Sometimes it takes a sensational event to bring attention to major problems. Take, for example, the evacuation of approximately 3,000 people in Sydney’s Opal Tower and Mascot Towers.
Through these two stories dominating the headlines, Sydney's dysfunctional planning and development system has been highlighted.
How big is this problem? How can both ordinary citizens and our governments address this issue?
Laura Crommelin of UNSW shares with us her findings on the research she has conducted into building defects in strata, the truth about building defects, problems with design and construct contracts, and everything about the hazards that may be present in a building.
If you enjoy the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at questions@theelephantintheroom.com.au!
See you in the episode!
 
Episode Highlights:

Why Laura decided to tackle Sydney’s building defects in her research [01:54]
The challenge of finding out the truth [06:52]
Coming up with a definition of a ‘defect’ [10:44]
What are the most common building defects? [12:21]
Design and construct contract and its issues in residential construction [14:39] 
When does the government get involved in these building problems? [19:38]
Is the government’s strata building bond inspection scheme a good move? [22:23]
Data blindness when purchasing brand new properties [25:37]
The star-rating system for developers [29:21]
Do developers and builders care about the building defect issues? [32:57]
Luxury and quality may go together, but what about affordability? [37:09]
How can we get out of this mess in the property industry? [43:15] 
The light at the end of the tunnel [47:02]
Laura's property dumbo [49:35]
Being aware of the defect issues before you suffer from them [53:11]
Creating a standard for record-keeping in strata properties [56:06]

 
Links from the Show:

Cracks in the Compact City: Defects in Strata
Episode 188: Is your property fire safe? | Rob Broadhead, 2020 Fire Protection
Episode 176: Developers are in the Government’s crosshairs | David Chandler, NSW Building Commissioner
Episode 206: Buyers Beware: Who Controls Your Access to Information? | Dr. Nicole Johnston, Deakin University
Episode 112: Pandemic Crisis, What Will Happen to the Market | Veronica Morgan & Chris Bates

 
About Laura:
Laura Crommelin is a Senior Lecturer in the City Planning Program at UNSW Sydney, teaching planning law and governance and working on research related to urban and housing policy. She is also a Fellow at UNSW's City Futures Research Centre. Laura’s research interests cover a range of trends and issues in post-industrial cities, including urban renewal, urban governance, digital disruptions (e.g. Airbnb), place branding, and DIY urban revitalisation practices.
 
Connect with Us:

Looking for a Sydney Buyers Agent? www.gooddeeds.com.au
Work with Veronica: https://linktr.ee/veronicamorgan
Looking for a Mortgage Broker? www.wealthful.com.au
Work with Chris: hello@wealthful.com.au 
Send in your questions to: questions@theelephantintheroom.com.au 

 
Find this episode on our website:
https://www.theelephantintheroom.com.au/podcasts/216 
 
If you’ve enjoyed this episode, don’t forget to like, share, rate and subscribe for more! See omnystudio.com/listener for privacy information.

Laura Crommelin | Just How Big Is Sydney's Building Defect Problem

Who's really in control when you buy a property?

The Elephant In The Room is where the things that no one wants to talk about, actually get talked about.  

Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate.

Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property.

In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session.

The plan? This property podcast has been created to help us all make better property decisions!

