August 28, 2025 • 15 mins
- How do you know if a pre-market offer, is good or not? Steve Lowe, Director at the Agent Team Canberra recently managed a pre-market negotiation and took Cam and Renee through the process
- How has Canberra performed in Domain Group’s latest Profit and Loss Report? Dr. Nicola Powel, Head of Research and Economics at Domain has the numbers
- How are Proptechs effectively using AI in Real Estate? Kylie Davis, President Proptech Association of Australia recently hosted a webinar that asked that very questions. Kylie shares her insights
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Cameron Renee's Real estate show on Mix one oh six
point three be the Envy of Camera Live in de Burgert,
Northborne Village by Jwland.
Speaker 2 (00:09):
Now selling well Renee thanks to JW.
Speaker 3 (00:12):
Land. It was another Saturday morning of.
Speaker 2 (00:13):
Really interesting conversations in the sphere of real estates.
Speaker 4 (00:17):
Yeh, super interesting.
Speaker 5 (00:18):
One of the topics we explored is pre market offers
and how do you know if they're good or not.
Speaker 2 (00:24):
Steve Low directed at agent in camera and so he
didn't just explain it, but he gave us really great
examples where he has made these sales only recently.
Speaker 3 (00:34):
It was really interesting conversation.
Speaker 4 (00:35):
Yeah. Absolutely.
Speaker 5 (00:36):
Another interesting chat we had was with doctor Nicolo Powell
from Domain about their latest profit and loss report, and
she drilled down on some of the really interesting camera
findings from that one.
Speaker 3 (00:46):
And the amounts of money.
Speaker 4 (00:48):
People are profiting. Good on them. That's all I can say.
Speaker 2 (00:51):
The inner south of Canberra, especially your Yeah, you want
to have a listen just so you can hear the figure.
Now when we say AI, a lot of people do
a down and they celebrate, a lot of people are
really really frightened of it. Yep, but it's here and
it's here to stay and it's in real estate, isn't it.
Speaker 4 (01:08):
Yeah, for sure.
Speaker 5 (01:08):
Kylie Davis, the president of the prop Tech Association of Australia,
hosted a webinar panel discussion recently talking about just that.
So she shared with us how all of that went
and it's really interesting.
Speaker 2 (01:19):
She gave us the best analogy, oh so good, of
a beehive.
Speaker 3 (01:23):
And how that relates to AI.
Speaker 4 (01:25):
And how they make honey.
Speaker 3 (01:27):
That's right, and let the honey be made all right.
Speaker 2 (01:30):
That's all a part of our podcast here thanks to JW.
Speaker 3 (01:32):
Land a mixed one and six point.
Speaker 5 (01:34):
Three well cam pre market offer is one of those
real estate terms that you that you hear, but what
does it actually mean? And what should you do if
you find yourself in this situation? Is how do you
know if it's a good offer? Old mate Joe Bloggs
from down the street might tell you it's great or
not great, but should you trust what he says.
Speaker 2 (01:53):
It's one of those terms that when you hear you go, yeah, yeah,
I know what that means.
Speaker 4 (01:57):
But there's probably more to it.
Speaker 3 (01:58):
Yeah, yeah, I reckon, there is for sure.
Speaker 5 (02:00):
Steve low, director of the agent Team Canber can tell
us more about it, Steve.
Speaker 6 (02:03):
Good morning, Good morning.
Speaker 5 (02:05):
Now, look, when you say pre market offer, exactly what
does that mean?
Speaker 6 (02:09):
Well, so some people call I call it pre market,
some people call it off market. To me, pre market
is where we've got a property that we've signed an
agency agreement, we've got a contract to sale, build an
important place. We're preparing it to go onto the market.
But we might have a buyer or some buyers ready
to buy it before it hits the market.
Speaker 2 (02:29):
Okay, and so how do those people become aware that
it's on the market or about to be.
Speaker 6 (02:34):
Yeah, ah, all right, so that's a good question. So basically,
as agents, we will be meeting with a lot of
buyers and some buyers are forthcoming and tell us exactly
what they're looking for, and so when we find the
right house we can pair it up. Other times it
comes from our local area marketing. Other times it comes
(02:54):
from buyers agents that have active buyers looking to purchase
specific types of property. And that's become more prevalent now.
So yeah, there's quite a few different avenues of getting
access to these pre market opportunities.
