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Mike's market update focuses on some new tax data which identifies the highest earning suburbs in Australia. WA's Cottesloe and Peppermint Grove take the lead and the range of incomes will surprise a few. Among other facts and figures, gender wage gaps, average superannuation balances and richest professions all featured in Mike's segment.

"The average Australian taxable income currently sits at $63,882." Our first listener question asked the Trio about their take on the Four Corners Episode that aired in late March 2023. The show focused on poor agent behaviours and conflicts of interest, and our lovely listener wondered what sort of controls exist around such behaviours and duty to disclose. Cate pares it back to two important things that buyers must remember.

• agent behaviours, and
• warning bells for consumers

Our listener also asks about agents' representation to buyers when it comes to asking prices and auction quotes. Cate shares her thoughts about underquoting and some of the challenges that are faced by both listing agents, vendors and consumers.

While underquoting is a horrible practise, Cate agrees with Dave's message. Buyers owe it to themselves to be familiar with resultant sales prices in their area, and applying some pricing methodology is not a difficult science for a committed buyer. Mike's reference of cognitive bias is so true for so many vendors though, and it's crucial that vendors maintain a realistic approach.

Impartiality is the key word and Cate, Dave and Mike decipher what can go wrong for consumers when their trusted professional has a conflict that undermines their fiduciary duties.

Our second listener question is a special one; a loyal listener (and property investor) is keen to help her friend get a strong foot holding on the property ladder and she asks the Trio whether her friend's Melbourne apartment is one to hold or one to sell in the quest for a strong performer longer term.

Cate, Dave and Mike rise to the challenge with their individual strengths shaping some ideas about how our listener can best help her friend. Cate focuses on another element that loving friends and family often overlook.... we can't imprint our own values and dreams on others. Property investing needs to be prompted by a fire in one's belly, and dragging a friend along for the ride is often a difficult challenge.

As Mike points out, strategy, deliberation and commitment is essential for a committed investor. And Dave discusses the need for a desired spending limit, methodical cashflow analysis, and a determination of savings on hand, LVR and borrowing capacity... and then accessing funding is another step yet again.

...And our gold nuggets!

David Johnston's gold nugget: Dave addresses both listener questions. For our first listener, Dave harks back to the most important point to retain: "Do your due diligence." And his advice for our second listener's friend is to "Do your plan!" Simple, but not easy.

Mike Mortlock's gold nugget: As much as we want to be kind and look after our friends, we can't go too far with it. "Imagine if Da Vinci was petrified of not being able to pay the rent and wasn't sketching in his notebook, what kind of world would we be living in?"

Show notes: https://www.propertytrio.com.au/2023/06/12/listener-questions-june-2023/