{"id":11252,"date":"2017-04-07T03:00:36","date_gmt":"2017-04-06T17:00:36","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11252"},"modified":"2017-04-07T03:00:36","modified_gmt":"2017-04-06T17:00:36","slug":"gold-coast-market-grows-because-of-the-games-we-cant-say-the-word-but-here-is-what-it-means","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/gold-coast-market-grows-because-of-the-games-we-cant-say-the-word-but-here-is-what-it-means\/","title":{"rendered":"Gold Coast market grows because of the Games + We can\u2019t say the word but here is what it means"},"content":{"rendered":"<p><b><i><span style=\"text-decoration: underline\">Highlights from this week:<\/span><\/i><\/b><\/p>\n<ul>\n<li>What will happen to Gold Coast property prices before and after the Games<\/li>\n<li>Where to buy on the Coast NOW<\/li>\n<li>Why these are not \u2018boom\u2019 times\u2019<\/li>\n<li>What is ahead based on what has already happened<\/li>\n<li>Who is at risk from cross collaterisation<\/li>\n<li>Getting the right property investment strategy for your situation<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>Transcripts:<\/strong><\/h4>\n<h2>We can&#8217;t say the word but here is what it means &#8211; Andrew Mirams<\/h2>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It\u2019s probably one of the hardest phrases to say and certainly one of the hardest terms to understand in property investing, and that is cross-collateralization. I have to be very careful when I say that. Andrew Mirams from Intuitive Finance joins me.<\/p>\n<p class=\"MsoNormal\">Andrew, I\u2019ve always struggled with those words, but tell me about the meaning behind cross-collateralization.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 I was going to ask, Kevin, firstly if you could start by saying it three times really quickly. It\u2019s not the easiest thing to say, is it?<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 That\u2019s not going to happen, I can tell you.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 We might often call it cross-securities or something like that to break it down because not everyone understands what cross collateralization means. To understand what it is in the first place, your collateral is your property or the equity you have in your property.<\/p>\n<p class=\"MsoNormal\">Where a lot of lenders go with this is they will often link two or three or numerous properties to use that equity but it just intertwines all the properties into one big bundle. It\u2019s a philosophy of ours that we don\u2019t think that\u2019s in the client\u2019s or the investor\u2019s best interests. We think that more favors the lender.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 So what can the lender do if you are cross-collateralized like that? What are some of the dangers?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 One of the key dangers I think is you really lose your flexibility. As soon as you have an all-in-one, and say you had a property in Melbourne that had gone up really strongly and you had one in Sydney that had gone up quite strongly but then you were exposed to the Perth market as well and it had gone down or you had a mining town or something like that, and so the Melbourne and Sydney have each gone up by $100,000 but the Perth and the mining town have each gone down by $100,000, your net equity is still zero.<\/p>\n<p class=\"MsoNormal\">Even though you have really good growth in a couple of your properties, those laggards are actually holding your portfolio back. By having them split out, you have a lot more flexibility where you could take advantage of those increases in equity. While the banks might be aware that you might be sitting on some negative equity or something or the other, they won\u2019t force sale or anything like that as long as you\u2019re meeting your normal commitments. So the loss of flexibility is one of the huge disadvantages to cross-collateralization.<\/p>\n<p class=\"MsoNormal\">The other thing is if you were to make a change to your portfolio \u2013 sell or want to refinance one out \u2013 that can often trigger then a revaluation on all your portfolio, and in the example I just gave, it might mean that any event or anything you\u2019re trying to move forward with might actually end up with a nil outcome.<\/p>\n<p class=\"MsoNormal\">Having to re-trigger or get valuations done on all your properties, obviously the markets will move at different times and phases, so you don\u2019t want to put your portfolio at risk there.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 How do we go about avoiding that? Is it a matter of going to different lenders for different properties?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 Look, you can certainly do it at one lender; you don\u2019t necessarily have to go to different lenders. But that is one of the key things for those with larger portfolios and things like that. I think having numerous lenders on your side can be an obvious advantage to avoid that cross-collateralization, but you can avoid it even if you are still just that one lender. It\u2019s just specifically having individual loans on individual properties.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 It all depends, I guess, on how you look to the bank, isn\u2019t it, and how you present yourself, Andrew?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 Yes. That\u2019s the thing: if you have your whole portfolio bundled into one lender and everything\u2019s all in one, you\u2019re going to have difficulty in changing vendors, you\u2019re going to have difficulty in accessing your equity, and you\u2019re limiting your choice. Lenders change their policies all the time. You might have one fixed rate in there. That can have a massive impact on your ability to move your portfolio or continue to invest or move forward.<\/p>\n<p class=\"MsoNormal\">The flexibility and the limiting choices by having everything all in one and all cross-securitized are some of the real keys to why we advocate to not do it.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Just to sum it up for me, mate: the key points out of this?