Speaker 5 (03:05):
Yeah, okay, And so you've managed to pre market offer recently,
tell us.
Speaker 4 (03:09):
How did that all sort of play out?
Speaker 6 (03:11):
I think we're sold ten this year already, all pre market,
and so the most recent one, like, we have a
bit of a methodical approach to it, so when we
go and look at the property, we also arrange quotes
for all the cosmetic improvements and styling and all that
kind of stuff to really optimize its outcome. So we
also have quite a few buyers looking to buy a property,
(03:34):
and when we bring those buyers through before we've committed
to doing any of that work, if they provide us
with an offer that we then review, taking in consideration
the preparation works, marketing costs, and hassle, then we can
kind of make a really well informed and educated decision
as to whether or not that is a good deal
that we should consider, or whether it's not high enough.
(03:56):
We can renegotiate it or walk away from that one
and prepare to get home ready for market.
Speaker 4 (04:01):
Okay, And so what's been the result of that all?
Speaker 6 (04:05):
Right? So an example is one we just sold him McGregor,
and we had quotes for about thirty thousand dollars to
do all the work we needed to do to it
to really prepare it for its best possible outcome on market,
and the family were living in it with three kids.
That becomes troublesome because they can't exactly move out so
logistically and all that kind of stuff becomes kind of tricky.
(04:26):
We also had a couple of buyers, particularly this one
buyer called me up and said, Steve, we've looked at
everything that's on the market, I see it yourself, tons
in the area. What have we got coming to market?
And so he took him through this one. He made
us an offer of eight hundred and fifty thousand dollars,
which was not high enough, and so we thought, well,
that's not going to sell it. We had another buyer,
an actual past client, that also came to us looking
(04:48):
for a property, and we showed them through and we
negotiated them to a level that if it was to
go on the market after spending all that money, we
probably wouldn't have got the same result. It might have
sold the line ball maybe slightly more, but still not
worth the risk or the hassle. And so the sellers
but you know, when you package this up as a deal,
it was a great offer because it meant they didn't
(05:08):
have to send any money on it. They didn't have
to go to market, didn't have to put their family
through ten open homes and an auction, and we gave
the settlement terms that were required then to go and
buy it on the property. So overall a really really
a good result and the sale price nine hundred thousand dollars,
which is an amazing result or a property that didn't
have to spend any money on it.
Speaker 2 (05:27):
Well, you've just given us a window into how that
all plays out.
Speaker 3 (05:31):
It's really interesting, mate, really really interesting. Nice mate.
Speaker 2 (05:35):
Just before we wrap up too, we know that I mean,
you're a man about town.
Speaker 4 (05:39):
You meant about the world care when we speak.
Speaker 2 (05:41):
To you in all sorts of exotic locations. Usually we've
spoken to you up in Queensland, You've been in New
Zealand down the coast as well. Exactly where are you
speaking to us from this morning?
Speaker 3 (05:51):
Steve?
Speaker 6 (05:52):
Well? How about last that day? I was on a
boat in Sydney Harbor.
Speaker 5 (05:55):
Yeah, oh, well we're sorry, sorry we forgot that one, Steve.
Speaker 7 (05:57):
Yeah.
Speaker 6 (05:58):
Yeah, Anyway, today I'm at the shell station at Taganong
gas milk because I've got no milk for my coffee.
Speaker 5 (06:04):
And real estate agents can't work on a Saturday morning
without their coffee.
Speaker 6 (06:08):
Look out, that's right, I've already had to I need
the third one the day just to.
Speaker 3 (06:13):
Get you across the line.
Speaker 1 (06:14):
Oh so good.
Speaker 4 (06:16):
Well, like you said to us, how the Mighty have fallen.
Speaker 6 (06:21):
Shirts sort of day. That's awesome.
Speaker 4 (06:24):
Yeah, we'll take that.
Speaker 5 (06:25):
We'll take that for sure, Steve, thanks so much for
your time this morning. Has always have a great weekend.
Yeah you do, thank you, Steve Low, director at the
Agent team Camera there. Well, Domain Group's latest profit and
loss report is out cam, so we thought we'd find
out how has Canberra performed in that Where do we sit,
you know, compared to other states and territories there.
Speaker 2 (06:42):
I mean, there's just a report after report report, and
it's nice to be able to pick some of these out.
