October 6, 2025 • 17 mins
- When will we get another rate cut? Michael Yardney, CEO of Metropole Property Strategists speculates
- What do you need to know and/or look out for when buying or selling a non-compliant property? Archie Tsirimokos, Partner at MVLaw shares his experiences
- Cotality Home Value Index was published this week. Sam McGregor, Principal at Windrose Property examines the report through a local lens
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Cam and Renee's Real Estate Show on Mix one oh
six point three be the Envy of Camera Live.
Speaker 2 (00:06):
In de Burgert, Northorne Village by JW. Land now selling.
Speaker 1 (00:10):
Well Cam, It's time for another Mixed one o six
point three real Estate show podcast.
Speaker 3 (00:14):
Yes and look, we say it each and every time
that we come onto the podcast. We have our show
on Saturday morning between nine and ten, The Real Estate
Show yep.
Speaker 4 (00:22):
And we invite so many.
Speaker 3 (00:24):
Interesting and very very experienced people onto the show and
it's here that we get to relive it all.
Speaker 2 (00:29):
Yeah, we do.
Speaker 1 (00:30):
We had to catch up with Michael Yarney from metropolit
Property Strategist because we had the news that the Reserve
Bank kept the cash rate on hold, of course, so
he got out his crystal ball and sort of chatted
to us about what that means for the property market
and what he thinks will happen kind of moving forward.
Speaker 3 (00:43):
Yes, and probably no interest rate cut between now and Christmas.
Although if you're the RBA, like you would give everyone
that gift just leading in just to get the community buzzing.
Speaker 2 (00:53):
That would be nice. We'll hold on to that, although.
Speaker 4 (00:55):
That's exactly what they don't want.
Speaker 5 (00:56):
Really.
Speaker 2 (00:57):
His kind of exactly exactly.
Speaker 1 (00:59):
We all also had an interesting chat with Archie Sirimochus,
partner at MV Law about buying or selling a non
compliant property, because so many homes go on the market
that have an element or several elements that are non compliant.
Speaker 3 (01:13):
And this came back off the back of a number
of conversations that I've had with a number of real
estate agents over the last couple of weeks, and they
are pulling their hair out because they've got these amazing places,
yet there is one part of the property that is
non compliant and it just holds the process up. I mean,
some of them are showstoppers. So Archie had some really
(01:34):
salient advice and tips, didn't he, And yeah, very very
knowledgeable in this space indeed.
Speaker 2 (01:39):
So we spoke to him, which was great.
Speaker 1 (01:41):
And we also caught up with Sam McGregor from Windrow's
Property about the latest report. We chatted him about these
reports each month about what they show for Canberra and
he looked a lot about the first home buy changes,
which we've spoken about on the show before and the
impact that that's having.
Speaker 3 (01:54):
Yes, and so there's some big positives, but there's also
some sort of negatives as well. So he stepped through
that really really well and articulated that beautifully. So that's
what's ahead if you are listening, that's what's ahead in
the podcast today. Thank you for listening, and as always
we say thanks to JW Land, our show sponsors.
Speaker 4 (02:12):
I'm mixed one and six point three.
Speaker 1 (02:14):
Well, Keim, it's not really news anymore that the Reserve
Bank kept the cash rate on hold last Tuesday, though
its message was one of caution as inflationary pressures linger.
Speaker 2 (02:26):
So we thought we'd check in to see what does.
Speaker 1 (02:28):
This mean for our mortgage costs and for our housing markets.
And so we're going to say good morning to our
regular property commentator, Michael Yardney, founder of Metropol, property strategist
and host of the.
Speaker 2 (02:38):
Michael Yarney Podcast. Michael, good morning.
Speaker 6 (02:41):
Good morning Renee.
Speaker 7 (02:42):
Hello, the Reserve Bank disappointed some people, but we didn't talk.
Speaker 6 (02:47):
We mentioned when we last chattered we didn't expect to
rate cap.
Speaker 1 (02:51):
In September, okay, and so when do you think we
are going to get one?
Speaker 4 (02:54):
Yes, let's get the crystal ball out. Michael.
Speaker 7 (02:57):
Wow, Well, some people are going to be disappointed because
what's happened, of course, is that inflation is.
Speaker 6 (03:03):
Hanging around longer, lingering a bit.
Speaker 7 (03:05):
In fact increased a bit, and so that concerned not
just the Reserve Bank, but lots of economists. And only
in the last couple of days, all the big bank
three that our four big banks have changed their forecasts.
Speaker 6 (03:19):
They all think that there's only going to be one
more rate cut this cycle, other than west Pac.
Speaker 7 (03:25):
Westpac still believe there will be one in November, but
it's a bit uncertain.
Speaker 6 (03:30):
They think there'll be three more rate cuts. But the
other banks are opposing.
Speaker 7 (03:34):
That we're only going to drop out mortgage rates once
more over this cycle. In other words, inflation will linger
for a while and mortgage rates will be higher than
many of us would like.
