Latest / The Real Estate Show / Mix 106.3's Real Estate Show - 17/10/26

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Mix 106.3's Real Estate Show - 17/10/26 · The Real Estate Show

• 0:00
  Speaker 1: Cam and Renee's Real Estate Show on Mix 106.3. Step
• 0:05
  Speaker 1: into stylish, low-maintenance living in Canberra's inner north. Deberg by
• 0:10
  Speaker 1: JW Land. Well, Cam, we enjoyed another Mix 106.3 Real
• 0:13
  Speaker 1: Estate Show, and so we're ready for another go at
• 0:16
  Speaker 1: the podcast.
• 0:16
  Speaker 2: Steve Lowe, Director, Agent Team Canberra, is a regular. He
• 0:20
  Speaker 2: joins us around about once a month on the show,
• 0:22
  Speaker 2: and we love his input. And he was the perfect person,
• 0:25
  Speaker 2: the perfect person to answer the question, how to set
• 0:28
  Speaker 2: the correct asking price for your property.
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  Speaker 1: Because there's different strategies you can use. Do you set
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  Speaker 1: it higher or lower?
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  Speaker 3: And there's all different, you know, reasons for doing that.
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  Speaker 1: And, you know, or is there something different altogether that you.
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  Speaker 4: Should be doing?
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  Speaker 5: And he pretty much set the record straight, didn't he?
• 0:44
  Speaker 3: Yes, he did. That was a really interesting chat. You
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  Speaker 3: should check that one out.
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  Speaker 1: And it kind of flowed well into our next chat
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  Speaker 1: as well, Cam, with Maria Edwards from the Real Estate Institute.
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  Speaker 2: Yeah, talking about mandatory price guides for properties.
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  Speaker 5: And of course.
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  Speaker 2: This is not the first time this has happened. So
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  Speaker 2: with New South Wales, our friends just across the border
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  Speaker 2: and then down the road in Victoria.
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  Speaker 5: It's one set of rules and new legislation has been
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  Speaker 5: introduced for them.
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  Speaker 1: Yep.
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  Speaker 5: And it's very different to the ACT.
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  Speaker 3: Indeed.
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  Speaker 1: And I guess it all comes back to, you know,
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  Speaker 1: transparency and people kind of wanting to know how much
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  Speaker 1: a home is going for.
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  Speaker 2: And then we put two houses next to each other. Yep.
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  Speaker 2: And we said, okay, same floor plan, same build, pretty
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  Speaker 2: much same everything.
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  Speaker 6: Yep.
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  Speaker 5: One has had a little bit of a shady history.
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  Speaker 1: Something has happened there, whether it be something supernatural or
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  Speaker 1: something a bit more untoward. And how can that influence
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  Speaker 1: its appeal? And I think, you know, from the chat,
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  Speaker 1: it's not always negative.
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  Speaker 5: No, no, absolutely not.
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  Speaker 2: So Stuart Bunn from First National Real Estate, he joined
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  Speaker 2: us to speak about this and he had some really
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  Speaker 2: cool examples as well down in Mollymook with Princess Diana,
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  Speaker 2: no less.
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  Speaker 1: Yeah, lots of people, you know, lots of different examples
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  Speaker 1: from in Australia and around the world of where this happens, yeah.
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  Speaker 2: Okay, so thanks to JW Lamb. That was the show
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  Speaker 2: that went to air on the radio and now we
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  Speaker 2: get to relive it in our podcast here.
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  Speaker 5: Before we get to all of that, let's do this.
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  Speaker 5: Mix 106.3's Property Tip of the Week brought to you
• 2:14
  Speaker 5: by Lister.
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  Speaker 1: Canberra isn't in a booming market anymore, but homes are
• 2:18
  Speaker 1: still selling.
• 2:19
  Speaker 3: The difference?
• 2:20
  Speaker 1: Great presentation, smart pricing and the right strategy.
• 2:24
  Speaker 3: This tip was brought to you by Lister.
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  Speaker 1: Well, Cam, I'm bringing another real-life scenario to you now.
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  Speaker 1: We're going to workshop together and with our next guest.
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  Speaker 5: Let's do it.
