{"id":10476,"date":"2017-02-09T14:00:20","date_gmt":"2017-02-09T03:00:20","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10476"},"modified":"2017-02-09T14:00:20","modified_gmt":"2017-02-09T03:00:20","slug":"banks-move-to-close-a-loophole-auctioneers-tactics-revealed-the-world-is-not-fair","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/banks-move-to-close-a-loophole-auctioneers-tactics-revealed-the-world-is-not-fair\/","title":{"rendered":"Banks move to close a loophole + Auctioneers tactics revealed + The world is not fair!"},"content":{"rendered":"

We discuss with buyers agent Cate Bakos<\/strong>, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates.
\nWestpac is closing a loophole to stop property buyers using a combination of personal loans and mortgages to fully fund deposits, or top-up shortfalls if off-the-plan apartments are revalued by the bank at less than the purchase price.
\nIt follows an internal review that concluded top-up personal loans are not “genuine savings” and “unacceptable” as a buyer’s contribution to a loan application.\u00a0\u00a0 Andrew Mirams<\/strong><\/a> looks at the impact of this move.
\nWe look behind the scenes of an auction to discover how auctioneers prepare for an auction, how they structure the call and what tactics they use to get a sale.\u00a0 Auctioneer David Holmes<\/strong> joins us.
\nA century ago the average Aussie was a 24-year-old male farmer. Fifty years ago it was a 29-year-old male office clerk. But today it’s a 38-year-old female sales assistant.\u00a0 Demographer Mark McCrindle<\/strong> paints a wonderful picture of how our lives have changed in the last 100 years and how that has molded the future of housing.
\nJust eight of the richest people on earth own as much combined wealth as half the human race.\u00a0\u00a0 That\u2019s right – they own as much wealth as the poorest half of humanity \u2013 that’s 3.6 billion people represented in the bottom half who\u2019s average wealth works out to less than $120 per person.\u00a0 So what\u2019s happening?\u00a0 Michael Yardney<\/a>\u00a0<\/strong>helps us understand.
\nYou will find us at iTunes under podcasts as Real Estate Talk.\u00a0 Listen there for free, leave a review which helps us grow and tells us what you like and how we can improve the show.\u00a0 Don\u2019t forget to subscribe at the site as well \u2013even if you do get the show through iTunes – so that we can tell you about the bonus offers we make to subscribers.\u00a0\u00a0 Your questions are welcome through the site as well.
\n <\/p>\n

Transcripts:<\/strong><\/h4>\n

Buying in a buyers market vs sellers market – Cate Bakos<\/h2>\n

Kevin:\u00a0<\/b>\u00a0Joining me now is my guest Cate Bakos, a buyer\u2019s agent from Cate Bakos Buyer\u2019s Agents.
\nGood day, Cate. How are you?
\nCate:<\/b>\u00a0 I\u2019m good, Kevin. How are you going?
\nKevin:<\/b>\u00a0 Fantastic, thank you. Nice to be into 2017. I want to ask you a question that I\u2019m sure you\u2019ve faced from time to time and I get asked quite often. We talk about buyers\u2019 and sellers\u2019 markets, but how should buyers and sellers \u2013 buyers in particular \u2013 be reacting in those different markets? Should they act differently, Cate?
\nCate:<\/b>\u00a0 They sure should. We have some very noticeable traits for each of the sellers\u2019 and buyers\u2019 markets, and it can really determine how patient or what sort of move is required for a buyer, whether it\u2019s taking your time to analyze the appropriateness of the property over a longer period of time, how you might commence negotiations, how you\u2019ll deal with the agent versus having a fair bit of time pressure and needing to make a quicker decision on the basis of all of the information at hand, because the two markets can certainly make a big difference for any buyer.
\nKevin:<\/b>\u00a0 Yes, I can understand that agents would certainly act differently in buyers\u2019 and sellers\u2019 markets, just dependent I guess on how much control they have, and if they\u2019re in a sellers\u2019 market and when they work specifically for the seller, I guess they\u2019re going to feel like they are in a lot more control, Cate.
\nCate:<\/b>\u00a0 They\u2019re certainly spoilt with strong buyer numbers and some really unprecedented strong sales results. An agent in a sellers\u2019 market will be finding that they need to have listings on hand for the buyer demand. So you tend to find the agent\u2019s energy is spent chasing listings in that sort of market.
\nIt doesn\u2019t mean that they don\u2019t service the buyers well, but they have more time in a buyers\u2019 market and need to change their focus to be there for the buyers and to try and get the sales across the line. The difference in agent energy is really noticeable, because in a sellers\u2019 market they have to find the properties. They have to get a listing.
\nKevin:<\/b>\u00a0 Yes. It would also vary a lot, I would imagine, as to how you negotiate with an agent in that environment as well because they have a lot more control in a sellers\u2019 market, don\u2019t they?
\nCate:<\/b>\u00a0 They do. They won\u2019t be quite as negotiable. They\u2019ll most likely run an auction property all the way through to auction, particularly if they feel comfortable and confident with how the campaign\u2019s going. And they won\u2019t be so excited about presenting a low or a moderate offer to a vendor in a sellers\u2019 market. They\u2019ll expect to present a strong and competitive offer.