<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 The key points are have individual loans on every individual property. Sure, you want to use your equity where there\u2019s been equity gain, but you can do that simply with a second facility against that. You don\u2019t need to add or cross properties.<\/p>\n<p class=\"MsoNormal\">You want to have more choice than less. You want to have more flexibility than less. You want to be able to continue to move your portfolio forward. And in our opinion, having them cross-collateralized works for the lender and not for you in your ability to do that.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 There\u2019s an article that we\u2019re going to link to. We\u2019ll send you the link. It\u2019ll be at the bottom of the transcription section on this interview with Andrew, so use that link. That takes you to an article I think you\u2019ve written that gives a bit more detail.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 Absolutely. It has some keys and actual debt structuring. It has some good diagrams and things like that in there about how you access the equity and how to avoid cross-collateralization. Hopefully that\u2019ll give people a bit of a heads-up, and of course, we\u2019re here for anyone who wants to get more information.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Look for that link at the bottom of the transcription on Real Estate Talk. It\u2019s there for you right now.<\/p>\n<p class=\"MsoNormal\">Andrew Mirams from Intuitive Finance, thank you so much for your time.<\/p>\n<p class=\"MsoNormal\"><b>Andrew:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n<p class=\"MsoNormal\"><a href=\"http:\/\/intuitivefinance.com.au\/investors-guide-cross-collaterisation\/\">http:\/\/intuitivefinance.com.au\/investors-guide-cross-collaterisation\/<\/a><\/p>\n<h2><\/h2>\n<h2>It has not been stellar as we may think &#8211; Kevin Brogan<\/h2>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Vibrant property market conditions over the last seven years of this decade could easily have many of us believing that we\u2019re again in boom times. However, research by CoreLogic confirms that with the exception of Sydney, capital gains performance was substantially lower than for the last decade. Sydney is the only city that\u2019s actually recorded higher levels of value growth this decade compared to the last.<\/p>\n<p class=\"MsoNormal\">I know that\u2019s rather confusing, let me try and unpack all of that. To help me do that, Kevin Brogan joins me from CoreLogic.<\/p>\n<p class=\"MsoNormal\">It can actually be very confusing when we talk like that, but let\u2019s firstly focus on what happened in the years 2000 to 2007, if you can, Kevin, and we\u2019ll have a look at what happened between 2010 and 2017.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>Our head of research, Cameron Kusher, has done a comparison of the levels of growth both on a combined capital city basis and on individual capital cities, taking two base dates, the first being from the year 2000 and the second from the year 2010. So we\u2019re comparing the growth over the first seven years of each of those decades.<\/p>\n<p class=\"MsoNormal\">As you pointed out, Sydney is one that deserves particular note, because in fact, it is the only capital city where we\u2019ve actually seen a growth in excess this decade of what it experienced last decade. Between 2000 and 2007, the increase that they had was 61.1%; over 2010 to 2017, we had 78.3%.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Let me just stop you there, because as you pointed out, that is the only capital city that\u2019s shown growth in those two seven-year periods. All the others have actually declined. Just before we go on with the other capital cities, interesting to note in that period of 2000 to 2007 that Sydney actually recorded the lowest growth of all of the capital cities. Some of them, Perth up around 199%, Hobart 198%, even Darwin at 97%. It\u2019s interesting when you look at the dynamics of what happened over that seven-year period.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>It certainly is, and with Sydney, there\u2019s actually a link perhaps to your next guest, and that is of course the period from 2000 to 2004 was directly in the wake of the Sydney Olympic Games. So within Sydney, between 2000 and 2007, the bulk of that increase was immediately after the Olympic Games. Once it reached 2004, things suddenly started to taper off, so the bulk of that growth was in a very concentrated period and the beginning of the period.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Interesting, because that, in fact, was the time when Sydney grew less than any other capital city in Australia.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>Yes. These figures have actually thrown out some really interesting talking points, I think. If you compare the performance of Sydney perhaps to some of the other capital cities, if we take Perth as the example that you mentioned, almost 200% growth between 2000 and 2007, that is possibly the most significant difference in performance, because from 2010 to 2017, we\u2019ve seen a 3.3% retraction. That\u2019s probably the most stark contrast.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Absolutely, yes. Darwin was the only other capital city that recorded regressing figures \u2013 came back by 5%, I believe, between 2010 and 2017.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>Yes, that\u2019s absolutely right, as against a performance in the previous decade from 2000 to 2007 of 97.3%.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Let\u2019s quickly run through what happened 2000 to 2007. Sydney, you have already told us the growth was 61%. Take me through the other capital cities, if we could.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>In<b> <\/b>Brisbane between 2000 and 2007, you had a 147.2% growth. At the moment, 2010 to 2017 is 6.6% growth, so it is a much more modest growth. It\u2019s not dissimilar to where I am in Adelaide, where we had growth of 124.4% compared to about 11% for the current decade.<\/p>\n<p class=\"MsoNormal\">Hobart is an interesting case. That was 198% in the previous decade. We\u2019re looking at 3.4% now. But the other overlay we need to put in there is Hobart is a sort of up-and-coming capital; you\u2019re actually seeing some really decent growth right now.