Property Line - 29 Mar 2021
Sarah Bell, Andy Reid
Sales Coaching, PropTech
Good evening my friends a very warm welcome to the Property Line, it’s Andy here, real estate Coach, Commentator and Auctioneer down in Victoria and around the country, I hope you are all well! It’s an interesting week, we’ve had what was a very “super” Saturday over the weekend, lots and lots of auctions going on with vendors and sellers around the country starting to get a little bit ahead of themselves.
It’s interesting, a few more vendors are maybe not getting the results that they want because they’re perhaps thinking a little bit too far ahead in time with regards to the value of their home. The other interesting one is that buyers are starting to get a little bit toey, as are agents! We saw a real high proportion of properties that were scheduled to go to auction that got sold beforehand.
Now, when that happens (generally speaking) it means that agents potentially are getting a little bit nervous about what’s likely to happen on auction day and on the back of that you can start to sense that maybe, just maybe a little bit of steam coming out of the momentum of the marketplace. It’s a fascinating one!
Obviously, this week the JobKeeper/JobSeeker subsidies come to an end but whether that has much of impact, I’m not really sure? Nerida Conisbee, newly anointed Chief Economist at the Ray White Group, said that she can’t foresee it being any major hiccup to the momentum of the market. Buyer depth is already there and this is not dependent on JobKeeper. No one that’s in the market, as a buyer is going to have any issues with finance because they wouldn’t be in that position to buy if they were reliant on JobKeeper in the first place.
The interesting segment (in my opinion) is the investment side. In every state, there will be a heck of a lot of applications to tribunals around loss of rental income and there will be a heck of a lot of tenants that will be left with a huge bill. Especially those that made no effort to collaborate with the landlords and on the back of that, you can foresee some trouble on the horizon of the property management segment.
Whether that brings a lot more stock onto the market from investors who can’t afford to keep it or just have had enough, that’s going to be interesting. The section where I think we could hopefully see a bit of improvement though, will be the vacancy rate and the affordability rate on the rental side. At the minute though, it’s just insane in metro and regional areas in almost every state. It is off the charts!
Now, on tonight’s show, I have someone that I have such a tremendous amount of respect for. Not just intellectually but also in terms of how she goes about the game of life! Sarah Bell is the Co-founder of AiRE and is the mother of RiTA which is an artificial intelligence software that is designed to improve the probability of successful outcomes for real estate agents. It sounds out there but I can whole heartedly tell you that it works!
It’s an incredible episode that you’ve got to tune into and you can do that, right above!
29 March, 2021
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