\nSo the way that you pitch your first offer or the way that you negotiate has to really take into account what sort of market you\u2019re in, because you don\u2019t get an opportunity to get cute or to toy around with lower offers in a sellers\u2019 market. The property will be sold to the next person.
\nKevin:<\/b>\u00a0 I guess you have to bear in mind, too, as a buyer\u2019s agent you\u2019re representing the buyer. You\u2019re then having to negotiate through an agent to get to the seller.
\nCate:<\/b>\u00a0 Very much so.
\nKevin:<\/b>\u00a0 Your tactics would vary, as well, I would imagine. It would be very different in those two markets, Cate.
\nCate:<\/b>\u00a0 They will. In a buyers\u2019 market, you have a bit more of a luxury to try and see where the vendor\u2019s acceptance point might be, as low as it can be. And in a sellers\u2019 market, if you risk doing that, you risk losing the property altogether because there are other buyers lining up around you and it\u2019s a fast-moving pace.
\nIn particular, you have to face auctions a lot more in a sellers\u2019 market. So being able to negotiate prior to auction is not even an option in a sellers\u2019 market sometimes. So I have to take into account not just whether it\u2019s a buyers\u2019 or a sellers\u2019 market, but the popularity of that campaign, as well. Sometimes there are mini gluts of properties or you have mini droughts. Even in a sellers\u2019 market, you might have a buying opportunity and vice versa.
\nKevin:<\/b>\u00a0 Do you look at data differently in those two different markets, as well? There is a lot of data that\u2019s available; we promote it in this show here. But do you look at different data dependent on the market?
\nCate:<\/b>\u00a0 We certainly do. You have to understand how to segment some of that data, because an auction clearance rate is a valuable piece of information but when you can break it down to dwelling type, as well, and understand exactly how apartments or townhouses or villa units are fairing in that market, and keeping an ear to the ground and staying in touch with local agents and seeing what other competing sales are going on at the same time are all micro pieces of information that are really important.
\nKevin:\u00a0\u00a0<\/b>Cate, always great talking to you. Thank you so much for your time. All the best, and look forward to talking to you during the year.
\nCate:<\/b>\u00a0 Same here, Kevin. Thank you.
\n <\/p>\n

Banks close investor loophole – Andrew Mirams<\/a><\/h2>\n

Kevin:<\/b>\u00a0 I was interested to see during the week that Westpac is closing a loophole to stop property buyers using a combination of personal loans and mortgages to fully fund deposits or even to top up shortfalls if off-the-plan apartments are revealed by the bank at less than purchase price. Andrew Mirams from Intuitive Finance, a regular on the show, joins me.
\nAndrew, thanks for your time and welcome to the show once again.
\nAndrew:<\/b>\u00a0 Thanks, Kevin. Pleasure.
\nKevin:<\/b>\u00a0 Interesting, this. Alarm bells seem to be going off a little bit. What\u2019s behind this?
\nAndrew:<\/b>\u00a0 Probably the bank has\u2026 And Westpac has been the last one to move. The others have all closed these loopholes as part APRA\u2019s looking into, I guess, just responsible lending. They\u2019ve just shut down the ability to make a personal loan and personal lines of credit [<\/b>0:58 inaudible]<\/b> as genuine savings.
\nWhenever is someone is looking to buy a home, they have to have at least 5% of genuine savings, so what the banks and regulators and everyone is looking for is clients aren\u2019t over-committing themselves. And by doing that, by being able to prove the genuine savings test, that they\u2019ve been able to start to put some money aside, and there, they take from that a bit of a viewpoint that they should be a good credit risk in terms of meeting their loan repayments in the future. If you start to mix aggregate debts and things like that, it\u2019s harder to get a true form of whether they\u2019re going to be able to do that.
\nKevin: <\/b>\u00a0Just making it a little bit harder all the time, I guess, for investors, isn\u2019t it? It seems to be these levers that they\u2019re pulling to try and get some control over increased prices, Andrew?
\nAndrew:<\/b>\u00a0 Absolutely. And in days past, just pre-GFC, we had 105% and 110% home loans, 100% home loans were existent. Part of that clean out, it got rid of all of those. There were a few little loopholes that were brought in for people such as high-income earners who had separated from a partner and were trying to reestablish into the market. They had good incomes but because of circumstances didn\u2019t have the access. These things were brought into play.
\nThey have probably been used more recently as the markets have grown and people have found it harder and harder by some banks and strategic brokers out there just trying to really help clients get in in any way shape or form to get there.
\nI don\u2019t think it\u2019s a bad thing and the bank bashers will probably say, \u201cThe banks want it all their way.\u201d This isn\u2019t a bank restriction. This is very much brought down by the regulators sitting above, that we\u2019re seeing changes being enforced over the last 18 months and probably still have a little bit to go.
\nKevin:<\/b>\u00a0 Andrew, could this also be a sign that the regulators think that rates are on the increase and they could be a bit concerned that people may be borrowing too much and not going to be able to repay some of these loans back?