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  Speaker 1: I have a friend of mine who's selling a property
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  Speaker 1: and we've been having chats about what asking price they
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  Speaker 1: should set. And so she's been looking at a couple
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  Speaker 1: of different strategies and isn't sure what to go with.
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  Speaker 6: One is.
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  Speaker 1: setting a lower price to what they want and saying
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  Speaker 1: offers over whatever that number is in the hope that
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  Speaker 1: it might generate more interest and potentially create a bit
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  Speaker 1: of a bidding war and drive that price up.
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  Speaker 6: Okay.
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  Speaker 3: Or setting a.
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  Speaker 1: Bit of a higher price than what you really want
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  Speaker 1: and then accepting a lower offer so the buyer thinks
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  Speaker 1: they've struck gold and got a good deal and you're
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  Speaker 1: actually happy with it as well.
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  Speaker 6: Yeah.
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  Speaker 2: So if they give you sort of like a, not
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  Speaker 2: a low ball, but a lower offer, they think they're
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  Speaker 2: getting a deal and you're getting what you actually.
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  Speaker 5: Really set out to get for in the first place.
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  Speaker 7: That's right.
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  Speaker 1: And it's something, you know, that two very different strategies
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  Speaker 1: and something they want to get right from the outset.
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  Speaker 1: And no doubt this is a scenario that our next
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  Speaker 1: guest encounters every day.
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  Speaker 3: Steve Lowe, Director at Agent Team Canberra. Steve, good morning.
• 3:40
  Speaker 3: Good morning.
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  Speaker 7: Good morning. Gosh, this sounds like your friend is dodgy.
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  Speaker 3: Does it? What would you say to them? Stop being dodgy?
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  Speaker 7: No, pricing is one of the most important parts to
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  Speaker 7: get right from day one. The most amount of interest
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  Speaker 7: when your property goes in the market is within the
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  Speaker 7: first 12 days. And if you set the price too high,
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  Speaker 7: you've ruined your campaign. So pricing it, not below what
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  Speaker 7: you would accept, but at an attractive price. So let's
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  Speaker 7: just say if your friend, what sort of money would they.
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  Speaker 5: Like to get for it?
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  Speaker 3: Like early sixes, I think she was saying.
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  Speaker 7: All right, so if it went on the market today
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  Speaker 7: and a buyer came through the door and they had
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  Speaker 7: $ 590, 000 in cash, they're ready to sign a contract and
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  Speaker 7: give you the keys in 30 days, what would you say?
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  Speaker 3: Well, this is where it gets tricky. I don't know.
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  Speaker 1: I can tell by the tone of your voice that
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  Speaker 1: you're saying she should take it and run and cheer
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  Speaker 1: for the mountains.
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  Speaker 3: Quite possibly, yes.
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  Speaker 7: But everybody has their bottom dollar, and that's generally the
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  Speaker 7: advertised price as an offers over campaign. You can't price
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  Speaker 7: it below what you would actually sell it for, because
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  Speaker 7: that's just misleading buyers and wasting everybody's time. If you
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  Speaker 7: price it too high, you have the other problem, which
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  Speaker 7: is you've got no one to negotiate with. You'll have
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  Speaker 7: your first open home. You'll have no one come through
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  Speaker 7: it or the buyers that do come through it. They're
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  Speaker 7: searching for properties in a higher price bracket. And so
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  Speaker 7: yours is compared against those other ones and is less appealing.
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  Speaker 7: And so it ends up sitting on the market for
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  Speaker 7: quite some time. And then you end up having to
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  Speaker 7: reduce the price probably more significantly than pricing it accurately
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  Speaker 7: from day one.
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  Speaker 5: Okay.
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  Speaker 2: So like you say, it's a very important thing to
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  Speaker 2: get right from the start. Mate, other than asking for
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  Speaker 2: too much, what are some of the other mistakes that
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  Speaker 2: you see people making when setting the asking price?
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  Speaker 3: Yeah.
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  Speaker 7: So one of the mistakes is going with the agent
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  Speaker 7: that promises the highest price with the lowest commission because
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  Speaker 7: that's just the oldest trick in the book to win
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  Speaker 7: the business. So it needs to be based on sales
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  Speaker 7: evidence and experience. And the next one is using those
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  Speaker 7: online estimate tools to work out what you think it's
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  Speaker 7: going to sell for. Those things are rubbish and they
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  Speaker 7: should be banned. So it really comes down to.
