The Property Pod

Join us this week as The Property Pod is joined once again by Superstar of Local Real Estate here in Hobart, Suz Wiltshire - 4one4 Property Co., to discuss the Silver Linings on all the Property Market as it Corrects, not Crashes!!

Listen in as John & Suz discuss how its not all Doom and Gloom out there for both buyers and sellers!

Another Cracking episode of your weekly engagement of real estate news here in the Hobart Marketplace.

Show Notes

Join us this week as The Property Pod is joined once again by Superstar of Local Real Estate here in Hobart, Suz Wiltshire - 4one4 Property Co., to discuss the Silver Linings on all the Property Market as it Corrects, not Crashes!!

Listen in as John & Suz discuss how its not all Doom and Gloom out there for both buyers and sellers!

Another Cracking episode of your weekly engagement of real estate news here in the Hobart Marketplace.

What is The Property Pod?

A fun and accessible look into Hobart and Tasmanian Property with 4one4 Property Co. Real Estate Agents, Patrick Berry and John McGregor

John McGregor
And so that's the silver lining, is it, now where people have had such a difficult time, both purchasing and selling because of whatever their specific circumstance. But marrying yourself up with an experienced crew, we can actually put things together now that we haven't been able to do for the last two years. So that's a really exciting time for this market.

John McGregor
Now is going.

Suz Wiltshire
One young, one. So you're listening to the property.

Aaron Horne
All right, guys, welcome back to the Property Board. Your weekly engagement in the real estate here in the Hobart marketplace. I am your host, Darren Horn, and it gives me great pleasure to be back at the desk recording in our studio at 414 Property Co headquarters, I am joined by superstars. Actually, I am joined by superstars. Not only am I joined by John McGregor, who is here day in, day out.

Aaron Horne
Good morning, John Goodall.

John McGregor
You know, it's true trust trustee horse.

Aaron Horne
That's right. He's like the furniture is just the way it goes.

John McGregor
That's when I was trying to find safe houses.

Aaron Horne
Speaking of Clydesdales, just an absolute real workhorse. The stalwart of the factory, a beautiful horse. We have.

Speaker 4
Twins.

Aaron Horne
We have this superstar of real estate here in Hobart. So we'll share. Good morning. Welcome back. Where have you been?

Speaker 4
I've been busy.

Aaron Horne
I can imagine. Yes.

Speaker 4
I've. I've got a few hats on at the moment. I'm kind of still in season. Laura Land. Hello Laura. Missy, I'm in listing ninja phase with my cohort. Yes. Who I'm listing with and then I'm to to feed in money mentoring, which I'm loving. I know.

Aaron Horne
Which is amazing. The, the internet sort of kind of you have running a little workshops that you've been having and then one on one, one two sessions. Yeah, it seems to be going gangbusters and everybody seems to be just kind of being like, Oh my.

Speaker 4
God, yeah, these are the best ones in and nick the food too.

Aaron Horne
Well, he has the best bit.

John McGregor
Yeah, yeah.

Aaron Horne
I'd rather through my own. I don't know what's putting on anything.

Speaker 4
But it can take a little while. I mean, they're all.

Aaron Horne
Yeah, now I'll take my little slice.

John McGregor
But information and food.

Aaron Horne
Yeah, yeah. No, look, I've been listening into a few little, little tidbits here and there and. Yeah, and they sound very engaging and, and informative. So, yeah, it seems like everything's going really well on that front. Thank you. The market's pretty interesting at the moment. We did want to kind of jump in and kind of talk about I actually really liked when you pitched the idea for this episode.

Aaron Horne
So I was kind of calling it the silver linings of the.

Speaker 4
I think if I can, I might jump into my little bit because I think what we would like to call it, if I don't know what we're calling an hour and what you're going to call it, but it's like this market we're definitely in. I'm sick of hearing doom and gloom. It's not like, you know, the market had to correct.

