The Property Trio (formerly The Property Planner, Buyer and Professor)

Formerly known as The Property Planner, Buyer and Professor, we've rebranded to The Property Trio. Our listeners who have subscribed to our show don't need to do a thing. Each week's episode will keep landing in your feed.

Got a question for the trio? https://zfmz.com/uLtjhyBskV96PYeJfal

Show notes: https://propertyplanning.com.au/the-property-professors-memoirs-part-1-ep-197/

This is arguably one of the trio's favourite set of episodes. Taking a trip down memory lane was not only a thrilling chat for Pete, but a wonderful way to share some very important learnings with our listeners.

Episode 1 - Getting Started. It starts back in 1984 when Pete and his wife purchased their first home in High Street, Ardrossan (SA) and spans the the purchase of their first upgrader home, as well as some early value adds and long-term investments that Pete embarked on.

Episode 2 - Property Speculation. Pete branched into purchasing value add properties and wised up to other ways that investors can value add, other than gaining a DA.

Episode 3 - Property Development and Construction. Pete started building and retaining properties in this particular investment phase. In Episode Two, Dave delves into Pete's 'mid-journey' property acquisitions and upgrades.

For Episode One, Cate delves into Pete's early days and asks all kinds of questions about his early influencers, his savings regime and some of the significant differences that he faced as a first home buyer back in 1984 compared to today's new starters on the property ladder. Interestingly, Pete's driving force to purchase a transportable home Ardrossan related to a sensible look at the cost of ownership versus the cost of renting, particularly in a country town.

How did Pete fare with his negotiating ability with his first home? Tune in to find out what his bonus inclusions were!

The growth of Ardrossan was reasonable back in the 80's and it equipped Pete and Mrs K to be able to leap frog into an upgrader home in Torrensville, Adelaide with their firstborn child in 1991.

Cate asked Pete about how much his father helped and taught him with his property knowledge. "It was all leant by osmosis", was his telling response. But tackling how to explain investing and debt to his parents was a different type of challenge. Like many young investors, Pete had to be cognisant of his parent's fears and concerns about his appetite for risk and wealth creation.

Why does Pete pay full price for a property? He offers a great explanation...

The trio chat about Pete's early investment property experiences, including;

• managing cashflow,
• his aversion to battle-axe blocks,
• mistakes he made,
• investing with business partners,
• enabling a viable project with a clever JV idea, and
• interest rate pressure and other financial challenges.

Pete also talks about a block of flats that he secured some forty years ago that are still in the family (...and it's a great story!)

Cate probes Pete about his rationale for selling some outstanding performers and his answers are particularly grounded. Pete is generous, humble and an absolute wealth of knowledge in this gripping first episode in this special trilogy.

And... our Gold Nuggets:

Pete Koulizos, the 'Property Professor's Gold Nugget: "Buying and holding is the best strategy to make money in property, but it's not the only strategy."

David Johnston, the 'Property Planner's Gold Nugget: Dave notes that having a longer term plan, taking some risks and making firm decisions can enable investors to retire wealthy. They don't have to make many decisions, they just need to make good decisions.

Got a question for the trio? https://zfmz.com/uLtjhyBskV96PYeJfal Show

Shownotes: https://propertyplanning.com.au/when-property-and-money-decisions-upset-relationships-part-2-ep-196/

Dave's market update is a special one - he has been in the mortgage industry for over twenty years and his mortgage intel is always exciting. One lender has re-introduced negative gearing into their serviceability calculator. This essentially means that "shading" on rental incomes enables heightened borrowing capacity for investors. While it's just one lender... these situations often mean more will follow.

Cate's market update relates to civil and infrastructure works. From a planning point of view, home owners and investors should be mindful of the impact of these works. From compulsory acquisition to road widening to zoning changes, buyers should look into these changes and consider the impact to their purchasing plans.

