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Hey there podcast enthusiasts!
We have an absolute treat for you in our latest episode of "The Property Buzz" hosted by the one and only Neil Gibb. This week, we are joined by the incredible Scott Townsend, a buyer's agent from Perth Property Buyers, who spills all the beans on the booming Perth property market.
Scott kicks things off by sharing some valuable insights into market demand and transaction trends. With 14 years of investing experience in the Perth market under his belt, and 9 years working in the building and construction industry, Scott knows his stuff!
But wait, there's more! Scott also dives into his own real estate development project, where he discusses the challenges of rising building costs and interest rates, and how he managed to turn a profit despite these hurdles. Talk about determination and a never-give-up attitude!
If you're wondering where Scott's agency is heading next, he drops some exciting news about their plans to expand into Queensland. With growth drivers like the Olympics and migration from Sydney and Melbourne, it's clear they know where the action is happening.
And of course, Scott shares some success stories from his recent purchases in Greenwood and a renovated property that sold like hotcakes due to low renovation costs and high family demand. It's all about finding those hidden gems, folks!
We also get some insider tips on selling properties with a longer settlement period, which can increase your chances of getting that dream property. Scott explains how he offered a 180-day settlement period to a buyer, which was happily accepted by the seller.
When it comes to real estate investing, negotiation skills are crucial, and Scott emphasizes the importance of understanding that negotiations involve people, not just price. He even shares a story of buying a property for a young Perth couple, making good use of those government incentives.
But what about the popular suburbs in Perth? Scott spills the beans on why Forrestfield and Maida Vale are highly sought after due to their proximity to the airport and new train line, as well as their peaceful atmosphere. However, be prepared to pay a pretty penny because these suburbs are in high demand!
Of course, no podcast about the property market would be complete without discussing market trends and challenges. Scott reflects on missed opportunities and the current challenges of buying development sites, with negative media attention causing some headaches.
But fear not, because Scott is here to keep you updated on the latest trends in the Perth property market. He talks about median house prices, changes in media density codes, and the confusion caused by Aboriginal cultural heritage regulations. Stay in the know, my friends!
Let's not forget about affordability and investor demand. Scott gives us the lowdown on how median prices may be affected by buyers purchasing cheaper properties, while higher-end sales are on the rise. Plus, he reveals how Sydney investors are snatching up apartments in Perth's affluent areas, leaving local buyers in awe.
And speaking of migration, Perth is expecting a significant influx of international migrants, with 10-11% of them predicted to move to the city. However, construction rates are struggling to keep up with the demand for housing, creating a bit of a squeeze in the market.
If you're a fan of juicy rental market gossip, Scott spills some tea on rental shortages and discrepancies between available rentals and properties for sale. It seems like certain suburbs are experiencing a shortage of rental properties, while others have properties under offer that aren't being updated online quickly enough. Make sure you're on top of things!
Buckle up, because Scott takes us on a virtual tour to Canberra too! He delves into the frustrations of emotional buying, high prices, and the continued demand for housing in the capital. And if you're into renovation projects, Scott shares some exciting numbers, with 9 properties sold and an impressive 16% yield achieved on one renovated property. Can you say cha-ching?
For all you HMO enthusiasts out there, Scott discusses the increasing costs of renovations and the rising room rates in Perth. With high demand and low supply, room rates are on the up, making it a prime time for investments in the share housing market.
Don't forget to grab a pen and paper because you'll want to take notes on all the valuable insights shared. And be sure to stay tuned for more fascinating episodes, as we bring you the latest buzz on the property market.
Until next time,
Your friendly podcast aficionado
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Disclaimer Nothing on this channel should be considered tax, financial, investment or any kind of advice. Everyone should do their own due diligence as only a professional diagnosis of your specific situation can determine which strategies are right for your situation. Our goal is to frequently feature edgy and actionable value, thought leadership and property/investment strategies.
