The Elephant In The Room Property Podcast | Inside Australian Real Estate

Within 72 hours of the federal budget announcement, the property narrative flipped. Buyer’s agents who once championed established homes began pushing new builds.

SMSF strategies resurfaced. High-yield “manufactured” deals came back into focus. The question is—did the fundamentals change… or just the incentives?

In this episode, we break down what’s really driving this sudden shift in property advice. From the two-speed market created by negative gearing changes to the re-emergence of developer-led stock, we unpack how quickly “strategy” can become sales when business models are under pressure. More importantly, we challenge whether investors are being guided toward better outcomes—or simply redirected toward whatever still pays.

We also dig into the hidden risks behind today’s most heavily marketed plays: new builds with impaired resale markets, SMSF property strategies being pushed without proper advice, and high-yield assets that sacrifice long-term growth for short-term numbers. These aren’t new ideas—they’re recycled playbooks dressed up for a new policy environment.

If you’re feeling the pressure to act post-budget, this episode is your reset. Because when incentives change, behaviour follows—but that doesn’t mean you should. The smartest move right now? Understand what’s really driving the advice before you follow it.

02:05 – The Two-Speed Market Explained

04:04 – When Buyer’s Agents Follow the Money

09:29 – The Resale Trap No One’s Talking About

12:16 – Does Negative Gearing Actually Work?

18:44 – The Rise of Dangerous Tax Advice Online

21:37 – The Hidden Risk of One-Stop Property Shops

23:18 – SMSF Property: Lessons from Past Disasters

24:45 – The Mortgage Prisoner Risk Explained

27:42 – The Comeback of “Manufactured Yield”

31:50 – When Investor Demand Becomes a Trap

34:16 – The Push Into Commercial & Regional Plays

36:50 – Who Really Wins This “Fairness” Budget?

41:35 – First Home Buyer Schemes: Hidden Downsides

44:25 – The Upgrade Loophole Most Buyers Miss

46:13 – What Smart Investors Do Next

Veronica Morgan is one of Australia’s most respected property experts, with decades of experience across property investment, buyer advocacy, and market analysis. As co-host of The Elephant in the Room and co-founder of Homebuyer Academy, she’s known for cutting through industry hype with clear, evidence-based insights. Veronica specialises in helping buyers understand long-term capital growth, asset selection, and risk in an increasingly complex market.

Chris Bates is the founder and CEO of Alcove, an award-winning mortgage broking and property advisory firm. With deep expertise in lending strategy, borrowing capacity, and cash flow management, he helps Australians make smarter property and finance decisions. Chris is known for his analytical approach and his willingness to challenge conventional, hype-driven narratives.

Together, Veronica and Chris combine property expertise with real-world lending insight—breaking down what’s happening in the market, why it matters, and how to respond with clarity and confidence.

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

Australia’s housing crisis is no longer just affecting low-income households — as rents rise faster than wages and affordability declines, more middle-income earners and essential workers are being pushed into housing stress.

In this episode, we sit down with Maiy Azize from Anglicare Australia and Everybody’s Home to unpack why this shift is happening and what it reveals about the structure of Australia’s housing system.

We challenge some of the biggest assumptions shaping today’s housing debate — from whether supply alone can solve affordability, to the role of property investors, and how tax settings like negative gearing and capital gains tax may be influencing the market. The conversation explores how investor behaviour has evolved, why rental pressure has intensified, and whether Australia has become too reliant on private investors to deliver housing outcomes.

We also explore the unintended consequences of investor-driven markets, the rise of borderless investing into regional towns, the growing divide between homeowners and renters, and why more Australians are feeling locked out of stable housing—even when they’re earning decent incomes. Along the way, the conversation tackles negative gearing, capital gains tax, public housing, Airbnb, rental affordability, and the growing pressure facing communities across both capital cities and regional Australia.

This is not a simple “investors vs renters” conversation. It’s a nuanced debate about what happens when housing becomes both a human need and a financial asset—and whether Australia can realistically fix affordability without rethinking the role of government, investors, and the private market altogether.

