a running race right here we are.
Speaker 5 (07:00):
What was the property highlight of twenty twenty four for you?
Speaker 8 (07:05):
Here it cam you film Happy Day?
Speaker 7 (07:11):
Yes, absolutely, I really captas the property mood. I think
because we've actually continued to see great home value affordability
equalization right across the country, guys with an increasing number
of borderless property buyers chasing relatively affordable home run locations,
resulting in the continued rise and rise of property values
and what used to be the chief states of Wasa
(07:33):
and other regional hubs, resulting in seventy five percent of
our capital cities now having a medium value between seven
hundred and seventy and eight hundred and ninety thousand dollars,
with cam are actually taking the bronze middle at eight
fifty based on core logic figures. So you can now
throw a blanket over the house. They is right across
the country, which has resulted in the majority of homeowners
(07:53):
feeling very happy.
Speaker 4 (07:56):
Old there you go, all.
Speaker 5 (08:00):
Right, next question, what was the biggest property surprise for
you in twenty twenty four?
Speaker 7 (08:04):
Bushy Okay, Well we're going to kick it straight off
again and then again camp.
Speaker 4 (08:11):
I can't stop the feeling.
Speaker 7 (08:14):
Well I've been twenty twenty four. The song actually should
be more appropriately called Can't stop the Fomo feeling. The
biggest property surprise for me has really been the increasing
impact and domination of media driven sentiment on where I
think are actually choosing to buy property, where sentiment or
how we actually feel about property is actually now overshadowing
the old supply and demand drivers. And this has been
(08:36):
really evident in the Foe May buying frenzy that I
talked about in Wansa and all others. But on the
flip side of that, the rate of property they growth
in areas like Melbourne and to a lesser extent, canber
and Sydney where the supply and demand fundamentals are really
very strong, it's actually been flatlining and going a little
bit sideways on the back of some of the negative
media sentiment from Hope profile property influences. All of this
(09:00):
sentiment driven property activity has been a big.
Speaker 2 (09:02):
Surprise for me this year. But the good.
Speaker 7 (09:04):
News resigning from all of this media driven activity, so
we're always on in the palm of our hands twenty
four to seven information is that every one of us
now has a much bigger interest in what's going on
in housing, in property, so we just can't stop the feeling.
Speaker 5 (09:18):
So I would like to be dancing like this is
some next year I have to buy Mayron Houses.
Speaker 2 (09:27):
Happy there you go.
Speaker 3 (09:28):
All right, well we know what's happening in the next
twelve months for you, Okay, putting it out there.
Speaker 4 (09:33):
Next question, all right, Bushy, are you ready?
Speaker 8 (09:35):
I am?
Speaker 4 (09:36):
Cam's ready? Okay? What your prediction for twenty twenty five.
Speaker 7 (09:41):
Well, the good old Talking Heads classic Once in the
Last Time captured this one, so you hit it again, Cam.
Speaker 2 (09:53):
Okay, there it is.
Speaker 7 (09:55):
So the classic line there is the same as it
ever was in that song. I think really captures what's
in store for property in twenty twenty five as the
pretty much the after burn from the pandemic petroal that's
really stoked property for us across the country will finally
burn out following an average forty one percent increase in
capital party value since Mars twenty twenty week you believe,
which is absolutely remarkable. So well, no one can compliment
(10:18):
what's going to happen in property because it's like trying
to for us whatever property formance I think is actually
likely to return to more normal long.
Speaker 2 (10:27):
Oh oh no, bush he just dropped out there. But
that's okay, there, this is.
Speaker 4 (10:33):
What happens when you do live radio.
Speaker 5 (10:35):
Oh no, okay, Well, I guess does that mean good
things will happen?
Speaker 2 (10:43):
I no know what it means.
Speaker 5 (10:44):
Is the same as it ever was, he says, or
open insights.
Speaker 2 (10:51):
Okay, well, there we go.
Speaker 3 (10:53):
So Bushy Martin, that's really unfortunate that he's dropped out there.
And then he does an incredible job for us each
and every month he comes off and provides again the
fun and the vibe and also really really wonderful insights
into the property market. So we say thank you to
Bushy Martin from Realty Talk and know how property finance.
Speaker 5 (11:13):
Now, it is that time of the year, Cam where
we do a lot of reflecting on twenty twenty four
and we look forward to twenty twenty five in real estate,
and I don't think there's going to be any better
person in the Act to inform us about this than
the CEO at the Real Estate Institute of the Act,
Maria Edwards.
Speaker 9 (11:31):
Good morning, Good morning, and Merry Christmas. Canon bet So.
Speaker 5 (11:35):
What was the property highlight of twenty twenty four for you,
especially someone that knows lots about the camera market.
Speaker 9 (11:42):
Well, well, I mean, when I look back at the
last fove months, I think, you know, from a real perspective,
we've just had our fifty year celebration, so the Institute's
been celebrating all you at various events, and yeah, that's
been a.
Speaker 4 (11:54):
Higlot for us.
Speaker 9 (11:55):
We've had huge awards tonight with the biggest one we've
ever had, and just connecting with our members there has
been amazing for us.