Speaker 3 (06:46):
And I think the best thing is is to put it.
Speaker 2 (06:48):
The Camber lends over it and just see what it
looks like for Camber in the Capitol region.
Speaker 4 (06:53):
Yeah, and this one's good.
Speaker 5 (06:54):
It's a little bit different to a lot of the
other reports we cover as well. And doctor Nikola Powe
can tell us small she's head of research and economics
at Domain.
Speaker 4 (07:02):
Nicola, how are you going, I'm good things that's good.
Thank you so much for joining us this morning.
Speaker 5 (07:06):
Now, first off, just tell us about some of the
key national findings from this one.
Speaker 8 (07:12):
Well, this was looking at profit and loss, and we
found that most people reselling their property are making huge
amounts of money. Ninety seven percent of houses being resold
sold at a profit and that is the highest level
we see in about two decades. And that profit was substantial.
On that national level. The medium profit homeowners were walking
away with for a house was three hundred and sixty
(07:34):
five thousand dollars.
Speaker 2 (07:36):
That's a lot, isn't it. And so what about the
Canberra area. What are the numbers look like for the
nation's capital in's rounds?
Speaker 7 (07:43):
Well, for Camber it did look quite good.
Speaker 8 (07:45):
In terms of the proportion of profit making resales for houses,
it was slightly lower than that national figure, so were
sitting about ninety three percent and that really reflects a
bit of softer conditions that Canberra market has had. But
the medium gain was higher. One hundred and twenty thousand
dollars was a medium game for a house in camera.
Speaker 7 (08:04):
Wow.
Speaker 2 (08:04):
And so tell me when you open these reports and
the numbers are all done, and you are numbers you're
a data scientist, right, so you absolutely love this.
Speaker 3 (08:12):
Do you also of stand.
Speaker 2 (08:13):
Around in a circle just go WHOA, that's amazing.
Speaker 3 (08:16):
We did not expect that.
Speaker 8 (08:18):
Absolutely, I think when you're looking at such significant amounts
of money and profit being made, and particularly when you
look at the act we even went down to smaller areas,
So this is going to be eyewatering. In terms of
this figure Cam the Inner South of Canberra led profit
making a resouth and we found over the first half
(08:41):
of the year the median game for the Inner South
the houses was just under nine hundred grand.
Speaker 5 (08:47):
WHOA, that's what you can get a house for, let
alone what you can make from it.
Speaker 4 (08:52):
That's wild and Nikola, do.
Speaker 5 (08:54):
You think that these positive profit results are likely to
continue Camera?
Speaker 8 (09:01):
I think so. I think one of the things that
we are starting to pick up in Canberra is the
market is turning around. We know that we've had sluggish
conditions across the Camera market for some time, but what
we're now starting to see is prices are moving and
prices aren't rising even clearance rates are improving a bit.
So what our expectations are for the rest of this
financial year is we are expecting prices to rise. We've
(09:24):
had three interest rate cuts and that does bring buyers.
Speaker 7 (09:26):
Back to market.
Speaker 8 (09:27):
And I think there's this element in Canberra is.
Speaker 6 (09:29):
Buyers do want that bit of value.
Speaker 8 (09:31):
They're motivated when prices remain below their peak and you've
got an improvement in borrowing capacity. I do think that's
going to bring buyers back.
Speaker 2 (09:40):
All right, Nikola, we know you've got a busy Saturday
morning ahead. We love it when you join us on
here to break all the numbers down.
Speaker 3 (09:47):
So thank you so much and enjoy your day.
Speaker 4 (09:50):
Thank you.
Speaker 5 (09:50):
That's doctor Nicola Pell, head of research and economics at Domain.
Speaker 1 (09:54):
Well.
Speaker 4 (09:54):
Can we love our prop.
Speaker 5 (09:56):
Tech chats with Kylie Davis, who's the president of the
prop Tech us Snociation of Australia. She recently hosted a
webinar panel discussion under the heading of AI and machine
learning in prop tech. So let's learn a little bit
more about that and say good morning to Kylie.
Speaker 4 (10:11):
Hi, Kylie, how are you going?
Speaker 7 (10:13):
Hey? And a hey Cam how you doing?
Speaker 3 (10:15):
Yes?
Speaker 7 (10:15):
Good?
Speaker 4 (10:16):
Thank you.