Speaker 4
And whenever in a market can never stay the same, not otherwise. We never hear any what we say. Heart surgeons or rocket scientists would wake as they'd all be doing these. And I think really, you know, we just have to ride the storm and there's always positives. And what I said to you yesterday about how about we do a pod tomorrow and John about there's always a silver lining in every cloud.

Aaron Horne
I love it. I love it.

Speaker 4
And so I just want to talk about what I think the big positive is on. As you all know, me as a person, I try and bring a positive spin to every oh, without doubt.

Aaron Horne
As soon as you mention the idea of like, I'm sick of this doom and gloom and like, let's let's not listen to all the rubbish.

Speaker 4
And I think, look, you know, everyone's just throwing everything down. Everyone's throat is being so negative and so gloomy. It's not yes, we are seeing longer days on market and yes, we are seeing things paid back. But that had to happen. We couldn't there's no way we could sustain what was happening for those years of nearly been doing this one year or nine years.

Speaker 4
This is definitely a changing market we're in now. So let's not let's not blessed over.

Aaron Horne
Yeah, we don't have to sugarcoat what's happening but it of course something is changing of course.

Speaker 4
But if I can just, you know, just explain what to me. I really benefits at the moment and especially for those buyers out there that, for instance, I just a little case study for you I've worked with some beautiful for a beautiful family so a mother that has a home that a missing in with a family. So her daughter, husband and a child.

Speaker 4
I have seen them painstakingly go through four or five times now, going through the process of buying a large rural family retreat, basically like a bit of a rural dream. Over one and a half million dollars is.

Aaron Horne
Kind of you. McLeod's Daughters.

Speaker 4
Yeah, let's and we have gone through this stage and let's.

Aaron Horne
Just say I miss those girls.

John McGregor
I said I.

Aaron Horne
Was Lila McLeod's daughters on a Wednesday night.

Speaker 4
So can we.

Aaron Horne
Oh, sorry.

Speaker 4
Sorry about that story, Laura.

Aaron Horne
Retreat. Yeah.

Speaker 4
Right. And so these poor people, every time we go in, they were they were subject to sale of two homes. So not only one. Now, how do you reckon they were going to go in the last three or five years? It wasn't happening that, you know, you go to the bottom of 14 of a pile, if you will, one subject to sale, let alone two.

Aaron Horne
So just further laymen out there, just like the version of May. So the the idea of your offer being accepted would be so much lower because yes, the conditions on yours was like the subject of sale.

Speaker 4
You only have.

Aaron Horne
Two properties.

Speaker 4
One, one home to sell, but you had to sell two homes contemporaneously settling with each other. Yeah.

Aaron Horne
At that point and in this period there were offers coming in that were I've going to cash over. It's all these other things. So all of these other factors are pushing those people out who are in that position.

Speaker 4
They weren't even looking, they just wait. They were just like, no. So we would go through that process with them though beautiful. They were obviously wanted me to handle the voice of the shop. Just lovely. I wasn't selling the other property necessary because it was a wise down one valley that sort of way. So that was a was another bit of a tricky.

John McGregor
Because we've got another team.

Speaker 4
Here. There was another agency, you know, that we were sort of was communicating with, you know, nine times out of ten. That was another factor that wasn't well, we not getting that listing either. So that was always a little bit of a deterrent know. And now in this market yeah they've just secured that. So that's a massive plus now.

Speaker 4
So they've actually secured a beautiful home.

Aaron Horne
So they were able to get the deals done on two properties and selling.

Speaker 4
So that's subject to sell. And then not only that, they were able to negotiate it. Now this is sorry, this is real estate terms.

Aaron Horne
It's a real estate podcast. That's what we're hearing from.

Speaker 4
You know, not.

Aaron Horne
Just hit it hit us with the details of you. I can put it through a one person filter if you want.

John McGregor
But you've gotten really good it ask the right questions.

Aaron Horne
Right? Yeah, it is.