Business

Investing

Careers

Management & Marketing

Business News

Shopping

News

How can you distinguish the trustworthy buyer’s agents from the rest in a market flooded with options? With so many buyer’s agents vying for your attention, it's easy to fall prey to misleading promises and hidden agendas.
In this episode, we delve deep into the world of buyer’s agents, uncovering the essential red flags every prospective property buyer should be aware of before making that crucial hire. With the real estate market booming and buyer’s agents popping up left and right, it’s more important than ever to discern who can truly save you money and secure the best property assets.
If you're looking to buy a property but feel overwhelmed by the sheer number of buyer’s agents out there, this episode's for you. Tune in to uncover the red flags every property buyer must know before selecting and hiring a buyer's agent.
Episode Highlights:
00:00 - Introduction
03:49 - Why should clients be more careful in selecting a buyer’s agent today?
06:56 - How regulatory disparities impact the credibility of financial advisors and buyer's agents
13:43 - What challenges arise in managing relationships between clients and buyer's agents?
19:14 - Why you need to be cautious in engaging buyer's agents for property investment
23:40 - Understanding the true value proposition of buyer's agents in property transactions
29:24 - What should clients know before engaging buyer's agents for off-market transactions?
35:31 - Why inexperienced buyer’s agents should be treated like first home buyers
37:48 - What are the crucial factors to consider when choosing a buyer's agent?
40:19 - The importance of local market knowledge in property valuation
42:50 - What's the true cost of being a buyer's agent?
46:00 - The pitfalls of rose-colored glasses when it comes to property investment
49:25 - Qualities to look for in a buyer's agent for an advantageous home purchase
53:18 - Final words of advice for those in search of an effective buyer’s agent
Resources:

Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
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See omnystudio.com/listener for privacy information.

Red Flags You Must Know Before Hiring a Buyer’s Agent

Are you curious about what Lenders Mortgage Insurance (LMI) is and how it actually works? Do you wonder if it's necessary and worth considering when purchasing a property, or do you think it's just an additional cost you can avoid?
In this episode, we sit down with Strachan Taylor from Helia, Australia’s leading provider of LMI, to delve into the details.
We aim to clarify how often claims are made and why, despite its additional cost, LMI can be a beneficial safeguard rather than something to avoid. By breaking down these aspects, we help you make better decisions about LMI in your home buying journey.
Tune in to gain a comprehensive understanding of LMI and discover why it might just be the safety net you need.
Episode Highlights:
00:00 - Introduction
01:01 - Who is Strachan Taylor?
01:33 - The history and evolution of Lenders Mortgage Insurance (LMI) in Australia
05:56 - Who else are the competitors of Helia in the LMI space?
06:27 - How has the federal government's 2019 first homebuyer guarantee impacted Helia?
08:43 - Could future regulatory changes potentially blindside your business operations?
10:06 - Do lenders evaluate the potential for property appreciation or depreciation?
12:14 - Is there industry-wide pressure for insurance companies to offer cheaper prices?
14:39 - Is the bank of relatives another competitor in the LMI space?
18:24 - The role and perception of LMI in the home buying process
21:29 - Strachan’s thoughts on new policies where banks are more willing to self-insure
24:19 - How are the LMI premiums calculated?
27:18 - What’s the riskiest type of property for first home buyers?
30:42 - Thoughts on Fintech, Proptech, and etc…
36:54 - Strategies and initiatives by Helia to address the housing affordability crisis
40:15 - How has Helia's share price evolved from its lows to its current levels?
43:30 - How does Helia view customer behaviour regarding home insurance and refinancing?
45:27 - Do borrowers continue paying LMI after refinancing their mortgages?
46:51 - Considering various options including reusing LMI benefits before refinancing
51:15 - Stop looking at LMI as just and additional cost
56:33 - Strachan Taylor’s property dumbo
About Our Guest:
Strachan Taylor serves as Helia's Strategic Partnership Leader, where he spearheads a dynamic partnership team dedicated to collaborating closely with lender customers in pursuit of helping more Australians achieve financial security through home ownership, expedited by LMI solutions. With a comprehensive skill set encompassing team leadership, communication, and business development, Strachan brings tertiary-level qualifications and extensive expertise in sales, marketing, distribution, and risk management to the helm, constantly striving to enhance risk and capital management solutions and provide valuable market insights for Helia's customers to bolster their risk-writing capabilities.
Connect with Strachan Taylor:

Visit their company website: https://helia.com.au/
Follow Strachan on LinkedIn: https://www.linkedin.com/in/strachantaylor/

Resources:

Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast  questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765
See omnystudio.com/listener for privacy information.