\nAndrew:<\/b>\u00a0 Yes and no, Kevin. Yes, of course, we\u2019ve had record low interest rates, so there\u2019s no doubt that with low interest rates, if we get a couple of increases then what\u2019s the jolt going to be? Are people going to be able to afford that?
\nWhy I say no is the bank servicing rates and the way you\u2019ve gone in and asked for a loan from a bank, they\u2019re still being serviced. The majority of their loans that are around 7.25 up to 8% depending on the lender. They actually have that factored into their servicing calculations and are doing that to make sure they\u2019re not over-committing people.
\nThe rates are there, so they\u2019re already servicing in that. I think there\u2019s a bit more workaround just analyzing people\u2019s expenditure and making sure that their lifestyle actually meets their income requirements and then their ability to fund their debt.
\nKevin:<\/b>\u00a0 Are there many 100% home loans at present?
\nAndrew:<\/b>\u00a0 Not that I\u2019m aware of, Kevin.
\nKevin:<\/b>\u00a0 No.
\nAndrew:<\/b>\u00a0 Look, we don\u2019t lots of just first-home loans and things like this, and I\u2019ve seen in some of the reports and a lot of people have made a bit of noise about that, and they\u2019re probably people who work in those markets trying to get people in. That\u2019s not really a market that I do a lot of work in.
\nThere\u2019s no such thing as a 100% home loan where you can get a home for $500,000 and borrow $500,000. That\u2019s was closed down after the GFC. Just pre-GFC, though, there were loans available up to 110% of the value of the property on the old premise that property always goes up. We saw through America and the UK and parts of Australia even when the GFC came through that that\u2019s a fallacy. It just doesn\u2019t work just like that.
\nKevin:<\/b>\u00a0 We\u2019re talking here about Westpac doing this. Are there any indication the others are likely to follow suit.
\nAndrew:<\/b>\u00a0 The other lenders have already probably done it more. They were less aggressive in doing it and weren\u2019t really doing that. Westpac had seen this is a bit of a niche in their market and the ability to provide this and do things like that. It\u2019s just now they\u2019ve been alerted to it by the regulators, and they\u2019ve said, \u201cOkay. We probably agree. That doesn\u2019t fit the full piece of responsible lending practice.\u201d They\u2019ve just shut it down for now as the regulators continue to take a stronger hold to ensure that the market doesn\u2019t enter a boom-bust cycle.
\nKevin:<\/b>\u00a0 Yes. How are brokers generally reacting to this type of tightening up because it\u2019s been going on for a while, hasn\u2019t it?
\nAndrew:<\/b>\u00a0 Yes, it has been. You\u2019re right. Like I said, there are banks and brokers that have advocated doing this and just getting that little bit extra, $10,000, $15,000, $25,000, $30,000 \u2013whatever it might be \u2013 on a personal loan to get them in to fund their stamp duty or something.
\nThat\u2019s part of the frenzy of what the regulators don\u2019t want people to commit to if they can\u2019t save the money and they don\u2019t have other means, then taking more debt just to get in because of otherwise \u201cWe\u2019ll miss out on the market,\u201d I think probably isn\u2019t a bad thing.
\nHopefully, it will save some people from some potential gloom if we do get rate raises and they can\u2019t manage all their debts, because a personal loan is generally taken over somewhere between 5 years to 7 years, maybe up to 10 years depending on the lender. So it has a higher interest rate and a shorter repayment period, so that coupled with then your mortgage expenses if the rates start to rise, I think it can put people at risk.
\nMy personal opinion is I don\u2019t think it\u2019s a bad thing, but will it mean some people will miss out? Yes, it will, but arguably they\u2019re also saving them from putting them at risk at well.
\nKevin: <\/b>\u00a0Yes. We have a history \u2013 haven\u2019t we \u2013 of a really good banking system, tight regulations, and we shouldn\u2019t complain about that, and I know you\u2019re certainly not doing that. But is this the new norm \u2013 that of increased deposits, good record of saving, the ability to even service higher interest rates? Andrew, is that the norm going forward?
\nAndrew:<\/b>\u00a0 Yes. I think it\u2019s going to be, Kevin. I think at least while we still see, in particular, the two major capitals in Melbourne and Sydney really performing strongly. I think there will be continued concern that we don\u2019t want people just rushing in and buying. I think there will be more scrutiny.
\nLike I said, there\u2019s a lot of work around just being able to analyze people\u2019s actual spending habits and their consumption; what they actually do spend on a monthly basis and not overcommitting them. I think we\u2019ll see continued work around interest-only piece and especially people wanting an interest only home loan and things like that.
\nI think the scrutiny around those that we\u2019re not overcommitting people, in the long-term, it might be okay and affordable today but what about in three or five years when an interest-only term has come off. You have potentially higher interest rates. You might have been a couple then but you\u2019ve gone back to one wage because you\u2019ve had a baby and things like that, and all of a sudden, you just can\u2019t make your commitment.
\nThat\u2019s why the regulators are working hard to make sure that the market remains strong and consistent, again, to avoid that boom-bust cycle.