Following on from Episode 194, the trio uncover the common triggers for upgrader/family home buyer discord. From provisioning cashflow to enable parents to stay at home with young children to managing thoughtful discussions about retirement plans, Dave sheds light on the benefit of having buffers and a strategy to navigate some of these often-treacherous waters.

Dave, Cate and Pete discuss some of the other tricky aspects, including;
identifying the need for living in a show-home vs enjoying a simpler life
- debt comfort level misalignment
- investing vs nesting
- location preference disharmony


Cate reminds the listeners that having a mutually shared spot on the Venn diagram is essential to overcome couple's different preferences and clashing risk profiles. Dave raises an interesting point about the relationship between financial focus and personality traits. Not all people are financially literate and many have to be taught about the difference between good debt/bad debt, and the merit of having financial goals. What are some of the triggers for investor couples when it comes to upsetting a relationship? Pete uses a great example to illustrate the importance of remaining unemotional and pragmatic decision when it comes to investment property selection.

And his two 'fundamentals' questions highlight just how pragmatic the Property Professor's approach is: "Is it in a good location, and does it have a good land component?" To support Pete's philosophy, Cate's favourite saying for her investor clients is; "You don't have to love it, in fact you don't even have to like it, but I want you to be proud of it." This extends to those who also confuse investment with holiday homes and future use potential.

Sacrificing family home dreams is another common source of upset, as is impatience. Dave's example about the kids who were offered one marshmellow immediately, versus those who were rewarded with two marshmellows if they could wait for five minutes had the trio chuckling. Property investing really is a long game and it does require sacrifices at the start. The trio also chat about misalignment of preferences for asset classes, and bad previous experiences with property investing tarnishing enthusiasm.

And... our Gold Nuggets!

Cate Bakos, the Property Buyer's Gold Nugget: Cate shares some good tips based on personal experience. To get yourself in the best position to present to a financial advisor, Cate recommends couples take the time to understand each other's positions on wealth creation and debt aversion, and she encourages couples to be prepared to talk to each other about their sensitivities.

David Johnston, the 'Property Planner's Gold Nugget: Dave notes that the crucial conversations are the hardest ones to have, but to push past the discomfort, remain open-minded, and to chat consistently is critical for couples who want to be on the same page.

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI Show notes: https://propertyplanning.com.au/market-update-feb-2023-ep-195/ 1. Price falls are substantially lower this month, compared to last month February saw even more of a slowdown in the rate of price decline, and interestingly, Sydney's positive price movement of +0.3% in February carried the national and combined capitals/regions average to almost negligible price movement at -0.1. Cate sheds light on why 2023 is quite different to past years.  COVID lockdowns impacted agent activity significantly in the lockdown cities and and agents took the chance to take a holiday this summer after two consecutive, challenging summers. And what's behind Hobart's recent under-performance? 2. New listings and total listing figures are still substantially under the previous five year average, but the discrepancy is slightly smaller than last month. Much like Cate and Dave's point for February sales, it's likely that the listing activity was lower than typical January/February periods due to agents and vendors taking advantage of a summer break. 3. Unit rents are looking dire for renters in most cities, but what is going on with Canberra? Dave has an ear to the ground with some of his family in our nation's capital and his late night text to Pete and Cate sheds some light on the issue. Namely, three forces are at play for Canberra right now; Public service wages were frozen. Lots of interstate people can work from home doing jobs based in Canberra. And the cost of living is very high Canberra relative to it size. 4. Tighter rental vacancy rates – as rents continue to climb, some of our capital cities (for both houses and units) are exhibiting further tightening rental yields. The falling rents during COVID are a stark contrast to the rate of rental increase today. 5. Sales activity is still low despite an expectation that our emerging autumn markets usually start to demonstrate a peak of activity at this time. The volume of sales currently, when contrasted against the higher number of houses and increased population count within our capitals, presents quite a surprise. Pete discusses the decreased consumer sentiment and the correlation this has with listing and selling activity. 6. Consumer sentiment has continued to wane, although the trio point out some interesting indices on the latest Westpac Consumer Sentiment chart. Pete refers to current consumer sentiment at the start of the episode and makes a point that the sentiment levels today are among some of the lowest we've had in recent times, despite the fact that our interest rates are still comparatively low compared to historical rates. 7. Our bond yields continue to tell us that interest rate equilibrium is getting closer, although money markets indicate that we may have more rate rises than earlier expected. 8. Unemployment continues to stay at historically low levels. As Pete says, "Ahhh, but some good news!" Gold Nuggets Cate Bakos – The Property Buyer: Cate reminds listeners to factor in the impact of COVID on our markets, and in particular, the ongoing effects that have continued to shape our data. David Johnston - The Property Planner: Dave has some sagely advice for our governments when tackling the number of available properties for sale. Without policy intervention and changes to stamp duty, he feels the issue is not likely to go away.