02:40 – What Rental Stress Really Means Today

07:52 – How Tax Settings Reshaped Landlords

09:12 – Budget Night: What Tax Changes Really Mean

15:53 – Credit Cycles Driving the Property Market

26:09 – Buyer’s Agents and the Investor Boom

34:05 – More Homes, But Less Fair Housing Outcomes

40:00 – Zoning, Incentives, and Developer Reality

45:22 – Why Selling Public Housing Made It Worse

48:44 – The Banking System’s Role in Housing

51:38 – Budget Changes: What Happens Next?

53:20 – Build-to-Rent Under the Microscope

55:12 – Final Thoughts and Listener Q&A

• Written Off: The high cost of Australia’s unfair tax system - Everybody's Home
• Priced Out: An Index of Affordable Rentals for Australian Voters - Everybody's Home
• RENTAL AFFORDABILITY SNAPSHOT PDF

Maiy Azize is the Deputy Director of Anglicare Australia and the national spokesperson for Everybody’s Home, a national campaign focused on housing affordability and ending Australia’s housing crisis. Through her work, Maiy advocates for policies aimed at improving rental affordability, expanding public and social housing, and addressing the growing number of Australians experiencing housing stress and insecurity.

She is also closely involved in research and policy analysis surrounding housing affordability, including Anglicare Australia’s annual Rental Affordability Snapshot and Everybody’s Home housing reports, which examine how rising rents and housing costs are affecting low-income workers, essential workers, and middle-income Australians across the country.

Known for her direct and evidence-based approach, Maiy regularly contributes to national discussions around housing policy, inequality, renting, homelessness, and the long-term social impacts of Australia’s housing system.

• LinkedIn - Maiy Azize
• LinkedIn - Anglicare Australia
• Website - Anglicare Australia
• Facebook Page - Anglicare Australia

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

The end of negative gearing for established property could become one of the biggest turning points in Australia’s housing market—not just because investors may lose tax deductions, but because of the ripple effects it could create across buyer behaviour, borrowing capacity, property values, and the types of housing that get built in the future.

But if these changes are designed to improve affordability, who actually benefits—and what could break in the process?

In this episode, Veronica and Chris unpack the federal government’s proposed changes to negative gearing and capital gains tax, exploring why the real risks may lie in the unintended consequences. From investor pullback in regional markets and apartment-heavy precincts to the growing pressure on first-home buyers and developers, they examine how markets driven by investor demand could respond if the economics of property investing fundamentally change.

They also dive into what they call the “secondary market problem” —the possibility that properties built to attract tax-incentivised investors today could struggle to attract buyers once those incentives no longer apply to future owners.

The conversation also explores the broader forces already weighing on the market, including inflation, interest rates, lending conditions, and weak consumer confidence. Rather than reacting emotionally to the policy changes, they challenge listeners to think more strategically about asset quality, long-term demand, and what sustainable investing could look like in a post-negative gearing environment.

01:57 – The Negative Gearing Changes Explained

04:19 – Why Chris Says “Everything Gets Repriced”

06:37 – Who Wins From the Grandfathering Rules?

10:40 – The Borrowing Capacity Squeeze Ahead

12:21 – Which Regional Markets Are Most at Risk?

17:39 – The Mining Boom Mistakes Repeating Again

21:22 – Property Changes Meet Economic Headwinds

26:04 – Could Investor Sell-Offs Accelerate?

28:02 – Why Negative Gearing Created Scarcity

32:04 – Could Investors Need Another Bailout?

33:27 – The Owner-Occupier Data Nobody Sees

37:41 – Rental Demand, Bonds & Market Pressure

38:56 – Will First Home Buyers Finally Benefit?

41:35 – Why Australians May Need New Wealth Strategies

44:22 – Which Property Segments Get Hit Hardest?

46:17 – The Tax Structure Problem Few Discuss

48:04 – How the Property Industry Will Pivot Next

50:37 – Final Warnings for Buyers and Investors

• Investopoly (Podcast) with Stuart Wemyss & Campbell Wallace

Veronica Morgan is one of Australia’s most respected property experts, with decades of experience spanning property investment, buyer advocacy, market analysis, and consumer education. As the co-host of The Elephant in the Room and co-founder of Homebuyer Academy, Veronica is known for her evidence-based approach to property investing and her ability to cut through industry hype with clear, strategic insights. Having worked through multiple property cycles, she specialises in helping buyers understand the long-term drivers of capital growth, asset selection, and risk management in an increasingly complex housing market.