Speaker 5 (12:02):
And what was the biggest property surprise for you in
twenty twenty four?
Speaker 9 (12:06):
I thought just General's price was Trump winning the election.
Speaker 8 (12:09):
But I.
Speaker 9 (12:11):
Think property surprise is really the resilience of the agents
that are out there. You know, it's been a pretty
subdued year for us two years actually, but this has
probably been the hardest one that they've gone through. The
third prices being sort of down on sales and rentals,
and so I think I kind of expected to a
few more to leave the industry, but actually they're all
hanging in there, which is amazing.
Speaker 5 (12:31):
So whilst you say that just quickly this is an
all our run shop, but I am studying my real
estate and my auctioneer license.
Speaker 4 (12:38):
So for someone like say, getting.
Speaker 5 (12:39):
Into the industry for the first time, what is the
most essential skill that is going to make an agent
stand out from other agents and allow them to survive
even in tough times in the market.
Speaker 9 (12:52):
Yeah, I think it's genuinely empathy with your clients, and
so people can see straight through something that's a sales
pitch or thing like that, but actually genuine being able
to connect with people's needs. People will look for people
that they can trust and people that understand them and
the people that sort of do really well with those
people that could connect really well.
Speaker 3 (13:10):
But not even needing to write that down because you've
got plenty of empathy to take to the role anyway,
And it's funny you should say. Also, Maria, I use
the word resilience because we've spoken to Michael Yardney so
far this morning and also Bushy Martin and both use
the word resilience, so it seems to be an ongoing
and common theme.
Speaker 9 (13:30):
Yeah, I think it's it's a plot wheb of saying
that they haven't sort of thrown their hands to the
end walked away. So I think to be honest, you know,
I think it is an industry that nobody walks into
thinking it's going to be an easy ride, or at
least if they do, they don't last any more than
a couple of months. So I think you've got to
have a certain type of person I little get up
and go to work every day, particularly in sales where
you don't actually know if you're going to be paid
at the end of it, and so that's kind of
(13:52):
built into that psyche anyway. But yeah, it's been pretty tricky.
I mean, agents of the cost of living pressures themselves,
so they've got their own mortgages, families to feed.
Speaker 5 (14:01):
So course, yeah, that's it. The cost of living pressures
are affecting everyone. But yeah, hopefully things pick up next
year or what is your prediction for twenty twenty five
here in the Act and surrounding regions.
Speaker 9 (14:14):
Yeah, right, So I think that there's obviously a bit
of a shortage in the detached housing market. So I
think that that market is definitely set to improve and.
Speaker 2 (14:22):
Prices go up.
Speaker 9 (14:23):
There's been a lot of stock on the market generally,
and what I'm hearing from agencies is a bit of
bio fatigue creeping in where people are just sort of waiting, waiting,
waiting for the next propy that comes up, but they're
just also sick of looking. So I think people are
going to start snapping things up just so they can
get their weekends back again.
Speaker 5 (14:38):
Correct, correct, Yeah, all right, well, I reckon it's going
to be a very exciting year in twenty twenty five
by the sounds of things.
Speaker 9 (14:45):
Yeah, we're pumped. I think it's going to be it's
going to be great. There's a lot of few prop
tech that's coming in as well because lots of new
federal legislations passed, so it'll be very interesting.
Speaker 6 (14:53):
Yeah.
Speaker 4 (14:53):
The AI is amazing too. Well, thank you so.
Speaker 5 (14:56):
Much, Maria Edwards Horse is CEO at the Real Estate
Institute of the Act. May have a bit more to
do with me in twenty twenty five, we'll see how give.
Speaker 2 (15:06):
Me a call on Good on you, Maria. Thank you
so much for this year.
Speaker 3 (15:09):
Emil chat again in twenty twenty five to you too,
Maria ed Edwards, CEO at the Real Estate Institute of
This Act.
Speaker 5 (15:19):
Now, we've spoken to a bunch of our favorite regular
guests today on the show cam and the one we're
about to chat to is actually he's just got a
massive award, so top ten Agent award from real Estate
dot com dot Au. In a market like this, a
tricky marketplace, it is even harder to be a good agent.
But Steve Lowe, who is the director of Agent Team Canberra,
(15:41):
he is one of those agents.
Speaker 4 (15:42):
First of all, congratulations Steve.
Speaker 2 (15:44):
You should be very very broud. I'm just going to
stop you there exactly.
Speaker 3 (15:49):
There is no need to pump up the ties any
more than we already.
Speaker 2 (15:55):
Do with Steve. Well dour mate. Congratulations.
Speaker 3 (16:00):
So it's a testament to the amazing work that you do,
the hard work and all the tech that you use
with Agent Team.
Speaker 2 (16:05):
So well done.
Speaker 8 (16:06):
Thanks Ken. That wasn't so hard to say, it was it.
Speaker 2 (16:09):
I'm dying on the inside.
Speaker 5 (16:13):
And now, as we were saying off air to you before, Steve,
where everyone we've spoken to today has used the word
resilient as the answer to our next question.