Got a question for the trio? https://zfmz.com/uLtjhyBskV96PYeJfal Show notes: https://propertyplanning.com.au/when-property-and-money-decisions-upset-relationships-part-1-ep-194/ The trio make a bitter-sweet announcement at the beginning of the show. Pete is leaving the podcast to enjoy his semi-retirement, and while Dave and Cate are excited for Pete, they are pretty sad to be saying goodbye to Pete. He's not leaving quite yet - they have the 200th episode coming up in April and they have a special three-part series with Pete coming up. They also share they will be announcing Pete’s replacement in the coming weeks…..stay tuned! In this week’s episode, Dave, Cate and Pete cover some of their best tips for navigating tough property decisions as a couple, particularly when risk profiles, preferred locations and priorities for home versus investment differ. 1. What are some of the triggers for first home buyers when it comes to potentially upsetting a relationship? From separate savings to differing salaries, parental support and pre-nuptial agreements, the trio canvas some of these sensitivities. Pete talks about some of his experiences with these situations and Dave points out that it's not uncommon for couples to have different feelings and views about things and shares some interesting examples for you to be aware of. 2. How do couples broach pre-nuptial agreements or substantial cash contributions? Dave's experience with past clients precipitate some great questions that first home buyer couples can discuss at the onset of their journey, and he also shares a great podcast with our listeners that tackles pre-nuptial agreements. 3. What do you do if your partner enjoys 'living in the moment' financially more than you? Cate mentions a reasonably common issue that sometimes creates tension in first home buyer relationships; a different approach to saving and spending. YOLO, (you only live once) is a fun way to look at life, but it has it's place. Unfortunately YOLO doesn't have such a great place when it falls within a dedicated first-home savings regime. In addition to investment appetites and debt aversion, many couples face differences of opinion when it comes to location. Proximity to work, family, friends, schools and community can sometimes clash. 4. What is a common trigger than can be avoided? Dave notes that a significant stressor relates to the overall plan; home or investment. Plenty of couples and individuals blur the lines or lose track of the primary reason for a purchase. Whether it be a stepping stone property or a fully-fledged home, a future-use investment or a rent-vest approach, so many start the process without thoroughly canvasing what they should be focusing on. The trio talk about their various approaches to 'getting two people on the same page'. Cate refers to Venn Diagrams and the shaded, overlapping part. Dave discusses the need for a firm plan well before specific locations and dwelling types are up for consideration. Approaching cashflow, cash buffers and deposits is an important part of the pre-planning and Dave sheds light on some of the clever questions couples can answer together before embarking on the property criteria phase. Gold Nuggets Cate Bakos, the 'Property Buyer's Gold Nugget: Cate shares some good tips for first home buyers who are navigating the process with parental input, (solicited and unsolicited) in their ear. Ultimately it's an important decision that is made by the couple, not parents. David Johnston, the 'Property Planner's Gold Nugget: Dave encourages property buyers to plan early. It's all about investing more time in the planning up-front, as opposed to during the search phase.