Chris Bates is the founder and CEO of Alcove, an award-winning mortgage broking and property advisory firm that helps Australians make smarter financial and property decisions. With deep expertise in lending strategy, borrowing capacity, debt structuring, and cash flow management, Chris works closely with first-home buyers, owner-occupiers, and investors navigating changing market conditions. He is widely recognised for his analytical approach to property and finance, as well as his willingness to challenge conventional wisdom and hype-driven investment narratives.

Together, Veronica and Chris bring a rare combination of on-the-ground property expertise and real-world lending insight. Their conversations blend macroeconomic analysis with practical strategy, helping listeners better understand not just what is happening in the Australian property market—but why it matters and how to respond intelligently.

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

Melbourne is back in the spotlight, with many buyers and investors asking whether the city now offers one of the best opportunities in the country.

But broad market narratives can be misleading—especially in a city where different segments are moving for very different reasons.

In this episode, Jarrod McCabe joins us to unpack what’s really happening across Melbourne in 2026. From first home buyers re-entering the market to local investors stepping back and interstate buyers stepping in, the city is being shaped by multiple forces moving in different directions.

We explore why Melbourne is no longer a market that can be understood through broad averages alone. Jarrod explains the growing importance of asset selection, why some properties may outperform while others stagnate, and how taxes, policy changes, apartment oversupply, and shifting buyer behaviour are reshaping the investment landscape.

If you’re considering Melbourne property, this episode offers a grounded look at where the risks are, where the opportunities may lie, and why buying based on simple narratives could be an expensive mistake.

02:43 — Costly Melbourne Mistakes Interstate Buyers are Making

05:36 — Why Melbourne Moves in Different Price Quartiles

08:52 — Outer Suburbs Face Major Supply Risks

10:20 — Developer Hotspots, Strata and Hidden Risks

13:16 — What Properties Still Outperform in Melbourne

17:37 — Is There Real Pent-Up Demand in Melbourne?

19:45 — Confidence, Rate Cuts and Buyer Hesitation

22:06 — Taxes, Investor Sentiment and Market Exits

25:25 — Rental Rules and Unintended Consequences

28:47 — Are First Home Buyers Getting Stitched Up?

33:45 — Infrastructure Booms and Buyer Beware Zones

35:48 — Melbourne Livability vs Victoria’s Debt Problem

37:43 — Geelong Hype vs Property Price Reality

40:42 — Regional Markets and Investor Herding Risks

47:30 — Timing the Bottom: Psychology vs Reality

50:51 — Upgrade Opportunities vs Job Uncertainty

53:48 — Final Thoughts and Listener Questions

Jarrod McCabe is Director of Wakelin Property Advisory, one of Melbourne’s most respected independent buyer advocacy firms.

With more than two decades of experience in Melbourne’s inner and middle-ring markets, Jarrod has helped clients navigate multiple market cycles through a disciplined, research-driven approach focused on long-term asset selection.

Known for combining valuation expertise with on-the-ground buyer insights, Jarrod brings a practical view of Melbourne property—cutting through hype to focus on what actually drives performance.

• Website | Wakelin Property Advisory
• LinkedIn | Wakelin Property Advisory
• Facebook Page | Wakelin Property Advisory
• LinkedIn | Jarrod McCabe - Wakelin Property Advisory

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

Australia’s housing challenges are often reduced to a question of supply, but the reality is far more complex.

In this episode, we step back to examine the broader forces reshaping housing demand—from rapid population growth and an ageing society to changing household structures. The result is not just a shortage of homes, but a system struggling to keep pace with how Australians live today.

We unpack the key forces driving this shift, from record migration levels and declining birth rates to the rise of multi-generational living and internal migration across states. These aren’t short-term trends—they’re structural changes that are already influencing where people live, how they live, and who gets access to housing. Along the way, we also explore the growing divide between those who benefit from family support and those who don’t, and how that’s quietly accelerating inequality.