Speaker 1 (03:44):
Yes, and Michael, I feel like I work in the
newsroom here at the station, and things that we read
and see in there, and just general, you know, what
you hear from other people is that I feel like
it just keeps getting pushed back, Like over the last
couple of months, it's like, Okay, we think we're going
to get one here, and then it gets to delay
and delayed and delayed and delayed. How you know, we
don't want this to keep happening.
Speaker 7 (04:05):
Well, yes, but the Reserve Bank doesn't want inflation to
rise again either, and some of it's related to local factors,
others to overseas factors.
Speaker 6 (04:15):
The Reserve Bank's not in an easy position.
Speaker 7 (04:19):
But let's hope that we go to get more than
one more rate cover and they I agree.
Speaker 3 (04:25):
Did you think leading into Christmas that they'll do the
right thing by the community and just spread some Christmas
chair if you like, and.
Speaker 4 (04:34):
Give us a rate cup before the end of December.
Speaker 7 (04:37):
Well, that's what they've typically done, Cam at the Cup day,
Melbourne Cup date first Tuesday of November, the Reserve Bank meeting.
But it's probably not going to happen this time because
we're going to.
Speaker 6 (04:51):
Have the Black.
Speaker 7 (04:53):
Friday sales and the Amazon sales and all the rest.
So that's a time usually when the spending REases and
that's inflationary.
Speaker 6 (05:02):
So the Reserve Bank is probably going to keep us
powered dry. I don't think we're going to get another
rate cut till next year. Camera.
Speaker 1 (05:08):
Yeah, and that's what a bunch of others are seen
to be saying as well.
Speaker 2 (05:11):
Michael. What does this mean for our housing markets?
Speaker 7 (05:13):
Well, the housing markets seed well even when rates were high.
We talked about that every month when we got together.
And there's now something new that's going to push our
housing markets forward. The fact that first home buyers can
get into the market, which is a five percent deposit,
not having to pay lenders mortgage insurance. They're still going
to be able to service the loan. But in all
(05:34):
states the limits have been raised as well on this scheme,
which means first home buyers don't even have to just.
Speaker 6 (05:40):
Buy a cheaping property. They're going to be able to
buy up.
Speaker 7 (05:43):
To the medium price in all the states around Australia.
Speaker 6 (05:46):
So I think there's going to be a surge of
new people at.
Speaker 7 (05:50):
A time when there aren't opening properties on the market,
pushing values up a bit.
Speaker 6 (05:54):
And Canbra has seen a bit of a rise in
the last little while as well, where cameras marketers started
to pick up after a couple of years of languishing.
So I think it's going to take some of the
screens out to the market because it was the expectation
of break cuts to avoid some home buyers. But we're
still going to keep getting on.
Speaker 7 (06:15):
With our lives, getting married, getting divorced, having babies, probably
not in that order.
Speaker 6 (06:21):
People's lives are just going to get on and they're.
Speaker 4 (06:23):
Going to keep buying their homes.
Speaker 2 (06:25):
Yeah, that's it.
Speaker 1 (06:26):
Well, you know, hope, We'll still hang on to the
hope that Cam described before just before Christmas. A bit
of Christmas joy would be nice, but we will see
what happens. Michael, thanks for your time, as always, my pleasure.
Thank you, Michael Yani, CEO of metropolit Property Strategist. We're
buying or selling a non compliant property now. Can I
feel like this has popped up, you know, tidbits here
and there in conversations we've had on the show before
(06:48):
and in conversations you've had with other people just around
the place.
Speaker 8 (06:51):
Yeah.
Speaker 4 (06:51):
Absolutely.
Speaker 3 (06:52):
I know our regular guest Steve Low He's spoken about
it before as well from the agent team.
Speaker 4 (06:57):
But yes, this has come up last couple of weeks when.
Speaker 3 (06:59):
I've been out in the about speaking to real estate
agency there is a recurring theme where agents are.
Speaker 4 (07:05):
Pulling their hair out.
Speaker 3 (07:07):
Yes, like literally, well they're not literally pulling their hair out,
but it feels like they want to do that because
they're dealing with people in houses and properties that have
non compliant elements and so some of these elements pop
up by surprise, some of them they know about, and
it just makes the process. It's just thing a thing
after thing that they've got to deal with.
Speaker 1 (07:27):
And there's already enough curveballs in the process of buying
and selling alone. And these things can be small things
or really big things.
Speaker 4 (07:35):
They really can.
Speaker 3 (07:36):
And some of the ones that I've dealt with or
had conversations that with agents only recently have.
Speaker 4 (07:41):
Been big less like how did that get through? How
is that now part of.
Speaker 2 (07:45):
That structure fraught with danger?
Speaker 4 (07:47):
Can and it's non compliant?
Speaker 1 (07:49):
Yep yet, Well, the man who'll be able to delve
into this with us Archie Zerimochus, partner at Envy Law.
Speaker 2 (07:55):
Archie, good morning, Good morning both. Now, look what.
Speaker 1 (07:59):
Might a tip example of non compliance look like? It
can vary, can't it?
