One of the biggest shifts in the property market we have seen in the past two years is buyers choosing to prioritise lifestyle over proximity to work. This can mean moving further out of the city to areas such as the beach, or a complete shift to regional or rural areas. In this episode of ‘Biz of Property,’ Brady Yoshia and special guest Heidi Brown join Ticker co-host Mike Loder to discuss the factors that need to be considered when looking further afield.
Biz of Property explores all things property and real estate with Brady Yoshia and the Brady Marcs team. New episodes will air fortnightly on Ticker News Fridays at 9:45am, or on-demand via the Ticker and Brady Marcs websites.
Mike Loder: Home is where the heart is but as we’ve seen, the pandemic has well and truly changed the desires of property owners worldwide. So, what are the key things to consider when looking to make a move? Biz of Property starts right now. Hello and welcome back to Biz of Property presented by Brady Marcs Buyers Advisory where each week we will dive into the latest news and trends over on the property market. And we’re going to answer the questions you need to know for your own property journey. And joining me today is one and only Brady Yoshia from Brady Marcs. Good to see you again. How are you?
Brady Yoshia: I’m well thanks, how are you? It’s great to see you.
ML: Doing well. Good to have you back. I’m looking forward to picking apart the topic today. But let’s also bring in Heidi Brown from Brady Marcs to talk to us as well. Hi, Heidi, how are you?
Heidi Brown: Hi, how are you, thanks for having me.
ML: Doing well. Now you’re joining us to talk all things lifestyle and property. So I’m excited for that. But before we get into it remember guys that Brady Marcs Buyers Advisory remain committed to putting buyers at the centre of what they do. Being highly experienced property professionals. They create a bespoke customer experience tailored to each individual’s needs. And we’ve got him here to unpack everything we need to know. You can of course learn more at bradymarcs.com.au. And remember, whilst Brady Marcs Buyers Advisory is the presenting sponsor of the program, all of the opinions and statements expressed in the following shows are our own. All right for today’s topic of discussion, and one of the biggest shifts in property we’ve seen in the past two years seems to be buyers choosing to prioritise lifestyle over proximity to work – makes sense to me. This can mean moving further out of the city to areas such as the seaside or a complete shift to rural areas. And today we are looking to unpack the factors that need to be considered when looking further afield. And Brady, I’ll bring you in and let’s get started with the landscape of people’s work week is dramatically shifting. We’ve seen people move out of the city lockdowns taking over. Of course, the pandemics been a major player in that space. Employees are renegotiating their employment terms as well, in terms of hours in the office. So this naturally affects whether they need to be close to a city at all, or choose a home base that fits their desired lifestyle. So how does this affect you guys over in the real estate market? And what have you seen?
BY: Yes, so what we’re seeing is that more and more people are moving out of major capital cities and buying into regional areas, which is increasing the demand for homes in these areas. And the house prices are going up dramatically.
ML: Interesting. I’ve seen those prices start to climb, and there’s a little bit of anxiety going around. But Heidi, you work closely with clients looking to make a big change such as this. What trends are you seeing with your clients?
HB: I guess the easiest way to talk about this is actually talking about real life client case studies that I’ve worked in in the last six months. The first one is a family who sold a large family home in the North Shore. They very fortunately have access to an owner property in France. They worked out they don’t need to be in Sydney, they’re both a professional couple. They don’t need to be in Sydney to go to the office every day. So they’ve purchased a beautiful property in the Central Coast where they’ll spend six months of the year. And then six months a year hopefully they’ll be able to spend in France. So they will then buy a very small apartment is to have a city base if they need to be in here overnight. The second one is a family that again live in the North Shore, that has bought a property in regional New South Wales in Orange. So Orange is, you know, a very popular place. They have bought a gorgeous little farmhouse, renovated it and use it as much as they can and the off time it’s making them some money where it’s an Airbnb.
HB: Very different case studies. But you know, very interesting.
ML: Yeah, two sides of the coin. It’s interesting. So Brady, what are the features that buyers are looking for it? Let’s just get a rundown of what exactly people are wanting from a lifestyle change.
BY: It’s a very good question. So flexibility with work from home options mean that people are choosing lifestyle over proximity to working in the city. So a growing number of people are wanting to be in less built up areas as a result of multiple lockdowns, looking for a sense of community; access to green spaces and outdoors is highly desirable; and homes doing double duty so the family home and fabulous office space.
