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Real Estate Market Wrap 🗞️ The Hypocrisy re: Chinese Buyers

• Tom Panos - Real Estate Coach & Trainer

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1. It’s becoming a better market for buyers; there are signs of oversupply.

2. Which suburbs are The Banks most concerned about?

3. The Hypocrisy re: Chinese Buyers

4. My RANT on the RBA’s Christmas party budget 


My Clearance Rate: 5/10 SOLD (50%) 

Speaker 1:

Who is the DJ? Who is the DJ? Who is this incredible DJ that the Reserve Bank decided to hire for their Christmas party? Apparently he was about or he or she, we don't know, it's a guy or girl 10, sorry, they were 12 grand with their AV for a DJ Reserve Bank. Who is that DJ? Who gets $12,000? I mean, for God's sake, you could have got David Guetta out there. You could have got Calvin Harris. Who was the DJ? That's shame on you, reserve Bank.

Speaker 1:

And don't get me wrong, this lady, sandra Bollock, michelle Bollock, I'll call her Sandra Bollock from now on Sandra Bollock. I'll call her Sandra Bollock from now on Sandra Bollock. The Reserve Bank boss. Look, girl power, inner Westie, love all of that. But listen, you don't go off, as reported in the Australian today, and have a party for $80,000. That was her Christmas party 80 grand and in addition to that, go off and hire a DJ right For 10, 12 grand. I think it was. You don't need a DJ for 10 or 12 grand. I could have come along there. Gave me a grand, I would have played better music.

Speaker 1:

Anyway, the bottom line is it doesn't look good when you've got Australia suffering Reserve Bank looks like it's out of touch, out of touch. When they do something like that and get it Branded merchandise M&Ms and stress balls, they went off and bought stress balls. Give the stress balls to the public, not to your staff. They sit in the office there in city air condition. They're getting paid regardless, right? Give it to the pundits of australia, not to your staff. They don't have stress stress balls. Why would you get stress balls anyway, man?

Speaker 1:

So we had a total of uh 10 options. Five sold out of 10, which is a lot lower than in previous weeks. The highlight was a property in Croydon that sold for three million roughly sold for three and a half million on an 800 square meter block in Croydon and a lot of people that buy in that suburb buy there because of the school called PLC Croydon and it's only up the road and the reason I know that is I know a lot of the parents where my daughters went to that school. They all came from all over Sydney eastern suburbs, north shore, even out south and they buy around the school. Kia ora, richard, good to see you.

Speaker 1:

So five out of ten, 50% and I'm letting you know it's becoming a better market for buyers and in fact I've got to tell you a wonderful article by my colleague, friend from News Corp, aidan Devine, talking about oversupply is the enemy of capital growth. And there are some suburbs and I'm talking about New South Wales at the moment there are some suburbs that are showing amazing signs of oversupply and that, my friend, is very good for the buyers but very bad for the vendors. Buyers but very bad for the vendors because it basically means that the amount of stock that's on the market in that suburb far exceeds the buyers. In fact, in some of these suburbs I think Oakville is one of those suburbs we're talking about is one of those suburbs we're talking about around 15% of the properties of that suburb are on the market. Do you understand? Like that's, nearly one in five homes in that area are up for sale. In fact, what I've done is I've actually taken a note of where the oversupply is, because if you're a vendor that's watching this and you're in one of those marketplaces, don't mess around for 10 or 20 grand if you've got an okay offer.

Speaker 1:

So let me go through them. These are the ones that the marketplace and the banks are going to get concerned about. These are the ones that the marketplace and the banks are going to get concerned about Units Rouse Hill, schofields, mortlake, macquarie Park, Rhodes, carlingford right, let's look at the houses. They're actually similar markets. Oakville, I mean, where is Oakville, oakville, oakville, that's Hawkesbury area, nice area, got a great shopping area, Got a great vibe, but, man, everything's up for sale. Happy days if you're a buyer, if you're a buyer, austral, austral oversupply.