Speaker 5 (08:04):
Well, you actually identified it began small. It could be,
for example, a converted garage. It could be an extension,
but it can be, for example, a pagola that's never
been approved depending on the size of the pergola, or
it could be an extension to a pergola. So it
could be all of those things. It could be fencing
around a pool. There's many, many things that could be
(08:25):
regarded as noncompliant.
Speaker 4 (08:26):
And you got it exactly right.
Speaker 7 (08:28):
There.
Speaker 3 (08:28):
There was one a couple of weeks ago where the
pool fencing and there was just one small component of
it and.
Speaker 4 (08:34):
It looked everything looked legal, but it wasn't by the book.
Speaker 3 (08:37):
So there's just there's so many different variations, isn't there, Archie.
Speaker 5 (08:42):
There are, And look from a buyer's perspective, the challenges
I'm trying to work through those issues, trying to understand
whether there's a risk for you as a buyer, and
whether you'd require the seller to rectify those things before
you actually purchase. Normally disclosed and this is one of
the advantages of the system we have where all of
(09:04):
those things need to be disclosed to contract these days,
so you will know about it when you look at
the contract, when you inspect the property, and the agent
will be aware of it and will be cross those issues,
and most good agents will be able to talk both
sellers and buyers through the challenges of dealing.
Speaker 8 (09:18):
With those things.
Speaker 1 (09:20):
Yeah, and Archie, I was saying to the can before,
wondering who who does the responsibility fall on at the
end of the day, because you'd have so many families
and people who add on these things to their houses,
whether it be big or small, and just being none
the wiser about all these checks and approvals and things
you've got to get done. Who does that own us?
(09:41):
Does that fall on the seller or the buyer, or
the builder, or who.
Speaker 5 (09:46):
All of the above. In some senses, when you're the seller,
you will disclose that, so the buyer then takes on
responsibilities taking on that non compliance as part of the purchase.
The challenge for buyers, though, is does it affect For example,
will will they be faced with the government requiring rectification
of that that not non that issue? Or will they
(10:10):
will affect your insurance? Is it a fire risk for example?
Depending on what it is, is there a significant rectification
costs to get it up and running? Do you need
to engage an engineer for example? Can it affect value?
Speaker 8 (10:23):
There are many many.
Speaker 5 (10:23):
Things to take into account for a buyas perspective, and
it really comes back to the point that you made
early on RENEE, which is some of some of bigger,
some small. The big issues are obviously will be will
affect all of those things I've just mentioned, but the
small issues might be some that you just say well,
that's okay. So it's simply an extension to a pergola,
that's not a problem. But what if that pagola falls down,
(10:46):
if someone's hurt, What's what happens with that? That's where
the issue really comes to light.
Speaker 3 (10:52):
Okay, Archie, we know that you're highly experienced in ticketed lawyer,
so we have to be careful about dishing out official
advice here on the show.
Speaker 4 (10:59):
However, what would you number one tip be to.
Speaker 3 (11:02):
Anyone who is dealing with one of these issues at
the moment.
Speaker 5 (11:06):
Really understand the issue, Understand the problem, and understand whether
that issue can be rectified by the seller prior to
you settling on the property or if the seller is
not prepared to do that. Understanding what it means to
you and the costs, the risk, and what you need
to do in order to get around the issue long term,
(11:27):
because obviously, if you're going to resell, you'd want that
issue rectified in the end.
Speaker 1 (11:33):
Yeah, and like you said, cost is another thing. I
can't imagine it's going to be a cheap exercise to
get all that stuff sorted, aren't you.
Speaker 5 (11:40):
Well, it's not just cost, it's also the risk. For example,
if you if a garage is say converted into a
bedroom and there's no the right insulation or some issue
like that, and there's a fire, that will affect potentially
your insurance and whether your insurance will cover you. It'll
if somebody's hurt, that will obviously be a potential issue.
(12:03):
For example, if you haven't got a sense around the pool,
if if a child comes into the backyard and goes
into the pool and falls in and hurts themselves all worse.
They're all issues which will affect both your responsibility from
a financial point of view, but your responsibility as a
citizen who wants to do the right thing by people
around them.
Speaker 2 (12:23):
Yeah, absolutely, all right, Archie.
Speaker 1 (12:25):
Well, lots of factors for people to consider there, but
like you say.
Speaker 2 (12:28):
Just important to be across the problem and go from there.
Speaker 7 (12:31):
Thanks.
Speaker 3 (12:31):
Every time Archie joins us on the show, he just
says a little bit of class, doesn't he.
Speaker 2 (12:35):
We always learned that.
Speaker 3 (12:36):
So interesting ye sitting here listening to you, Archie, Thanks
for joining us.
Speaker 5 (12:40):
Thank you you're the best.
Speaker 8 (12:41):
Both of you.
Speaker 2 (12:42):
Have a great day, Archie. Thanks Archie. That's Archie serimocus
partner at MV Law. There.
Speaker 1 (12:47):
Well, Cam we had another one of those reports published
through the week which talks about how the property market's
faring around the country and here locally. So we thought
we'd dig down and speak to our regular guest to
find out what that does mean for us here in
care And Sam McGregor is principal at Windrows Property.
