Damien Cooley

Right.

And we walk in there, and Damian's there, and we were the only people in the store, and it was a phenomenal experience.

Yeah.

And, uh, we're spraying everything, and I went, you know, I, I love smells.

I'm a scent fiend.

Yes.

And I was like, "Yeah, I'll buy that one." And, um, I said, "Okay, we'll take that one, Damian." He goes, "Great.

I'm just gonna make it." I said, "What's that?" [laughs] He goes, "I'm just gonna make it in the lab."

But in the short and medium term, First-time buyers won't jump in because the bank won't lend them the money because of the monetary pressures or lending restrictions.

But also the other point is, and I know Damien Cooley got hammered on that and others have been hammered before, but it's, you know, let's call it for what it is, Martin.

A lot of these homes that are dropping Damien value at a rate of knots are your western suburbs, and the western suburbs is not where the happy latte, happy clappy latte drinking North Shore people that... or Northern Beaches people that want to get into the first-hand buyers market don't want to go and live because it's either too far, not the right ambience, they lack culture, they do this, whatever, whatever, whatever, whatever.

And they don't want to sacrifice time or something.

Yeah, so grew up in the eastern suburbs of Sydney, always wanted to be the real estate agent.

So the age of, yeah, I think it was like nine or ten, saw Damien Cooley, big auctioneer across Australia, I guess.

Yeah.

rocked up to an auction that I was at with my dad.

Again, we're not getting the leadership from government around it.

I saw, uh, Damian Cooley, you know, the auctioneer-

Yeah

...

I think I heard...

I think Damien Cooley did an interview with Adrian Oddy and he posed a similar question and Damien said he had someone faint at an auction and they had to call an ambulance and stuff.

And I was like, God, how do you manage

that? I haven't had anyone faint, but I have had a very heavily pregnant woman become overwhelmed because she just couldn't make a decision.

Coming basically as analysts start to revise their rate expectations after Deputy Governor Howser's hawkish comments on Tuesday.

And finally, one piece of information that I found interesting was that Sydney-based auctioneer Damien Cooley reckons dwelling prices at the upper end of the Sydney market are already down as much as 15%, and some sellers are accepting bids 20% below what they might have expected to receive a few months ago.

The reason why I say that is when sentiment is at an absolute all-time low, that sometimes suggests the bottom is not all that far.

far away.

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If you want to find out more, redenergy.com.au. Now, one of the top auctioneers in the country has accused first homebuyers of spending too much money On other stuff, Damien Cooley says younger people are spending a fortune going out to dinner when they should be staying home.

Well, Damo, it's easy for you to say, mate.

I knew Damien Cooley when he was in his 20s and he was spending a lot of money too.

And housing was easy to buy, Damo, when you were in your 20s and I was in my 20s.

Damien Cooley's told a property summit, what are first home buyers doing to help themselves? It's a question that I ask young people all the time.

He says a lot of these kids are out spending a fortune on going out for dinner and going out with their friends and spending so much money when they actually should be home.

It comes as Damien Cooley has given his advice to first home buyers.