ML: Yeah, the office, the home office, the birth of the home office. The retail sector especially places like Officeworks and IKEA when the lockdowns began were booming, everybody looking to build themselves a home office. So very true there. Heidi, I’ll go back to you. How do buyers go about choosing an area or region even? And what sacrifices need to be made? And I guess what are the perks to consider? There are always two sides to every coin as we know, and when you’re making a big shift away from an urban area, as we’ve touched on, there’s a lot of things to consider, especially if you’re with a big family or, you know, even young couples.
HB: What you have to do first is work out what’s really important to you, whether it being in the bush, whether it being by the beach, things that are really going to matter for you, and then spend some time in that area, go on day trips, if it’s if it’s close enough to do that, or spend some time for weekends up there. And look what what the area has to offer in terms of interest infrastructure. I’m talking hospitals, universities. Depending on your stage of your life, and whether your whole family is going with you. Look for upcoming projects, roads, other, you know, buildings, projects. Is there a cinema in this town? Is it big enough to have a theatre. Those sort of things that are going to make your lifestyle more complete? You know, it’s really important to consider all those factors when you’re moving
ML: 100%. And Brady, one of the things that you sort of go for or should be proud of is the fact that you can match the right person to the right home. Can you help us unpack those pros and cons a little bit more, if people are looking to make the move and make the shift into a new area and be you know, heading back into the city or going to urban areas, etc. So if people are looking for an investment in regional areas, maybe what do they need to consider in that respect?
BY: Yeah, so rental yields are very important to consider. However, they are generally higher in the regional areas, which is a pro. Flexibility to modify the home, so to add value to the property – be careful not to over capitalise too much; future area growth, it’s very important to see what’s coming to the area; the infrastructure, I think that is important to understand what the plans are for the next five years in a particular particular area. One of the cons would be the longer commute to work. But I do think that the pros will far outweigh the cons.
ML: So what about I mean, I suppose if everyone’s leaving the cities, what impact do you think this will have on you know, apartment living in the long run? Heidi, I’ll get your input on this one. The changing faces? Yeah.
HB: Interestingly, the CBD is not so much even now just after a few, I’d like to say a few months, but you know, almost two years of COVID, it’s changed its face completely. It’s no longer just a 9-5 destination. It’s a place that is growing. There’s laneways, restaurant precincts, small bars in alleyways is completely changing the face of the CBD. So I think, you know, it’s changing the way that the city operates, but it’s changing for the good.
ML: And Brady, what are your thoughts on that? Just off the cuff about the whole shift and change from urban areas? What have you seen?
BY: I think it’s fabulous. And I think people’s mindset is very different. So also looking from a perspective of making money out of a property that you could potentially be living in the city from an Airbnb perspective. So it could turn out to be a property that you’re not only enjoying yourselves, that becomes a lucrative investment.
ML: Yeah. And that’s something to consider, of course, with every, you know, property purchase. So, Brady, what are the main takeaways, I suppose from when we’re looking at making one of these lifestyle changes? Can you break it down for our audience?
BY: Sure. So do your research, familiarise yourself with the area. Consider access to transport and motorways. Understand the local amenities, even the airport, because that’s going to be very important. Choose an area that shows strong future growth. And engage professional help.
ML: Yeah, that’s something that you guys reiterate each time it’s engaging those professionals, the people who know what they’re doing. Just on the future growth there. Can you just expand on a little bit about how you might identify a place’s future growth?
BY: Sure. So we look at the infrastructure that’s coming into an area. So if there’s going to be new hospitals, even if there’s going to be new universities, we look at schools, various different entertainment precincts as well, green areas, everything that is going to be added to a particular area is going to add value to the future growth and capital gain in that area.
ML: Yeah, so you definitely have to look further than just the mailbox when you’re looking at a property. It’s actually the suburb as a whole and definitely something to consider. Heidi, what are you looking forward to in the market at the moment, just off the cuff.
HB: I’m looking forward to settling down a little bit I hope for our buyers, but you know, it’s been an extraordinary two years and it’s been fascinating to be part of the market. I think, you know, stock will remain tight, but I think there’s going to be plenty of opportunities in the next couple of months which is really exciting.
ML: Oh, there we go, excitement and opportunities will be our message of the day. I want to thank you both for joining me on the Biz of Property program for this week and I look forward to seeing you both again soon.
BY: Thank you look forward to seeing you soon.
ML: Easy done guys. That’s it for today’s discussion from the Biz of Property team and I’d like to thank my guests and of course you our audience for joining me today and don’t forget you can head over to tickeroriginals.co. For more chats, tips and updates from property, crypto, cybersecurity, and so much more. I Mike Loder and thank you so much for your time. I will see you again soon.