Speaker 2 (13:03):
Sam, good morning, good morning, How are you good?
Speaker 7 (13:06):
Now?
Speaker 1 (13:06):
Tell us about this latest report and what it shows
for Camera.
Speaker 8 (13:10):
Oh, it's an interesting one this week, Renee, or this month,
I should say, so. We saw zero point seven percent
growth across the market in the month's just gone with
an average or median sale percetal medium dwelling price and
Camera sitting at eight eighty five or just a smidge
over it.
Speaker 2 (13:27):
Okay, And is that good or bad? Or up or down?
Speaker 7 (13:30):
Oh?
Speaker 8 (13:31):
Look at it. So it's definitely up. Sort of neither
here nor there when it comes to good or bad
depends whether you're looking to buy or sell or you
know where you sit generally. But the interesting thing about
those numbers is like, if you draw a point seven
percent out across the year, that's really significant to be
about eight and a half percent if my math serves
me right. If it was sort of that was a
twelve monthly thing, which is significant growth. Kind of interesting
(13:56):
to look at that because you know, really that's the
first month of spring and staring down the battle of
what the federal government's changed for first home buys. I
think it's it's kind of indicative that there's a bit
of a storm in the tea cup in terms of
values at that price point at the moment. It's an
interesting one, okay.
Speaker 3 (14:14):
And so what does the report reflect in regards to
the big changes for the first time buy scheme.
Speaker 8 (14:19):
Well, see, I reckon the reason we've seen them significant
growth that we have in the last month is really
because well, when the federal government announced that they were
going to change the first home by scheme, and if
I just give you the twenty seconds on what that is,
they basically a month ago there was stamp duty, caps
and LMI I suppose payable for first home buys depending
(14:42):
on what you spawn once you're brought. The federal governments
made it significantly easier for first home buys to get
into the market. They've got rid of LMI, which is
basically a tax on a low deposit home loan, and
they've increased the cap from seven to fifty to a
million dollar purchase in terms of no stamp duty. So
a month ago, if you're a first home by buying
(15:02):
a million dollar home, you need a fifty thousand dollars deposit.
At least you'd be paying forty grand a LM and
forty grand and stamptuy. So my mouth is right about
one hundred and thirty thousand out of pocket. If you
buy that same million dollar home today as the first
time buyer, your fifty geron out of pocket. So those
changes are significant to the market because it means it's very,
very much easier. When you look at the numbers that
(15:25):
we're talking in Canberra, eighty five medium dwelling price is
so much easier for a first home by to get
into the market this week than it was last week.
Speaker 4 (15:31):
Okay, so we've got all that going on.
Speaker 3 (15:33):
Then on Tuesday afternoon, the RBA said that there's going
you know, we're going to keep everything on hold. As
that decision was announced, What were the first words out
of your mouth? What did you think about that?
Speaker 4 (15:43):
Sam? That decision Absolutely wasn't surprised.
Speaker 8 (15:47):
To be honest, the RBA is being very cautious on
the impact that the first home buyer changes are going
to have on the economy because, to be super simple
about it, it's going to put a lot of money
into property. It's great if you're a first home buy
and you want to get in the door and finally
be able to buy something. That's an absolutely awesome outcome.
(16:07):
The flip side of the coin is what's going to
happen is that average dwelling price is going to bump
up a lot closer to that million dollar mark pretty quick.
Speaker 2 (16:14):
Yeah.
Speaker 1 (16:15):
And do you think, though, with all the other positive
stuff happening, like the first home buyer changes, and we're
in spring now, so there's generally more interest around this
time of year, do you think that that things will
still move along positively in that direction.
Speaker 8 (16:28):
I absolutely do. I'm sure I said it last month
of the month before that anyone who was looking to
buy two or three months ago will be very happy
in six months that they did. I think what we'll
see over spring. You know, traditionally there's a lot of
stock that comes to the market, which is great. There's
also a lot of buyers that come looking for homes,
so it's going to be a warm spring. But I
think off the back of that it's going to heat
(16:49):
up quite a lot because once all that new spring
stock sells, there'll be buyers left that are competing for
what's left over or what's new incomes. I think there's
going to be a lot of price pressure in the
market in Camera, especially by the end of the year
and probably the start of next year. So it's gonna
be an interesting time to watch. The data that we've
seen from this report sort of shows that we're right
(17:09):
on the edge of that.
Speaker 1 (17:10):
Okay, yeah, well we'll see what happens next time we
speak to you, Sam in a month's time.
Speaker 2 (17:15):
But thank you so much for your time.
Speaker 1 (17:16):
No doubt you've got a busy day out in the
sunshine today, but thank you so much.
Speaker 8 (17:20):
My pleasure, Thanks Renee, Thanks Kem having great Saturday, you too.
Speaker 2 (17:24):
Are Sam McGregor, principal at win Rose Property.
Speaker 3 (17:26):
Well, those are the interviews we most enjoyed in last
week's Mix one O six point three real Estate Show.
