The Elephant In The Room Property Podcast | Inside Australian Real Estate Veronica Morgan & Chris Bates

Ever wondered how the ground beneath your strata property might be shifting? What if we told you there are new laws on the horizon in New South Wales that could reshape the foundation of strata living?

In this episode, we’re joined by Amanda Farmer—host of Your Strata Property, and owner of Lawyers Chambers, to help us unpack significant developments that's sending ripples through the strata property landscape in New South Wales. If you own a unit, townhouse, or villa in the region, these changes might have a direct impact on you.

But here's the kicker—as we explore the implications for strata owners in NSW, a crucial question is raised: Is this a blueprint that multi-dwelling owners in other states and territories should also be studying closely?

Join us as we break down the complexities of these upcoming strata laws and explore whether they could be a game-changer not just for residents in NSW, but for strata owners nationwide.

Episode Highlights:

00:00 - Introduction

00:57 - Who is Amanda Farmer?

02:04 - What's the latest buzz surrounding strata properties and what's unfolding next?

03:56 - Is there a typical legislative process for implementing new laws in strata?

06:11 - Upcoming laws that address the challenges of pet ownership in strata communities

09:04 - What is a strata levy that is struck and why you need to pay in just 14 days

11:48 - How accurate are the headlines about individuals struggling with levy payments?

14:19 - Are unexpected strata costs affecting potential clients' budget for property purchase?

18:16 - In what way does the insurance industry exacerbate problems faced by strata?

22:42 - What are the upcoming laws regarding notice periods for strata meetings?

26:32 - Why is there a growing emphasis on maintaining electronic records in strata property?

29:54 - Veronica mentions the new strata commissioner and asks about his mandate

32:53 - How does new legislation simplify the removal process of strata committee members?

38:05 - Is there a perceived rental crisis linked to recent legislative shifts favoring tenants?

42:05 - Strategies for bridging the expertise gap in strata management

46:12 - Why buyers are advised to conduct their own building inspections in strata purchases

51:30 - Amanda Farmer’s property dumbo

About Our Guest:

Amanda Farmer is a lawyer and the owner of Lawyers Chambers, a strata-focussed legal practice in Sydney. She is also the host of the long-running podcast Your Strata Property, the world’s only podcast dedicated to explaining the legal complexities of strata-titled properties. With over 20 years' experience in the strata legal sector, Amanda is both a Fellow and Council Member of the Australian College of Strata Lawyers, and she is also the founder of Women in Strata, a networking group for women working in strata management. An increasingly in-demand speaker and educator, Amanda has been educating strata managers, apartment owners and residents for many years, through round table workshops, webinars, seminars and keynote presentations.

Connect with Amanda Farmer:


LinkedIn: https://www.linkedin.com/in/amandafarmerlaw/
Facebook: https://www.facebook.com/yourstrataproperty/
Instagram: https://www.instagram.com/yourstrataproperty/
Visit their website: https://yourstrataproperty.com.au/
Lawyers Chambers on LinkedIn: https://www.linkedin.com/company/lawyers-chambers-on-riley-pty-ltd

Resources mentioned in this episode:


The Elephant in the Room Property Podcast Episode 304: Strata Properties: What’s Changing and Why? https://www.theelephantintheroom.com.au/podcasts/304
Your Strata Property Episode 370: Affordability, availability and competition in strata insurance – with John Trowbridge https://yourstrataproperty.com.au/370-affordability-availability-and-competition-in-strata-insurance-with-john-trowbridge/

Resources:


Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our

Buying a home can get tricky and expensive, especially when you have to pay a bunch of money for inspections before sealing the deal. Some even end up skipping these checks because the bills add up fast, especially if they keep losing out on bidding wars. In this episode, we're digging into two options: seller-paid inspection reports or splitting the cost among potential buyers.

But here's the big question: Can you really trust the reports if the seller is the one paying for them? Are there hidden issues, or is everything on the up-and-up? To guide us in exploring these questions, we sit down with Rhys Rogers, the co-founder and CEO of Before You Bid, a groundbreaking property technology firm at the forefront of transforming the pre-purchase inspection landscape.