Speaker 1:

Box Hill houses oversupply. Catherine Phil's houses oversupply. Team Marsden Park oversupply. Rouse Hill oversupply. And what does that mean? An oversupply means that is the enemy to capital growth.

Speaker 1:

And I'm getting all these people on TikTok and Instagram why are you selling houses to the Chinese? What do you want me to do During an auction? They give me a bid. Sorry, sir, you're Chinese, I'm not taking your bid, by the way. By the way, let me tell you the same rednecks that have a crack at Asian buyers in real estate, man, let me tell you, I had one of those today. Real, real redneck Didn't sell. You know what he said to me? We got any Chinese buyers here, brother. That's what he said to me. So I'll tell you what the hypocrisy is. The paradox is, when you're not selling, asian buyers are a problem. When you're selling, are there any Chinese buyers?

Speaker 1:

Anyway, team, get some of the stuff that I heard today from vendors and buyers. It was like they're saying that it's like every vendor that went to auction today must have met up at some training conference, all of them, and they were given the exact same words to say it's like vendors go to their own script dialogue schools. We're not in a hurry, we're not giving away. We can rent it out. I know it's going to be worth more very soon when rates go down. It goes on. Buyers are the same. Buyers have got their own dialogue. The market's going to drop 20%. I saw another home across the road. Down the road, I can get it at a cheaper price. That's my last thing. Interest rates have gone up 13 times. Look, I sort of get it. I mean, I've been living in the country while rates have been going up. I'm aware of that. I've been living in the country while rates have been going up. I'm aware of that. But I've got to tell you vendors and buyers, it's like they go to their own scripts and dialogue school Same old stuff. We're not in a hurry and listen, I'm not going to have.

Speaker 1:

I don't want to have another crack at the Reserve Bank, but today was voting day right In New South Wales, I went and voted. I'm a swinging voter. Sometimes I vote Liberal, sometimes I vote Labour, sometimes I've voted Green. I used to vote Democrats. Occasionally. I don't hide it, I'm a swinging voter. I come from a family that were Labour people. When you're brought up in Belmore and Lakemba and your dad worked at a factory, you've been brainwashed to vote Labor. But these days a swing vote right.

Speaker 1:

And let me tell you, bart, this Labor government I was listening during the week. You got Chalmers the Treasurer and you know what Chalmers the Treasurer was saying the Reserve Bank is going to destroy the economy if they keep raising interest rates. You know what the Reserve Bank was saying the government is driving up inflation. They're spending too much money that's driving up inflation. So you've got the Reserve Bank pointing fingers to Albanese and Chalmers and you've got the Labor government pointing fingers to the Reserve Bank. And you know what the irony is whilst they're supposedly independent, they're supposedly independent, they're appointed by the government. So let's be clear.

Speaker 1:

It would be like me walking into a restaurant ordering a steak and then saying, hey, that steak is overcooked. You've stuffed up the steak, you've stuffed up my eye fillet, and then the owner of the restaurant says it's not me, it's the chef. Yeah, but the chef works for you. You know what I'm getting at, man, you know what I'm getting at. And I know that you've got a lot of people that sit here and turn around and say, oh, who's this guy? You know he's no economist. Well, I've got to tell you I might not be an economist, but I'm tertiary qualified. I've got a master's degree.

Speaker 1:

I used to report to Rupert, that's right. I had to go sit in front of Rupert those of you that know me outside of real estate. 20 years I was a director at News Corporation, having to report to Rupert Murdoch to give him my budgets. Yearly. He used to come from the USA to visit his mum in Melbourne right. And then I'd have to go to the South Bank building, the Herald building, and actually I could not. If I said to Rupert Murdoch I was accountable for $800 million of revenue a year, right. And when I couldn't hit my numbers and things were tough, I wouldn't approve having an $80,000 party and having M&Ms. Who likes M&Ms anyway? They're not good for you, they're shit.