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  Speaker 7: Understanding the marketplace, looking at your recent sales nearby in
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  Speaker 7: the comparable condition and the comparable marketplace, and then working
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  Speaker 7: out what sort of money you'd like to set the
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  Speaker 7: price at. But buyers really don't care how much you
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  Speaker 7: need for a house because you're selling this one to
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  Speaker 7: buy something bigger. They don't care about that. It needs
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  Speaker 7: to be set super accurately based on those parameters.
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  Speaker 1: And Steve, my friend who's in this situation, she was
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  Speaker 1: looking online at some of the recent sales of comparable
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  Speaker 1: homes in the area and she was saying that the
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  Speaker 1: price was withheld on a bunch of those so she
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  Speaker 1: couldn't tell how much they sold for. Is this a
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  Speaker 1: strategy used by agents so then someone has to reach
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  Speaker 1: out to them and then they've got that contact and
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  Speaker 1: then they can keep in contact with them or what's
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  Speaker 1: the go there?
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  Speaker 6: Yeah, definitely.
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  Speaker 7: So there's two reasons. One sometimes is that the sellers
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  Speaker 7: or the buyers actually request the price be withheld. Once
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  Speaker 7: it's exchanged, that's sold, the price is withheld. And then
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  Speaker 7: once it's settled, about 30-ish days later, that settlement price
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  Speaker 7: becomes public data automatically anyway.
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  Speaker 2: Gotcha.
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  Speaker 7: But during that initial sort of 30 days, a lot
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  Speaker 7: of the time the prices would sell because we would
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  Speaker 7: like sellers to call and get our expert opinion on
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  Speaker 7: what their property is worth rather than them just using
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  Speaker 7: these online tools that are super inaccurate.
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  Speaker 3: Yeah, gotcha.
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  Speaker 2: Okay.
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  Speaker 1: Well, we could talk about this for much longer, but
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  Speaker 1: we'll have to.
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  Speaker 5: Leave it there.
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  Speaker 1: But that was super interesting. I shall pass on all
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  Speaker 1: of your feedback.
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  Speaker 5: Good luck.
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  Speaker 3: Thank you. Steve Lowe, Director at Agent Team Canberra there.
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  Speaker 1: Well, Cam, we just had a chat with Steve Lowe
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  Speaker 1: from Agent Team Canberra about how to set the correct
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  Speaker 1: asking price for a property.
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  Speaker 3: Really interesting chat.
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  Speaker 1: And that kind of leads in well to our next
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  Speaker 1: chat that we're about to have. There's been some recent
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  Speaker 1: talk around mandatory price guides for properties. Now, this is
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  Speaker 1: off the back of legislation being introduced in New South
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  Speaker 1: Wales and Victoria.
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  Speaker 3: But what about here in the ACT?
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  Speaker 1: Maria Edwards is CEO at the Real Estate Institute of
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  Speaker 1: the ACT and joins us now.
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  Speaker 3: Maria, good morning.
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  Speaker 4: Good morning.
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  Speaker 1: Now, that price guide legislation, like I said, has been
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  Speaker 1: introduced in New South Wales and Victoria.
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  Speaker 3: What is it and why have they done it?
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  Speaker 4: Yeah, so states are taking different tacks on this. But
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  Speaker 4: in New South Wales, they're talking about putting mandatory price
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  Speaker 4: guides on advertising. So rather than just sort of not
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  Speaker 4: putting a price on this, they buy a negotiation or
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  Speaker 4: something like that. And in Victoria, what they're putting in
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  Speaker 4: is that you have to publish the reserve price for
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  Speaker 4: an auction a week before the auction actually takes place.
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  Speaker 3: Okay, that's interesting.
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  Speaker 1: Yeah.
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  Speaker 2: Yeah.
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  Speaker 4: I was going to say, yeah, interesting because I guess
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  Speaker 4: in those states, they don't have a lot of transparency
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  Speaker 4: in their contracts before the actual auction day. So in ACT,
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  Speaker 4: we have building reports, we have pest reports, we have
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  Speaker 4: strata reports that are available free for people that are
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  Speaker 4: looking at properties. So they've got a lot more information
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  Speaker 4: before they go to put an offer in on a property.
