Real Estate Myth Busters with Ray White Director & Auctioneer, Brent Higgins
Welcome to “Living Your Luxe Life on the Sunshine Coast,” a podcast that delves into the lives of those who have discovered their ‘Luxe Life’ on the Sunshine Coast. This series explores the connection between home, lifestyle, and community, providing insights into the region’s real estate market, economic factors, and the unique blend of coastal and hinterland living.
In this episode, Christine Mount & Brent Higgins from Ray White, Mooloolaba & Kawana delve into some of the most commonly held real estate myths and misconceptions that can significantly influence buying and selling decisions, offering insights to help navigate the complex landscape of property investment.
Should I Buy and Sell in the Same Market?
Some individuals try to time the real estate market by selling when they believe property prices have peaked and then waiting to buy again. However, the idea of timing the market is akin to gambling with one’s biggest asset. Property prices in Australia have historically doubled over a 10-year average. Brent Higgins highlights that “attempting to predict market peaks and valleys can lead to missed opportunities and financial setbacks. The key is to stay in the market for the long term.”
Is it better to Buy the Worst House in the Best Street?
The advice to purchase the worst house in the best street suggests that buying a property with potential for improvement is a wise strategy. While this approach can be sound, it has become more intricate due to rising building costs and limited access to trades. Acquiring a property that requires substantial renovation may not be feasible for those who cannot secure tradespeople or need to reside elsewhere during renovations. Additionally, material costs have surged by approximately 40% since the onset of the pandemic, potentially having significant financial implications.
“ buying the worst house at the moment is still probably a good idea, but I would think the buyer would need to be a builder themselves….or they’ve got lots of mates that are tradies and they can actually get access to trades, at reasonable labour rates. So I would normally say it’s a great idea. But right now, if you factor in it, you might not be able to get trades on site for six or 12 months…materials have gone up 40%… and on top of that, you’ve got to find somewhere probably to live and house your family.” Brent Higgins
Are Turnkey Properties Preferred?
Many buyers gravitate toward turnkey properties, which demand no immediate renovations or improvements. While turnkey properties may be in high demand, they are not the sole option. Properties in need of cosmetic updates or minor renovations can offer excellent opportunities for budget-conscious buyers. With an expanding array of choices in the market, properties requiring some work might be more competitively priced and appealing to those willing to undertake renovations gradually.
Time in the Market vs. Timing the Market
Successfully timing the real estate market is often perceived as the key to financial success. However, instead of attempting to predict market fluctuations, it is frequently more beneficial to concentrate on “time in the market.” Retaining property investments over the long term typically yields favourable results. Trying to outsmart the market by timing it can be risky and result in missed opportunities.
Lifestyle and Climate – What to Consider When Purchasing Property:
The allure of the Sunshine Coast extends beyond its burgeoning property market. The region’s tropical climate, coupled with its stunning natural landscapes, offers an unbeatable lifestyle proposition. Understanding the impact of climate and aspects on property enjoyment becomes essential for buyers seeking the perfect abode.
Brent Higgins and Chris Mount, highlight the preferred orientation for properties in Queenslandd – north to northeast. This orientation offers protection from cold southerly winds in winter and shields against strong south-easterly winds in summer, ensuring a comfortable living environment throughout the year.
“People don’t realise how important natural ventilation is in this climate. I think they underestimate that…And that’s one of the key factors I look at in a property because natural ventilation enables you to enjoy the home so much more because not everyone wants to move here and have their house closed up and air conditioning.” Brent Higgins
Moreover, the desire for open-flow lifestyles with access to outdoor areas underscores the importance of natural ventilation, embracing the coastal breezes synonymous with the Sunshine Coast. Properties with well-designed outdoor spaces, such as balconies, patios, and gardens, enable residents to fully immerse themselves in the region’s breathtaking surroundings.
Conclusion
Understanding the myths and realities of the real estate market is crucial for making informed decisions. By dispelling common misconceptions, Christine & Brent help to provide clarity and confidence for buyers and sellers alike. Whether considering market timing, property condition, or the lifestyle factors of a specific region, informed choices lead to successful real estate investments.
Listen to the full episode on the Living Your Luxe Life Podcast, now available on Apple Podcast, Google Play & Spotify – Listen Now
Want to find out more?
Get the latest insights, property market knowledge and buying strategies, and discuss your plans for purchasing property on Sunshine Coast property region?
Book an independent, one-on-one, cost and obligation free consultation with Christine Mount today, the Number One property advisor and Number One Buyer’s Agent on the Sunshine Coast buyers agent with over 30 years property experience. Christine is not only a property expert, she also uses her local knowledge, contacts and expertise to secure your ideal property and help you find your ‘luxe life’ on the Sunshine Coast.
Stay Connected:
Listen to our latest Podcasts HERE
Living your Luxe Life series on the Sunshine Coast. We have conversations with people who have found “home” on the Sunshine Coast and explore how they connect home with lifestyle and community.
As Property Buyers Agents we also discuss the macro economic factors impacting economic growth and property growth, and where we are in the property cycle. We overlay local market nuances of different sub markets from Noosa Heads to Maroochydore, to the Hinterland. I hope you enjoy the series Living Your Luxe Life.
The Expatriate always tries to make sure all information is accurate. However, when reading our website, please always consider our Disclaimer policy.