Speaker 4 (16:22):
So we're very interested to hear what you have to say.
Speaker 5 (16:25):
What was the property highlight of twenty twenty four for you?
Speaker 8 (16:30):
The highlight, well, I guess as you saw I said
in the intro there, we've had a really really good
year and so navigating a tricky, really tricky marketplace has
been a highlight for us. Being able to get our
cellars across the line and being happy with their results
in this tricky market has been definitely the highlight for
us as a team. And yeah, it's going to be
(16:50):
interesting see what happens over the next twelve months.
Speaker 2 (16:52):
Use the word tricky.
Speaker 3 (16:53):
What's been the trickiest part of the market for twenty
twenty four for you?
Speaker 8 (16:58):
There's a new term that's been coin So previously the
markets in COVID were a phomo market, the fear of
missing out, whereas now we've got phobo the fear of
a better opportunity. So because there's a lot of stock
in the market, buyers, yeah phobos, So buyers are looking
around at sort of ten or fifteen open homes on
a Saturday, spoilt for choice. When you given the call
on the Monday, they're just i'msure about which one to buy,
(17:18):
And there's just no rush because there's opportunities got at Are.
Speaker 5 (17:22):
You sure it's phobo or they're just trying to get
a stick stop a bit. There are definitely lots of
people who do that, So Okay. What I wander then
is a lot of people are saying, you know, it's
a buyer's market right now and that hopefully things should
start to pick up from say May June next year,
hopefully with interest rates supposedly dropping. So my question is,
(17:44):
if you say a first time buyer, maybe you buy,
you're looking to buy your first property, would it not
be a great time to do that.
Speaker 8 (17:54):
Now is a great time to get into the property
market as a buyer. Interest rates, if they do move,
they'll move by a quarter of this, and the banks
don't pass it on straight away, so you never really
see see a price spike straight away. And it's interest
rates where they are right at the moment. They're below
long term averages anyway, so they're not going to come
down significantly. So I think people just need to get
on with it and stop talking about interest rates. And
(18:15):
you know, if you need a property, buy it, negotiate,
get the deal, and move on.
Speaker 5 (18:20):
Love that Love that sentiment and What is your prediction
for twenty twenty five. What do you see happening here
in the act and surrounding regions.
Speaker 8 (18:27):
I think the first sort of maybe quarter of the year,
we're going to see this stock that's been seeing in
the marketplace start to clear out, and we're going to
see more sellers enter the market in around February March,
and so I'm hoping that January is quite busy to
clear off the decks, and then fed March will start
to see some new stock return to the marketplace, and
then I think it's just going to be the same
(18:49):
same for the rest of the same same we've had
in twenty twenty four for twenty twenty five. It's a
great time the buyers and seller. It's really not that bad.
It's not a blood bart out there at all.
Speaker 1 (19:00):
Yeah.
Speaker 5 (19:01):
Maybe we were spoilt for choice beforehand and this is
the new norm.
Speaker 3 (19:05):
All right, Yeah, okay, mate, So again, thank you for
being part of our show, not just for this year,
but you were one of the first agents when we
first put the show to air in twenty seventeen. Were
who back then to come to us and say that
you wanted to be a part of it. And you've
been with us for the whole time, So thank you
so much for chatting to us each and every month
(19:27):
and then some and for all the.
Speaker 2 (19:28):
Stuff we do away from the radio as well.
Speaker 8 (19:30):
Good on your no, I really appreciate your opposite opportunity.
Speaker 5 (19:34):
Thanks Cam and Beth, Steve Low, director of Agent Team Canberra,
thank you for your time this morning.
Speaker 4 (19:39):
And a few more people.
Speaker 5 (19:40):
We want to thank Alec Brown, who's the auctioneer that
we will be interviewed. And I did like a remember
I did like a little auctioneer test that was fun.
Speaker 3 (19:49):
Yes, you did, indeed, and you are absolutely right, Beth.
Like coming towards the end of what we're doing for
twenty twenty four, we are back on deck in twenty
twenty five, so amazing. We want to say thank you
so much to Renee. Of course Renee will be back
next year. She's been on maternity leave. Everything going amazing there,
so she'll have a great for Christmas with Jimmy, James
and the whole family. So thank you to Renee. Also
(20:11):
Maddie who came in and sat in here while Renee's
been away for the most done an amazing job.
Speaker 2 (20:16):
She's absolutely loved it. As well. She's on a cruise
somewhere in the Caribbean as we speak.
Speaker 3 (20:20):
Right now, Honeymoon Chlege Cruises, like yeah, yeah, yeah, So
she's Beth.
Speaker 2 (20:26):
I want to say thank you to you as well.
So you've jumped in as well.
Speaker 3 (20:28):
Thank you amazing, good luck with you with your interest
in real estate as well. So that's going to be
awesome to see how that plays out in twenty twenty five.