What Is Lenders Mortgage Insurance and How Does It Really Work?

Are you curious about the hidden forces driving Brisbane’s property boom? What impact is the upcoming Olympics having on the property market, and is the construction for the games draining resources from other sectors? Beyond these questions, what else could be behind this sustained period of rapidly rising property prices, and is there any sign of a slowdown on the horizon?
Today, we delve into the dynamics at play with Meighan Wells from Property Pursuit. With over 20 years of experience, Meighan offers unparalleled insights into what’s happening on the ground in the Queensland capital. We explore the impact of the upcoming Olympics on Brisbane’s real estate and ask whether the hype around the games is really pushing property prices up? Meighan sheds light on how these dynamics are shaping the current market and what prospective buyers should be aware of.
Beyond the Olympic effect, we examine other factors contributing to Brisbane’s rapid property price growth. Are there deeper, less obvious influences at play?
Tune in to gain a comprehensive understanding of Brisbane’s property landscape and get expert advice from one of the city’s most seasoned professionals. Let's get started!
Episode Highlights:
00:00 - Introduction
01:07 - Who is Meighan Wells?
01:48 - What are the latest trends in Brisbane’s real estate market?
05:18 - How has Brisbane’s real estate market changed since 2020
09:32 - What are the reasons behind the shift towards unit living in Brisbane?
13:54 - How is the tightening of borrowing capacity affecting buyer behaviour in Brisbane?
17:33 - Are buyers' desirability of suburbs shifting due to return-to-work changes?
25:45 - What is the current situation regarding rental availability and demand in Brisbane?
30:50 - How does the trend of multi-generational living affect property ownership patterns?
34:38 - What strategies are first-time home buyers employing to enter the market?
36:33 - What differences exist in buyer behaviour in Brisbane?
41:14 - Data on the nature of property transactions in Brisbane,
42:35 - Is the Olympics truly affecting Brisbane’s property market?
47:58 - How does Brisbane's cultural scene stack up against other cities for expatriates?
50:21 - Meighan Wells’ property dumbo
About Our Guest:
Meighan Wells is the Principal of Property Pursuit, co-founder of the Home Buyer Academy, and co-presenter of Your First Home Buyer Guide Podcast. She developed the REIQ course Acting as a Buyer’s Agent and was the Chairman of the REIQ Buyers’ Agent Chapter. In 2010, she was named REIQ Buyers Agent of the Year for the third consecutive year. A recognized expert on the Queensland property market, Meighan is frequently featured in major media outlets like The Financial Review and Realestate.com.au.
Connect with Meighan Wells:

LinkedIn https://www.linkedin.com/in/meighanwells/
Property Pursuit Website https://propertypursuit.com.au/
Home Buyer Academy https://homebuyeracademy.com.au/
Facebook https://www.facebook.com/MeighanPropertyPursuit/

Resources:

Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765
See omnystudio.com/listener for privacy information.