Speaker 4
But we were able to negotiate. So this is what I'm trying to say. We need to. Yeah, this is a really an episode about the positives about this market. So yeah, let's all be all about that. So then we were able to also negotiate the shorter period free clause out of the contract with that whole time. We would never have been able to do that in the in the other market.

Speaker 4
Yeah. Let alone get this done. And then the biggest positive for the window that they overpaid for the property because of those reasons. So not only, you know, people say, oh, such a doom and gloom, we're not getting getting terrible prices, these people, because of that paid premium price. So when we.

John McGregor
Yeah. Yeah. And that thing where, um, well, you know, in that circumstance was just they never had an opportunity to be able to buy something. So it's actually it, they needed to wait a few years for the market to stretch out with a day's increase where they've got a lot more flexibility to negotiate terms that they need because it's so hyper specific and, you know, owners are going to be much more palatable or accepting of those terms because of the market we're in.

Speaker 4
Absolutely. And then like, you know, don't that like when when we you know, don't remember these days, you know, three or four years ago or even a year ago, we we weren't even we were having people putting sunset clauses in what's that day? So they had to be presented by 6:00 that night. So we were having people like 14, 15 offers in on the Saturday.

Speaker 4
Yeah. And we would have running around like nuts headless.

John McGregor
So what the, what the strategy of that from a buyers perspective is they're putting the pressure on, it's like saying, alright my, you've got till 5:00 tonight to make a decision. Well my offer.

Speaker 4
My offer. Yeah.

John McGregor
Expires the already being because it had been such a seller's market, the seller had to control buyers were trying to find ways of establishing you know re taking control of that negotiation process. Yeah and a real you know I strategy to do that is to say well I'm not going to wait until you get three other offers. You've got five to to make a decision or I'm out.

Aaron Horne
Or I'll go put an offer in on another place because there's so many.

John McGregor
That's right.

Aaron Horne
Okay. Got special.

John McGregor
There's just a strategy to try and get control of the process.

Aaron Horne
I think the thing I liked that you mentioned right at the start of your story was the correction of the market rather than the crash of the market, the just the terminology of the correcting itself. And it's like a and.

Speaker 4
It hasn't crashed. We still getting strong prices. We still it's just it is taking longer. There's there's no what I'm saying to the team at the moment is when we're doing our mentoring look it's certainly don't when we're listing homes now our medium has like term term on market is about a month. Yeah, it's about it's about 37 days.

Aaron Horne
Rather than hitting that kind of first weekend and just being like, yeah, I've, I've done a good job. Yeah, yeah. And it's like.

John McGregor
We list on a monday. I expect contracts Wednesday but we'll make a decision the following Monday. Yeah. No, it's just like look you know that the beats.

Speaker 4
Long stretching out. Yeah. Yeah. And now if I can stress more than ever and I'll let John do his thing, I've probably spoken enough now.

Aaron Horne
Now we've got heaps. Just one day which is.

John McGregor
Quick it rolling baby.

Speaker 4
Is that now is is so imperative and we are going to see look obviously we saw a ton of agents come on in the last three or four years where they just, you know, not being awful. But you know.

Aaron Horne
It'll be interesting to see.

Speaker 4
Could have joined real estate and you know so it's great to see that obviously they're tightening up of what you need to come on and. Well I've been I but I think that you know now it is so imperative of agency that you choose.

Aaron Horne
Indeed.

Speaker 4
Agent that you choose. So, you know, yes, we have some some up and coming agents in here in some that, you know, what would seem to be an up and coming agents but they have a team behind them with such wealth of experience that we all pull together and we all support them.

Aaron Horne
Yeah, well, that's kind of the other thing I'm loving about the kind of the way your role has changed since Laura's had a job and we're part of moved you into this or you've you've mentored all these people and being like, I've got this amazing listing and I know that this person can nurture it so well. So yeah, you're kind of that support network of like, Yeah, you've got me and another agent who's an expert in this area.

Aaron Horne
So yeah the team at 414 it's kind of yeah all moving together and being like let's get the best result for you that.