Speaker 5 (10:16):
Look tell us about this discussion and the general theme
of what you spoke about.
Speaker 7 (10:21):
So we were talking about AI in real estate and
how it's actually appearing in the space and it's a
lot different to what we think how we think it's working,
but it's actually a lot more exciting.
Speaker 2 (10:34):
If that makes that yeah, yeah, So let's break that
down a little bit. How did you think it was
being applied and then what are the differences that you saw.
Speaker 7 (10:41):
Well, I think most agents are thinking about really about
AI as in a single bot that does a whole
lot of things for them, And we think about that
like chat GPT, or we're trying to or hoping that
we'll get a Rosy the robot that can you make
us coffee and do all the things. But what we
learned was that the CHATBT and the language learning models
(11:06):
that are out there actually really sort of broad and general.
But the new AI that's coming through in the real
estate space is what's called agentic AI, and that's actually
narrow and deep, so lots of little pieces of code
that do one thing that clustered together to then execute big,
bigger tasks. And so instead of just yeah, so just
(11:27):
to dive into that, instead of just talking to the
AI and having a conversation and it giving you back words,
the agentic AI is actually starting to do tasks. And
where this gets really interesting is that in the awards
this year and the Proptic Awards that we just hosted,
we had a separate AI category. It's designed to specifically
(11:49):
recognize AI, that is, you know, just doing things for agents.
But we didn't get a huge number of entries in there.
We got we've got a good number. But what we
found was that across all of the entries in awards
this year, and this has happened in just one year,
seventy five percent of all entries said that they featured
AI in some form in the back end of their platforms.
(12:11):
So what we're seeing AI doing in the back end
of platforms is a whole lot of kind of boring
and grunty work that no one really wants to do,
but doing it really well. So like you know, collecting
information and sorting information and getting insights out of that
information and then identifying what's the next task that you
(12:33):
should do and then how do you actually execute that.
So this is where the efficiency and the value of
AI really comes in in that it stopped us as
agents and human beings needing to do all the work,
but it means we can we can be like the
conducted orchestrating of what needs to be done.
Speaker 4 (12:51):
Yeah, gotcha.
Speaker 5 (12:52):
And what was the number one thing would you say
that came out of the discussion.
Speaker 7 (12:56):
So, I think the ability of AI to find are
in places where you didn't know it existed, and to
pull it all together and then get new insights out
of it that you didn't know you had, and then
execute new tasks. It's like, yeah, it's a little bit
like if you think about I know, it's kind of
brain blowing, right it is. Yeah. The way to think
(13:19):
about it is a little bit like you know, if
you want to make honey, how do you make honey? Well,
you have a whole lot of bees. But each bee
has a different purpose. So some bees go out and
collect pollen. Some bees actually tend to the hive and
improve and strengthen the hive. Some bees look after the queen,
some bees look after the babies that are the next generation,
and some bees defend the hive. Each bee has a
(13:42):
separate purpose, and that sort of hive mind is what
we're seeing now happening in AI. Lots the little bits
of code that work together to create one purpose or
a big purpose, and they start to and the outcome
is honey.
Speaker 4 (13:58):
Yeah, that's a really good and that's amazing.
Speaker 5 (14:01):
And if that's what we're seeing now, goodness, nos, in
two five years time, look like three weeks time probably.
Speaker 7 (14:08):
Well, this is the thing, like last year we created
the AI Awards, So twenty twenty four we built our
first AI Award for the prop Tech Awards and we
had a really you know, I think we had eight
nine entries into it. This year, I thought we are
going to have so many entries in the In the
AI category, we had the same number of entries. But
then everyone in all of the categories were saying, this
(14:31):
is how AI is working for us, and it was
all doing those tasks at the back end that are
just getting faster and more efficient and more intuitive and
easier to use.
Speaker 5 (14:44):
Yeah, one hundred percent. Well, Kylie, it's so fascinating. We
could spend an hour talking to you about this and
we'll have to get you back on again soon. But
thank you so much for your time today and have
a great weekend.
Speaker 7 (14:53):
No, thanks you to you guys.
Speaker 4 (14:55):
Thank you CEA.
Speaker 5 (14:56):
That's Kylie Davis, president of the prop Tech Association of Australia.
Speaker 4 (14:59):
It's fascinating.
Speaker 2 (15:00):
Well, those are the interviews we most enjoyed in last
week's Mix one O six point.