\nKevin:<\/b>\u00a0 Well said, mate. Always good talking to you. Andrew Mirams from Intuitive Finance. Thanks for your time, mate.
\nAndrew:<\/b>\u00a0 My pleasure, Kevin. Have a great day.
\n <\/p>\n

The rich get richer – Michael Yardney<\/a><\/h2>\n

Kevin:\u00a0 <\/b>Not sure if you\u2019re aware, but did you know that just eight of the richest people on Earth own as much combined wealth as half the human race? That\u2019s according to a recent report by Oxfam. A really interesting study, and I want to get the feedback here from Michael Yardney<\/a>.
\nGood day, Michael.
\nMichael:\u00a0 <\/b>Hello, Kevin.
\nKevin:\u00a0 <\/b>Michael from Metropole Property Strategists,<\/a> of course, a regular guest on our show.
\nMichael, should we be concerned? Is it disturbing that so few people have so much wealth?
\nMichael:\u00a0 <\/b>I can understand why it concerns people, and an Oxfam director came out and said it\u2019s obscene so much wealth is held in the hands of so few. I think there\u2019s another way of looking at it, Kevin, that yes, there will always be a disproportion, but let\u2019s have a look at what these wealthy people have done for the community instead of looking at what else we could do.
\nKevin:\u00a0 <\/b>Okay, let\u2019s do that. That\u2019s a very positive thing to do.
\nMichael:\u00a0 <\/b>It\u2019s easy to point a finger, it\u2019s easy to say that they\u2019re taking advantage of the tax system or that the system is unfair, but let\u2019s not forget all the jobs they\u2019ve created in the various companies owned by these people who create economic activity by providing goods and services.
\nAnd instead of demonizing them, I think what\u2019s also interesting, I did some homework and research to see how philanthropic they are. Can I quickly go through that, Kevin?
\nKevin:\u00a0 <\/b>Please. I think it would be very helpful. Thank you.
\nMichael:\u00a0 <\/b>They\u2019re billionaires and they were born at the luckiest time in history, and six of them are hailing from America, which is the wealthiest country in the world. But when you look at them, the first one is Bill Gates.<\/strong>
\nHe\u2019s co-founder of Microsoft, the richest man in the world. But you probably have heard that he set up the Bill and Melinda Gates Foundation, who so far have donated $30 billion \u2013 not million \u2013 because their core belief is that giving people the tools to gain a healthy life rather than giving handouts is going to help them.
\nThe number two person on this rich list of eight billionaires was Amancio Ortega,<\/strong> the founder of Zara Clothes. Similarly, he set up the Amancio Ortega Foundation, which only last year gave 25 oncology radiotherapy units to hospitals in Spain at the value of 40 million euro.
\nWarren Buffet is on the list. He\u2019s 86 years old, and every year, he donates money. Last year alone, he donated $2.86 billion of shares in Berkshire Hathaway, plus he\u2019s set up the Giving Pledge Foundation with Bill Gates, allowing and encouraging other wealthy people to continue giving money during their lifetime.
\nNumber four on the list of these wealthy eight people is Carlos Slim<\/strong>, the Mexican business magnate who owns one of the big telecommunications companies there. He has just recently given $4 billion worth of investments, and he\u2019s got another $6 billion that he had donated to charity.
\nJeff Bezos, the founder of Amazon, is worth $42 billion, and he has donated to many nonprofit projects.
\nMark Zuckerberg, who founded Facebook, number six on the list, is a major philanthropist. He has pledged to give away 99% of his Facebook shares to charitable causes.
\nLarry Ellison<\/strong>, the founder of Oracle, and Michael Bloomberg and other people who make up the list have all similarly done this.
\nSo, Kevin, what does all this show? I think it shows that wealthy people recognize that true wealth has nothing to do with how much money you have or how many properties you have or how many businesses or shares; it actually shows that in their life, they have recognized the importance of paying it forward and helping other people and giving back to the community.
\nKevin:\u00a0 <\/b>Yes. It\u2019s interesting reading a little bit further into this information from Oxfam. They say that the bottom half, the average wealth is less than $120 per person. It is such a wide gap, isn\u2019t it?
\nMichael:\u00a0 <\/b>It definitely is, but I think the other thing to remember is that while these wealthy people were doing so well and building their wealth, the poor people in the world over the last couple of years are more and more being pulled out of poverty. Look at all those people in China who have moved from rural China, farms and the rice paddies, to cities. There has been a lot of middle-class wealth created in the world, as well.
\nSo let\u2019s not forget these billionaires and all other entrepreneurs around us have become wealthy by growing businesses, by employing people, by creating value, and making your and my money move through the community.
\nSo in my mind, we should have more businesspeople and applaud them. I\u2019m doing my best bit at running my little business, and I know you are too, Kevin. I don\u2019t think we should knock or be jealous of the wealthy people.
\nKevin:\u00a0 <\/b>No, definitely not. We should look at them for inspiration, I would have thought. Michael, always good talking to you, always make a lot of sense. Thank you very much. Michael Yardney<\/a> from Metropole Property Strategists<\/a>. Thanks, Michael.