The Hidden Forces Behind Brisbane’s Property Boom

Could increasing housing supply alone effectively address our current affordability challenges, or is the housing crisis more accurately characterised as just a recurring issue with a new label?
In this episode, we sit down with Dr. Cameron Murray, Chief Economist at Fresh Economic Thinking who specialises in property and urban development. We dive into the question of whether the term "crisis" accurately captures the challenges of the housing market, or if it's a situation we've already faced before under different names.
Dr. Murray's new book, "The Great Housing Hijack," takes a critical look at the misconceptions driving up prices for both renters and buyers. We discuss whether simply building more houses is the key to solving the problem, or if there are deeper issues at play that need to be addressed.
We've included a lot of relevant topics in this conversation including zoning changes and alternative solutions to the housing crisis, so tune in to get a clearer picture of the complex issues surrounding these property market issues.
Episode Highlights:
00:00 - Introduction
01:14 - Who is Dr. Cameron Murray?
02:03 - What motivated Cameron to write the book “The Great Housing Hijack”?
06:06 - How do market equilibria affect the perception of a housing crisis?
14:32 - Why zoning changes won’t immediately create a development boom
17:14 - Who can assist with funding for housing development?
23:24 - Why Cameron disagrees with those who cite Auckland as proof that rezoning works
28:23 - Analysing the interplay between human behaviour and housing market trends
34:36 - Cameron shares his thoughts around NIMBY-ism
38:52 - Assessing factors that could stall long-term housing trends
46:24 - Why is the assumption that supply alone can solve the housing crisis flawed?
51:13 - Should public housing be considered as a potential solution for affordability issues?
55:57 - The importance of government action in ensuring access to affordable housing for all
59:29 - Potential strategies for government intervention to address housing affordability issues
1:01:13 - Cameron Murray’s property dumbo
About Our Guest:
Dr. Cameron Murray - Chief Economist at Fresh Economic Thinking who is a leading voice in Australia's housing conversations. He recently authored the book "The Great Housing Hijack." With experience as both a renter, homeowner, and landlord, as well as in property development, Dr. Murray brings a practical understanding to his analysis of housing issues.
Connect with Cameron Murray:

Website https://www.fresheconomicthinking.com/
LinkedIn https://www.linkedin.com/in/cameron-murray-39b63017/
Facebook https://www.facebook.com/fresheconomicthinking/

Resources mentioned in this episode:

The Great Housing Hijack: The Hoaxes and Myths Keeping Prices High for Renters and Buyers in Australia https://www.amazon.com.au/Great-Housing-Hijack-keeping-Australia/dp/176147085X

Resources:

Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765
See omnystudio.com/listener for privacy information.

Is Increased Housing Supply the Real Solution to this Housing Crisis?

In this month's Suburb Trends report for May 2024, we're diving deep into the world of property investment, exploring a critical issue that every investor should be aware of: false positives in property data.
With the property market experiencing upward pressure on prices due to low supply, investors risk being misled by appearances, just like the allure of a dimly lit nightclub before the lights come on. Without the ability to distinguish between promising investments and pitfalls, investors may find themselves making pretty costly decisions based on misleading data.
To shed light on this topic, Kent Lardner joins us to discuss strategies that will help in discerning between genuine opportunities and false positives. Together, we'll explore strategies for evaluating property data, spotting red flags, and making better investment decisions even in the midst of inflated markets.
This is the beer goggles and property episode! Tune in to learn how to spot false positives in property data.
Episode Highlights:
00:00 - Introduction
00:56 - How the "lights-on" moment aims to reveal hidden truths in property investments
03:49 - How can one mitigate the impact of external factors on property market analysis?
05:33 - What core factors should owner-occupiers prioritise when assessing property options?
09:35 - Is the current trend of investors targeting affordable properties sustainable?
14:18 - How can market players anticipate and respond to potential downturn scenarios?
19:01 - What are the real factors behind the increase in housing costs
21:03 - How are affordability ratios and wealth interconnected in suburban markets?
25:01 - The importance of macro and micro-level data when considering property investments
29:24 - Key factors influencing investment decisions in the real estate market
31:57 - Is there a risk of social unrest due to housing inequality?
37:26 - What are the current rental housing challenges in Melbourne and Sydney?
47:34 - What are the implications of the Docklands case study for urban development?
About Kent Lardner:
Kent Lardner is an expert data science and business leader with 30+ years of experience at leading companies like JLL, CoreLogic, and General Electric. He has led teams of 5 to 200 people across Australia and China, driven by his passion for high-growth digital businesses. Kent is also the founder of Suburbtrends, a leading property research firm trusted by major names in Australian property and featured in mainstream media.
Connect with Kent Lardner:

Kent Lardner’s LinkedIn: https://au.linkedin.com/in/kentlardner
Kent Lardner’s Website: https://suburbtrends.com/

Resources:

Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.blusk.au
Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765
See omnystudio.com/listener for privacy information.

Laura Crommelin | Just How Big Is Sydney's Building Defect Problem

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