The October real estate roundup

by Michelle Singer | 4 October 2023 | Copywriting

Ordinarily the experience of getting a flat tyre on a bike is deflating, excuse the pun. If you’re a cyclist you’ll know and if you’re not, you still know. Because if you’ve ever been in a car and had a flat or seen someone pulled over on the side of the road, hazard lights a-blinking, you know the exasperation of the experience. Even if you’re not in a hurry to be somewhere some time, it’s extra hassle no one ever needs.

This week I got a flat while out riding on my own, middle of nowhere, no spare with me. I was inviting disaster, I know. But what could have, should have been a moment of frustration – and a long walk down a dirt road back to civilisation – turned into serendipity personified.

Swallowing my pride and stubbornness (I don’t need help I can sort this out rah rah) I graciously accepted the first offer of a lift that came by. A guy in a ute, travelling in the opposite direction, stopped and asked if I wanted help. Yes please I say, as I throw my bike in the tray before he can change his mind. I get in the car, pat his very excited dog, and off we set making awkward small talk to a) distract him should he be a serial killer and b) avoid recriminations about not carrying a spare. Neither were forthcoming, the guy was a fellow cyclist and new to the area. Interesting.Two of my favourite topics of interrogation.

What do you do, where did you come from, where do you live, what bikes do you ride? Take a breath. Did you buy your property from Amber at Homeland? Is it that particularly nice house, massive garage, dam, modern, great view?

Yes, yes and yes. I know the house well, I say. I wrote about it for Hobart’s The Mercury when he bought it sight unseen. He stares. One eye on the road, one at the stranger in his passenger seat. Is now a good time to reassure him I’m not a serial killer and that this is just a very Tasmanian exchange?

Housing Highlights – CoreLogic

As part of the regular calendar of releases, CoreLogic Australia’s research team summarise the previous month’s most important details of the Australian housing market in their Monthly Housing Chart Pack. For people who love property, numbers and charts, it’s a riveting read and for property professionals it’s arguably the single most important cheat sheet to stay across industry trends. It’s also free, easy to digest and downloadable.

The latest release summarised Australia’s national housing values increased 2.2% in the three months leading up to September.

During the September quarter, the median time it took to sell a property nationally fell to 30 days and there’s been an uptick in vendor confidence with the national median vendor discount decreasing to -3.8% for the quarter. A sign that sellers are no longer prepared to budge as much on their advertised price.

Monthly must-knows: Property market false rally and cost-of-living woes

AFR’s markets report Cecille Lefort checked in with several of Australia’s leading economic analysts such as Judo Bank’s economic advisor Warren Hogan who is concerned that the recovery in property prices is a ‘false rally’ yet to be ‘stress-tested’.

An estimated 500,000 families are ‘under water’ on their finances. ABC News

The same week RBA assistant governor Chris Kent told a business conference in Sydney that almost $1 out of every $10 of household disposable income was being spent on mortgage repayments. Meanwhile, the ABC’s Alan Kohler says the RBA estimates the number of families ‘under water’ has gone from 3% to 15% in 18 months, as the cost of living outstrips their income.

From page to playlist: monthly reading and listening picks

After a young man in his 20s successfully bought his first home at auction for $2.35 million with the assistance of the bank of mum and dad, economics reporter and podcast host Richard Aedyasks listeners of The Money if ‘inheritocracy’ is the only way to get into the market. Delving into the generational advantages of homeownership and what happens when real estate is increasingly concentrated in families that can afford it, he asks if Australia is regressing back to the ‘landed gentry’ and class division?

We spent a few glorious minutes daydreaming about how many mates we’d need to snap up this Cap d’Antibes estate in the French Riviera. It’s price on application, so our guesstimation is we’d need to round up about a squillion of our nearest and dearest. What’s the collective noun for ‘mates with money’? We’ve also signed up to Property News newsletter for their comprehensive wrap up of pretty much every real estate news story across all platforms. Sent 6am on the dot, Monday to Friday. Can recommend.

Until next month.

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