If you love hearing about the latest trends, or you're
just up for a sticky beek, be sure to drop
by for a listen this Saturday between nine and ten
Speaker 1 (17:40):
Cam and Renee's Real Estate Show on Mix one o
six point three
Cam and Renee's Real Estate Show on Mix one oh
six point three be the Envy of Camera Live.
Speaker 2 (00:06):
In de Burgert, Northorne Village by JW. Land now selling.
Speaker 1 (00:10):
Well Cam, It's time for another Mixed one o six
point three real Estate show podcast.
Speaker 3 (00:14):
Yes and look, we say it each and every time
that we come onto the podcast. We have our show
on Saturday morning between nine and ten, The Real Estate
Show yep.
Speaker 4 (00:22):
And we invite so many.
Speaker 3 (00:24):
Interesting and very very experienced people onto the show and
it's here that we get to relive it all.
Speaker 2 (00:29):
Yeah, we do.
Speaker 1 (00:30):
We had to catch up with Michael Yarney from metropolit
Property Strategist because we had the news that the Reserve
Bank kept the cash rate on hold, of course, so
he got out his crystal ball and sort of chatted
to us about what that means for the property market
and what he thinks will happen kind of moving forward.
Speaker 3 (00:43):
Yes, and probably no interest rate cut between now and Christmas.
Although if you're the RBA, like you would give everyone
that gift just leading in just to get the community buzzing.
Speaker 2 (00:53):
That would be nice. We'll hold on to that, although.
Speaker 4 (00:55):
That's exactly what they don't want.
Speaker 5 (00:56):
Really.
Speaker 2 (00:57):
His kind of exactly exactly.
Speaker 1 (00:59):
We all also had an interesting chat with Archie Sirimochus,
partner at MV Law about buying or selling a non
compliant property, because so many homes go on the market
that have an element or several elements that are non compliant.
Speaker 3 (01:13):
And this came back off the back of a number
of conversations that I've had with a number of real
estate agents over the last couple of weeks, and they
are pulling their hair out because they've got these amazing places,
yet there is one part of the property that is
non compliant and it just holds the process up. I mean,
some of them are showstoppers. So Archie had some really
(01:34):
salient advice and tips, didn't he, And yeah, very very
knowledgeable in this space indeed.
Speaker 2 (01:39):
So we spoke to him, which was great.
Speaker 1 (01:41):
And we also caught up with Sam McGregor from Windrow's
Property about the latest report. We chatted him about these
reports each month about what they show for Canberra and
he looked a lot about the first home buy changes,
which we've spoken about on the show before and the
impact that that's having.
Speaker 3 (01:54):
Yes, and so there's some big positives, but there's also
some sort of negatives as well. So he stepped through
that really really well and articulated that beautifully. So that's
what's ahead if you are listening, that's what's ahead in
the podcast today. Thank you for listening, and as always
we say thanks to JW Land, our show sponsors.
Speaker 4 (02:12):
I'm mixed one and six point three.
Speaker 1 (02:14):
Well, Keim, it's not really news anymore that the Reserve
Bank kept the cash rate on hold last Tuesday, though
its message was one of caution as inflationary pressures linger.
Speaker 2 (02:26):
So we thought we'd check in to see what does.
Speaker 1 (02:28):
This mean for our mortgage costs and for our housing markets.
And so we're going to say good morning to our
regular property commentator, Michael Yardney, founder of Metropol, property strategist
and host of the.
Speaker 2 (02:38):
Michael Yarney Podcast. Michael, good morning.
Speaker 6 (02:41):
Good morning Renee.
Speaker 7 (02:42):
Hello, the Reserve Bank disappointed some people, but we didn't talk.
Speaker 6 (02:47):
We mentioned when we last chattered we didn't expect to
rate cap.
Speaker 1 (02:51):
In September, okay, and so when do you think we
are going to get one?
Speaker 4 (02:54):
Yes, let's get the crystal ball out. Michael.
Speaker 7 (02:57):
Wow, Well, some people are going to be disappointed because
what's happened, of course, is that inflation is.
Speaker 6 (03:03):
Hanging around longer, lingering a bit.
Speaker 7 (03:05):
In fact increased a bit, and so that concerned not
just the Reserve Bank, but lots of economists. And only
in the last couple of days, all the big bank
three that our four big banks have changed their forecasts.
Speaker 6 (03:19):
They all think that there's only going to be one
more rate cut this cycle, other than west Pac.
Speaker 7 (03:25):
Westpac still believe there will be one in November, but
it's a bit uncertain.
Speaker 6 (03:30):
They think there'll be three more rate cuts. But the
other banks are opposing.
Speaker 7 (03:34):
That we're only going to drop out mortgage rates once
more over this cycle. In other words, inflation will linger
for a while and mortgage rates will be higher than
many of us would like.
Speaker 1 (03:44):
Yes, and Michael, I feel like I work in the
newsroom here at the station, and things that we read
and see in there, and just general, you know, what
you hear from other people is that I feel like
it just keeps getting pushed back, Like over the last
couple of months, it's like, Okay, we think we're going
to get one here, and then it gets to delay
and delayed and delayed and delayed. How you know, we
don't want this to keep happening.