\nMichael:\u00a0 <\/b>My pleasure, Kevin.
\n <\/p>\n

What Auctioneers get up to – David Holmes<\/h2>\n

Kevin:<\/b>\u00a0 This week in the show, I want to take you behind the scenes. How does an auctioneer structure an auction? Who are you up against when you\u2019re going to buy at an auction? And to help me with this dialogue and with this understanding, David Holmes from Metro Auctions joins me.
\nGood morning, David.
\nDavid:<\/b>\u00a0 Good morning, Kevin. Great to be here.
\nKevin:<\/b>\u00a0 David, one of the things that I\u2019ve noticed about the auctioneers who I\u2019ve met \u2013 and I\u2019ve been an auctioneer myself \u2013 is that adrenaline rush that they get. I guess in a way, they\u2019re not putting on an act but they\u2019re on stage, so they really have to put on a bit of a performance, don\u2019t they?
\nDavid:<\/b>\u00a0 Most definitely. Our job is to either make the property sell or to make it more saleable, and we have a duty of care to the vendors there to sell the property, to speak of all its very positive attributes, and to engage the crowd and to make them want to buy. The best part about an auction, obviously, is competitive bidding, even in an oversupply situation.
\nKevin:<\/b>\u00a0 But you have to get the people there to bid, and that\u2019s always the difficult part.
\nDavid:<\/b>\u00a0 Yes, most definitely. It has a sense of urgency around it, I think, especially in an oversupply situation. You\u2019re putting a date on the sale, so the control of the transaction is back in the hands of the seller or the vendor. They\u2019re actually saying that they want to sell on a particular date, at a particular time, via their particular terms. So even though there might be fewer buyers, those buyers are still flushed out to that particular date and forced to act or forced to play on that day or soon after.
\nKevin:<\/b>\u00a0 In an oversupply situation, you can\u2019t take away from the fact that if there\u2019s a big choice, someone is going to say, \u201cWell, that\u2019s okay; that can go to auction but I have a big choice. I\u2019ll just go along and see what happens.\u201d Or do you find that a good agent\u2019s going to make the difference in getting people to bid?
\nDavid:<\/b>\u00a0 Absolutely. A good agent is going to engage buyers and get them there on the day. We still see that in South East Queensland, a property that has gone through an auction process has significantly less days on market than a property that has just been marketed via a price. So no-price marketing \u2013 i.e. auction or tender \u2013 is still going to yield a better result \u2013 especially auction \u2013 by far less days on market.
\nAgain, it flushes out people to a date. And even if they\u2019re unable to purchase under auction conditions on the day, we see a lot of transactions happening in those 14 days directly after an auction.
\nKevin:<\/b>\u00a0 There\u2019s no doubt \u2013 I\u2019m not questioning at all what you said, because I know it\u2019s true \u2013 that an auction will sell faster than a property marketed at a price, and I sometimes wonder whether that\u2019s because the pressure comes back onto the agent. They have the timeframe. I know we talked there about the buyers; there\u2019s a deadline for the sale, which is the auction date. But by the same token \u2013 having been an agent and run auctions \u2013 there\u2019s a lot more pressure in running an auction campaign than there is for one that has a price on it.
\nDavid:\u00a0 <\/b>Yes, absolutely. But I think at the end of the day, the vendors then have an overwhelming weight of information. Perhaps they\u2019ve had some offers prior to auction day. Perhaps there was some active bidding on the day and maybe it still didn\u2019t sell or even if it got passed in. But again, it\u2019s flushed out some buyers to that date.
\nYes, there\u2019s pressure \u2013 I understand \u2013 on the agent, but then you actually have some ready, qualified, buyers who have actually fronted up on the day, said that they can bid to buy, and then you can continue working with those buyers in the coming days and likely get a deal done.
\nKevin:<\/b>\u00a0 It must be frustrating for you as an auctioneer working with agents who just simply don\u2019t understand how to work the auction system and get the buyers there. They think, \u201cOh well, all the magic\u2019s going to happen on the day of the auction. It\u2019s all up to the auctioneer. Pull that rabbit out of your hat and let\u2019s see what you can do.\u201d
\nDavid:<\/b>\u00a0 It would be easy if I drove around with a courtesy bus full of buyers at every auction. There is pressure, and a good agent knows how to engage the buyers, knows how to get them there on auction day, has the correct dialogue, and also follows a process by which to get those buyers there.
\nKevin:<\/b>\u00a0 Has it made it harder for you not being able to take bids off trees and people who aren\u2019t there?
\nDavid:\u00a0 <\/b>Low-flying birds and moving trees and leaves flying through, yes. At the end of the day, I think it\u2019s probably become a more transparent process. In the interests of trust and reputation, I think that\u2019s a very, very key thing. Clarity and transparency for our buying public is very important.
\nThe ability to use vendor bids \u2013 which is I guess what you\u2019re aiming at now, and they have to be disclosed \u2013 I should think is a very positive thing. We probably refer to them sometimes more as momentum bids.