Speaker 3 (15:04):
Three real Estate Show.
Speaker 2 (15:06):
If you love hearing about the latest trends, or you're
just up for a sticky beak, be sure to drop
by for a listen this Saturday between nine and ten
Jam and
Speaker 1 (15:14):
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 Camera Live in de Burgert,
Northborne Village by Jwland.
Speaker 2 (00:09):
Now selling well Renee thanks to JW.
Speaker 3 (00:12):
Land. It was another Saturday morning of.
Speaker 2 (00:13):
Really interesting conversations in the sphere of real estates.
Speaker 4 (00:17):
Yeh, super interesting.
Speaker 5 (00:18):
One of the topics we explored is pre market offers
and how do you know if they're good or not.
Speaker 2 (00:24):
Steve Low directed at agent in camera and so he
didn't just explain it, but he gave us really great
examples where he has made these sales only recently.
Speaker 3 (00:34):
It was really interesting conversation.
Speaker 4 (00:35):
Yeah. Absolutely.
Speaker 5 (00:36):
Another interesting chat we had was with doctor Nicolo Powell
from Domain about their latest profit and loss report, and
she drilled down on some of the really interesting camera
findings from that one.
Speaker 3 (00:46):
And the amounts of money.
Speaker 4 (00:48):
People are profiting. Good on them. That's all I can say.
Speaker 2 (00:51):
The inner south of Canberra, especially your Yeah, you want
to have a listen just so you can hear the figure.
Now when we say AI, a lot of people do
a down and they celebrate, a lot of people are
really really frightened of it. Yep, but it's here and
it's here to stay and it's in real estate, isn't it.
Speaker 4 (01:08):
Yeah, for sure.
Speaker 5 (01:08):
Kylie Davis, the president of the prop Tech Association of Australia,
hosted a webinar panel discussion recently talking about just that.
So she shared with us how all of that went
and it's really interesting.
Speaker 2 (01:19):
She gave us the best analogy, oh so good, of
a beehive.
Speaker 3 (01:23):
And how that relates to AI.
Speaker 4 (01:25):
And how they make honey.
Speaker 3 (01:27):
That's right, and let the honey be made all right.
Speaker 2 (01:30):
That's all a part of our podcast here thanks to JW.
Speaker 3 (01:32):
Land a mixed one and six point.
Speaker 5 (01:34):
Three well cam pre market offer is one of those
real estate terms that you that you hear, but what
does it actually mean? And what should you do if
you find yourself in this situation? Is how do you
know if it's a good offer? Old mate Joe Bloggs
from down the street might tell you it's great or
not great, but should you trust what he says.
Speaker 2 (01:53):
It's one of those terms that when you hear you go, yeah, yeah,
I know what that means.
Speaker 4 (01:57):
But there's probably more to it.
Speaker 3 (01:58):
Yeah, yeah, I reckon, there is for sure.
Speaker 5 (02:00):
Steve low, director of the agent Team Canber can tell
us more about it, Steve.
Speaker 6 (02:03):
Good morning, Good morning.
Speaker 5 (02:05):
Now, look, when you say pre market offer, exactly what
does that mean?
Speaker 6 (02:09):
Well, so some people call I call it pre market,
some people call it off market. To me, pre market
is where we've got a property that we've signed an
agency agreement, we've got a contract to sale, build an
important place. We're preparing it to go onto the market.
But we might have a buyer or some buyers ready
to buy it before it hits the market.
Speaker 2 (02:29):
Okay, and so how do those people become aware that
it's on the market or about to be.
Speaker 6 (02:34):
Yeah, ah, all right, so that's a good question. So basically,
as agents, we will be meeting with a lot of
buyers and some buyers are forthcoming and tell us exactly
what they're looking for, and so when we find the
right house we can pair it up. Other times it
comes from our local area marketing. Other times it comes
(02:54):
from buyers agents that have active buyers looking to purchase
specific types of property. And that's become more prevalent now.
So yeah, there's quite a few different avenues of getting
access to these pre market opportunities.
Speaker 5 (03:05):
Yeah, okay, And so you've managed to pre market offer recently,
tell us.
Speaker 4 (03:09):
How did that all sort of play out?