In a world where technology is shaking things up, prop-tech companies are jumping in to make life easier for homebuyers. One such solution is the advent of marketplaces for pre-purchase inspections. Can these platforms offer a more accessible and affordable option for buyers? Join us as we break down the nitty-gritty of relying on seller-paid reports, exploring the good stuff, the challenges, and how technology is shaping the way we buy homes.

Episode Highlights:

00:00 - Introduction

01:24 - Who is Rhys Rogers?

02:11 - What sparked Rhys’s idea for a property-related service or product?

04:36 - Discussing the pros and cons of the concept of a shared economy

06:13 - Challenges in ensuring consistency and reliability among inspectors in the marketplace

09:38 - How do vendors decide whether to make inspection reports public on the platform?

12:45 - What’s the process of selecting building and pest inspectors for bank valuations?

18:20 - Managing conflicts of interest between building inspectors and real estate agents

22:08 - Suggestions for improving the seller-paid inspection system to avoid bias

27:15 - What ensures inspectors' accountability for rule violations or inaccurate reports?

30:10 - What are the Australian standards for a building and pest inspection?

32:52 - Current regulations and standards for strata record-keeping across Australian states

37:16 - Rhys's potential expansion into a real estate marketplace

38:33 - How can buyers leverage building and pest report data for property evaluation?

41:20 - Rhys Rogers’ property dumbo

47:46 - How prevalent is the practice of getting a second inspection to verify initial findings

53:18 - Veronica’s advice for buyers when it comes to relying on seller-paid reports

About Our Guest:

Rhys Rogers is the co-founder and CEO of property technology Before You Bid. Rhys started out his professional career as an insolvency accountant, before delving into creating a start up in the property space. Since launching 8 years ago, Before You Bid has grown to be the largest marketplace for building and pest and strata inspectors. The platform now helps over 100,000 people buy and sell property every year and aims to be the Home of Property Compliance and Due Diligence.

Connect with Rhys Rogers:


Connect with Rhys on LinkedIn: https://www.linkedin.com/in/rhys-rogers-b7772038
Visit their website: https://www.beforeyoubid.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-

In the face of a nationwide rental crisis characterised by soaring rents, historically low vacancy rates, and a surge in immigration, one might expect investors to be flocking to the real estate arena. However, the reality is starkly different. Investors are hitting the sell button, prompting us to ask the crucial question—why?

Today, we're privileged to have Nicola McDougall — chair of PIPA, join us in dissecting the intricacies of this market upheaval. Nicola brings her wealth of expertise to help us dissect the intricacies of the current real estate landscape. Together, we explore the reasons behind the increasing number of investment properties hitting the market when conventional wisdom suggests the opposite.

Tune in and join the conversation as we explore the forces shaping Australia's property landscape and seek to understand why, in the midst of apparent opportunity, investors are choosing to take a different path.

Episode Highlights:

00:00 - Introduction

01:03 - Who is Nicola McDougall?

01:53 - What's the methodology behind the PIPA investor sentiment survey?

07:09 - What constitutes the national rental pool in terms of property numbers?

12:51 - Is the government a key factor in shaping investor attitudes currently?

15:44 - Some primary motivations for investors selling properties in Australia

23:14 - Understanding factors behind tenancy reform and investor divide

25:33 - Anticipating the impact of regulations and borrowing costs on investor trends

31:27 - What broader issues are indicated by the housing shortage beyond just the rental crisis?

36:16 - The effect of the COVID-19 pandemic on property investors and their market presence

39:54 - Why the expected impact of increased interest rates hasn't played out in Sydney

44:00 - Is the government fully aware of the property market's long-term investment issues?

