This week on the podcast we look GOMO, specifically grief over missing out on your dream home.It’s the other side of FOMO, where fear of missing out has you plunging headlong into what might be unwise purchases and contracts.When it comes to houses, it can feel more like a seduction and betrayal when you’ve been encouraged to imagine living there for years of domestic bliss, then the faithless vendor goes and sells it to someone else, just because they have more money.You can get a taste of Sue’s original article on GOMO (© Sue Williams) for Domain here.LISTEN HEREThen we chat about sea changers and tree changers, why people are fleeing our city centres and where they are going. And try to explain exactly how we came to ignore our own advice about diligently doing your homework before purchasing a flat, especially off the plan, and plunged into buying one in Kiama.We talk about how newcomers to strata often don’t have a clue about their rights and responsibilities and how an Owners Corporation Network and City of Sydney webinar is setting out to resolve that issue.And we discuss the benefits of having electronic notice boards in our lifts (not so much those highlighted in this week’s newsletter). That’s all in this week’s Flat Chat Wrap.TRANSCRIPTION IN FULLJimmy 0:00A couple of years ago, you invented an acronym, which was GOMO. What does that stand for, Sue?Sue 0:06That's right. It was a variation of FOMO; you know, fear of missing out. I was doing a story about grief, when you do actually miss out and so I called it 'grief over missing out.' It never really caught on, GOMO, but in fact, I was asked the other day to write another story about GOMO! And, I was delighted, because maybe this time, it will stick.Jimmy 0:27So, we'll be talking about GOMO; what else have we got?Sue 0:32The move of lots of people towards coastal regions in Australia (and also regional areas as well), post-COVID and the newest recruits to that trend.Jimmy 0:43Right. And, we're going to be talking about your rights and responsibilities when you move into an apartment block and how you can get some advice on that. I'm Jimmy Thomson, I write the Flat Chat column for the Australian Financial Review.Sue 0:59And I'm Sue Williams and I write about property for Domain.Jimmy 1:02And this is the Flat Chat Wrap.[MUSIC]JimmySo Sue, you've been writing about GOMO; 'grief over missing out?'Sue 1:22Yes, because the housing market at the moment is so tough and the apartment market is similarly tough. I mean, in some areas, it's a little bit soft, particularly in Melbourne CBD. It's kind of quite easy to buy an apartment there and the prices haven't gone up at all and in certain areas (well, very few areas of Sydney is the same). Harris Park out west, has actually shown a drop in apartment prices, but everywhere else, apartments are doing incredibly well. There's a huge demand; an excess of demand over supply. A lot of people are going to auctions or trying to buy apartments that are actually for sale, and a lot of them are missing out and time and time again.Jimmy 2:07I thought apartment prices were going down and rents were going down?Sue 2:12Rents have gone down but they're coming back up again. Apa
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Recorded by Jimmy Thomson & Sue Williams; Transcribed by Otter.ai.
Find out more about Sue Williams and Jimmy Thomson on their websites.
