In today’s episode of The Elephant in The Room Property Podcast, we dive into an array of intriguing and thought-provoking listener questions that touch upon a variety of topics.
Join us as we navigate through the realms of real estate, finance, and unconventional investments to provide insightful answers and expert advice.
Among the array of topics we'll be discussing today are the considerations involved when one has the financial means to upgrade their home but doesn't necessarily need to, then we delve into the topic of finding the right buyer's agent in your desired area.
Shifting gears, we also shed light on the various fee models employed by buyers agents. And while we're on the topic of finances, we continue to address the timely topic of how banks are responding to their existing customers once their fixed mortgage rates expire.
Then, we take an unexpected turn as we delve into a fascinating and lesser-known realm of real estate investments—cemeteries. Yes, you heard us right!
Join us for an episode filled with enlightening answers to our listeners' burning questions. Whether you're a homeowner, aspiring buyer, or simply intrigued by unconventional investments, this episode of The Elephant in The Room Property Podcast is sure to broaden your understanding and provide valuable insights into various aspects of real estate, finance, and the world of unusual investments.
Episode Highlights:
00:00 - Introduction
01:08 - Is a home upgrade worth considering even if unnecessary?
08:45 - How to find the right local buyers’ agent in an area that doesn’t have any?
16:50 - Understanding the different fees among buyer’s agents
25:30 - What to look for and what NOT to look for when choosing a buyer’s agent
34:00 - Let’s discuss this unconventional question about cemetery purchases
Resources Mentioned in the Episode:

What to do if the property you buy has a cemetery on it? https://bit.ly/469Rwws

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.

Listener Q&A: Home Upgrades, Cemetery Purchases, Buyers Agents, and Bank Responses

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!

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With property values stagnant amidst a backdrop of soaring prices in other cities, we explore the factors contributing to Melbourne's unique market behaviour. Could the city's prolonged lockdowns have played a significant role in shaping its property landscape? What does the future hold for buyers and sellers? Meanwhile, rising rents beg the question: how does this affect the apartment market?
Today, Jarrod McCabe from Wakelin Property Advisory joins us to unpack these pressing questions. With more than two decades in the property industry – across valuations and investment advisory – Jarrod's expert analysis and insights aim to offer clarity on Melbourne's current property landscape. What could be the culprit behind Melbourne’s unusual property market behaviour?
Tune in to learn all about Melbourne's property market and discover what's coming up next. This episode gives you helpful info you wouldn't want to miss. So hit that play button and let's dive in!
Episode Highlights:
00:00 - Introduction
01:04 - Who is Jarrod McCabe?
01:22 - Trends observed in Melbourne's property market since the onset of COVID-19
02:44 - The recent trends in Melbourne's property market according to CoreLogic data
04:27 - How has the return to work influenced residential preferences in Melbourne?
06:14 - The shift in investor behaviour amidst rising rents and the rental crisis
10:57 - How does Melbourne's urban lifestyle impact property demand and rental dynamics?
14:25 - The impact of recent changes in land tax legislation on property investment behaviour
21:38 - Key factors contributing to Melbourne's resilience as a property investment destination
23:37 - What is happening with the population of Melbourne?
28:30 - Factors contributing to the disparity in property values between Melbourne and Sydney
30:44 - Can investors still find property investments in Melbourne with a budget of $1M?
35:22 - How Melbourne's property market responds to changing dynamics in house prices
39:08 - Planning controls evolving in suburban areas surrounding Melbourne's city center
42:45 - Jarrod McCabe’s property dumbo
45:33 - What's the impact of super Saturdays on Melbourne's clearance rate?
About Our Guest:
Jarrod McCabe, a property industry veteran with over two decades of experience, excels in valuations and investment advisory. His expertise in Melbourne's inner suburban market, combined with sharp negotiation skills, ensures successful outcomes for clients. As property team manager, Jarrod prioritizes understanding client needs while mentoring colleagues. Since completing his Bachelor of Business (Property) in 2000, he has risen to the role of Director at Wakelin Property Advisory, also serving as an active property educator through webinars, seminars, and media contributions.
Connect with Jarrod McCabe:

LinkedIn https://linkedin.com/in/jarrod-mccabe-81333034/
Website https://wakelin.com.au/
Podcast https://wakelin.com.au/education/podcasts/

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’s Behind Melbourne’s Unusual Property Market Behaviour?