Speaker 6 (03:11):
I think we're sold ten this year already, all pre market,
and so the most recent one, like, we have a
bit of a methodical approach to it, so when we
go and look at the property, we also arrange quotes
for all the cosmetic improvements and styling and all that
kind of stuff to really optimize its outcome. So we
also have quite a few buyers looking to buy a property,
(03:34):
and when we bring those buyers through before we've committed
to doing any of that work, if they provide us
with an offer that we then review, taking in consideration
the preparation works, marketing costs, and hassle, then we can
kind of make a really well informed and educated decision
as to whether or not that is a good deal
that we should consider, or whether it's not high enough.
(03:56):
We can renegotiate it or walk away from that one
and prepare to get home ready for market.
Speaker 4 (04:01):
Okay, And so what's been the result of that all?
Speaker 6 (04:05):
Right? So an example is one we just sold him McGregor,
and we had quotes for about thirty thousand dollars to
do all the work we needed to do to it
to really prepare it for its best possible outcome on market,
and the family were living in it with three kids.
That becomes troublesome because they can't exactly move out so
logistically and all that kind of stuff becomes kind of tricky.
(04:26):
We also had a couple of buyers, particularly this one
buyer called me up and said, Steve, we've looked at
everything that's on the market, I see it yourself, tons
in the area. What have we got coming to market?
And so he took him through this one. He made
us an offer of eight hundred and fifty thousand dollars,
which was not high enough, and so we thought, well,
that's not going to sell it. We had another buyer,
an actual past client, that also came to us looking
(04:48):
for a property, and we showed them through and we
negotiated them to a level that if it was to
go on the market after spending all that money, we
probably wouldn't have got the same result. It might have
sold the line ball maybe slightly more, but still not
worth the risk or the hassle. And so the sellers
but you know, when you package this up as a deal,
it was a great offer because it meant they didn't
(05:08):
have to send any money on it. They didn't have
to go to market, didn't have to put their family
through ten open homes and an auction, and we gave
the settlement terms that were required then to go and
buy it on the property. So overall a really really
a good result and the sale price nine hundred thousand dollars,
which is an amazing result or a property that didn't
have to spend any money on it.
Speaker 2 (05:27):
Well, you've just given us a window into how that
all plays out.
Speaker 3 (05:31):
It's really interesting, mate, really really interesting. Nice mate.
Speaker 2 (05:35):
Just before we wrap up too, we know that I mean,
you're a man about town.
Speaker 4 (05:39):
You meant about the world care when we speak.
Speaker 2 (05:41):
To you in all sorts of exotic locations. Usually we've
spoken to you up in Queensland, You've been in New
Zealand down the coast as well. Exactly where are you
speaking to us from this morning?
Speaker 3 (05:51):
Steve?
Speaker 6 (05:52):
Well? How about last that day? I was on a
boat in Sydney Harbor.
Speaker 5 (05:55):
Yeah, oh, well we're sorry, sorry we forgot that one, Steve.
Speaker 7 (05:57):
Yeah.
Speaker 6 (05:58):
Yeah, Anyway, today I'm at the shell station at Taganong
gas milk because I've got no milk for my coffee.
Speaker 5 (06:04):
And real estate agents can't work on a Saturday morning
without their coffee.
Speaker 6 (06:08):
Look out, that's right, I've already had to I need
the third one the day just to.
Speaker 3 (06:13):
Get you across the line.
Speaker 1 (06:14):
Oh so good.
Speaker 4 (06:16):
Well, like you said to us, how the Mighty have fallen.
Speaker 6 (06:21):
Shirts sort of day. That's awesome.
Speaker 4 (06:24):
Yeah, we'll take that.
Speaker 5 (06:25):
We'll take that for sure, Steve, thanks so much for
your time this morning. Has always have a great weekend.
Yeah you do, thank you, Steve Low, director at the
Agent team Camera there. Well, Domain Group's latest profit and
loss report is out cam, so we thought we'd find
out how has Canberra performed in that Where do we sit,
you know, compared to other states and territories there.
Speaker 2 (06:42):
I mean, there's just a report after report report, and
it's nice to be able to pick some of these out.
Speaker 3 (06:46):
And I think the best thing is is to put it.
Speaker 2 (06:48):
The Camber lends over it and just see what it
looks like for Camber in the Capitol region.
Speaker 4 (06:53):
Yeah, and this one's good.
Speaker 5 (06:54):
It's a little bit different to a lot of the
other reports we cover as well. And doctor Nikola Powe
can tell us small she's head of research and economics
at Domain.