Speaker 4
As an agency as well. Like, you know, you guys and I know I've probably ties up every time I come in here. Aaron But marketing is now more imperative than ever.

Aaron Horne
Oh, that's why I love you coming in. Yeah.

Speaker 4
But, you know, and we doing our next workshop on the 17th, and I just love I just love that my workshops are the fight. My favorite thing to do next one is, is how to, you know, we just want to wow people with our open homes and things like that. So just to have an agency and agents that are so willing to learn and and describe.

Aaron Horne
Yeah, definitely.

Speaker 4
But just over and above is our is agile. And I think that that's the thing that just, you know, you just can't be normal average anymore, especially in this market. So just be really, really careful who you choosing to sell your home now.

John McGregor
Well, one of the things that experience is really important right now because we're I mean, one of the examples we had recently was there was four properties all lined up in a row where, you know, finance wasn't about approved on one front end. And so but there was no which would, you know, topple down three other properties which would completely kill everyone else.

Speaker 4
So we had one.

John McGregor
Yeah. With Exactly. So yeah. So I think the solution was that, you know, everyone had to reassess their expectations and all prices were adjusted and in terms of renegotiated across three contracts. So the all.

Speaker 4
Have fallen.

John McGregor
Over. Absolutely. But it was because one of our young then one of our younger agents, they thought that we're we're done. But it wasn't till Patrick stepped in and said, hey, just say no. Here's another option for us. And then he helped out with the negotiations and pulled all the things back together. And, you know, one of my dad's classic examples was they had 14 subject to sales in a row.

Aaron Horne
One, I remember this story. This was.

John McGregor
Crazy. Well, the but the thing is, though, is that, you know, if you've been in the you know, you've got the it is what it is like over time. You build experience. However, you know, 12 months ago, two years ago, it was easy to do like we have you could say we had a overinflated view of self-importance, but the market was driving the, you know, the easy terms.

John McGregor
The the deal was, okay, we can make that argument, but right now, that's just not a possibility. So, you know, our role in terms of being able to build, you know, put these deals together when it does require three, four, five, six parties in order just for one house to sell for six people still to go like that, that requires nuance, it requires patience, it required skill, you know, and.

Aaron Horne
Because an experience and yeah, as you've mentioned, the team behind you are people who can kind of swing in and say like, I might just need to look at it just a little bit differently. We might just have like, Oh, I've had a, a time where we had to make this happen to get this deal. Oh, actually, that'll work perfectly for this one.

Aaron Horne
So having that team behind you and that experience.

John McGregor
And so that's the silver lining, is it now where people have had such a difficult time both purchasing and selling because of whatever their specific circumstance, by marrying yourself up with an experienced crew, we can actually put things together now that we haven't been able to do for the last two years. So that's a really exciting time for this market now.

John McGregor
So I think, you know, like so one of the things that we, you know, to block was a new opportunity, I guess. And that's what I was thinking was a really good complement to what you're talk about. Suzy was going on to a little bit more Deep Dove about the home share program now that the state government has released.

Aaron Horne
Yeah, this is really cool. I, I, we put a blog together kind of about this. So this was kind of helping those first home buyers get into the market. And we've talked about it kind of.

John McGregor
Before, but not just first time buyers.

Aaron Horne
Okay, so.

John McGregor
I'm.

Aaron Horne
Sorry, Mr. Mona. You hit me with more details because this is where I kind of I was looking into. It was like, you know, I used to be just on newbuilds, but now there's scope for it to be established homes and stuff. So can you any kind of fate of some info on that.

John McGregor
Yeah. So the biggest one of the I remember we actually the REIT had the housing director coming to our board meeting when before, before it was fully announced.

Aaron Horne
Just before we continue. Speaking of the area, I tell you we're allowed to talk about.

Speaker 4
Oh yes.

Aaron Horne
Excited about some news on that front.

John McGregor
Yes, that's true. So we're.

Aaron Horne
Not worthy. We're not working.

Speaker 4
On the Johnny Mack.