\nKevin:<\/b>\u00a0 Dummy bids.
\nDavid:<\/b>\u00a0 Well, momentum bids. We declare the vendor bids, Kevin. It\u2019s not like the old days. What you\u2019re actually doing is you\u2019re actually saying, \u201cHey guys. You\u2019re getting closer to the zone.\u201d This is a very clear indication, a signpost on the road of negotiation, if you will, as to where you might be able to purchase the property. We\u2019re going to give you a very clear indication where you need to go.
\nKevin:<\/b> That\u2019s the key thing isn\u2019t it? You\u2019re not going to be able to buy it under the reserve unless the auction is stopped and the reserve is lowered. Therefore those vendor bids \u2013 or those momentum bids, as you call them \u2013 are fairly irrelevant in terms of their importance to the buyers. It\u2019s an indication to the buyer that you\u2019re not going to be able to buy it at that figure, so come on, let\u2019s start negotiating. That\u2019s what it\u2019s all about, isn\u2019t it?
\nDavid:<\/b>\u00a0 Absolutely. It would be no different to me under a price-marketed property, stopping and having a chat to the buyer who might have put in their initial offer and me coming back saying, \u201cActually you\u2019re not going to buy it at that price. Here\u2019s the counteroffer from the vendor.\u201d Although obviously we\u2019re not revealing the reserve price, of course, but just going back in that argy-bargy process of negotiation and then finally nutting out the deal.
\nKevin:<\/b>\u00a0 Does the auctioneer have that much influence on the day? And how much skill is required to actually get the property sold? Because if you have no bidders there, you\u2019re not going to sell it, are you?
\nDavid:<\/b>\u00a0 Absolutely. If there are no bidders there, we have a tough road ahead, and if there\u2019s no crowd there, obviously. We always talk about three potential outcomes \u2013 the possibility that I\u2019m standing there with the agent and there\u2019s no one else, which is not great, the possibility that we sell well over reserve with plenty of competitive bidding and plenty of registered bidders, which is the ideal scenario, but oftentimes, we\u2019re left in a place where we have to do a little bit of extra negotiation \u2013 we have some registered bidders, we have a decent crowd, but we just don\u2019t get to where we need to go.
\nKevin:<\/b>\u00a0 Is this when you stop the auction?
\nDavid:<\/b>\u00a0 Yes. We\u2019ll often pause the auction. I think a misconception is that an auctioneer firstly speaks very quickly \u2013 that\u2019s not necessarily true \u2013 and that an auction has to happen very quickly.
\nAt the end of the day, you have a lot of energy and excitement in the first part of the auction, so you\u2019re wanting to get as much competitive bidding going and getting those juices flowing as early on as possible. But at the end of the day, we\u2019re there to negotiate the highest price. Our charter is very clear. We\u2019re there to get the highest price for the vendor. If that takes 10 minutes or if it takes 30 minutes, we need to be able to pause the auction and use the tools that are available to us in order that we can negotiate that highest price.
\nKevin:<\/b>\u00a0 What do you do, though, if you open an auction and you know there are some bidders there but they\u2019re not bidding? What sort of a strategy do you use to get them to bid?
\nDavid:<\/b>\u00a0 I actually sort of plead with them. I just absolutely beg. No, I don\u2019t. But let\u2019s be honest, we watch the TV shows where the auctioneer calls for that opening bid or offer and there\u2019s a Mexican wave of bids; it\u2019s crazy. I can tell you that it\u2019s very different to that. In fact, possibly probably part of the hardest part of our job is getting that first bid away. So oftentimes, we will often put a bid in or suggest a range at which people might start bidding. Once we have that first bid away, we often find that prompts other people.
\nWe\u2019ve probably had years and years or decades where we\u2019ve just held back a little bit and there\u2019s just a culture of \u201cI\u2019m not going to bid at auction; I\u2019m just going to see what happens.\u201d That\u2019s not a great strategy. A buyer needs to turn up and say, \u201cI\u2019m going to put my best foot forward. I\u2019m going to put my stamp on proceedings. I\u2019m going to put a bid forward.\u201d
\nThere was an independent auctioneer company who actually did a study, and those people who put the first bid forward in just under 70% of the cases were actually holding the keys at the end of the day.
\nIt is a 20-second burst of courage. You do need to have that boldness to put that first bid through. But as I said, most of us like what the rest of us like. Once you know and you have that confidence, you\u2019re probably more likely to bid.
\nKevin:\u00a0 <\/b>It certainly doesn\u2019t hurt to have an understanding about how the whole process works, does it? That\u2019s why we say time and time again if you are going to bid at auction, make sure you go along, get to understand how the auctioneer works, understand how the auction process works, and if you\u2019re not really happy with it, then maybe you should engage a buyer\u2019s agent to help you.
\n <\/p>\n

A century of change – Mark McCrindle<\/h2>\n

Kevin:\u00a0 <\/b>Let\u2019s have a look at the Australian population \u2013 what\u2019s happened to them over the last 100 years? An interesting report written by demographer, social researcher, author, and futurist Mark McCrindle, who joins us on the line.