Speaker 4 (07:02):
Nicola, how are you going, I'm good things that's good.
Thank you so much for joining us this morning.
Speaker 5 (07:06):
Now, first off, just tell us about some of the
key national findings from this one.
Speaker 8 (07:12):
Well, this was looking at profit and loss, and we
found that most people reselling their property are making huge
amounts of money. Ninety seven percent of houses being resold
sold at a profit and that is the highest level
we see in about two decades. And that profit was substantial.
On that national level. The medium profit homeowners were walking
away with for a house was three hundred and sixty
(07:34):
five thousand dollars.
Speaker 2 (07:36):
That's a lot, isn't it. And so what about the
Canberra area. What are the numbers look like for the
nation's capital in's rounds?
Speaker 7 (07:43):
Well, for Camber it did look quite good.
Speaker 8 (07:45):
In terms of the proportion of profit making resales for houses,
it was slightly lower than that national figure, so were
sitting about ninety three percent and that really reflects a
bit of softer conditions that Canberra market has had. But
the medium gain was higher. One hundred and twenty thousand
dollars was a medium game for a house in camera.
Speaker 7 (08:04):
Wow.
Speaker 2 (08:04):
And so tell me when you open these reports and
the numbers are all done, and you are numbers you're
a data scientist, right, so you absolutely love this.
Speaker 3 (08:12):
Do you also of stand.
Speaker 2 (08:13):
Around in a circle just go WHOA, that's amazing.
Speaker 3 (08:16):
We did not expect that.
Speaker 8 (08:18):
Absolutely, I think when you're looking at such significant amounts
of money and profit being made, and particularly when you
look at the act we even went down to smaller areas,
So this is going to be eyewatering. In terms of
this figure Cam the Inner South of Canberra led profit
making a resouth and we found over the first half
(08:41):
of the year the median game for the Inner South
the houses was just under nine hundred grand.
Speaker 5 (08:47):
WHOA, that's what you can get a house for, let
alone what you can make from it.
Speaker 4 (08:52):
That's wild and Nikola, do.
Speaker 5 (08:54):
You think that these positive profit results are likely to
continue Camera?
Speaker 8 (09:01):
I think so. I think one of the things that
we are starting to pick up in Canberra is the
market is turning around. We know that we've had sluggish
conditions across the Camera market for some time, but what
we're now starting to see is prices are moving and
prices aren't rising even clearance rates are improving a bit.
So what our expectations are for the rest of this
financial year is we are expecting prices to rise. We've
(09:24):
had three interest rate cuts and that does bring buyers.
Speaker 7 (09:26):
Back to market.
Speaker 8 (09:27):
And I think there's this element in Canberra is.
Speaker 6 (09:29):
Buyers do want that bit of value.
Speaker 8 (09:31):
They're motivated when prices remain below their peak and you've
got an improvement in borrowing capacity. I do think that's
going to bring buyers back.
Speaker 2 (09:40):
All right, Nikola, we know you've got a busy Saturday
morning ahead. We love it when you join us on
here to break all the numbers down.
Speaker 3 (09:47):
So thank you so much and enjoy your day.
Speaker 4 (09:50):
Thank you.
Speaker 5 (09:50):
That's doctor Nicola Pell, head of research and economics at Domain.
Speaker 1 (09:54):
Well.
Speaker 4 (09:54):
Can we love our prop.
Speaker 5 (09:56):
Tech chats with Kylie Davis, who's the president of the
prop Tech us Snociation of Australia. She recently hosted a
webinar panel discussion under the heading of AI and machine
learning in prop tech. So let's learn a little bit
more about that and say good morning to Kylie.
Speaker 4 (10:11):
Hi, Kylie, how are you going?
Speaker 7 (10:13):
Hey? And a hey Cam how you doing?
Speaker 3 (10:15):
Yes?
Speaker 7 (10:15):
Good?
Speaker 4 (10:16):
Thank you.
Speaker 5 (10:16):
Look tell us about this discussion and the general theme
of what you spoke about.
Speaker 7 (10:21):
So we were talking about AI in real estate and
how it's actually appearing in the space and it's a
lot different to what we think how we think it's working,
but it's actually a lot more exciting.
Speaker 2 (10:34):
If that makes that yeah, yeah, So let's break that
down a little bit. How did you think it was
being applied and then what are the differences that you saw.