Ever wondered why economists seem to favour land tax? What happens if we get rid of stamp duty on houses? And why do some people say negative gearing and capital gains tax discounts are bad? We're here to unpack these questions and more.
Join us in this episode as we explore the often-debated topics of negative gearing and the capital gains tax discount with Chief Economist Michael Blythe, whose recent paper, "In Praise of Negative Gearing" has stirred up quite a buzz. We dive into the insights and arguments he presents and uncover the nexus between property taxes and housing market behaviour.
Whether you own a home, rent, or just want to know more, this episode is for you. Hit play and let's get into the nitty-gritty of property taxes and the housing market!
Episode Highlights:
00:00 - Introduction
01:06 - Who is Michael Blythe?
01:43 - What role does tax play in property market challenges?
03:49 - Historical context: Negative gearing and CGT discounts
10:03 - Did property prices really slow down without negative gearing?
17:06 - How has the ACT's taxation change affected property prices?
25:37 - The pros and cons of an expensive property market from a societal standpoint
29:46 - Is negative gearing detrimental to both home buyers and renters, as some argue?
34:36 - Where does the economy currently stand in terms of inflation control?
37:37 - Is the economy headed for higher prices and a cost-of-living crisis?
40:00 - The limitations of using interest rates as a tool to manage inflation
44:17 - The downsides of downsizing
50:29 - How does the aged care system impact housing availability?
52:04 - The interplay between property investing, negative gearing, and taxpayer costs
57:27 - Michael Blythe’s property dumbo
About Our Guest:
Michael Blythe is a respected Chief Economist and senior executive with extensive experience in economic policy and financial markets. He has worked across both Commonwealth Bank of Australia and Reserve Bank of Australia and brings great knowledge of, and insight into, the Australian and global economy, economic policy and markets.
Connect with Michael Blythe:

LinkedIn https://www.linkedin.com/in/michael-blythe-272a1688/
Website https://www.downsizer.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.

The Nexus Between Property Taxes and Housing Market Behaviour

What is driving the relentless rise in Australia's property prices, and how are homeowners managing as the fixed mortgage rates from the COVID era expire? These are important questions as we deal with rising inflation and increasing living costs, so in this episode, we tackle these issues to see how they're affecting both the housing market and potential buyers.
Joining us to break down these complex topics is Carlos Cacho, Chief Economist at Jarden Australia. Carlos has a deep understanding of Australian economics, especially banking and housing markets, thanks to his previous roles at UBS Australia and Colonial First State Global Asset Management. He holds a Bachelor of Economics and a First Class Honours in Economics from the University of New South Wales, making him a highly credible voice on these matters.
Make sure to tune into this episode for a thorough analysis of the current economic pressures on Australia's property market and what they could mean for the future. Equip yourself with the insights needed to better understand these challenging economic times.
Episode Highlights:
00:00 - Introduction
01:08 - Who is Carlos Cacho?
01:30 - What led Carlos to oppose the common view on reducing serviceability buffers?
06:20 - Does lowering the serviceability buffer improve affordability or just increase prices?
08:48 - Will increasing urban density in Sydney truly improve housing affordability?
12:40 - What factors contribute to continued property price increases in most cities?
18:35 - Key differences in the apartment and house markets in major cities
20:36 - Do seasonal trends affect real estate listings?
26:43 - Will higher interest rates persist longer than anticipated?
32:05 - Could we see a return to the economic conditions similar to those before 2022?
36:27 - Is climate change becoming a big driver for investment around the world?
38:44 - The impact of high interest rates on economic stability over the next decade
44:15 - What are the anticipated migration trends for the upcoming years?
50:38 - Are we meeting our labor demands through skills migration?
52:05 - Carlos Cacho’s property dumbo
About Our Guest:
Carlos Cacho is Chief Economist and leads Australian bank research at Jarden in Australia. Carlos’ research covers all things Australian Economics and Banks, with the strong focus on the housing market. Prior to joining Jarden, Carlos spent three years as Australian Economist at UBS Australia, and previously five years at Colonial First State Global Asset Management. Carlos holds a Bachelor of Economics, as well as a First Class Honours in Economics from the University of New South Wales. 
Connect with Carlos Cacho:

LinkedIn https://www.linkedin.com/in/carlosscacho/
Website https://www.jardengroup.com.au/

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 Economic Tensions Are Impacting Australia’s Property Market?