Speaker 7 (04:05):
Well, yes, but the Reserve Bank doesn't want inflation to
rise again either, and some of it's related to local factors,
others to overseas factors.
Speaker 6 (04:15):
The Reserve Bank's not in an easy position.
Speaker 7 (04:19):
But let's hope that we go to get more than
one more rate cover and they I agree.
Speaker 3 (04:25):
Did you think leading into Christmas that they'll do the
right thing by the community and just spread some Christmas
chair if you like, and.
Speaker 4 (04:34):
Give us a rate cup before the end of December.
Speaker 7 (04:37):
Well, that's what they've typically done, Cam at the Cup day,
Melbourne Cup date first Tuesday of November, the Reserve Bank meeting.
But it's probably not going to happen this time because
we're going to.
Speaker 6 (04:51):
Have the Black.
Speaker 7 (04:53):
Friday sales and the Amazon sales and all the rest.
So that's a time usually when the spending REases and
that's inflationary.
Speaker 6 (05:02):
So the Reserve Bank is probably going to keep us
powered dry. I don't think we're going to get another
rate cut till next year. Camera.
Speaker 1 (05:08):
Yeah, and that's what a bunch of others are seen
to be saying as well.
Speaker 2 (05:11):
Michael. What does this mean for our housing markets?
Speaker 7 (05:13):
Well, the housing markets seed well even when rates were high.
We talked about that every month when we got together.
And there's now something new that's going to push our
housing markets forward. The fact that first home buyers can
get into the market, which is a five percent deposit,
not having to pay lenders mortgage insurance. They're still going
to be able to service the loan. But in all
(05:34):
states the limits have been raised as well on this scheme,
which means first home buyers don't even have to just.
Speaker 6 (05:40):
Buy a cheaping property. They're going to be able to
buy up.
Speaker 7 (05:43):
To the medium price in all the states around Australia.
Speaker 6 (05:46):
So I think there's going to be a surge of
new people at.
Speaker 7 (05:50):
A time when there aren't opening properties on the market,
pushing values up a bit.
Speaker 6 (05:54):
And Canbra has seen a bit of a rise in
the last little while as well, where cameras marketers started
to pick up after a couple of years of languishing.
So I think it's going to take some of the
screens out to the market because it was the expectation
of break cuts to avoid some home buyers. But we're
still going to keep getting on.
Speaker 7 (06:15):
With our lives, getting married, getting divorced, having babies, probably
not in that order.
Speaker 6 (06:21):
People's lives are just going to get on and they're.
Speaker 4 (06:23):
Going to keep buying their homes.
Speaker 2 (06:25):
Yeah, that's it.
Speaker 1 (06:26):
Well, you know, hope, We'll still hang on to the
hope that Cam described before just before Christmas. A bit
of Christmas joy would be nice, but we will see
what happens. Michael, thanks for your time, as always, my pleasure.
Thank you, Michael Yani, CEO of metropolit Property Strategist. We're
buying or selling a non compliant property now. Can I
feel like this has popped up, you know, tidbits here
and there in conversations we've had on the show before
(06:48):
and in conversations you've had with other people just around
the place.
Speaker 8 (06:51):
Yeah.
Speaker 4 (06:51):
Absolutely.
Speaker 3 (06:52):
I know our regular guest Steve Low He's spoken about
it before as well from the agent team.
Speaker 4 (06:57):
But yes, this has come up last couple of weeks when.
Speaker 3 (06:59):
I've been out in the about speaking to real estate
agency there is a recurring theme where agents are.
Speaker 4 (07:05):
Pulling their hair out.
Speaker 3 (07:07):
Yes, like literally, well they're not literally pulling their hair out,
but it feels like they want to do that because
they're dealing with people in houses and properties that have
non compliant elements and so some of these elements pop
up by surprise, some of them they know about, and
it just makes the process. It's just thing a thing
after thing that they've got to deal with.
Speaker 1 (07:27):
And there's already enough curveballs in the process of buying
and selling alone. And these things can be small things
or really big things.
Speaker 4 (07:35):
They really can.
Speaker 3 (07:36):
And some of the ones that I've dealt with or
had conversations that with agents only recently have.
Speaker 4 (07:41):
Been big less like how did that get through? How
is that now part of.
Speaker 2 (07:45):
That structure fraught with danger?
Speaker 4 (07:47):
Can and it's non compliant?
Speaker 1 (07:49):
Yep yet, Well, the man who'll be able to delve
into this with us Archie Zerimochus, partner at Envy Law.
Speaker 2 (07:55):
Archie, good morning, Good morning both. Now, look what.
Speaker 1 (07:59):
Might a tip example of non compliance look like? It
can vary, can't it?
Speaker 5 (08:04):
Well, you actually identified it began small. It could be,
for example, a converted garage. It could be an extension,
but it can be, for example, a pagola that's never
been approved depending on the size of the pergola, or
it could be an extension to a pergola. So it
could be all of those things. It could be fencing
around a pool. There's many, many things that could be
(08:25):
regarded as noncompliant.