John McGregor
President Day. Well, technically, it's not. So it's there's there's there's there's a couple of arms to the institute. So they've got the board of directors, but then there are the Southern branch, so which is just, you know, it's a smaller offshoot for other responsibilities. But they asked me to be the president of the Southern Branch Hut.

Aaron Horne
Damn, we are sitting in a room with royalty. I will take it when I look at this. So congrats, my man. Welcome to the the big leagues.

Speaker 4
I did get a little present for me. Did you? Did you want to talk to them about your card? Johnny Mac. Did it actually look like you?

John McGregor
Oh, yeah. The bunny with the monocle. I still. I still should get a monocle.

Speaker 4
I think you should just put it in your pocket.

John McGregor
But I did appreciate the fact you're acknowledging my style, so on and on. Yeah, that's a that's.

Speaker 4
You know, we're proud of you. We're lucky to have you. We really wrap to share days with you or article of wisdom.

John McGregor
So now it's nice, you know, like we I think one of the things I got from my parents actually was that we're really big on giving back as much as we can in terms of because look, there are look, it's all volunteer work realistically. Yeah, but when there are, there were those of us who would say, look, oh, I can't believe they're doing this once, you know, help them.

Aaron Horne
Do something about.

John McGregor
It. So yeah, sort of. I suppose it's something we're passionate about, you know.

Aaron Horne
Yeah. And I look at massive congrats and yeah, it's a, it's, it's a great accomplishment, an achievement to yet be invited to be the president of the Southern branch. So yeah I think hats off that we don't have and yeah. Now I'm sorry to jump in on what.

John McGregor
Would be one of the interesting things about being in these positions that you do you know if they consoled us, they don't always but you do we do have conversations with, you know, those those parties that actually implement these programs. Not to say that the REIT had an impact. Impact if it didn't. However, it is nice to have those conversations get to ask questions at a different level.

Aaron Horne
Yeah, for sure.

John McGregor
But one of the this this this is not the first time something like this has existed. It has you know, now people might be familiar with the first home buyers grant that's been around for some time now. This one was a good way to think about it, is it? Oh, it's easy for you because you've got the bank of mom and dad to throw down a deposit.

John McGregor
Okay, so what the government wanted to do then is could they step in and help in those situations.

Aaron Horne
So the government become the bank of mom and dad? That's right. So, yeah.

John McGregor
So the state government or the director of housing. Yeah. So in this particular case, they called it the My Home Loan program and it was just for first time buyers and it wasn't just for first time builds. It was they acknowledged the fact that, well, then there's so many people that are in a sticky situation that.

Speaker 4
Can't wait for building and can't wait for council approval and.

John McGregor
Of in a situation where they can't afford $100,000 to save, you know, a long time ago, one of the listeners actually wrote in to say she was a single mom with two kids, couldn't save, but she finally got herself into her home. Not in this program, but god damn it, it was hard for her. Yeah, and she did need us.

John McGregor
She did need help. And. But not everyone has friends and family that can pitch in to get that first leg. And when you've got a single income, you've got kids and it's like, oh, God, now got to save 50, 60. Okay? It almost just seems like it's not possible.

Speaker 4
We can't do it and pay rent at the same time. It's almost impossible.

John McGregor
So so what they've done, is it then this particular program, they are the director of housing becomes a coach owner in the property. So what they'll do is they'll help they'll help provide that ingoing deposit, which is 30%, you know, 30% of the value of the value of the home, up to $150,000 as a maximum. Yes.

Speaker 4
And it's up to it's a 600000 to 6.

John McGregor
Hundred thousand dollars threshold. So that goes in line with the first time buyer incentives, where at 600,001st time buyers get, you know, 50% off the stamp duty. So so it is capped at that at a price limit, but it's not capped at age or circumstance if there's only some certain eligibility criteria that you need to meet. So even if you've owned a home before and, you know, lost, you know, life's been hard on you.

Aaron Horne
You can still be eligible for this program.