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI In this week’s episode, Dave, Cate and Pete answer two great listener questions; one is as the title describes, and the trio address growth drivers, assumptions and some of the things that don't always correlate with property price growth in the way that people expect them to. 1. A great question from Phil about historical average capital appreciation in capital cities. Hello gang! When you quote property appreciation estimates, you usually say something like 7%, based upon the historical average appreciation of the capital cities. That 7% has been made up of a number of factors: -population growth
-increases in general wealth
-increase in dual income
-foreign investment
-government positive incentives (first homebuyer schemes)
-government mismanagement (not building enough housing, or a mismatch between where the housing is built and where people want to live)
-falling interest rates, (since ~ 1990: 17% to 0%, then bouncing back up recently) So my question is: How much of the 7% return we have seen would be due to falling interest rates, and how should we alter our expectations of returns going forward? Dave answers this compelling question with the aid of some charts. Looking at what happened prior to 1990 is a telling example of interest rate rises not necessarily correlating with price declines. From foreign investment to government mismanagement, Pete and Dave touch on some of Phil's points, and they maintain that "government not building enough" is not the root cause of heightened property price growth at all. As Pete states, it's generally the private sector that builds most of the housing because government (or community housing) is represented by only about 10% of housing. Pete also notes that property price growth is not directly related to interest rate movements, and he cites some specific periods that prove that more elements influence property price growth than just interest rates.  2. And a fabulous question from an anonymous listener who asks the trio about open home etiquette. To leave your name and number? Or to seek a different approach? Tune in to hear some valuable insights... A neighbour attends an Open House but complains to your assistant at the door that they do not wish to give their details to be logged on to the Register as they do not wish the vendors to be told of their interest. You need to address their concerns and advise them of their rights and your obligations. How would you address their concern, whilst trying to build rapport with the potential buyer?  The trio have fun with this question and Cate sheds light on some exciting undercover jobs she's had in her career when it comes to working with clients who wish to remain anonymous. 8. And ..... our gold nuggets! Cate Bakos, the 'Property Buyer's Gold Nugget: If a buyer has a decent relationship with the agent, they should be prepared to politely ask the agent not to call them about a particular property. Aside from saving the agent time, it will demonstrate to the agent why it's not the right property for them. David Johnson, the 'Property Planner's Gold Nugget: Dave talks about long term capital growth and the need for investors to be invested in an asset class that outperforms inflation. Regardless of short reduced overall yields, Dave firmly believes that investors are better off to invest long-term, than to risk inflation eroding their future wealth by waiting it out. Show notes - https://propertyplanning.com.au/listener-questions-will-property-continue-growing-at-7-pa-on-average/

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI 1. Nationally a 1% median price reduction was our smallest rate of decline since June last year All falls for capital cities were also less than their falls last year – an interesting observation considering the unwelcome December rate increase. 2. Melbourne’s median value may fall to below the pre-pandemic level in the coming month – an interesting one to watch! But many of the other capital cities seem likely to remain above their last pre-COVID peaks. 3. Unit rents are still climbing in many cities, and while house asking rents have slowed their pace of growth somewhat, the rate of growth is still positive across the board. Units asking rents in every state remain problematic for renters. Combined with net overseas migration reaching a record high, the threat to the rental market undersupply issue is further amplified by the announcement from the Chinese Government for overseas students to return to their place of study. 4. Tighter rental vacancy rates – the majority of our capital cities (for both houses and units) are exhibiting further tightening rental yields. The heightening asking rents correlate with the tightening vacancy rates and also the increasing rental yield figures across our various capital city and regional markets. As Cate points out “We’re still seeing a sea of green!” 5. New listings are still low after a particularly quiet spring season nationally - what is causing this though? Our new listing activity is 24.5% lower than the five year national average and buyers at the coalface are experiencing this first hand. 6. Sales activity – people are still buying, but sales volumes are low. Pete explores what factors lead vendors to make the decision to sell in this climate. While we had a little bit of a late flurry of purchasing activity leading up to Christmas, the sales number across combined capitals still remains lower than the previous five year average. 7. What’s changed since our last rate increase? Things aren’t quite as dire as some may have guessed they’d be… tune in to hear more. Dave segues perfectly into our economic conditions and consumer sentiment changes. 8. Thirty percent less people are borrowing for housing – no wonder the banks are being so competitive! Unsurprisingly, refinance activity is very strong in response to three things; increasing interest rates, and hungry banks as a result of this lending reduction. 9. Our bond yields tell a compelling story – and Dave points out the visibility that these yield overviews enable us. The three year bond yield remains sub 3.2 still; and digesting this in tandem with longer term bond yields shows us that we’re reasonably close to the likely cash rate equilibrium. 10. Inflation continues to plague us; particularly house prices. Although Cate notes that recreation and culture haven’t really diminished. 11. And... our gold nuggets! Cate Bakos – The Property Buyer’s Golden nugget: Cate raises an important lender offering that some buyers may wish to know more about. David Johnston – The Property Planner’s Golden nugget:  One for our maths brains…. Dave reminds us that a ten percent rise is not the same as a ten percent reduction! Show notes: https://propertyplanning.com.au/market-update-jan-2023-tight-listing-supply-is-creating-a-few-buyer-challenges-ep-192/