Speaker 4 (08:26):
And you got it exactly right.
Speaker 7 (08:28):
There.
Speaker 3 (08:28):
There was one a couple of weeks ago where the
pool fencing and there was just one small component of
it and.
Speaker 4 (08:34):
It looked everything looked legal, but it wasn't by the book.
Speaker 3 (08:37):
So there's just there's so many different variations, isn't there, Archie.
Speaker 5 (08:42):
There are, And look from a buyer's perspective, the challenges
I'm trying to work through those issues, trying to understand
whether there's a risk for you as a buyer, and
whether you'd require the seller to rectify those things before
you actually purchase. Normally disclosed and this is one of
the advantages of the system we have where all of
(09:04):
those things need to be disclosed to contract these days,
so you will know about it when you look at
the contract, when you inspect the property, and the agent
will be aware of it and will be cross those issues,
and most good agents will be able to talk both
sellers and buyers through the challenges of dealing.
Speaker 8 (09:18):
With those things.
Speaker 1 (09:20):
Yeah, and Archie, I was saying to the can before,
wondering who who does the responsibility fall on at the
end of the day, because you'd have so many families
and people who add on these things to their houses,
whether it be big or small, and just being none
the wiser about all these checks and approvals and things
you've got to get done. Who does that own us?
(09:41):
Does that fall on the seller or the buyer, or
the builder, or who.
Speaker 5 (09:46):
All of the above. In some senses, when you're the seller,
you will disclose that, so the buyer then takes on
responsibilities taking on that non compliance as part of the purchase.
The challenge for buyers, though, is does it affect For example,
will will they be faced with the government requiring rectification
of that that not non that issue? Or will they
(10:10):
will affect your insurance? Is it a fire risk for example?
Depending on what it is, is there a significant rectification
costs to get it up and running? Do you need
to engage an engineer for example? Can it affect value?
Speaker 8 (10:23):
There are many many.
Speaker 5 (10:23):
Things to take into account for a buyas perspective, and
it really comes back to the point that you made
early on RENEE, which is some of some of bigger,
some small. The big issues are obviously will be will
affect all of those things I've just mentioned, but the
small issues might be some that you just say well,
that's okay. So it's simply an extension to a pergola,
that's not a problem. But what if that pagola falls down,
(10:46):
if someone's hurt, What's what happens with that? That's where
the issue really comes to light.
Speaker 3 (10:52):
Okay, Archie, we know that you're highly experienced in ticketed lawyer,
so we have to be careful about dishing out official
advice here on the show.
Speaker 4 (10:59):
However, what would you number one tip be to.
Speaker 3 (11:02):
Anyone who is dealing with one of these issues at
the moment.
Speaker 5 (11:06):
Really understand the issue, Understand the problem, and understand whether
that issue can be rectified by the seller prior to
you settling on the property or if the seller is
not prepared to do that. Understanding what it means to
you and the costs, the risk, and what you need
to do in order to get around the issue long term,
(11:27):
because obviously, if you're going to resell, you'd want that
issue rectified in the end.
Speaker 1 (11:33):
Yeah, and like you said, cost is another thing. I
can't imagine it's going to be a cheap exercise to
get all that stuff sorted, aren't you.
Speaker 5 (11:40):
Well, it's not just cost, it's also the risk. For example,
if you if a garage is say converted into a
bedroom and there's no the right insulation or some issue
like that, and there's a fire, that will affect potentially
your insurance and whether your insurance will cover you. It'll
if somebody's hurt, that will obviously be a potential issue.
(12:03):
For example, if you haven't got a sense around the pool,
if if a child comes into the backyard and goes
into the pool and falls in and hurts themselves all worse.
They're all issues which will affect both your responsibility from
a financial point of view, but your responsibility as a
citizen who wants to do the right thing by people
around them.
Speaker 2 (12:23):
Yeah, absolutely, all right, Archie.
Speaker 1 (12:25):
Well, lots of factors for people to consider there, but
like you say.
Speaker 2 (12:28):
Just important to be across the problem and go from there.
Speaker 7 (12:31):
Thanks.
Speaker 3 (12:31):
Every time Archie joins us on the show, he just
says a little bit of class, doesn't he.
Speaker 2 (12:35):
We always learned that.
Speaker 3 (12:36):
So interesting ye sitting here listening to you, Archie, Thanks
for joining us.
Speaker 5 (12:40):
Thank you you're the best.
Speaker 8 (12:41):
Both of you.
Speaker 2 (12:42):
Have a great day, Archie. Thanks Archie. That's Archie serimocus
partner at MV Law. There.
Speaker 1 (12:47):
Well, Cam we had another one of those reports published
through the week which talks about how the property market's
faring around the country and here locally. So we thought
we'd dig down and speak to our regular guest to
find out what that does mean for us here in
care And Sam McGregor is principal at Windrows Property.
Speaker 2 (13:03):
Sam, good morning, good morning, How are you good?
Speaker 7 (13:06):
Now?
