“You learn more in a downturn than you do in an upswing.” – Lachlan Delahunty In this week’s episode, Chris Bates speaks with Lachlan Delahunty, property valuer turned buyer’s agent and founder of Follio, about what the post-budget market means for investors and why discipline now matters more than speculation. Lachlan shares lessons from past downturns, including post-GFC Melbourne and WA’s slowdown, and explains why protecting downside risk is critical in today’s environment. He is also the founder of Follio, a property research platform built to help investors make more informed, data-driven decisions. He also breaks down common traps like regional “hot spots,” house-and-land packages, and high-density apartments. Instead, the focus is on what actually holds value: scarcity, owner-occupier demand, and strong fundamentals. Lachlan also discusses how he’s adjusting his own strategy, including renovation and small-scale development opportunities. For investors navigating uncertainty, this episode is a reminder that knowing what not to buy is just as important as knowing what to buy. Episode Highlights01:17 Meet Lachlan: From Valuer to Buyers Agent 01:54 How Valuation Experience Shapes Investment Strategy 04:09 What Downturns Teach You About Property Risk 06:43 Why Sophisticated Investors Are Buying Post-Budget 10:00 From House-and-Land Hype to Commercial Risk 12:59 Why Quality Beats Quantity in Property Investing 15:03 Perth’s Boom: Knowing When It’s Time to Exit 22:20 Where to Find Value and Cash Flow Post-Budget 25:24 Could Small-Scale Development Be the Next Strategy? 30:04 Why Apartments and Oversupplied Markets Are Risky 33:51 The Valuation Trap That Can Blow Up Your Portfolio 38:38 The Key Lessons for Investors Moving Forward About the GuestLachlan Delahunty is the Founder and Director at Follio and a property professional with over a decade of experience across valuation, real estate, and buyer’s agency. He started his career as a property valuer, spending seven years assessing residential and commercial development assets, which gave him strong technical insight into how property is priced, analysed, and underwritten. In 2017, he transitioned into buyer’s agency, helping investors and home buyers make more informed, data-driven decisions. He also worked within a data-driven investment environment at Follio, further strengthening his ability to analyse market trends, assess risk, and apply structured, systems-based thinking to property selection. Having worked through multiple property cycles, including the post-GFC Melbourne market and Western Australia’s downturn, Lachlan focuses on fundamentals, downside protection, and long-term value rather than short-term sentiment. Today, he works with clients across Australia, combining valuation expertise, data analysis, and market insight to identify resilient, high-quality opportunities. He is a strong advocate for quality over quantity and cautions against speculative strategies and oversupplied markets. Connect with LachlanLinkedIn | Lachlan DelahuntyLinkedIn | FollioWebsite | Follio Work with Chris (Alcove)Business Webpage Link - https://alcove.com.auEmail - hello@alcove.com.auContact Alcove at: (1300 252683)Socials:LinkedIn (Alcove) - https://www.linkedin.com/company/alcovembLinkedIn (Chris) - https://www.linkedin.com/in/christopherbates/Instagram (Chris) - https://www.instagram.com/chrisbates_alcove/ 🗓️Book a chat with us!🗓️ Follow us on our socials!YouTubeLinkedInInstagramTikTok 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/@street-secretsSubscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/street-secrets/id1837331268Subscribe on Spotify: https://open.spotify.com/show/7sBYmpcuxCYwceQiHdBnaq?si=2Gdl60HRRWCBoUlcBHB0nA The information provided in this podcast is for general informational purposes only and should not be relied upon as financial, investment, or credit advice. It does not take into account your personal objectives, financial situation, or needs. You should consider the appropriateness of the information to your circumstances and seek advice from a licensed financial adviser, mortgage broker, or other qualified professional before making any decision. Canopy Private Pty Ltd holds Australian Credit Licence 558709.