Speaker 4
Which is.

John McGregor
Great. So they do asset. You know, there's I mean one principal thing you need to be a citizen so they obviously they can't allow that to migrants that are tempted.

Speaker 4
By a B that's a different thing.

John McGregor
And then with that, those that you do have some asset threshold. So I think it's, you know, roughly you can own more than a thousand, $100,000 in assets. These numbers aren't exact, but we'll just, you know, roughly got we've only limited on.

Aaron Horne
Like there's a there's a blog out there that we put together Nina superstars put that together. So yeah head over 414.

John McGregor
Steps and and the fact sheets they've put together, partnered with the Bank of us is really good, you know.

Speaker 4
And Johnny Mack, do, you know, probably cutting to the chase here. So when they go to sell the home and that's when they then they would take the equity, the share of equity back. I'd take it.

John McGregor
Yeah. So there's a couple of things, so there's a couple of scenarios here. So the so the first thing, once you can get approval, so they will be a owner. There's a couple of things you need to meet. So obviously you still need to be approved that you could service a loan of whatever that amount at the end of the day may be.

John McGregor
And secondly, too, they do require you to have a a building inspection clause with a defect limit of ten grand. And then we've discussed on the job previously. Just quickly, it's to say that if a building inspector goes through and fine damages to the property in excess of that ten grand, well then you can withdraw from the contract.

John McGregor
So the obviously the director of housing doesn't want a situation where they're buying a bunch of dumps. You have quite simply so because they can't guaranteed on a new home if they're letting it be in established homes they need to be you know the they need to be a quality show. So how that plays out then is let's say you're settled, you're in, you have your Suzy what you're in the director of housing that owns the property in you know what?

John McGregor
What that means is that they'll have a percentage share. So it may be 20% ownership or 30% ownership. And in the event that you go to sell well, they need to get paid. And if the property increases in value and well, they've got a 30% share, so they get a they actually get a return on their investment as well.

John McGregor
Yeah. So obviously you get a return on your investment that a.

Speaker 4
Good that it was.

John McGregor
Well yeah but because it's an investment for them, they're not gifting you the money obviously they have to be repaid back. Yeah for sure. So you know in one scenario talked about the they've got two situations of scenarios. This, you know, a first time buyer, they've got one that's a, you know, dad with two kids. They've got a family growing in inland.

John McGregor
So in his case scenario, he had a situation where he had yet to. Another thing, too, is that you only need 2%.

Speaker 4
Yeah. So so I think it should be something like.

John McGregor

Aaron Horne
Thousand percent. 1,000%.

John McGregor
So in in one scenario that they provided help, you know, you can still add more deposit. Remember that they will invest deposit up 250,000 as a maximum.

Speaker 4
And not only that, obviously, then the stamp duty, the 50% stamp duty rate bite as well. Yes. Yes. You know, and then I'll get down by about six or seven grand as well.

John McGregor
And that's the thing like that enables the loan for you to repay to be much more easy to manage. So when you are selling, in the end you will need approval from the Director of housing because they are cosigners. Yes, and the other part too, is that if there is a, you know, an increase in value, you will you will benefit from that value, but so will they.

John McGregor
Okay. So it's not like that. You've just got 150 grand in you in it. I if however, one thing that I don't believe has been fleshed out yet because we we had a situation when in the old scheme where there was a client who bought a brand new home but was trying to sell it at the property to loss.

Speaker 4
So yeah. What happens then.

John McGregor
Yeah. So that was a really difficult one.

Speaker 4
To lower them that money or.

John McGregor
Well and that's I don't know whether or not the the we couldn't get an easy answer at the time to walk through that scenario but it's sort of one that's that thought enough. It was so rare that it wasn't. But there's sort of that it's going to be a one on one service specific and there won't be a blanket rule on that case.

Aaron Horne
Okay.

