Proptech Carpool – First Home Buyers Investing in Ryde ft. Michael Dowling

September 25, 2019
On today’s episode of Soho Carpool, Michael Dowling from McGrath talks to us about how the first home buyers market is going in Ryde.

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Here’s the transcript of the video:

Are you seeing many, I guess, first time buyers coming into the market at the moment?
Or how has the first time buyer market been over the last couple of years?
And how do you, maybe, see that moving forward?
It’s been pretty rough, obviously, with the price jumps in the area,
But now that it's, sort of, back to a stable market
I am seeing a lot more buyers coming to the market. Interestingly,
I had an auction a few weeks ago where we had an owner who was, sort of,
Getting into the market, like a nice family home,
And at the auction their Father-in-Law was actually encouraging them to
Keep bidding and keep going even though they’d gone past their limit.
So just goes to show that the confidence is back out
there at the moment in some of those families.
They ended up going about $400,000 over what they thought they were going to pay before the auction.
- Yeah, wow - It was a good auction and, yeah,
I'm glad I went to them, because they’re a lovely young family that’s sort of buying that forever home.
Yeah, that's good. - What are the demographics here? Is it young families,
is it working professionals, how’s
the breakdown, that you're seeing? - We actually get a really good
mix. More than not, at the moment is young families.
So, sort of, couple with either one young
Kid or two young kids, or maybe, with no kids and one on the way.
Again, it's that, sort of, migration of different buyers from different
areas. We get a lot of buyers from the Inner West,
for example,
Who, they may have, sort of, just gotten married
Or found out they’re having a kid
And moving to a bigger backyard and want that dog and the classic family environment.
So yeah, majority are young families at the moment
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