So Nige from Kristin and n I just jumped in
a couple of times as well this year, which has
been amazing. Good buddy, thank you so much. I saw
him yesterday down in town at the launch of the
Festival of Speed. Billy has helped out a couple of
(20:49):
times as well. I want to say thank you to
j W Land as we have as well. Thank you
to Nick all of our guests through the year. Of course,
other agents, George Southwell, we've got Sam and Lauren Gregor
from Windrow's Property, Richard and Sophie from Luton's Mario San Francisco.
Speaker 2 (21:05):
I could just go on and on and on.
Speaker 3 (21:07):
For the people who come in and approach us about
the show who love it, We've got current from all
homes Karen from Zango, and.
Speaker 2 (21:14):
Most importantly Beth, the people.
Speaker 5 (21:16):
Who listen, most important measured audience that make it possible. Well, look,
we hope that everyone has a very merry Christmas. Be safe,
be safe, and we will see you in twenty twenty five.
Speaker 3 (21:27):
I have organized the Festival of Golf over the next
few weeks my work at someone AT's.
Speaker 4 (21:34):
Maybe we'll see you in twenty twenty eight.
Speaker 3 (21:35):
Then I wish okay, have yourself a wonderful, very safe,
merry Christmas and have an awesome time with your friends, family,
whoever you choose to spend it with. We're going to
have things over to Larry. Be safe and we'll catch
you in twenty twenty five. 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
(21:56):
the latest trends, or you're just up for a sticky beek,
be sure to drop bye for a listen this Saturday
between nine and ten
Speaker 1 (22:03):
Cam and Rene's Real Estate Show on Mix one O
six point three
Cameron Renee's Real Estate show on Mix one oh six
point three be the Envy of Canberra. Live in de
Burga Northorne village by JW Land now selling.
Speaker 2 (00:10):
Hi. There, it's Cameron Renee. Here.
Speaker 1 (00:12):
Each week on Mixed one A six point three we
present the Mixed Oney six point three Real Estate Show.
Speaker 3 (00:17):
We speak with the industry experts, leaders in Canberra, property
national analysts and arrange above property specialists.
Speaker 4 (00:23):
So let's take a listen to some of the things
we looked at in last Saturday show. Now, as the.
Speaker 5 (00:28):
Property market closes the books for another whirlwind of a year, Cam,
we do have one of our regular guests who is
an expert on all things real estate. His name is
Michael Yardney, CEO of Metropol Property Strategists and also host
of the Michael Yardney podcast.
Speaker 4 (00:47):
Michael, Good morning, Good morning Bee.
Speaker 5 (00:49):
Okay, Michael, if you could sum up the year in
property in one sentence, what would it be? And just
remember I am studying my real estate and auctioneering, so
I am listening and taking notes that everything you're saying now.
Speaker 6 (01:01):
Well maybe I can make it easier. One word resilience.
I mean, we had high interest rates longer than most
people expected. The government gave us all these new legislations,
there was problems here and around the world, and yet
despite all the predictions of things going wrong, our property
markets stood up pretty well, Beth okay.
Speaker 3 (01:21):
And so when you say resilience and you listed off
all of those things, it's resilience in buyers, it's resilience
in sellers, it's resilience in people who manage properties. So
it's right across the border would imagine, well, it.
Speaker 6 (01:34):
Means that property values overall stood up very well. Now
unfortunately not in Canberra where you are, not as much
in Melbourne where I am. Where basically in both those
cities property values finished up more or less where they started.
But in Perth they went up over twenty five percent,
In Adelaide over double digit growth, the same as in Brisbane.
(01:58):
So overall our housing markets in Australia went up about
eight percent. But that was in spite of all the challenges.
And that's why I use that word camp.
Speaker 5 (02:07):
And what was the biggest surprise in the world of
property for you in twenty twenty four.
Speaker 6 (02:12):
I think the fact that Melbourne and Canberra, despite the
little challenges they've got, really didn't perform anywhere near as
well as the other capital cities, and particularly Canberra. Melbourne's
got to hangover from COVID and the government that's taxing
us wherever they can. But Canberra should have done a
(02:34):
bit better than just treading water, because I guess if
you think about it, with inflation and the cost of
everything going up, if past price has stayed the same,
actually they dropped back a little bit in real terms.
Speaker 2 (02:47):
Right, Okay, Michael.
Speaker 3 (02:48):
Each and every time of this time of the year,
when we speak to you, we say what do you
see for property in the following year? Now, we always
preface this by saying we'll be writing this down and.
Speaker 5 (02:58):
We'll be taking over literally writing it down. I mean,
hopefully things will pick up a little.
Speaker 4 (03:04):
Bit to camera.
Speaker 3 (03:05):
So here we go, Michael, what do you see for
property in twenty twenty five?
Speaker 6 (03:10):
Well, well, I think it's going to be a year
of two halves camp. I think it's going to continue
being a bit slower in the first half of the year.
We've got a federal election coming up, and that often
puts people off. They stop making big decisions like moving house,
and interest rates are going to remain high until probably
the middle of the year. But I think when interest
rates eventually fall, and they most likely will maybe starting
(03:33):
in May, we've spoken about this often before, then consumer
confidence will recur, Buyers will have a bit more money
in their pocket because they can borrow more, and the
market will pick up and the second half of the
year will be better and it'll probably be much the
same as this year. That overall our markets will have
gone up maybe five or six percent. And let's hope
(03:55):
the Canberra market will do a bit better in twenty
twenty five than it did in twenty twenty four.
