Biz of Property Ep. 5 | Luxury

Date

November 26, 2021

This week on Biz of Property, Mike and Brady are joined by special guest Deborah Cullen from Cullen Royle Property Advisory. For many of us, luxury real estate has long felt unobtainable, but beyond the suburbs, there is a very specific but growing sector of signature and experience properties – and it is more accessible than you probably think. Everything from character homes to rural homesteads, through to entire islands and signature architectural icons. Today, we delve into the luxury market to discuss what defines an ‘experience’ property, explore stories of the amazing properties people are buying, and how best to approach thinking about a lifestyle change or hybrid solution for your family.

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.

Transcript

Mike Loder: Now we’ve all seen those incredible homes on the television that go under the hammer for incredible prices. My guests today are here to help explain why these luxury homes may just be within reach. Biz of Property starts right now. Hello and welcome back to the Biz of Property presented by Brady Marcs Buyers Advisory where each week we will dive into the latest news and trends on the property market and answer the questions you need to know for your property journey. And today I’m lucky enough to be joined by Brady Yoshia and Deborah Cullen. Deborah, thank you for joining me and Brady today.

Brady Yoshia: Thank you very much. It’s pleasure to be here.

ML: Fantastic. And Deborah is joining us from Cullen Royle Property Advisors, and Brady, thanks for providing your insight from Brady Marcs Advisory now before we get into today’s luxurious discussion, be sure to check out brady Marcs Buyers Advisory they are 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. Whether bidding at auction, negotiating, or full service source-and-buy, Brady Marcs takes the stress out of finding your perfect property match. Learn more at bradymarcs.com.au. And remember, whilst Brady Marcs is the presenting sponsor of today’s segment, all the views and opinions in the following segment are of course our own. Now with that out of the way, let’s dive right in. And Brady, I want to start with you. For many of us luxury real estate has long felt unobtainable beyond the suburbs. But there’s a very specific but growing sector have signature experiences and properties and it’s more accessible than you probably think, I understand. Everything from character homes to rural homesteads through to entire islands and signature architectural icons. So let’s talk a little bit about these and how we can approach our thinking behind reaching this kind of lifestyle. So, Brady, I guess my question is, is the market changing, especially at the luxury and unique property end of things? What trends have we’ve been seeing lately in this space? And where can I get my hands on an island?

BY: You’re right, Mike, there’s been lots of changes in the luxury and lifestyle property market in Australia. What we’re seeing is that people are not just buying a weekend getaway, or hideaway, but a complete new lifestyle. Regional areas are proving to be very popular with increased infrastructure and emerging small businesses. There’s no set guidelines were works for one may not work for another. The other interesting is that due to the lockdown and the restrictions that we’ve had over the past 18 months, a lot of people are choosing to create their own luxury escape in Australia. Now, no one better than Deborah Cullen to come on and tell us more about these amazing escapes.

ML: Fantastic, Deborah, now you describe yourself as specializing in lifestyle experience properties. Can you unpack that for us a little? And can you tell us a little bit about some of the properties that you’ve sold on the market? And again, where can I get an island?

Deborah Cullen: The islands, oh that’s easy, we can get that sorted. Thank you, I think, once again, this is just as Brady said, of growing sector, traditionally, we would help people find a country property which, maybe their farm to go to the weekend or a beach house. And we’ve moved on to the next stage now, which is actually creating this memorable property that family can gather in, and I think we’re really blessed that we get to look after some of the best homes around Australia. And when we say Australia, and people are actually thinking outside of states now they’re happy to move and look at places in different areas that they might not have thought about before because it’s easier to access these places. And for some people, it’s even just an adventure, they want an adventure with their family. And they want to feel like they’re experiencing something new. So we’ve sold some phenomenal properties this year that have really been very much the best in class and ‘one only’ style properties in that they’ve been created by family, some of them over many generations. We saw a fabulous one on Kangaroo Island this year that was held by one family for 103 years. So extremely special, lots of memories, lots of history held at that property. And that’s something that you get to hand over to the next custodian or vice versa really. And people are finding land to actually build their own property and create their own memories. And so it’s a really exciting time. There’s no rules to this kind of sector. It really is just about what engages you in the heart as a family.

ML: I love that there’s no rules and looking at that vision there seems it just seems the the possibilities seem endless when it comes to, you know, buying a plot of land and creating your own adventure there. But Brady, I’ll go to you now and investment and signature rental properties make up a big portion of this market. What have your clients been searching for in a property recently?

BY: My clients have been looking for a property that is double duty What I mean by double duty is that it’s both a fabulous family home as well as a passive income. So they can utilize the home as much as they want. And then also, it could be rented out as an Airbnb or a fabulous luxury rental. Another thing that we are seeing is the, the need for unique spaces.

ML: Fantastic. Deborah, can you expand on that a little bit as well, just from what you’ve seen?