The conversation also touches on the pressure facing key workers, the limits of current housing policies, and why simply building more homes may not be enough to solve the problem. There’s also a broader discussion around education trends, workforce changes, and how technology—particularly AI—is adding another layer of disruption to an already complex system.

This episode isn’t about quick fixes. It’s about understanding the underlying drivers so you can make better, more informed decisions in a rapidly changing environment. Because if you’re still looking at housing through a narrow lens, you’re likely missing what’s actually shaping the market.

02:44 — Australia’s Record Population Growth Explained

03:47 — The Pressure of an Ageing Population at Home

06:35 — Why Australians Are Moving More Than Ever

07:58 — Hybrid Work and the Key Worker Housing Gap

12:46 — Why Private School Enrolments Keep Rising

16:14 — Fewer People Per Home, More Housing Needed

18:41 — The Aussie Dream Is Changing Fast

20:30 — The Rise of “Giving While Living” Wealth

24:30 — The Growing Divide Between Generations

26:07 — Retirement Risks Without Financial Buffers

26:44 — Why Australians Are Working Longer

27:25 — Census Night: What It Reveals About Australia

30:42 — What the Census Gets Right (and What It Misses)

32:40 — AI Hype vs Reality: Why Sentiment Is Shifting

34:54 — The Skills That Will Matter in an AI World

37:36 — Living in an Era of Constant Disruption

42:04 — Misinformation, Trust, and Modern Democracy

44:34 — A More Fragmented Australia Emerges

47:01 — What It All Means for Property

Mark McCrindle is a leading Australian social researcher and demographer, and the founder of McCrindle Research. He specialises in analysing population trends, generational shifts, and the social forces shaping modern Australia.

With decades of experience working across government, corporate, and media sectors, Mark is known for translating complex data into clear, actionable insights. His work draws on census data, longitudinal research, and behavioural analysis to help organisations and individuals understand how demographic change impacts everything from housing and education to workforce trends.

In this episode, Mark brings a macro lens to the housing conversation—connecting the dots between population growth, aging, migration, and the structural challenges facing Australia today.

• LinkedIn - Mark McCrindle
• Website - McCrindle Research
• Instagram - Mark McCrindle

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

When you hire a property advisor, there’s an assumption built into that decision: you’re getting expertise, guidance, and some level of protection if things go wrong. But how much of that protection actually exists—and where does it break down?

In this episode, we unpack the role of Professional Indemnity (PI) insurance in property advice, and what it really tells you about accountability, risk, and the quality of advice you’re relying on.

Joining us is Polina Kesov, an insurance specialist with over two decades of experience working behind the scenes on claims, risk, and policy structures. Together, we explore the blurred line between “execution” and “advice,” why many buyer’s agents and property investment advisors may not be properly covered for the services they’re offering, and how something as simple as a policy exclusion can leave both advisors and clients exposed.

We also dive into why claims in property advice are so rare—not because everything is working, but because proving loss is complex, delayed, and often not actionable. From cookie-cutter strategies and disclaimers to the growing use of AI in advice, this episode breaks down the structural gaps that most investors never see until it’s too late.

If you’re relying on professional guidance to make high-stakes property decisions, this conversation will change how you assess risk. Because in property, it’s not just about whether the investment performs—it’s about what happens if the advice behind it doesn’t.

04:17 — Can Property Advisors Actually Get Covered?

06:01 — What Makes a Property Advice Claim Valid?

09:25 — Repeat Offenders and the Lack of Transparency

11:42 — Marketing Hype vs Where Advice Crosses the Line

16:10 — How Claims Impact Insurance Renewals

21:01 — Real Claims Against Buyer’s Agents Explained

24:55 — Why Insurers Act as Hidden Risk Partners

27:52 — How to Choose the Right PI Insurance Cover

29:58 — What a Certificate of Currency Really Tells You

31:44 — Why You Must Verify Advice Scope in Writing

33:40 — Multiple Claims: A Major Red Flag

35:45 — Licensing Gaps and Disclosure Obligations

37:57 — AI Advice: Who’s Liable When It Goes Wrong?

39:38 — What Questions Should You Ask an Advisor?