Speaker 3 (04:00):
Okay, And so do you reckon that there'll be an
interest rate adjustment before a federal election?
Speaker 1 (04:07):
Did it?
Speaker 6 (04:09):
The Reserve Bank tries not to interfere with elections by
doing that. It did a couple of elections ago. I'm sorry,
I can't remember which one off the top of my head,
but it's not as it shouldn't be related to politics.
It should be related to how's our economy going, how's
the inflation and it is coming down. So at the
end of the year. Inflation started to come down this year,
(04:31):
but what did go up was the number of people employed.
Unemployment dropped, and that's not what the Reserve Bank wants
because if everyone's got a job, it leads to wages
rising and that's inflationary. So on the one hand, inflation's
coming under control. On the other hand, despite the challenges,
businesses are employing people, governments employing people. So I think
(04:53):
the Reserve Bank's going to hold off after its first
meetings in February. It's probably going to leave it until
April or May.
Speaker 3 (05:00):
And this is where the whole thing just doesn't pass
the test for me, because we want people to have jobs.
I mean people need to have jobs here ess sas anyway.
Speaker 5 (05:08):
It's all very very complicated, but hey, you make it
easier for us to digest.
Speaker 4 (05:12):
So thank you so much.
Speaker 6 (05:13):
Well you've written it down. Let's discuss it in twelve
months time.
Speaker 3 (05:16):
All right, mate, we have done and we will do
that with a smile on our face. Mate, thank you
so much for twenty twenty four. We love having you
on this show and the insights that you bring and
the energy that you bring to the show as well.
So Michael, thank you so much for joining us.
Speaker 6 (05:29):
Well. Wishing you and your family of fantastic Christmas and
a happy and healthy twenty twenty five.
Speaker 2 (05:34):
Cam and Bet thank you.
Speaker 5 (05:35):
That was Michael Yardney, host of the Michael Yardney Podcast
and also CEO of Metropal Property Strategists. Now you've told
me that you want to try something here.
Speaker 2 (05:45):
No, no, no, no, you can't put this on me.
Speaker 4 (05:48):
You want anything fun and I said it's risky. You
can what I tell you. I say, play brother rules.
Speaker 2 (05:52):
Cam, Okay, here we go.
Speaker 3 (05:54):
So what we're about to do is either going to
be the most awesome thing ever or it's going to
be a complete desigre. And the idea you can hear
him sniggering in the background. The idea has been put
forward by Bushy Martin, of course, one of our regular
guests from Realty Talk and Know How Property Finance.
Speaker 2 (06:11):
Bushy, good morning, how are you so good?
Speaker 7 (06:14):
One of you, Cam and Beth. I'm loving this and
great orders might.
Speaker 2 (06:19):
Them up the year as well.
Speaker 7 (06:21):
In the firstive season is all about celebrating with music.
Guys as a closet music, there's always a song for
a breacasion.
Speaker 2 (06:29):
So this is what we're going to do.
Speaker 3 (06:31):
So we've got the same three questions for all our
guests this morning. So we sent those questions to Bushy
and he's come up with some songs to best describe
his answers, and then he's going to explain.
Speaker 4 (06:42):
Okay, all right, so.
Speaker 3 (06:43):
I've got the little bits of the songs ready to go.
Let me just make it all work over here, all right?
Speaker 4 (06:50):
So are you ready to have I don't know, Are
you ready? Bushy?
Speaker 8 (06:57):
Always ready?
Speaker 4 (06:58):
It's like a running race right here we are.
Speaker 5 (07:00):
What was the property highlight of twenty twenty four for you?
Speaker 8 (07:05):
Here it cam you film Happy Day?
Speaker 7 (07:11):
Yes, absolutely, I really captas the property mood. I think
because we've actually continued to see great home value affordability
equalization right across the country, guys with an increasing number
of borderless property buyers chasing relatively affordable home run locations,
resulting in the continued rise and rise of property values
and what used to be the chief states of Wasa
(07:33):
and other regional hubs, resulting in seventy five percent of
our capital cities now having a medium value between seven
hundred and seventy and eight hundred and ninety thousand dollars,
with cam are actually taking the bronze middle at eight
fifty based on core logic figures. So you can now
throw a blanket over the house. They is right across
the country, which has resulted in the majority of homeowners
(07:53):
feeling very happy.
Speaker 4 (07:56):
Old there you go, all.
Speaker 5 (08:00):
Right, next question, what was the biggest property surprise for
you in twenty twenty four?
Speaker 7 (08:04):
Bushy Okay, Well we're going to kick it straight off
again and then again camp.
Speaker 4 (08:11):
I can't stop the feeling.