Speaker 1 (13:06):
Tell us about this latest report and what it shows
for Camera.
Speaker 8 (13:10):
Oh, it's an interesting one this week, Renee, or this month,
I should say, so. We saw zero point seven percent
growth across the market in the month's just gone with
an average or median sale percetal medium dwelling price and
Camera sitting at eight eighty five or just a smidge
over it.
Speaker 2 (13:27):
Okay, And is that good or bad? Or up or down?
Speaker 7 (13:30):
Oh?
Speaker 8 (13:31):
Look at it. So it's definitely up. Sort of neither
here nor there when it comes to good or bad
depends whether you're looking to buy or sell or you
know where you sit generally. But the interesting thing about
those numbers is like, if you draw a point seven
percent out across the year, that's really significant to be
about eight and a half percent if my math serves
me right. If it was sort of that was a
twelve monthly thing, which is significant growth. Kind of interesting
(13:56):
to look at that because you know, really that's the
first month of spring and staring down the battle of
what the federal government's changed for first home buys. I
think it's it's kind of indicative that there's a bit
of a storm in the tea cup in terms of
values at that price point at the moment. It's an
interesting one, okay.
Speaker 3 (14:14):
And so what does the report reflect in regards to
the big changes for the first time buy scheme.
Speaker 8 (14:19):
Well, see, I reckon the reason we've seen them significant
growth that we have in the last month is really
because well, when the federal government announced that they were
going to change the first home by scheme, and if
I just give you the twenty seconds on what that is,
they basically a month ago there was stamp duty, caps
and LMI I suppose payable for first home buys depending
(14:42):
on what you spawn once you're brought. The federal governments
made it significantly easier for first home buys to get
into the market. They've got rid of LMI, which is
basically a tax on a low deposit home loan, and
they've increased the cap from seven to fifty to a
million dollar purchase in terms of no stamp duty. So
a month ago, if you're a first home by buying
(15:02):
a million dollar home, you need a fifty thousand dollars deposit.
At least you'd be paying forty grand a LM and
forty grand and stamptuy. So my mouth is right about
one hundred and thirty thousand out of pocket. If you
buy that same million dollar home today as the first
time buyer, your fifty geron out of pocket. So those
changes are significant to the market because it means it's very,
very much easier. When you look at the numbers that
(15:25):
we're talking in Canberra, eighty five medium dwelling price is
so much easier for a first home by to get
into the market this week than it was last week.
Speaker 4 (15:31):
Okay, so we've got all that going on.
Speaker 3 (15:33):
Then on Tuesday afternoon, the RBA said that there's going
you know, we're going to keep everything on hold. As
that decision was announced, What were the first words out
of your mouth? What did you think about that?
Speaker 4 (15:43):
Sam? That decision Absolutely wasn't surprised.
Speaker 8 (15:47):
To be honest, the RBA is being very cautious on
the impact that the first home buyer changes are going
to have on the economy because, to be super simple
about it, it's going to put a lot of money
into property. It's great if you're a first home buy
and you want to get in the door and finally
be able to buy something. That's an absolutely awesome outcome.
(16:07):
The flip side of the coin is what's going to
happen is that average dwelling price is going to bump
up a lot closer to that million dollar mark pretty quick.
Speaker 2 (16:14):
Yeah.
Speaker 1 (16:15):
And do you think, though, with all the other positive
stuff happening, like the first home buyer changes, and we're
in spring now, so there's generally more interest around this
time of year, do you think that that things will
still move along positively in that direction.
Speaker 8 (16:28):
I absolutely do. I'm sure I said it last month
of the month before that anyone who was looking to
buy two or three months ago will be very happy
in six months that they did. I think what we'll
see over spring. You know, traditionally there's a lot of
stock that comes to the market, which is great. There's
also a lot of buyers that come looking for homes,
so it's going to be a warm spring. But I
think off the back of that it's going to heat
(16:49):
up quite a lot because once all that new spring
stock sells, there'll be buyers left that are competing for
what's left over or what's new incomes. I think there's
going to be a lot of price pressure in the
market in Camera, especially by the end of the year
and probably the start of next year. So it's gonna
be an interesting time to watch. The data that we've
seen from this report sort of shows that we're right
(17:09):
on the edge of that.
Speaker 1 (17:10):
Okay, yeah, well we'll see what happens next time we
speak to you, Sam in a month's time.
Speaker 2 (17:15):
But thank you so much for your time.
Speaker 1 (17:16):
No doubt you've got a busy day out in the
sunshine today, but thank you so much.
Speaker 8 (17:20):
My pleasure, Thanks Renee, Thanks Kem having great Saturday, you too.
Speaker 2 (17:24):
Are Sam McGregor, principal at win Rose Property.
Speaker 3 (17:26):
Well, those are the interviews we most enjoyed in last
week's Mix one O six point three real Estate Show.
If you love hearing about the latest trends, or you're
just up for a sticky beek, be sure to drop
by for a listen this Saturday between nine and ten
Speaker 1 (17:40):
Cam and Renee's Real Estate Show on Mix one o
six point three
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