49:38 - How investors can navigate the tightening credit environment

51:28 - Nicola McDougall’s property dumbo

About Our Guest:

Nicola McDougall has served as the Chair of PIPA (Property Investment Professionals of Australia) since early 2022, bringing to the role her expertise as an award-winning property and finance journalist, author, and successful property investor. As the Director of Bricks & Mortar Media, she has co-authored notable works such as "The Female Investor: Creating Wealth, Security & Freedom Through Property," which secured the personal finance and investment category award at the 2022 Australian Business Book of the Year. Additionally, Nicola has contributed to the 3rd edition of "Property Investing For Dummies" and authored the 1st editions of "Buying a Property for Dummies" and "Property Investing Essentials for Dummies," all published in 2023 by Wiley. With a background as the former editor of Australian Property Investor magazine and head of corporate affairs at the REIQ, Nicola has been a dedicated PIPA board director since 2014.

Connect with Nicola McDougall:


Nicola’s LinkedIn profile https://www.linkedin.com/in/nicola-k-mcdougall/

Resources:


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

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


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

Over the past year, interest rates have surged at an unprecedented pace, leaving borrowers who once enjoyed the luxury of sub-2% rates now grappling with interest rates hovering around 6% for their mortgages. The impact is so noticeable, it's creating immense pressure on existing borrowers and significantly curtailing the borrowing capacity of newcomers. The question that emerges is, "how is the lending market surviving in the face of such adversity?"

One might expect a flood of distressed property sales and a sharp decline in property prices and yet surprisingly, that's not the case. Distressed sales are somewhat scarce, and property prices, in some markets, continue to rise, which then raises a fundamental query: "what's keeping the lending market afloat?"

In this episode, we're joined by Daniel Gold of Long Property to uncover the intricate dynamics at play in the lending market. We explore the factors contributing to borrowers' resilience in managing higher repayments and the ability of many to still access finance. The lending market, as it turns out, is a complex ecosystem with numerous layers, and we're here to help you unravel it. So, let's get started!

Episode Highlights:

00:00 - Introduction

01:28 - Who is Daniel Gold?

02:15 - How resilient has the property market been since 2022?

03:17 - How are people still managing to access the money required for property purchases?

05:27 - Is there a notable shift in intergenerational wealth transfer?

08:41 - Are second-tier lenders benefiting from interest rate trends?

10:49 - How are different types of clients coping with higher interest rates?

12:46 - Differences in responsibilities and regulations between banks and other types of lenders

18:58 - What's the impact of the new 1% buffer policy on refinancing?

28:19 - Potential challenges of younger borrowers investing in the Sydney property market

33:46 - What’s the impact of the rental crisis on investors?

37:58 - How effective are housing reforms in addressing supply issues?

43:12 - How are clients responding to recent changes in the holiday home market?

50:50 - Are people upgrading their properties more frequently?

52:37 - What are the reasons behind the market's willingness to invest?

54:09 - The complexities of buying and selling real estate in a competitive market

55:47 - Daniel Gold’s property dumbo

About Our Guest:

Daniel Gold runs the business Long Property and he’s one of the top mortgage brokers in Melbourne. He has been selected as a finalist for best residential broker and broker of the year at the main industry awards for the past 3 years in a row. He specialises in providing a high-end service predominantly to professionals and self employed clients.

Connect with Daniel Gold:


Check out Daniel Gold’s blog here: https://longproperty.com.au/doing-well-in-real-estate-lessons-from-our-top-clients/
Connect with Daniel on LinkedIn: https://www.linkedin.com/in/danlgold/
Visit their website: https://longproperty.com.au/
Check out Daniel Gold’s book: https://www.amazon.com/Long-Property-Daniel-Gold/dp/064829952X

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/3Ge1626dgn

Rising property inventory can introduce several risks for property investors. An increase in available properties can lead to market saturation, as supply outpaces demand. This oversaturation can drive down property prices and rental rates, potentially impacting the profitability of real estate investments.

In today's episode, our resident data geek, Kent Lardner discusses a significant trend he has noticed in the Australian property market which is all about the rising number of available properties and what it could mean for investors. While it seems like things are getting back to normal, there's a catch you will probably need to look out for.

Throughout the episode, we dive into the specific areas in Australia where this rising property inventory trend could create problems for investors.