Speaker 7 (08:14):
Well I've been twenty twenty four. The song actually should
be more appropriately called Can't stop the Fomo feeling. The
biggest property surprise for me has really been the increasing
impact and domination of media driven sentiment on where I
think are actually choosing to buy property, where sentiment or
how we actually feel about property is actually now overshadowing
the old supply and demand drivers. And this has been
(08:36):
really evident in the Foe May buying frenzy that I
talked about in Wansa and all others. But on the
flip side of that, the rate of property they growth
in areas like Melbourne and to a lesser extent, canber
and Sydney where the supply and demand fundamentals are really
very strong, it's actually been flatlining and going a little
bit sideways on the back of some of the negative
media sentiment from Hope profile property influences. All of this
(09:00):
sentiment driven property activity has been a big.
Speaker 2 (09:02):
Surprise for me this year. But the good.
Speaker 7 (09:04):
News resigning from all of this media driven activity, so
we're always on in the palm of our hands twenty
four to seven information is that every one of us
now has a much bigger interest in what's going on
in housing, in property, so we just can't stop the feeling.
Speaker 5 (09:18):
So I would like to be dancing like this is
some next year I have to buy Mayron Houses.
Speaker 2 (09:27):
Happy there you go.
Speaker 3 (09:28):
All right, well we know what's happening in the next
twelve months for you, Okay, putting it out there.
Speaker 4 (09:33):
Next question, all right, Bushy, are you ready?
Speaker 8 (09:35):
I am?
Speaker 4 (09:36):
Cam's ready? Okay? What your prediction for twenty twenty five.
Speaker 7 (09:41):
Well, the good old Talking Heads classic Once in the
Last Time captured this one, so you hit it again, Cam.
Speaker 2 (09:53):
Okay, there it is.
Speaker 7 (09:55):
So the classic line there is the same as it
ever was in that song. I think really captures what's
in store for property in twenty twenty five as the
pretty much the after burn from the pandemic petroal that's
really stoked property for us across the country will finally
burn out following an average forty one percent increase in
capital party value since Mars twenty twenty week you believe,
which is absolutely remarkable. So well, no one can compliment
(10:18):
what's going to happen in property because it's like trying
to for us whatever property formance I think is actually
likely to return to more normal long.
Speaker 2 (10:27):
Oh oh no, bush he just dropped out there. But
that's okay, there, this is.
Speaker 4 (10:33):
What happens when you do live radio.
Speaker 5 (10:35):
Oh no, okay, Well, I guess does that mean good
things will happen?
Speaker 2 (10:43):
I no know what it means.
Speaker 5 (10:44):
Is the same as it ever was, he says, or
open insights.
Speaker 2 (10:51):
Okay, well, there we go.
Speaker 3 (10:53):
So Bushy Martin, that's really unfortunate that he's dropped out there.
And then he does an incredible job for us each
and every month he comes off and provides again the
fun and the vibe and also really really wonderful insights
into the property market. So we say thank you to
Bushy Martin from Realty Talk and know how property finance.
Speaker 5 (11:13):
Now, it is that time of the year, Cam where
we do a lot of reflecting on twenty twenty four
and we look forward to twenty twenty five in real estate,
and I don't think there's going to be any better
person in the Act to inform us about this than
the CEO at the Real Estate Institute of the Act,
Maria Edwards.
Speaker 9 (11:31):
Good morning, Good morning, and Merry Christmas. Canon bet So.
Speaker 5 (11:35):
What was the property highlight of twenty twenty four for you,
especially someone that knows lots about the camera market.
Speaker 9 (11:42):
Well, well, I mean, when I look back at the
last fove months, I think, you know, from a real perspective,
we've just had our fifty year celebration, so the Institute's
been celebrating all you at various events, and yeah, that's
been a.
Speaker 4 (11:54):
Higlot for us.
Speaker 9 (11:55):
We've had huge awards tonight with the biggest one we've
ever had, and just connecting with our members there has
been amazing for us.
Speaker 5 (12:02):
And what was the biggest property surprise for you in
twenty twenty four?
Speaker 9 (12:06):
I thought just General's price was Trump winning the election.
Speaker 8 (12:09):
But I.
Speaker 9 (12:11):
Think property surprise is really the resilience of the agents
that are out there. You know, it's been a pretty
subdued year for us two years actually, but this has
probably been the hardest one that they've gone through. The
third prices being sort of down on sales and rentals,
and so I think I kind of expected to a
few more to leave the industry, but actually they're all
hanging in there, which is amazing.
Speaker 5 (12:31):
So whilst you say that just quickly this is an
all our run shop, but I am studying my real
estate and my auctioneer license.
Speaker 4 (12:38):
So for someone like say, getting.
Speaker 5 (12:39):
Into the industry for the first time, what is the
most essential skill that is going to make an agent
stand out from other agents and allow them to survive
even in tough times in the market.
Speaker 9 (12:52):
Yeah, I think it's genuinely empathy with your clients, and
so people can see straight through something that's a sales
pitch or thing like that, but actually genuine being able
to connect with people's needs. People will look for people
that they can trust and people that understand them and
the people that sort of do really well with those
people that could connect really well.