\nGood morning, Mark.
\nMark:\u00a0 <\/b>Good morning, Kevin.
\nKevin:\u00a0 <\/b>Nice to be talking to you again. Now, 100 years ago, the average Aussie was a 24-year-old male farmer \u2013 probably not a real surprise \u2013 but what happened after that? How did they change?
\nMark:\u00a0 <\/b>Well, some of the key demographics are that we\u2019ve got larger in terms of our total size, we\u2019ve got older in terms of our average age, and we actually have more women than men in Australia at the moment.
\nSo, if we were to totally define the average Aussie statistically, it would be a 37-year-old woman named Rebecca, because that was the most common name in 1980 \u2013 and 1980 was the Generation Y began being born. Generation Y are not just the younger generation now; they\u2019re right in the middle. You have two generations older than them and two generations younger.
\nSo yes, a 37-year-old woman. It\u2019s amazing when you think we\u2019ve gone from an average age in the 20s to now the late 30s in the span of a couple of generations, but that\u2019s the aging that we\u2019re seeing.
\nKevin:\u00a0 <\/b>What does Rebecca do?
\nMark:\u00a0 <\/b>She would be a sales worker. The sales sector, those working in sales, is one of the largest in Australia, and for a woman, that\u2019s the most common. So, she\u2019d be in that role. She\u2019d be working full time \u2013 three quarters of Australians employed work full time. For a woman, probably about 31 hours a week, a male about 41 hours a week. There\u2019s a little bit of variation there depending on who\u2019s the main breadwinner of the home.
\nThe average full-time worker would take home $60,000 if they\u2019re working less than the 40 hours. Might be a bit less than that, but that would be economics of it, and that would be the gross salary before tax.
\nKevin:\u00a0 <\/b>What about housing requirements? How has that changed over the last, say, 50-odd years, Mark?
\nMark:\u00a0 <\/b>Yes, very significantly. Particularly over the last century, we\u2019ve moved strongly from a more regional representation to now very much an urban one \u2013 four in five Australians are living in the capital cities \u2013 and increasingly densified there.
\nThis average Australian would be living in a three-bedroom detached home, of which they probably have around $400,000 equity in that home. But that is starting to change, as well, and it\u2019s increasingly likely that it might be a medium- or high-density home. We\u2019re getting closer and closer to that transition point.
\nKevin:\u00a0 <\/b>Would the size of the mortgage be growing, as well? I think you said the average equity was $400,000.
\nMark:\u00a0 <\/b>Yes, exactly. If we look at the average capital city house price, it depends on which capital you\u2019re looking at, but in some of the capitals, this equity is not even half of the cost of the home. In others, it might be over the halfway point.
\nIf you bring it down to a household perspective, just to look at what they have to pay down that mortgage in any year, at a household level, after tax is about $88,000. That\u2019s the average household, which has more than one income. So after tax, that\u2019s what we have to live on and pay down that mortgage. So, it is increasingly a challenge to get ahead in terms of the equity in that home.
\nWomen have really increased participation in the paid work labor force and have closed that gap \u2013 not fully closed, but certainly closing the gap a bit compared to the male participation. Not quite as high as male participation, but getting there.
\nInterestingly, when you look at the total hours worked \u2013 which includes a measure of both the paid work outside the home and then the unpaid work, which is everything from the domestic duties, outdoor work around the home, the childcare role \u2013 the average woman is working more hours than men. That\u2019s about 60 hours a week in total.
\nSo, women are very hardworking in Australia, not only domestically but closing that pay gap, as well, and actually are more formally educated than men in Australia. They\u2019re more likely to have a university degree in Australia than their male counterpart.
\nAnd normally, what follows educational achievement is income and leadership and career trajectory, so we\u2019re seeing women really move ahead in both the earnings and the leadership role.
\nKevin:\u00a0 <\/b>Hand in hand with that, I guess, would account for the fact that we now have more cars in the home. As women become more independent and make their own way, I guess the share of household duties and all those things are really creating somewhat of a change in how we live and how we work, aren\u2019t they?
\nMark:\u00a0 <\/b>That is exactly right. If we think about the average household, it has at least two cars, because more than half of all households have two cars or more. On average, every registered car in Australia is driving 14,000 kilometers per year.
\nIt\u2019s pretty phenomenal how connected we are with our cars, how much mobility we have, and of course, the household with at least one car, which the average household has \u2013 and a pet, as well, by the way. They really do need the cars to get around.
\nKevin:\u00a0 <\/b>Things like speaking English in home, of course, we\u2019ve seen a lot of people\u2026 And I think you mentioned it in the report about Haymarket in Sydney for instance, 88% of the population were born overseas. All of these things shape how we live, how we talk, and how we communicate.
\nMark:\u00a0 <\/b>Exactly. We\u2019re far more diverse than ever before from a cultural perspective. Australia is home to more than 300 different ancestries. That\u2019s what we trace ourselves back to. And we\u2019re fast closing in on the point where we\u2019ll actually have more households that have a parent born overseas than don\u2019t.