41:14 — Why Property Advice Claims Stay So Low

47:47 — SMSFs and Trusts: Where Advice Gets Risky

50:14 — Vicarious Liability: How Risk Spreads Fast

53:22 — Key Takeaways Every Investor Should Know

Polina Kesov is an insurance advisor with over 20 years of experience working alongside Australian businesses on risk, claims, and insurance coverage. Specialising in professional indemnity, she has a deep understanding of how advisors are assessed, insured, and held accountable when things go wrong.

Throughout her career, Polina has worked closely with professionals across the property, finance, and advisory sectors, giving her a unique, behind-the-scenes perspective on how claims are evaluated and where systems succeed—or fail. Her expertise extends beyond policy setup into real-world outcomes, including how insurers interpret liability, manage disputes, and determine whether a claim is paid.

Known for her practical, no-nonsense approach, Polina is passionate about improving awareness around risk and helping both professionals and consumers understand the fine print that often gets overlooked. Her insights offer a rare look into the mechanics of protection in the property industry—where assumptions don’t always match reality.

• LinkedIn - Polina Kesov
• LinkedIn - Insurance Insights Australia
• Website - Insurance Insights Australia
• Instagram - Polina Kesov

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

Capital gains tax reform and negative gearing have become central to Australia’s housing debate—but are these policies actually capable of improving affordability?

In this episode, we unpack the real role of tax settings in the property market and question whether current reform discussions are addressing the right problem.

The conversation explores how capital gains tax discounts work in practice, why they exist, and what changes could mean for investor behaviour. We also dive into the broader housing ecosystem—covering rental vacancy rates, population growth, and the heavy reliance on private investors to supply rental housing. Along the way, the episode challenges the assumption that reducing investor incentives will automatically improve affordability.

A key theme is unintended consequences. What happens if investors exit the market? Where does that capital go? And how might changes to CGT or negative gearing impact rental supply, development activity, and long-term housing outcomes? The discussion also touches on the rise of build-to-rent, government incentives, and the shift toward institutional investment.

This episode offers a grounded, data-informed perspective for investors trying to navigate policy uncertainty. Instead of reacting to headlines, listeners are encouraged to think critically about how incentives shape supply—and why meaningful housing reform requires more than just tax changes.

01:20 — Meet Cameron Kusher & His Market Perspective

04:41 — Investors, Rentals & Why Supply Is So Tight

15:52 — Why New Build Incentives Matter More Than Ever

19:41 — Foreign Capital: Help or Housing Distortion?

27:11 — Tax Deductions: What Investors Actually Claim

29:00 — Should Investor Tax Benefits Be Capped?

30:31 — Portfolio Building: Smart Strategy or Risky Hype?

32:42 — Why Incentives Should Focus on New Supply

34:28 — Apartments: The Missing Piece in Supply Fix

36:18 — Developer Costs: What’s Really Holding Builds Back

39:07 — Government Housing: What Are the Real Options?

41:21 — Rate Fears & Falling Confidence in Property

45:45 — Where the Property Market Could Go Next

48:12 — Build Costs and the Supply Feedback Loop

49:26 — Final Thoughts & Key Takeaways for Investors

Cameron Kusher is a highly respected property market analyst with decades of experience interpreting housing data and market trends across Australia. His work focuses on understanding how policy decisions, economic conditions, and demographic shifts influence real-world housing outcomes.

With a background in analysing property cycles and investor behaviour, Cameron brings a practical, evidence-based perspective to complex policy discussions. He is known for cutting through political narratives and focusing on what the data actually shows—particularly when it comes to housing supply, affordability, and the role of investors in the market.

His insights help bridge the gap between policy theory and market reality, making him a trusted voice for investors seeking clarity in an often noisy and opinion-driven space.

• Cameron Kusher - Independent | property market strategist | Helping real estate businesses, developers & lenders make better decisions with data
• Kusher Consulting
• Kusher Consulting’s LinkedIn

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

Fixing housing supply in Australia has become one of the biggest policy challenges of our time—but turning reform into actual homes on the ground is where things start to break down.

In this episode, we sit down with NSW Planning Minister Paul Scully to unpack what’s really happening behind the state’s aggressive housing push, and whether these reforms can deliver at the scale required.