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  Speaker 4: Whereas in those states, they're really relying on what an
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  Speaker 4: agent will say the price is worth and then they
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  Speaker 4: have to purchase those reports if they want them.
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  Speaker 7: Okay.
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  Speaker 5: Right, okay.
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  Speaker 1: Okay, and what's the situation here in the ACT? Are
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  Speaker 1: we likely to see anything like this here?
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  Speaker 5: Probably not likely.
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  Speaker 4: I think the ACP market itself has been fairly flat
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  Speaker 4: for the last couple of years. And so we're not
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  Speaker 4: having one of those situations where people are fighting over
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  Speaker 4: properties and prices are going up really, really quickly, as
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  Speaker 4: they have been in other states.
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  Speaker 6: And so there's a lot of.
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  Speaker 4: Information that people have before they go to an option
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  Speaker 4: or go to put a price in. I think the
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  Speaker 4: fact that we don't have one of those markets means
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  Speaker 4: that agents aren't systemically sort of misquoting prices.
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  Speaker 3: Right.
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  Speaker 4: And also the reserve prices can change right up until
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  Speaker 4: the night before or the day of the auction as well.
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  Speaker 4: So it can be misleading to tell someone, a week
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  Speaker 4: before what the reserve is going to be because it
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  Speaker 4: really depends on the feedback from people that come and
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  Speaker 4: have a look at the property during that campaign right
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  Speaker 4: up until the morning of the auction.
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  Speaker 5: Okay, so there's quite a bit at play here.
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  Speaker 2: So with the legislation that they're going to have introduced
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  Speaker 2: into New South Wales and in Victoria, why might people
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  Speaker 2: think that that's a good idea?
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  Speaker 4: So people would think it's a good idea if they are,
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  Speaker 4: for example, in New South Wales, you're going to look
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  Speaker 4: at 10 properties and you have to buy 10 building
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  Speaker 4: reports and you were never really going to be in
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  Speaker 4: the ballpark for buying that property because the agent might
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  Speaker 4: have been misquoting the price. So if the agent's saying, well,
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  Speaker 4: you know, it's going to be anywhere between $ 700 and
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  Speaker 4: $ 1 million, whereas it's really likely to be around that
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  Speaker 4: $ 1 million, you could have bought a whole lot of
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  Speaker 4: these building reports but never really been in with a chance.
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  Speaker 4: So in the ACT, as I said, those reports are
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  Speaker 4: free of charge anyway. So you're not spending a lot
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  Speaker 4: of money before you go to an auction or go
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  Speaker 4: and view a property to actually know whether that's something
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  Speaker 4: that you would like to purchase.
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  Speaker 3: Yeah, gotcha.
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  Speaker 1: And why would people think on the flip side that
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  Speaker 1: maybe it's not such a good idea?
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  Speaker 4: Yeah, well, I think for exactly the reason we're in
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  Speaker 4: a bit of a buyer's market at the moment, I
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  Speaker 4: think most people would agree with that. And if, for example,
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  Speaker 4: an agent, they are looking at a price guide and saying, well,
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  Speaker 4: it's somewhere between $ 700 and $ 1 million, but on the
• 11:16
  Speaker 4: actual day that the actual seller goes, look, let's just
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  Speaker 4: sell it for $ 650, they might not have turned up
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  Speaker 4: at that auction in the first place because they thought
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  Speaker 4: that they weren't actually going to be in the ballpark
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  Speaker 4: for the property. So I guess it's setting expectations that
• 11:28
  Speaker 4: are really not necessarily realistic of what's actually going to
• 11:31
  Speaker 4: happen on the day.
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  Speaker 6: Yeah.
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  Speaker 5: Yeah, well, there's so much at play, isn't there?
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  Speaker 4: Yeah, so many things.
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  Speaker 6: Yeah, exactly.
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  Speaker 4: So, I mean, in ACT, I think we're a really
• 11:39
  Speaker 4: mature auction state where we hold them all the time
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  Speaker 4: and the auctions are great here. And I think that
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  Speaker 4: it's not something that needs fixing at the moment.
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  Speaker 7: Okay.
• 11:47
  Speaker 6: All right.
