Is higher inflation a blip on the radar? Tenant deaths in rental properties, Real life pirate island hits the market, +news and more

Good Morning from Elite Agent

Wish you had a crystal ball to understand vendor sentiment right now? We’ve got the next best thing - we took a snap poll of Elite Agent readers on just how confident vendors are in the property market at the moment. And 70 per cent of readers said vendor sentiment is rising, which matches with the results in the Property Council’s Confidence Index.

The poll, from our Sunday newsletter Movers + Shakers (subscribe here), showed 17 per cent of you say vendor sentiment is high at the moment, while just 9 per cent say sentiment is flat, and 4 per cent believe it’s sliding lower.

Today, we are also covering:

• Is higher inflation just a blip on the radar?

• Tenant deaths in rental properties

• What crane-filled skies mean for real estate

• Real life pirate island hits the market

• And much more!

Let's get to work 🚀

Instant Inspo 💡

BE MEMORABLE

Treat every auction as a performance. Even if the property doesn't sell, use your skills to create a memorable experience for the seller, buyers, and the agent you represent.

Go Deeper with Damien Cooley here.

On our radar

Stuck on a high?

This week’s CPI figures have a few folks worried ‘sticky inflation’ is becoming embedded in the economy and will see the RBA push the first interest rate cut to 2025, at best.

What’s ‘sticky inflation’ you ask?
It’s when prices of things like food, clothes, and services keep going up and don't come down easily, despite how the economy is or isn’t doing.

Think of it this way: when costs, like wages and rent, don't drop quickly, businesses keep their prices high to cover these expenses. Imagine if a shop is still paying a lot for rent and salaries; they can’t easily lower the prices of their products. This makes inflation ‘sticky’ because prices stay high and don’t fall smoothly or quickly.

Canstar’s Steve Mickenbecker says the reported 1 per cent rise puts inflation well above what’s needed to return it to the RBA’s target band by the end of next year.

More, including commentary by REIA president Leanne Pilkington here.

Today’s Feature

Tenant deaths in rentals 😢 Can insurance cover the costs?

When a tenant dies at a rental property, the aftermath can leave landlords grappling with more than just emotional turmoil. However, according to EBM REntCover’s Sharon Fox-Slater, insurance could be a saving grace, helping to recover costs from lost rent to repairs.

But, as Sharon notes in today’s feature, not all insurance is created equal, and your landlords need to ensure they're adequately protected in worst-case scenarios. More here.

Today’s Quiz

Take a seat and guess — is this porch scene real, or did AI take a swing at it?

Brekky Browse

Meanwhile in Dubai 🇦🇪

AI app set to transform Dubai real estate

Property moguls in Dubai are set to benefit from a revolutionary AI-powered app by Realiste, designed to streamline real estate transactions as smoothly as those in the stock market.

This app will give developers vital market insights to guide their projects and provide real estate agents with access to a worldwide property database, simplifying deal-making.

With its upcoming debut in Dubai and plans for broader expansion, the app aims to transform how investments and asset management are handled in the real estate sector. More here.

Anything else?

The Mona Lisa can rap!

Microsoft has revealed its latest AI model, VASA1, which can produce lifelike audio-driven talking faces generated in real-time. All that’s needed is a static image and an audio clip. The model can produce lip movements synchronised with the audio and capture a large spectrum of facial nuances and natural head movements that make it look super real. One incredibly humorous example Microsoft has created to demonstrate the model is using audio of actress Anne Hathaway performing a Lil Wayne-style rap paired with Leonardo da Vinci’s painting of the Mona Lisa. You can check it out here.

Dates for your diary

Find Elite Agent Editor Samantha McLean speaking about real estate and AI at these upcoming events:

May 2 First National Conference, New Plymouth NZ
May 10 AI Powered Agents Subscriber Masterclass (Virtual)
May 17 Raine & Horne PM Conference, Bowral, NSW
May 27 AREC, Gold Coast, Qld
June 3 Harcourts PM Conference, Gold Coast, Qld
July 12 AI Powered Agents Subscriber Masterclass (Virtual)
July 19 Leah Calnan National PM Day, Melbourne, Vic
July 30-Aug 1 Proptech Summit + Workshop, Sydney
August 11-14 Elite Retreat, Hayman Island, Qld
August 25 PPM Conference, Gold Coast, Qld