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaIhttps://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week’s episode, Dave, Cate and Pete cover some of their best tips for managing risk.  Tune in to hear why mortgage strategy underpins this, and what can go wrong when mortgage strategy is ineffective ... 1. Seeking the help of a strategic mortgage broker. Dave takes our listeners through some of the key things that can go wrong when a mortgage strategy is ineffective and he differentiates a strategic mortgage broker from a transactional mortgage broker. Dave's 'six areas' of strategic mortgage broker are fascinating - tune in to hear them all. 2. Tax deductions. From negative gearing to depreciation, offset account facilitation to tailored advice, tax concepts are crucial to a successful portfolio. 3.  Being forced to sell is a sad outcome that can stem from ineffective mortgage strategy. But there are clever ways to mitigate this risk. Buffers are integral for any property investor to implement, but interest only and cashflow optimisation should be considerations too ... it's all about clever mortgage strategy. 4. LVR and equity management - Loan to value ratio can be varied to suit an investor's risk profile, and this aspect of risk management is particularly important for those with properties in more volatile growth locations. 5. Buffers - what is the difference between a cash savings buffer and a cashflow buffer? Cash on hand, cash that can result from liquidation of shares and offset savings are all considered cash savings. Cashflow buffer simply relates to the amount of money that is left at the end of the month after living expenses and other commitments. Cate asks Pete to share some of the effective ways he's been able to manage tight situations in the past. Listen in to hear more about Pete's celebration budget! 6. To fix or to leave variable - which is best? Dave explains that there is no right or wrong answer. This decision is entirely contingent on the individual's own timeframe and risk profile.  He reminds listeners to allocate ample variable rate for early repayments and/or offsetting though, as most fixed rates don't enable either of these. 7. One lender or multiple lenders? - Cate raises the question to both Dave and Pete. It is interesting to hear how each of the trio approach this so differently. Dave discusses the pros and cons of each outcome and he also discusses cross-securitisation.... an often misunderstood borrowing option, and not always the ogre it's made out to be. 8. And ..... our gold nuggets! Gold Nuggets Pete Koulizos, the 'Property Professor's Gold Nugget: "When you're looking at risk, consider the possibility of something happening, and consider the consequences if this something happens." Pete's matrix model allows us to consider risk in perspective. David Johnson, the 'Property Planner's Gold Nugget: Dave encourages borrowers not to do themselves a disservice by overlooking the importance of mortgage strategy. Selecting a strategic mortgage broker is an important step when it comes to setting up the right foundations early on in the investment journey. Visit the show notes: https://propertyplanning.com.au/risk-management-and-the-things-that-can-go-wrong-when-mortgage-strategy-is-ineffective-ep-191/