This conversation goes beyond headlines and policy announcements. It dives into the structural issues holding back housing supply in Australia—from feasibility constraints and construction bottlenecks to community resistance and the limits of zoning reform. While initiatives like transport-oriented development and low-to-mid rise planning changes aim to unlock supply, the reality is far more complex than simply increasing density.

We also explore the gap between approvals and delivery—why thousands of homes can sit in the pipeline without ever being built. From financing barriers and labour shortages to the economics of development, this episode breaks down what actually determines whether a project moves forward or stalls.

If you’re trying to understand where the housing market is heading, this is the conversation that connects policy to real-world outcomes. Because in the end, the question isn’t whether we can plan for more housing—it’s whether we can actually deliver it.

01:59 — Why Housing Reform Is Finally Happening Now

04:00 — Why Housing Is the “Everything Problem”

07:41 — Transport-Oriented Development: The Big Bet

12:26 — Design Quality vs Density: Can We Have Both?

24:37 — Community Backlash vs Housing Equity

26:42 — Why Key Workers Can’t Afford to Live Nearby

28:46 — Downsizing Myth: Does It Really Free Up Supply?

32:22 — Three Practical Ways to Increase Housing Supply

33:57 — Inside the Push for Social Housing Investment

37:49 — Why Approved Projects Still Don’t Get Built

39:00 — Cutting Red Tape: What’s Actually Changing

40:32 — Finance Guarantees and the Labour Shortage

44:40 — Using Every Lever to Fix Housing Supply

47:54 — Industry Consultation: What’s Working, What’s Not

50:12 — Housing Delivery Authority: What’s Changed

52:58 — Final Thoughts: Property, Policy, and Reality

Paul Scully is the NSW Minister for Planning and Public Spaces, responsible for overseeing one of the most ambitious housing reform agendas in the state’s history. His portfolio sits at the centre of efforts to address housing supply in Australia, including planning system overhauls, transport-oriented development policies, and initiatives to accelerate housing delivery.

With direct oversight of both policy design and implementation, Paul brings a rare, inside-the-system perspective on the challenges of turning housing strategy into real outcomes. His work focuses not just on increasing approvals, but on addressing the deeper constraints—feasibility, infrastructure, and coordination—that determine whether homes actually get built.

• Paul Scully - Minister for Planning and Public Spaces at NSW Government and Member for Wollongong | LinkedIn
• Paul Scully MP
• Paul Scully MP (@PaulScullyWollongong) • Facebook
• Paul Scully MP (@paulscullymp)
• Paul Scully MP (@paulscullymp) / Posts / X

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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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If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

For many Australians trying to enter the property market, the promise of buying a home with just a 5% deposit sounds like a breakthrough.

Government-backed schemes designed to support first home buyers have made headlines, but how much do they actually help buyers in practice? And what happens when thousands of buyers suddenly gain access to the same opportunity?

In this episode, Veronica and Chris sit down with mortgage broker and National First Home Buyer Specialist Jack Elliott to unpack how first home buyer schemes actually work from the lending side. They explore the mechanics behind borrowing capacity, the role banks play in approving these loans, and the reality buyers face when trying to secure property in an increasingly competitive entry-level market.

The conversation also dives into the unintended consequences of these policies. While schemes like the First Home Guarantee can lower the barrier to entry, they can also increase competition in the very markets first home buyers are targeting. As more buyers gain access to financing, the question becomes whether these policies truly improve affordability—or simply shift the dynamics of demand.

If you're considering buying your first property or trying to understand how government incentives shape the market, this episode offers a grounded look at how these schemes operate in the real world—and what buyers need to know before stepping in.

00:34 — Meet Mortgage Broker Jack Elliott

04:41 — How the First Home Guarantee Scheme Works

06:36 — The Hidden Risks of 95% Home Loans

12:48 — Buyer Rush and Rising Market Competition

17:19 — Eligibility Rules First Buyers Must Understand

19:39 — Planning for Long-Term Home Ownership

24:51 — Price Caps and the Resale Ceiling Problem

27:11 — How Bigger Deposits Change Buyer Strategy

28:22 — When First Home Buyers Should Use a Buyers Agent

32:05 — Why First Home Buyers Struggle to Enter the Market

35:30 — Why Patience Matters in a Hot Property Market

37:24 — Why Property Can Be Easier to Sell Than Buy

42:49 — Who Should Consider Shared Equity Schemes

47:09 — New Loan Products Buyers Should Watch

49:05 — Policy Risks Around New Build Incentives

54:06 — The Danger of Buying Property in a Rush

55:13 — Final Advice for First Home Buyers

Jack Elliott is a mortgage broker and National First Home Buyer Specialist who works directly with Australian home buyers navigating the lending process. Through his work, Jack helps clients understand their borrowing capacity, structure loan applications, and secure financing across a range of lenders.