Ever wondered why people end up spending more than they planned at auctions? What about the missed opportunities for vendors due to ineffective auctioning practices? These common pitfalls not only impact individual transactions but also shape the broader dynamics of the auction process.
In this episode, we're joined by award-winning auctioneer Andy Reid to understand why these problems happen at auctions and how to solve them. We explore why people get caught up in bidding wars and what sellers can do to get better results, then break down the tricks of the trade and give you practical tips to do auctions smarter.
Tune in to gain a competitive edge in the fast-paced world of property auctions and learn how to avoid the common mistakes that can cost you money. Join us for a chat that could change the way you approach auctions.
Episode Highlights:
00:00 - Introduction
01:04 - Who is Andy Reid?
02:14 - Is it true that the buyer with the deepest pockets always wins the auction?
06:30 - Examples of auctions benefiting buyers more than sellers
09:51 - How does an auctioneer provide value with limited preparation time?
11:20 - What insights does an auctioneer gain from reviewing auction contracts?
17:27 - What briefing can buyers expect from agents before auctions?
22:45 - Auctioneer strategies in balancing silence and pace in auctions
25:46 - Why buyers should research the auctioneer before attending an auction
30:20 - Stories of shocking auctioneer mistakes
34:25 - Understanding vendor bids: their purpose and usage by auctioneers
39:44 - The legislative aspect of negotiating at the reserve price in Victoria
47:37 - Passing in a property at auction
50:19 - Declaring a property "on the market" during an auction
55:28 - Andy Reid’s property dumbo
57:43 - Final advice for auction bidders and one major mistake to steer clear of
About Our Guest:
Andy Reid is an award-winning sales coach and top auctioneer in Real Estate known for his emphasis on emotional intelligence and mental health advocacy. Recognized as the Australian Auctioneer of The Year in 2022, Andy owns a thriving auctioneering business serving over 130 agents/agencies in Metro Melbourne. With a 'human first, agent second' approach, he has helped thousands of homeowners navigate Real Estate transactions. Andy's commitment to community extends to raising over $3 million for charities since 2015, making a difference through public speaking, auctioneering, and networking. As an ambassador for mental health charity '100 Words - Mate To Mate,' Andy promotes professional success while highlighting the importance of emotional and intellectual intelligence.
Connect with Andy Reid:

Website https://andyreid.com.au/
LinkedIn https://www.linkedin.com/in/andyreidcoaching/
Instagram https://www.instagram.com/andyreidcoaching/
Facebook https://www.facebook.com/andyreidcoaching

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.

Auctions: Common Mistakes Made by Buyers, Vendors & Auctioneers

Depending on a potentially biased strata report could lead to problems later on, like unexpected costs or hidden issues with the property.  Without clarity on what might be omitted or misrepresented in these reports, buyers risk making decisions based on incomplete or biased information, therefore jeopardising their investment.
Today, we are joined by Michael Ferrier, the founder and MD of EYEON Property Inspections — who has been in the property business for more than 15 years now. With a decade and a half dedicated to perfecting property inspections, Michael's here to help us decipher the characteristics of a reliable report and whether or not it's smart to trust them from the seller's side.
Michael explains what needs to be seen in these reports and how they can help you decide if you want to buy a place. He talks about looking for missing info and warning signs that could mean trouble later on.
So, if you're thinking about buying a place—whether it's your first time or not—this episode is for you. Tune in as we break down strata reports and learn how to make smarter choices when it comes to buying property.
Episode Highlights:
00:00 - Introduction
01:03 - Who is Michael Ferrier?
01:57 - Thoughts on the issues surrounding strata companies about potential misconduct
04:50 - Strata managers’ fees haven’t gone up in 15 years
07:27 - Do undisclosed commissions have an impact on strata reporting?
13:15 - Statutory regulations regarding strata management in NSW
14:35 - Who writes a strata report? Do they need to be qualified?
17:06 - What do buyers typically do once they get a strata report?
21:48 - What does a strata report look like?
25:13 - Red flags you need to spot in a strata report
30:05 - Will properties with clear strata info soon fetch higher prices?
32:23 - Determining a good, moderate, average strata report
36:13 - Key factors to focus on when assessing insurance details in strata reports
39:07 - What are the consequences of owners' reliance on underpaid strata managers?
41:46 - How are strata managers handling maintenance issues in aging buildings?
47:26 - Insights on urban development and zoning regulations
49:09 - Michael Ferrier’s property dumbo
About Our Guest:
Michael Ferrier is the founder and MD of EYEON Property Inspections. Michael founded EYEON because he saw the opportunity to turn a cottage industry into a professional level service, offering high quality reports and outstanding customer support to property buyers and sellers. Michael has over 35 years of experience across government policy, financial services, banking, franchising, building small businesses, and, of course, property. A keen golfer and rugby nut, Michael says that finding solutions to common problems is very rewarding. The challenge is that solutions often require a change in behaviour.
Connect with Michael Ferrier:

Website: https://www.eyeon.com.au/
LinkedIn: https://www.linkedin.com/in/mferrier/

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.

Listener Q&A: Home Upgrades, Cemetery Purchases, Buyers Agents, and Bank Responses

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