\nAt the moment, 46% of households \u2013 so not quite half \u2013 have at least one parent born overseas. We\u2019re getting close to that point where at least half will have someone born overseas. 28% of us, so more than one in four of us ourselves were born overseas, so very culturally diverse.
\nAnd over the last three decades, that migration pattern has shifted from European nations. Now in the top five, we have China, India, and Vietnam as the most likely countries of birth of those Australians born overseas. So, a shift around the world in terms of Asia and their connection there.
\nAustralia is this dynamic land that is changing phenomenally, and the demographics really represent that.
\nKevin:\u00a0 <\/b>How are we doing physically? Is it my imagination, or are we getting taller?
\nMark:\u00a0 <\/b>We are getting taller. The average man is now 178 centimeters tall, weighs 85 kilos. So, we\u2019re getting taller, we\u2019re getting a little bit heavier, as well.
\nKevin:\u00a0 <\/b>I\u2019m a bit above the average there.
\nMark:\u00a0 <\/b>This is a challenge. Something has to give. We\u2019re working longer, we\u2019re juggling more roles, we\u2019re carrying more debt, there\u2019s a bit more stress, and maybe we\u2019re not being as active as we used to in those physical roles.
\nNow, we\u2019re more likely to have joined a gym. These days, we\u2019re more aware nutritionally of what are the right foods for us, so we\u2019re more educated in that sense. But we\u2019re less likely to be \u2013 as you said earlier \u2013 the farmer that was the case a while back on average.
\nWe\u2019re more likely to be a white-collar worker, a clerical, an office worker, a managerial type. We\u2019re just not getting as much mobility as part of our natural day, so the average male and female has a body mass index \u2013 that BMI \u2013 of just on the 25 mark, which is officially declared as overweight, anything 25 or above. So we\u2019re just tipping the scales in the start of that overweight category on average.
\nBut we\u2019re doing a lot of right things. The average Australian is exercising three times a week. We\u2019re getting 7.2 hours of sleep in a night \u2013 not quite the eight hours, but the medical experts say that that\u2019s adequate. And the majority of Australians have health insurance, so we are looking after ourselves. Perhaps a little bit more to do, but we\u2019re on track.
\nKevin:\u00a0 <\/b>Project ahead. What do you reckon we\u2019re going to be looking like and what sort of houses will we be living in in the next 50 years?
\nMark:\u00a0 <\/b>I think over the next half century, we\u2019ll change that balanced, and it will more likely that when we do this again, talking about someone\u2026 And in 50 years, it will be maybe Oliver and Charlotte; those are emerging names today. And they\u2019ll be most likely living in a more densified dwelling, perhaps a townhouse or an apartment.
\nThey will have a bit of equity, but a lot more people will be renting not owning, and choosing that lifestyle. They\u2019ll be moving ahead, certainly more geographically mobile, and their careers and where they study will not just be here in terms of nationally defined, but globally defined.
\nI think Australia is in this great position \u2013 our location in the world, our diversity, the cultural connection, the relaxed way of life that we have, and yet the hard working and formally educated background we have places us in a great place in the future to continue to be those world influencers. So, I think the future trajectory looks pretty good.
\nKevin:\u00a0 <\/b>You\u2019re talking there about more people renting, and I tend to agree with you, but it brings about the question who is actually going to own the house? Is it going to be more social housing, or will there be an even greater divide between the haves and the have-nots? We\u2019re already seeing this divide between the haves and the have-nots, a smaller number of people owning a larger portfolio of houses.
\nMark:\u00a0 <\/b>Yes, there is going to be in that, the investor there with the property ownership. And a lot of people as choice renters. They\u2019re not renting because they can\u2019t afford to buy, but this emerging generation will just be happy to rent because they want the flexibility that that provides, and they\u2019ll be investing in other categories perhaps, or you\u2019ll just have different ownership forms. Someone\u2019s name might not be on the title because their parents have helped out, or maybe siblings have come together to own that place. So, it\u2019s just a new way of funding the growing cost of housing. Still giving the security,
\nAustralians are really rusted onto that Aussie dream of home ownership, so that\u2019ll still be strong in our psyche, but as the costs increase, there are new ways of covering the finance.
\nKevin:\u00a0 <\/b>Mark, always fascinating talking to you. Thank you for giving us your time this morning. Mark McCrindle, demographer, social researcher, author, and futurist. We\u2019ll talk to you again soon. Thanks, Mark.
\nMark:\u00a0 <\/b>Thanks a lot, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

We discuss with buyers agent Cate Bakos, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates. Westpac is…<\/p>\n","protected":false},"author":176692471,"featured_media":10478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-10476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"\nBanks move to close a loophole + Auctioneers tactics revealed + The world is not fair! - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/banks-move-to-close-a-loophole-auctioneers-tactics-revealed-the-world-is-not-fair\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks move to close a loophole + Auctioneers tactics revealed + The world is not fair! - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"We discuss with buyers agent Cate Bakos, the contrast for buyers when buying in a seller’s market vs a buyer’s market, how tactics need to be different, how agents and vendors behave and understanding the differences in the data and auction clearance rates. 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