Stay informed about local market conditions so you can navigate the risks and make the right investment decisions, press that play button and let's get started.

Episode Highlights:

00:00 - Introduction

01:02 - How Kent tackled the inventory level challenge

02:36 - What's the relationship between property inventory, supply, and demand?

06:58 - Real estate market trends and hotspots

11:19 - Real estate market trends and price falls in Australia

14:28 - Housing market trends and COVID-19 impact

19:01 - Housing affordability in Australia

23:16 - Housing market trends and overheating in regional areas

29:44 - Housing market impact of Airbnb short-term rentals

31:04 - Real estate market trends and inventory levels

36:39 - Real estate motivations and market trends

39:57 - Housing market trends and downsizing

42:41 - Real estate market trends and pricing

45:14 - Real estate market trends and inventory in Australia

48:34 - Real estate market trends and metrics

About Kent Lardner:

Kent Lardner is an expert data science and business leader with 30+ years of experience at leading companies like JLL, CoreLogic, and General Electric. He has led teams of 5 to 200 people across Australia and China, driven by his passion for high-growth digital businesses. Kent is also the founder of Suburbtrends, a leading property research firm trusted by major names in Australian property and featured in mainstream media.

Connect with Kent Lardner:


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

Resources:


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

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


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

The debate over strata properties has been ongoing in real estate, with enthusiasts and skeptics locked in a perpetual tug-of-war. The cons, such as mandatory strata levies and the perception of lower capital growth compared to standalone houses, have often taken center stage. However, in the world of strata living, there is a tapestry of complexities that often goes unnoticed, which makes it far more than just  a black-and-white investment decision.

In this episode, we are joined by Karen Stiles, Executive Director of the Owners Corporation Network, and we dive headfirst into the fascinating world of strata properties, shedding light on the dynamic changes occurring in the strata landscape. We challenge the common belief that "all units make bad investments" and uncover the nuanced reasons behind this dichotomy. While there are indeed risks and responsibilities, there's a hidden treasure trove of benefits that many overlook when considering strata living or investment.

But here's the twist: strata living isn't for everyone. It requires a certain temperament to thrive in a cooperative space. And as we dive deep into the challenges, and changing dynamics in the world of strata, may these insights help you make informed decisions about this intriguing facet of real estate.

Episode Highlights:

00:00 - Introduction

01:25 - Who is Karen Stiles?

02:26 - Building commission changes in NSW and its impact on property owners

08:02 - Complexities, challenges, and risks in strata property insurance

13:21 - Can the strata commissioner contribute to improved strata property management?

14:48 - Specific challenges associated with the changing strata property landscape

19:01 - Solutions or strategies to address the hurdles in getting strata remedial work done

23:45 - What is the current status of "Project Remediate" in New South Wales?

28:09 - Is there a shift from investor-owned to owner-occupied properties?

31:03 - Housing shortages and Airbnb in Sydney

36:01 - Property management regulations in Australia

39:59 - Sustainability and energy issues in Australian apartment buildings

43:07 - Strata living challenges and education

46:01 - What's the most important change you'd like to see in the strata space?

49:05 - Karen Stiles’ property dumbo

About Our Guest:

Karen Stiles is Executive Director of the Owners Corporation Network, the independent voice of strata owners. In her 11 years with OCN, she has heard the gamut of good and bad news stories relating to what she refers to as strata births, deaths and marriages aka 1st Annual General Meetings, living cooperatively, and collective sale. Karen’s experience on strata committees began with her first apartment in 1984, and includes everyone’s worst nightmare: overseeing a large defects claim after an off the plan purchase. Today she is Chair and Secretary of an older, medium sized strata scheme which has undertaken foyer, lift and fire safety upgrades.

Connect with Karen Stiles:


Connect with Karen Stiles on LinkedIn: https://www.linkedin.com/in/karen-stiles-30b18a16/
Visit their company’s website: https://ocn.org.au/

Resources mentioned in this episode: 


How bad can things go with buying strata property | Episode 68 https://www.theelephantintheroom.com.au/podcasts/068

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-p