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  Speaker 1: Well, it's always interesting to learn about what's happening elsewhere
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  Speaker 1: and how it compares to what's going on here. And yeah, really,
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  Speaker 1: really well explained, Maria. Thank you so much for joining us.
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  Speaker 5: No problem.
• 11:59
  Speaker 4: Thanks for having me.
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  Speaker 5: Cheers.
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  Speaker 3: Maria Edwards, who's CEO at the Real Estate Institute of
• 12:03
  Speaker 3: the ACT.
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  Speaker 1: Well, Cam, we're about to ask the question, how much
• 12:06
  Speaker 1: can a property's history influence its appeal? Now, when we
• 12:11
  Speaker 1: say this, you might have two homes that appear the
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  Speaker 1: same on paper, sort of tick most of the same boxes, right?
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  Speaker 3: But what if there's.
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  Speaker 1: Something about one of them, it's history, something has happened
• 12:21
  Speaker 1: at the home, whether it be supernatural or.
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  Speaker 5: Maybe a bit untoward.
• 12:25
  Speaker 1: A bit untoward or whatever it is, could completely then
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  Speaker 1: change your view of the home or... for the worse
• 12:31
  Speaker 1: or for the better even, potentially.
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  Speaker 4: I don't know.
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  Speaker 3: Let's find out.
• 12:35
  Speaker 1: Stuart Bunn is from First National Real Estate and joins us.
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  Speaker 3: Stuart, good morning. How are you?
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  Speaker 6: Hi, I'm well, thanks. How are you?
• 12:41
  Speaker 3: Yes, I'm good, thank you.
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  Speaker 1: Now, look, how much can a property's history influence its appeal?
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  Speaker 6: Well, pretty substantially, sometimes in the positive and sometimes in
• 12:52
  Speaker 6: the negative. We've certainly seen lots of stories over the
• 12:54
  Speaker 6: years where people find out sometimes after purchasing a property
• 12:59
  Speaker 6: that something has occurred in the property and that can
• 13:02
  Speaker 6: have quite negative consequences. But then there are stories too
• 13:05
  Speaker 6: where some of the former owners or residents of a
• 13:10
  Speaker 6: property increase the appeal of the property.
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  Speaker 1: Okay, and so it's all about, you know, disclosure. It's
• 13:16
  Speaker 1: interesting to know, you know, what does and doesn't need
• 13:19
  Speaker 1: to be disclosed and I'm assuming that there's different laws
• 13:22
  Speaker 1: in place for that?
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  Speaker 6: Yes, there are. There's different laws all around Australia and
• 13:26
  Speaker 6: things are different in Canberra from New South Wales or Victoria.
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  Speaker 6: I mean, certainly when it comes to stigmatised properties, you know,
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  Speaker 6: properties where there may have been a natural death or
• 13:38
  Speaker 6: a murder or some sort of notorious occupant, some sort
• 13:42
  Speaker 6: of alleged haunting or any sort of event like that.
• 13:46
  Speaker 6: Under material fact legislation in New South Wales and Victoria,
• 13:49
  Speaker 6: an agent must disclose anything that could remotely influence a
• 13:54
  Speaker 6: buyer's purchasing decision. But in Canberra, agents don't need to
• 13:58
  Speaker 6: disclose ghosts or things like that, but they can't mislead
• 14:03
  Speaker 6: about a property's history. So Australian consumer law is the
• 14:07
  Speaker 6: prevailing guide in Canberra. So agents can't engage in misleading
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  Speaker 6: or deceptive conduct. And if they're asked directly about some
• 14:15
  Speaker 6: sort of supernatural occurrence, they've got to be truthful.
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  Speaker 5: Okay, so that's the law out of the way.
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  Speaker 2: Let's swing back where you said that there's examples of
• 14:24
  Speaker 2: good and bad. So have you got an example where
• 14:28
  Speaker 2: a property's appeal has been influenced.
• 14:31
  Speaker 5: By its history?