John McGregor
Sure. Because think of the scenario where, oh, I bought it for 600, but I need to sell it for 650 due to the loss and just decide as the director of housing. So that's a, you know, a real sticky one because, I mean, think of it from the public. The public isn't going to want everyone to think, well, holy shit, they're investing out, you know, the public funds and taking losses on all these properties.

John McGregor
So it's, you know, in a in a simple scenario, you know, no trouble.

Speaker 4
But they're hoping that if long term investments, they're going to return some.

John McGregor
And so and that was where two is it if you want to if you chose to refinance the property and buy out their share. So a simple scenario, they bought the property for 600. It's now or.

Speaker 4

John McGregor
You know one well if you refinance in order to buy it, the share the director of housing is still you still have to pay them at the new value, you know. So it's always.

Speaker 4
Making the growth.

John McGregor
And it's a good way to think about it that they're investing with you. That's not a handout. They're investing with you. So but the great thing is, is that if there are those people that legitimately are stuck and cannot, you know, and sometimes to we worked at had this conversation with a couple of our tenants who's in a long term lease but the owners want to sell the property.

John McGregor
Well, we worked out if we work, put them, you know, encourage the seven, look through this home share scenario, they'll actually pay less in rent. Now, obviously, sometimes the house isn't going to be as good as what they are. But we said, well, look, you move. If if we put you into another rental, you're in the exact same situation and one of the guys would move.

Speaker 4
Like live.

John McGregor
Well if you move every year for six years. And so they're not they're not getting any.

Aaron Horne
We're not leveling up. They're just kind of sitting at the same status quo.

John McGregor
But they realize, oh, actually, I could, I could. I've got that. I could, I could I can't buy a house with a large deposit, but I've got enough for this one is like, well, what if we could, you know, maneuver you into at least then you've got some stability because the director of housing isn't going to go, Oh, I want my house back.

John McGregor
So that's and so this program I think is a really strong one for especially.

Speaker 4
Stability.

John McGregor
In a real cycle of, you know, you know, stability for those then that, you know, don't have the capacity to save up for a ten, 20 to $20000 deposit. And they don't have the family. And this is where it steps in, because I think the that from the director of housing's perspective is it is they as best as they can to get everyone on their own, you know, on their own feet?

Speaker 4
And the only thing you have to spend 600 I mean, you could not be buying a unit of 400 something like we said then you're talking about not making anywhere near a $12,000 deposit, maybe eight or something like that. So it's not.

Aaron Horne
Exactly.

Speaker 4
Yeah.

John McGregor
Yeah. And the other thing is too is that your weekly repayments are done. So the, so what you'll do is the at the moment it's through the Bank of us, so they're the approved lender so they can, you know, put, put your, put your interest down and someone to contact about it. But of course we'll wait. You know, if you know, anyone can reach out to a company, we can help, you know, put put them in touch with the right channel.

John McGregor
Beautiful. But it's just a really encouraging program where, again, even in the like just throwback is it in a in a hot market two years ago? No. No owner would have accepted these terms because.

Speaker 4
Because we were onerous with the like.

John McGregor
That's it. Because you no longer finance periods, other elements. But now because this market's correcting now these people have got an opportunity to make this happen. Absolutely. So it's another silver lining for people to be off, you know, waiting on the on the sidelines just it's been impossible. Now's the time to be able to make that happen.

Aaron Horne
Bringing it all together. How about that? The silver linings of the corrections. I'm loving it, guys. Absolute cracker. Thank you so much for coming in. Can I give you just one little silver lining that I wanted to mention? It's got nothing to do with real estate.

Speaker 4
Is it about is it about the people that you work with every day?

Aaron Horne
Oh, looks like they bring so much joy to me every day. But yeah, these bad boys, I.

Speaker 4
Just love them. They look like.

Aaron Horne
Cool. I know. Well, I'm going to tell you something. Just take a little nibble. Just. Just have a little bit of chocolate. I know that there's not there any asthma people out there that maybe they would like that noise. But anyway, I just want to shout out Ruby Jay Espresso up and don't park at some, you know, where the Iman's clinic is.