Speaker 3 (13:10):
But not even needing to write that down because you've
got plenty of empathy to take to the role anyway,
And it's funny you should say. Also, Maria, I use
the word resilience because we've spoken to Michael Yardney so
far this morning and also Bushy Martin and both use
the word resilience, so it seems to be an ongoing
and common theme.
Speaker 9 (13:30):
Yeah, I think it's it's a plot wheb of saying
that they haven't sort of thrown their hands to the
end walked away. So I think to be honest, you know,
I think it is an industry that nobody walks into
thinking it's going to be an easy ride, or at
least if they do, they don't last any more than
a couple of months. So I think you've got to
have a certain type of person I little get up
and go to work every day, particularly in sales where
you don't actually know if you're going to be paid
at the end of it, and so that's kind of
(13:52):
built into that psyche anyway. But yeah, it's been pretty tricky.
I mean, agents of the cost of living pressures themselves,
so they've got their own mortgages, families to feed.
Speaker 5 (14:01):
So course, yeah, that's it. The cost of living pressures
are affecting everyone. But yeah, hopefully things pick up next
year or what is your prediction for twenty twenty five
here in the Act and surrounding regions.
Speaker 9 (14:14):
Yeah, right, So I think that there's obviously a bit
of a shortage in the detached housing market. So I
think that that market is definitely set to improve and.
Speaker 2 (14:22):
Prices go up.
Speaker 9 (14:23):
There's been a lot of stock on the market generally,
and what I'm hearing from agencies is a bit of
bio fatigue creeping in where people are just sort of waiting, waiting,
waiting for the next propy that comes up, but they're
just also sick of looking. So I think people are
going to start snapping things up just so they can
get their weekends back again.
Speaker 5 (14:38):
Correct, correct, Yeah, all right, well, I reckon it's going
to be a very exciting year in twenty twenty five
by the sounds of things.
Speaker 9 (14:45):
Yeah, we're pumped. I think it's going to be it's
going to be great. There's a lot of few prop
tech that's coming in as well because lots of new
federal legislations passed, so it'll be very interesting.
Speaker 6 (14:53):
Yeah.
Speaker 4 (14:53):
The AI is amazing too. Well, thank you so.
Speaker 5 (14:56):
Much, Maria Edwards Horse is CEO at the Real Estate
Institute of the Act. May have a bit more to
do with me in twenty twenty five, we'll see how give.
Speaker 2 (15:06):
Me a call on Good on you, Maria. Thank you
so much for this year.
Speaker 3 (15:09):
Emil chat again in twenty twenty five to you too,
Maria ed Edwards, CEO at the Real Estate Institute of
This Act.
Speaker 5 (15:19):
Now, we've spoken to a bunch of our favorite regular
guests today on the show cam and the one we're
about to chat to is actually he's just got a
massive award, so top ten Agent award from real Estate
dot com dot Au. In a market like this, a
tricky marketplace, it is even harder to be a good agent.
But Steve Lowe, who is the director of Agent Team Canberra,
(15:41):
he is one of those agents.
Speaker 4 (15:42):
First of all, congratulations Steve.
Speaker 2 (15:44):
You should be very very broud. I'm just going to
stop you there exactly.
Speaker 3 (15:49):
There is no need to pump up the ties any
more than we already.
Speaker 2 (15:55):
Do with Steve. Well dour mate. Congratulations.
Speaker 3 (16:00):
So it's a testament to the amazing work that you do,
the hard work and all the tech that you use
with Agent Team.
Speaker 2 (16:05):
So well done.
Speaker 8 (16:06):
Thanks Ken. That wasn't so hard to say, it was it.
Speaker 2 (16:09):
I'm dying on the inside.
Speaker 5 (16:13):
And now, as we were saying off air to you before, Steve,
where everyone we've spoken to today has used the word
resilient as the answer to our next question.
Speaker 4 (16:22):
So we're very interested to hear what you have to say.
Speaker 5 (16:25):
What was the property highlight of twenty twenty four for you?
Speaker 8 (16:30):
The highlight, well, I guess as you saw I said
in the intro there, we've had a really really good
year and so navigating a tricky, really tricky marketplace has
been a highlight for us. Being able to get our
cellars across the line and being happy with their results
in this tricky market has been definitely the highlight for
us as a team. And yeah, it's going to be
(16:50):
interesting see what happens over the next twelve months.
Speaker 2 (16:52):
Use the word tricky.
Speaker 3 (16:53):
What's been the trickiest part of the market for twenty
twenty four for you?
Speaker 8 (16:58):
There's a new term that's been coin So previously the
markets in COVID were a phomo market, the fear of
missing out, whereas now we've got phobo the fear of
a better opportunity. So because there's a lot of stock
in the market, buyers, yeah phobos, So buyers are looking
around at sort of ten or fifteen open homes on
a Saturday, spoilt for choice. When you given the call
on the Monday, they're just i'msure about which one to buy,
(17:18):
And there's just no rush because there's opportunities got at Are.
Speaker 5 (17:22):
You sure it's phobo or they're just trying to get
a stick stop a bit. There are definitely lots of
people who do that, So Okay. What I wander then
is a lot of people are saying, you know, it's
a buyer's market right now and that hopefully things should
start to pick up from say May June next year,
hopefully with interest rates supposedly dropping. So my question is,
(17:44):
if you say a first time buyer, maybe you buy,
you're looking to buy your first property, would it not
be a great time to do that.
