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Podcast by Daniel Gold & Michael Yardney
I had a great chat with Michael Yardney today. He runs Australia’s largest buyer’s agency and he is widely regarded as Australia’s leading property investment adviser.
I wanted to pick Michael’s brains on a key problem many of my buyer clients are talking about at the moment… “there’s a real shortage of houses for sale now!”.
Michael talks all about off-market and pre-market listings, the properties which aren’t listed on realestate.com.au, or Domain.
This is important because when most people tell me there’s no stock available, realestate.com.au and Domain tend to be the only places they’re actually looking.
- So how do you find these off-market or pre-market listings?
- Are they typically discretionary or non-discretionary sales?
- Can they be good properties to buy?
Michael provides all the answers to these questions as well as two informative case studies.
According to the most recent Corelogic data, property listings are now down 35% from a year ago, and 43% from Australia’s five year average. [1]
Furthermore, if the recent AFR article “Property stock levels masked by off-market deals” is anything to go by then off-market deals could account for up to 50% of all deals now. [2]
So if you’re at all serious about buying a property soon, you need to know what’s going on here.
The two other big questions
I also asked Michael about the downside risks associated with buying properties today in a market where there’s a slowing economy, restrictions on lending, reduced overseas migration, and the possibility of rising unemployment.
Many clients are rightly concerned about these issues but Michael provides a different perspective which is always enlightening.
And lastly, I wanted to get Michael’s response to what I’m also hearing from a few clients at the moment… “Dan I’m keen to buy, and I’m ready to buy, but I think I’ll wait six to 12 months. I want the market to hurt a bit, then I’ll pick myself up a bargain.”
Will you really??
You’ll find it interesting how Michael considers this…
Enjoy the show.
References:
[1] Corelogic, Housing activity plummets while housing values stabilise in April, 1/5/2020
[2] Australian financial review, Property stock levels masked by off-market deals, Nila Sweeney, 28/4/2020
Links:
Michael Yardney and Metropole Property Strategists
Michael’s highly rated blog and podcast
Reach out:
General questions for either myself or Michael – hi@longproperty.com.au (we will aim to respond within 24 hours)
The Long Property Show provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Nothing in the Long Property Show constitutes legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