Speaker 7 (10:41):
Well, I think most agents are thinking about really about
AI as in a single bot that does a whole
lot of things for them, And we think about that
like chat GPT, or we're trying to or hoping that
we'll get a Rosy the robot that can you make
us coffee and do all the things. But what we
learned was that the CHATBT and the language learning models
(11:06):
that are out there actually really sort of broad and general.
But the new AI that's coming through in the real
estate space is what's called agentic AI, and that's actually
narrow and deep, so lots of little pieces of code
that do one thing that clustered together to then execute big,
bigger tasks. And so instead of just yeah, so just
(11:27):
to dive into that, instead of just talking to the
AI and having a conversation and it giving you back words,
the agentic AI is actually starting to do tasks. And
where this gets really interesting is that in the awards
this year and the Proptic Awards that we just hosted,
we had a separate AI category. It's designed to specifically
(11:49):
recognize AI, that is, you know, just doing things for agents.
But we didn't get a huge number of entries in there.
We got we've got a good number. But what we
found was that across all of the entries in awards
this year, and this has happened in just one year,
seventy five percent of all entries said that they featured
AI in some form in the back end of their platforms.
(12:11):
So what we're seeing AI doing in the back end
of platforms is a whole lot of kind of boring
and grunty work that no one really wants to do,
but doing it really well. So like you know, collecting
information and sorting information and getting insights out of that
information and then identifying what's the next task that you
(12:33):
should do and then how do you actually execute that.
So this is where the efficiency and the value of
AI really comes in in that it stopped us as
agents and human beings needing to do all the work,
but it means we can we can be like the
conducted orchestrating of what needs to be done.
Speaker 4 (12:51):
Yeah, gotcha.
Speaker 5 (12:52):
And what was the number one thing would you say
that came out of the discussion.
Speaker 7 (12:56):
So, I think the ability of AI to find are
in places where you didn't know it existed, and to
pull it all together and then get new insights out
of it that you didn't know you had, and then
execute new tasks. It's like, yeah, it's a little bit
like if you think about I know, it's kind of
brain blowing, right it is. Yeah. The way to think
(13:19):
about it is a little bit like you know, if
you want to make honey, how do you make honey? Well,
you have a whole lot of bees. But each bee
has a different purpose. So some bees go out and
collect pollen. Some bees actually tend to the hive and
improve and strengthen the hive. Some bees look after the queen,
some bees look after the babies that are the next generation,
and some bees defend the hive. Each bee has a
(13:42):
separate purpose, and that sort of hive mind is what
we're seeing now happening in AI. Lots the little bits
of code that work together to create one purpose or
a big purpose, and they start to and the outcome
is honey.
Speaker 4 (13:58):
Yeah, that's a really good and that's amazing.
Speaker 5 (14:01):
And if that's what we're seeing now, goodness, nos, in
two five years time, look like three weeks time probably.
Speaker 7 (14:08):
Well, this is the thing, like last year we created
the AI Awards, So twenty twenty four we built our
first AI Award for the prop Tech Awards and we
had a really you know, I think we had eight
nine entries into it. This year, I thought we are
going to have so many entries in the In the
AI category, we had the same number of entries. But
then everyone in all of the categories were saying, this
(14:31):
is how AI is working for us, and it was
all doing those tasks at the back end that are
just getting faster and more efficient and more intuitive and
easier to use.
Speaker 5 (14:44):
Yeah, one hundred percent. Well, Kylie, it's so fascinating. We
could spend an hour talking to you about this and
we'll have to get you back on again soon. But
thank you so much for your time today and have
a great weekend.
Speaker 7 (14:53):
No, thanks you to you guys.
Speaker 4 (14:55):
Thank you CEA.
Speaker 5 (14:56):
That's Kylie Davis, president of the prop Tech Association of Australia.
Speaker 4 (14:59):
It's fascinating.
Speaker 2 (15:00):
Well, those are the interviews we most enjoyed in last
week's Mix one O six point.
Speaker 3 (15:04):
Three real Estate Show.
Speaker 2 (15:06):
If you love hearing about the latest trends, or you're
just up for a sticky beak, be sure to drop
by for a listen this Saturday between nine and ten
Jam and
Speaker 1 (15:14):
Rene's Real Estate Show on Mix one O six point
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