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaIhttps://propertyplanning.com.au/propertyplannerbuyerprofessor/ 1. Pete and Cate shed some light on how they each manage the administrative tasks for their retrospective portfolios. And listeners may get some good ideas when they hear how these two investors segment the tasks. 2. Each share the tools and programs they use. Nothing beats Pete's excel spreadsheets! From hardcopy folders to cloud based files, the trio all have their own systems to share with listeners. No amount of record keeping can substitute for a great property manager though. 3.  How do they track their deductions? This is potentially one of the most important questions for the episode. Getting it wrong can be costly in so many ways, and Dave details some of the critical things that investors need to keep top of mind. Some might surprise you... it's all about clever mortgage strategy. 4. Working in sync with accountants - What do investors provide each year to their accountant? What's on them to manage?  What record keeping is mandatory for investors? And what are the timelines of importance? Tune in to find out. 5. Managing property managers - what's OK, and what's not? The trio talk about some of the things that they've clearly marked as property manager tasks, and why it's so crucial to select a great one. From insurance to financial statements, Pete talks about his own revered property manager as a great example of an A-grade professional. 6. Due diligence applied when choosing between rental applications - how do Pete and Cate manage this? What attributes do they look for, and how can they glean this information? Pete and Cate have slightly differing approaches, but each share their best findings. Pete's hot tip is for investors to pay careful attention to the condition reports each time they are issued. Cate's two top priority issues include managing any water related issues, and people discord issues. Both can start small and end up big when ignored. 7. Ownership structuring is a critical aspect to investment administration - Cate raises the importance of understanding tax implications and also the impact of ownership on borrowing capacity. Both require a clear channel of communication to a good accountant and/or financial planner. Dave encourages listeners to focus on what's best for the whole journey, not just today. 8. And do the trio go back to their forecasts over time? Their answers may surprise you! 9. And our gold nuggets! Cate Bakos, the 'Property Buyer's Gold Nugget: Short and sweet... Never underestimate a good property manager! Pete Koulizos, the 'Property Professor's Gold Nugget: To manage a portfolio yourself requires great organisation. Unless you can apply the skills and time to the task, Pete recommends investors appoint a good property manager instead. Visit the show notes: https://propertyplanning.com.au/the-admin-paperwork-and-responsibility-of-running-an-investment-portfolio-ep-190/

In this week’s episode, Dave, Cate and Pete take you through their 2023 predictions, but they also review their 2022 forecasts. Tune in to find out... 1. What will the market do? It seems the trio were optimistic in their predictions for 2023, but Cate did add a little disclaimer stating "providing no shocks to the market". It appears that imminent interest rate rises were not easily predicted by the trio at the start of 2022. 2. Capital city top performers - Pete's predictions for capital city performers landed closest to the pin, however Dave did have some interesting insights into Melbourne and Perth's growth and the impact of COVID on each city. 3. Regional locations - Pete tipped that regional cities within a reasonable distance of the capital city would continue to outperform, while Cate pointed out the risk for holiday house and coastal market buyers as the heat comes out of the COVID escape locations. 4. Investor numbers - Funnily enough, the trio's mention of APRA restrictions or regulator intervention underpinned their reservations about investor participation in 2022.   5. Government intervention in the property market - Pete and Cate did not see interest rate increases coming, but Dave did think that APRIL would step in to restrict lending to some degree. As Pete points out though, there didn't need to be any intervention. The RBA took care of that issue for us!  6. Developers and building - Our trio got a lot of these predictions right.  Into 2023, Cate thinks that private builders will start to free up and Pete supports a slow recovery as the supply chain woes subside. Dave is still fearful for building activity due to materials costs remaining high and trade labour shortages. 7. Interest rates -  what do the trio think will happen this year? Pete thinks that the cash rate will be slightly lower at end-2023 than it is today, and Cate broadly agrees, but predicts some different increase increments to Pete's. Dave feels our rate at year end will be the same as today's. Time will tell!... 8. Rents and vacancy rates - The trio each saw some difficult writing on the wall as stock tightened in 2022. Dave feels the vacancy rates will remain static (historically low) while Cate feels things will get much worse for renters into 2023. 9. Sales volumes - Pete felt that sales volumes would remain high, and Cate's prediction was not correct at all. Surprisingly for the trio, vendor listing and selling activity was lower than previous years. In hindsight this is easily explained by sentiment dropping in response to rapidly increasing interest rates. 10. Risks which could impact the market - This time, Cate did get some of her past predictions correct, and it was Dave who predicted that Russia could invade Ukraine. 11. Inflation - Dave identified rising inflation in his prediction, and the trio pondered the inflation outlook for 2023. Listen in to hear what they each predict for 2023. Cate Bakos, the 'Property Buyer's Gold Nugget: Buyers who are prepared to bid at auction will have favourable conditions because many are anxious. about bidding unconditionally, and are sitting it out.  David Johnston, the 'Property Planner's Gold Nugget: Dave believes that 2023 is going to prove to be a great time to buy and current market conditions will represent the low water mark. Show notes here: https://propertyplanning.com.au/2022-review-and-2023-predictions-what-did-we-get-right-and-what-did-we-not-predict-ep-189/

Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaIhttps://propertyplanning.com.au/propertyplannerbuyerprofessor/ 1. Continued positive signs as home value index results show rate of decline slows Like November data exhibited, dwelling values’ rate of decline is still slowing in all cities except Brisbane and Hobart, but our national decline is not as severe as the media would have us all believe. As the heights of last year's market fade away from the rolling average data set our annualised losses continue to climb. 2. Rents are still climbing in many cities, and while house asking rents have slowed somewhat, the rate of growth is still very tough on tenants. Units in almost every city are still climbing at a strong rate, particularly for Sydney, Brisbane, Melbourne, Adelaide and Perth. Vacancy rates remain tight, particularly in Hobart, Brisbane, Perth and Adelaide. Now that net overseas migration has reached a record high, the threat to the rental market undersupply issue is amplified. These heightening asking rents correlate with the tightening vacancy rates and also the increasing rental yield figures across our various capital city and regional markets. 3. New listings are still low after a particularly quiet spring season nationally Despite low new stock, Cate discusses the impact of this on price movement. It's fair to say that our December price falls were somewhat insulated due to low stock levels and a healthier supply:demand ratio than feared. 4. What’s changed since our last rate increase? Consumer confidence tells a couple of interesting stories this month. While confidence is still low, the two metrics of interest are; a) house price expectations index, and b) family finances next twelve months.  5. External refinancing continues to climb! Unsurprisingly, refinance activity is very strong in response to three things; increasing interest rates, hungry banks, and larger lender margins. As consumers look elsewhere for more competitive lending, banks too are taking the opportunity to market hard for new business.  The trio talk about the impact of refinancing and delve into the dreaded 'clawback' scenario... something every strategic mortgage broker loathes. 6. Much like the November data showed, the bond yield remains static The three year bond yield remains sub 3.3% still; reminding us that long term sentiment is reasonably positive for our cash rate. 7. Unemployment remains low. Pete reminds us how pleased he is for his students who are finding work more easily than past years. 8. And our gold nuggets! Cate Bakos – The Property Buyer’s Golden nugget: Cate encourages those who are reading dire economist predictions and feeling fearful, to delve into the economist's rationale and assumptions. Understand the variables and conditions that some of these articles are basing frightening headlines on and qualify the information you are reading. David Johnston – The Property Planner’s Golden nugget:  Dave puts the value losses into perspective; from peak to trough across our combined capitals our value losses are single digit, and he reminds listeners that our gains in 2020 and 2021 were significant. Dave feels that 2023 is a good time to get into the market if you have a long term plan. Visit the show notes: https://propertyplanning.com.au/market-update-dec-2022-rents-are-still-climbing-and-increased-net-migration-now-poses-a-new-threat-to-rental-supply-ep-188/