Speaker 8 (17:54):
Now is a great time to get into the property
market as a buyer. Interest rates, if they do move,
they'll move by a quarter of this, and the banks
don't pass it on straight away, so you never really
see see a price spike straight away. And it's interest
rates where they are right at the moment. They're below
long term averages anyway, so they're not going to come
down significantly. So I think people just need to get
on with it and stop talking about interest rates. And
(18:15):
you know, if you need a property, buy it, negotiate,
get the deal, and move on.
Speaker 5 (18:20):
Love that Love that sentiment and What is your prediction
for twenty twenty five. What do you see happening here
in the act and surrounding regions.
Speaker 8 (18:27):
I think the first sort of maybe quarter of the year,
we're going to see this stock that's been seeing in
the marketplace start to clear out, and we're going to
see more sellers enter the market in around February March,
and so I'm hoping that January is quite busy to
clear off the decks, and then fed March will start
to see some new stock return to the marketplace, and
then I think it's just going to be the same
(18:49):
same for the rest of the same same we've had
in twenty twenty four for twenty twenty five. It's a
great time the buyers and seller. It's really not that bad.
It's not a blood bart out there at all.
Speaker 1 (19:00):
Yeah.
Speaker 5 (19:01):
Maybe we were spoilt for choice beforehand and this is
the new norm.
Speaker 3 (19:05):
All right, Yeah, okay, mate, So again, thank you for
being part of our show, not just for this year,
but you were one of the first agents when we
first put the show to air in twenty seventeen. Were
who back then to come to us and say that
you wanted to be a part of it. And you've
been with us for the whole time, So thank you
so much for chatting to us each and every month
(19:27):
and then some and for all the.
Speaker 2 (19:28):
Stuff we do away from the radio as well.
Speaker 8 (19:30):
Good on your no, I really appreciate your opposite opportunity.
Speaker 5 (19:34):
Thanks Cam and Beth, Steve Low, director of Agent Team Canberra,
thank you for your time this morning.
Speaker 4 (19:39):
And a few more people.
Speaker 5 (19:40):
We want to thank Alec Brown, who's the auctioneer that
we will be interviewed. And I did like a remember
I did like a little auctioneer test that was fun.
Speaker 3 (19:49):
Yes, you did, indeed, and you are absolutely right, Beth.
Like coming towards the end of what we're doing for
twenty twenty four, we are back on deck in twenty
twenty five, so amazing. We want to say thank you
so much to Renee. Of course Renee will be back
next year. She's been on maternity leave. Everything going amazing there,
so she'll have a great for Christmas with Jimmy, James
and the whole family. So thank you to Renee. Also
(20:11):
Maddie who came in and sat in here while Renee's
been away for the most done an amazing job.
Speaker 2 (20:16):
She's absolutely loved it. As well. She's on a cruise
somewhere in the Caribbean as we speak.
Speaker 3 (20:20):
Right now, Honeymoon Chlege Cruises, like yeah, yeah, yeah, So
she's Beth.
Speaker 2 (20:26):
I want to say thank you to you as well.
So you've jumped in as well.
Speaker 3 (20:28):
Thank you amazing, good luck with you with your interest
in real estate as well. So that's going to be
awesome to see how that plays out in twenty twenty five.
So Nige from Kristin and n I just jumped in
a couple of times as well this year, which has
been amazing. Good buddy, thank you so much. I saw
him yesterday down in town at the launch of the
Festival of Speed. Billy has helped out a couple of
(20:49):
times as well. I want to say thank you to
j W Land as we have as well. Thank you
to Nick all of our guests through the year. Of course,
other agents, George Southwell, we've got Sam and Lauren Gregor
from Windrow's Property, Richard and Sophie from Luton's Mario San Francisco.
Speaker 2 (21:05):
I could just go on and on and on.
Speaker 3 (21:07):
For the people who come in and approach us about
the show who love it, We've got current from all
homes Karen from Zango, and.
Speaker 2 (21:14):
Most importantly Beth, the people.
Speaker 5 (21:16):
Who listen, most important measured audience that make it possible. Well, look,
we hope that everyone has a very merry Christmas. Be safe,
be safe, and we will see you in twenty twenty five.
Speaker 3 (21:27):
I have organized the Festival of Golf over the next
few weeks my work at someone AT's.
Speaker 4 (21:34):
Maybe we'll see you in twenty twenty eight.
Speaker 3 (21:35):
Then I wish okay, have yourself a wonderful, very safe,
merry Christmas and have an awesome time with your friends, family,
whoever you choose to spend it with. We're going to
have things over to Larry. Be safe and we'll catch
you in twenty twenty five. 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
(21:56):
the latest trends, or you're just up for a sticky beek,
be sure to drop bye for a listen this Saturday
between nine and ten
Speaker 1 (22:03):
Cam and Rene's Real Estate Show on Mix one O
six point three
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