With day-to-day exposure to how banks assess risk, deposits, and borrower profiles, Jack brings a practical perspective on how lending policies and government incentives influence the property market. His experience working with first home buyers provides valuable insight into the challenges many Australians face when trying to secure their first home.

• Jack’s LinkedIn
• Alcove Mortgage Advisory
• First Home Unlocked
• First Home Unlocked | Podcast on Spotify
• First Home Unlocked - Podcast
• First Home Unlocked - YouTube
• First Home Unlocked (@firsthomeunlocked) • Instagram photos and videos
• First Home Unlocked
• First Home Unlocked’s TikTok
• First Home Unlocked’s LinkedIn

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3Ge1626dgnmK0RyKPcXCathy0?si=26cde394fa854765

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris

The success of a property development project is heavily influenced at the site selection stage. Before construction begins, developers assess land based on planning controls, feasibility, and long-term project viability.

In this episode, Veronica and Chris speak with Ryan Bennetts, a site acquisition and origination specialist who works directly with developers to identify and secure development opportunities. Ryan explains how developers assess planning controls, evaluate zoning potential, and calculate residual land values before making offers that can run into the millions. The conversation also explores the complex negotiations involved in assembling development sites, particularly when multiple property owners or strata buildings are involved.

With governments introducing new rezoning policies and transport-oriented development initiatives, the development landscape is rapidly changing. Suddenly, many suburban properties are being targeted by developers, and some homeowners are receiving offers far above traditional market value. But as Ryan explains, not every property benefits equally—and the process of turning land into a viable development site can take years.

If you’ve ever wondered how developers identify development opportunities, how land values change after rezoning, or what happens when your property becomes part of a potential development site, this episode pulls back the curtain on the realities of site acquisition.

01:22 — Meet Site Acquisition Expert Ryan Bennetts

03:04 — How Developers Hunt for Rezoning Opportunities

07:27 — Why 75% Approval Still Isn’t Enough

09:19 — How Rezoning Reforms Changed the Game

17:39 — Creative Deal Structures and Playing the Long Game

20:51 — Where Development Deals Usually Fall Apart

23:38 — Holdouts, Negotiations, and Owner Leverage

24:52 — The Myth of Unlimited Developer Capacity

25:44 — How Developers Diversify Their Projects

26:45 — Why Sydney and Melbourne Feasibilities Differ

27:29 — Builder Insolvencies and Development Risk

29:09 — Why Some Developers Build In-House

30:34 — The Migration Shift Helping Melbourne

33:00 — Builder Shortages Meet Development Demand

36:25 — Feasibility Sensitivities Developers Watch Closely

38:41 — Conditional vs Unconditional Site Deals

41:25 — Why Rezoning Doesn’t Guarantee Approval

47:09 — The Rise of Build-to-Rent in Australia

48:49 — Final Thoughts and Listener Questions

Ryan Bennetts is a site acquisition and origination specialist working with property developers to identify and secure development opportunities.

His work focuses on sourcing development sites, analysing planning controls, negotiating with landowners, and structuring deals that allow developers to assemble and acquire land for future projects. This often involves complex negotiations with multiple property owners and navigating planning frameworks that determine what can ultimately be built on a site.

Because Ryan operates at the very front end of the development process, he has unique insight into how developers determine land value, assess rezoning opportunities, and decide which sites are worth pursuing. His experience provides a rare behind-the-scenes look at how development projects begin long before construction ever starts.

• Ryan Bennetts - Head of Acquisitions at Central Element | LinkedIn

• 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 - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

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/3r0nnJrLUu3t1GpO7X3j6E

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

See you on the inside,

Veronica & Chris