DC: Oh, absolutely. A lot of our clients, when in fact, Brady and I’ve worked together with a particular client this year, who exactly did that, who was looking for somewhere that she could spend time, but also, we could provide true luxury holiday letting for people then to share with others as well. So I think, and traditionally, actually, a lot of these properties that we are selling already have that income stream that we can show – just some people don’t want it, they just want it to be a private family compound. But for others who perhaps like to look at it from a commercial sense as well, they know that they can always fall back on that income should they want to, or if they end up not using it perhaps as much as they intended in the beginning. So as I said, there’s no rules. It’s a really incredible time. And, and, you know, showing these properties to not only locals but expats are diving in for these properties, sitting around the world looking at them going, that’s what I want to come back to when I come to Australia. So it’s it’s a really exciting sector. And it seems to be growing because it’s not, I don’t think it’s just been about the past 18 months, two years been challenging for us all, I think this is now how people are going to choose to live a lot of the time is going from several probably, you know, at least a couple of properties to each other, being able to work in both. I mean, we need to have good strong Internet, and people have to have the technology to connect wherever they are. But it’s exciting seeing what people are choosing to do with their families. This is all about family, it comes down to family, friends, feeling safe, having somewhere to retreat or escape to. And then potentially if if you need to work from home or homeschool children on whatever you choose, it’s all available at your fingertips. But as Brady said, Every family is different, every requirement is different. But at this end of the market, there really are some truly beautiful properties around Australia that people are getting to see both on and off market.

ML: They certainly are. And again, those images on screen are just incredible. I’m losing myself in them, but just on expats there Deborah. Do you find people actually bringing a little bit of wherever they come from to Australia? Or are they embracing the Australian architectural sort of designs and things like that?

DC: I look at a highly educated audience, I think it’s probably a compliment of both of those things. But what I’m finding, especially with the expats living in Asia Pacific or Europe or the States, it’s, they miss home and these things, remind them of home and what they can have when they come back. So even if they’re not coming back straightaway, they actually want to secure them for when they are back and then family and friends or the holiday rental can then kick in as well. And the property then is looked after has a concierge for them. And as I say, you know every story is different. But I think it’s certainly something that seems to mean more to people these days. And that’s why it’s we have a waiting list really, for some of these properties, there’s not enough of them that have come on the market, because a lot of families have held on to them very tightly in this time, because I understand the value of them. And that’s not just financially but it’s also due to the you know, the emotional connection for their family.

ML: 100%. And as you mentioned before that 103 year, family lineage being a part of one of those properties is incredible to consider. Brady, what advice do you have for people looking to make a change, maybe to this current market? Or in this current climate?

BY: It’s really simple, Mike, everybody’s circumstances are different. You need to work out what your main objective is, is this a property that you want to just go to from time to time? Or is there a property that you actually want to move to, it also could be a property that could be initially an investment property, and then your full time primary residence home. So the key here is not to rush. If you rush, you can make a very expensive, and it will be a very expensive exercise. So I would recommend getting professional help engage with a buyer’s agent or a property expert that could help you make the right decision.

ML: And of course, we’ve discussed some of those you know, not rushing before on the show, making sure you dot your i’s and cross your t’s. Is that what it is? Yeah, that’s what it is. All right. So let’s have some key takeaways for today. And Brady, I’ll get you to do this for me and Deborah might get you to tune in as well. So for people looking fBror a unique property, where do they start Brady.

BY: Go and see multiple properties to understand what you don’t want; Understand how close to the city you want to be; On the land without responsibility – what I mean by that is how hands on do you want to be, or you’re going to outsource the maintenance of the property to somebody else; have an idea of how much time you want to spend there; what the cost associated are with maintaining the type of property that you’re looking for. And also knowing what you what you’re getting yourself into, because you want it to be a relaxed and enjoyable environment.

ML: Fantastic. And Deborah, any advice from you?

DC: Look, I think a lot of these homes are actually available for holiday stays currently, so jump online and book some of these for a stay and get a feel what it’s like to live in the country or to be on the coastline and, and even if you’re a part time custodian for a couple of weeks, it does give you a bit of a sense of what it’s like to live and look after a little bit, those kind of properties so you can get – because I think Brady’s exactly right, it’s a very expensive mistake if you get it wrong. So you’d want to make sure that you work out what the non negotiables are and, and go from there. And so yeah, trying out through holiday stays, I think could be a great idea.

ML: Try before you buy.

DC: Let’s face it, it’s fun.

ML: Guys, I want to thank you both for joining me on the program today. Brady, Deborah and of course for your insight into this luxury market, which I otherwise wouldn’t have seen. So thank you.

BY: Thanks Mike.

ML: And to all of you at home. Thank you so much. That’s it for today’s discussion from the property space. I’d like to thank my guests and of course you guys for joining us on the program. And don’t forget to head over to tickeroriginal.co For more chats, tips and updates from property, cryptos, cyber security, and so much more. I’m Mike Loder and I’ll see you again soon. I wonder about that island?

 

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