Aaron Horne
Yeah, yeah, yeah. It's like a hole in the wall there. Reya that runs that place has these amazing. Sounds good. Eddie cups. And do you eat them? They're edible.

Speaker 4
I wish. I wish everyone could use these and not throw another paper cup in the bin. Well, the cool thing, I mean, the vegan.

John McGregor
Coffee beans in there, you know, since the start enough has been.

Speaker 4
Like, I wish we could tell this story. I wish I could tell the story of why you've got the chocolate one.

John McGregor
And now that there is chocolate on the on the other way.

Aaron Horne
No, look, I did.

Speaker 4
Chocolate.

Aaron Horne
I when I went in there on Friday on our recommendation from you guys.

John McGregor
Pretty damn good.

Speaker 4
And it actually quite tasty.

Aaron Horne
Mm hmm. So I went in there on Friday on a recommendation, a superstar employee here, Mikaela, who just wrapped the podcast the other week as well. Those guys, her mom.

Speaker 4
Yeah, you can plant in them, too, so you can put your little plant like seedlings.

Aaron Horne
Yeah. So it's a company out of Victoria in Coburg saying eat it, compost it, planet and it if you want to. Yeah.

John McGregor
And then it disappeared.

Speaker 4
You can say them.

Aaron Horne
Yeah. So it's a really, really cool idea. We love all the sustainable stuff here at 414 and now we're looking after our planet. So yeah, watch this space and yeah, head into ruby juice espresso in don't park you won't be disappointed. My son had the best time with the hot chocolate. All right, so. Yeah, yeah. A massive silver lining on that side of the fence.

Aaron Horne
So, yeah, shout out to shout out to Ruby Jay. And, yeah, the good Eddie Cups as well. Cool. Did you guys want to cover for anything else before we finish up or.

Speaker 4
I think, Ernie, that we continue on our base mode. We've just employed another family member.

Aaron Horne
We have. Yes.

Speaker 4
And I think we've got we've got place for like one more. Two more.

John McGregor
There's always.

Aaron Horne
Room. There's always room for.

John McGregor
More, for good people.

Speaker 4
And we might didn't realize that we had signed on our beautiful bunker until I drove past yesterday.

Aaron Horne
Yeah. So shout out to the Hope interview crew out there as well. Our bunker now just looks to of ads. It's kind of the matte black with a gloss. Yeah, it's cool. Yeah.

Speaker 4
So seriously cool.

Aaron Horne
So yeah, look. And for us, an exciting place to be. Shout out to everybody that's listening to the property pod. We we love coming here every week and we've got people fighting to get in the studio, which is the best bit. I mean, Mikayla.

Speaker 4
Like three or four months inside.

Aaron Horne
I know. And when you came with us with the idea, I was just like, yes.

John McGregor
The list is if you come with us an idea, you're in. You know, that's that's the winning combination right there. You just come with an idea and take us.

Aaron Horne
They are always.

John McGregor
Looking for topics, you.

Aaron Horne
Know, like we'll have our listeners shout out to everyone out there that is a part of the property pod. We will be back next week. Who knows? We'll be in the studio. Come on over. You may all be someone else in the buttons.

Speaker 4
Oh, have you guessed?

Aaron Horne
Guess button presser. That'd be fun. All right, guys, thank you so much. The the market is correcting, not crashing. Just let it be known. And CEO.

John McGregor
Glenn.

Aaron Horne
You have been listening to the property, both recorded and edited by former and full media house in conjunction with the Fall and Fall Property Code. This podcast is general information only and the thoughts of views expressed is the opinion of our panel and listeners should always seek their news, their own investigation into any topic we discuss to ensure they fully understand their own situation.

John McGregor
It does not constitute and should not be relied on as purchasing, selling, financial or investment advice or recommendations expressed or implied. And it should not be used as an invitation to take up any agent or investment services. No investment decision or activity should be undertaken on the basis of this information without first seeking qualified and professional advice.