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  Speaker 6: Yes, certainly. Well, perhaps let's start with the positive. I mean,
• 14:35
  Speaker 6: quite close to home, down in Mollymook, Diana Spencer famously
• 14:40
  Speaker 6: stayed in a residence on the waterfront there while she
• 14:44
  Speaker 6: was mulling Charles's marriage proposal. And every time that property
• 14:48
  Speaker 6: comes up for sale, that positively influences the media around
• 14:52
  Speaker 6: the sale and obviously potentially increases the value of the
• 14:56
  Speaker 6: property as well. But then there's the negative side. And
• 15:01
  Speaker 6: Across Australia, there's a number of stories. Certainly, you might
• 15:05
  Speaker 6: remember the Seth Gonzales murder house in Sydney. And that
• 15:09
  Speaker 6: was a story where back in about 2004, a Buddhist
• 15:14
  Speaker 6: family purchased the property for $ 800, 000. And they later discovered
• 15:19
  Speaker 6: that it had been the scene of a triple murder
• 15:21
  Speaker 6: a few years earlier. And so they refused to move in.
• 15:24
  Speaker 6: They felt that the home was haunted and that it
• 15:26
  Speaker 6: would bring them bad fortune. So they rescinded their contract
• 15:30
  Speaker 6: quite successfully. And the home sold a year later for $ 720, 000.
• 15:36
  Speaker 6: But it hasn't resold since, so it's hard to quantify
• 15:40
  Speaker 6: what sort of impact there'll be next time that property
• 15:43
  Speaker 6: comes to market. So that's one sort of... negative story
• 15:48
  Speaker 6: in Australia, but there's a famous story in New York
• 15:51
  Speaker 6: you might be interested in as well called the Ghostbusters ruling.
• 15:58
  Speaker 6: And this is where the seller of a Victorian New
• 16:01
  Speaker 6: York mansion, Helen Ackley, she claimed for years in local press,
• 16:06
  Speaker 6: and there was even a Reader's Digest article, that her
• 16:08
  Speaker 6: home was inhabited by poltergeists. And that had even been
• 16:12
  Speaker 6: included in some local press, and she'd included a house
• 16:16
  Speaker 6: in local haunted house tours. And when the purchaser paid
• 16:20
  Speaker 6: his deposit, he found out later about this aspect of
• 16:24
  Speaker 6: the property, and he rescinded his contract. And the court
• 16:27
  Speaker 6: made an exception to the traditional caveat emptor or buyer
• 16:31
  Speaker 6: beware rule. And that was because a prudently inspection wouldn't
• 16:35
  Speaker 6: have uncovered the reputational defect of the property. And so
• 16:39
  Speaker 6: he was able to get out of that purchase, got
• 16:42
  Speaker 6: his money back. And funnily enough, the amount of media
• 16:46
  Speaker 6: that was generated around the court case meant that when
• 16:50
  Speaker 6: the property came back to the market, it sold for
• 16:52
  Speaker 6: more and it sold really quickly because a lot of
• 16:54
  Speaker 6: people weren't concerned about it.
• 16:56
  Speaker 3: Yep, absolutely.
• 16:57
  Speaker 1: Well, no doubt there's lots of more interesting examples of
• 17:00
  Speaker 1: this that I'd love to explore, but we'll have to
• 17:03
  Speaker 1: wrap it up.
• 17:04
  Speaker 6: There, Stuart.
• 17:04
  Speaker 1: But that was super interesting. Thank you so much for
• 17:06
  Speaker 1: joining us.
• 17:07
  Speaker 7: Great to be with you guys.
• 17:08
  Speaker 1: That's Stuart Bunn from First National Real Estate. I really
• 17:12
  Speaker 1: enjoyed that chat just then.
• 17:13
  Speaker 5: Yes, indeed.
• 17:14
  Speaker 2: And like I said, there's so many different levels to it.
• 17:16
  Speaker 2: And what would you do personally?
• 17:18
  Speaker 6: I know.
• 17:20
  Speaker 5: Yeah.
• 17:20
  Speaker 1: Anyway, really interesting topic. Maybe we'll have to revisit it
• 17:22
  Speaker 1: sometime soon.
• 17:24
  Speaker 2: Well, those are the interviews we most enjoyed in last
• 17:26
  Speaker 2: week's Mix 106.3 Real Estate Show. If you love hearing
• 17:30
  Speaker 2: about the latest trends or you're just up for a
• 17:32
  Speaker 2: sticky beak, be sure to drop by for a listen
• 17:34
  Speaker 2: this Saturday between 9 and 10.
• 17:36
  Speaker 1: Cam and Renee's Real Estate Show on Mix 106.3.