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>That is a capital city that\u2019s been predicted by a number of people as having exceptional growth potential. There are even some who are now saying that growth is almost at an end. That\u2019s not great growth, 3.4% over the period of 2010\u20132017.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>No, that\u2019s right. The most recent trend is for greater growth, but you\u2019re quite right about the fact that if you\u2019re going to sustain growth, you\u2019re actually going to need an economic base from which to grow, so the concern for Hobart might be injections of population, migration, and job opportunities, employment opportunities, because they need to underpin any sustained growth.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Canberra was interesting to me, 133% growth between 2000\u20132007, and between 2010\u20132017, we\u2019ve already seen 24% growth. That really surprised me, because that\u2019s a much more stable market than I would have thought, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>It is. Canberra has been performing very well recently, and that\u2019s on similar grounds to Hobart, and that is you\u2019re actually getting decent capital growth but you\u2019re also getting good rental returns.<\/p>\n<p class=\"MsoNormal\">I think we\u2019ve spoken before about the fact that if you have runaway capital growth, sometimes the rent returns fall behind in terms of the percentage yield. Canberra is one of those areas where we\u2019ve seen a fair bit of growth, particularly in houses.<\/p>\n<p class=\"MsoNormal\">One of the other reports we sent out this week was about pain and gain. You\u2019re still seeing people selling units for perhaps less than they paid for in Canberra, but the housing side of things is actually pushing ahead quite strongly.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Kevin Brogan from CoreLogic, thanks for your time, mate.<\/p>\n<p class=\"MsoNormal\"><b>Kevin B:\u00a0 <\/b>Thank you very much, Kevin.<\/p>\n<p>&nbsp;<\/p>\n<h2>Gold Coast booms &#8211; Diaswati Mardiasmo<\/h2>\n<p><b>Kevin:<\/b> \u00a0\u00a0I mentioned at the start of the show, interesting to have a look at what\u2019s happening on the Gold Coast. The Gold Coast has been one of those markets we\u2019ve been watching, particularly with the Commonwealth Games coming up.<\/p>\n<p class=\"MsoNormal\">A new report from PRDnationwide has shown that there is a great legacy. New data predicts that the Gold Coast residential property market will grow at a higher rate than was experienced following the Melbourne Commonwealth Games.<\/p>\n<p class=\"MsoNormal\">To get a bit of a feel for what the growth was like in those capital cities, I\u2019m joined now by the research manager for PRDnationwide, Diaswati Mardiasmo.<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 Hi. Good morning.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Tell me about the Gold Coast. Interesting that you\u2019ve done that comparison between the Gold Coast and what happened in Melbourne. What have you actually found out, and how long will that flow-on effect last?<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 The reason why we did a comparison to not only the Melbourne Commonwealth Games but also the Sydney Olympics back in 2000 is because we really wanted to base our data on those case studies to see what actually happened in those places after they\u2019ve hosted an international sporting event. Back then, we made sure that when we looked at past case studies, we didn\u2019t just look at Melbourne or Sydney; we actually looked at the area in which those games were held.<\/p>\n<p class=\"MsoNormal\">For the Melbourne Commonwealth Games, it was held around the Parkville area, so we looked at data from that particular area. We saw that in 2005, prior to the Games, the annual median price growth was 6.2%, but on the year of the Games and the year after, it increased by 11.4%, and then it continued to grow for the next 24 months, so that\u2019s almost doubled. Sales transactions actually increased by 33% between 2006 and 2007. That\u2019s a year after the Games.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Have you been able to identify the suburbs that you believe will get the greatest growth, and is it because they are close to those new facilities that are being built?<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 The effects of the Gold Coast Commonwealth Games will be seen all around the Gold Coast, but you are correct, there are certain suburbs that have been star performers, I would say, or the ones that have had that real flow-on, positive effect. You\u2019re looking at places like Ashmore, Carrara, Coomera, Oxenford, and Southport, because this is where most of the Commonwealth Games-related infrastructure or new buildings or new stadiums are being developed at the moment.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Diaswati, what are you predicting in those areas in terms of what the growth could be compared to what it has been?<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 We\u2019ve done this report for three consecutive years. The first one back in 2015, the median growth in places like Ashmore and Southport and Carrara, for example, were only around 3%, 4%, maybe 4.5%, and now, Ashmore is at 12.6% for houses, Carrara is at 11.3%, and also Southport is at 6.6%. So over the past couple of years, we\u2019re seeing these places grow from that 3% to 4% growth to almost double, and particularly so in Ashmore.<\/p>\n<p class=\"MsoNormal\">We\u2019re really predicting \u2013 based on the case studies that we\u2019ve done in Melbourne and Sydney \u2013 that there will be more onset growth not only when the Games happen but also after the Games.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 That\u2019s an interesting point. We\u2019re building up to the Games now, and it\u2019s likely to go for a couple of years after that. Do you think that the increases that we\u2019re going to see on the Gold Coast will be greater than those we saw, say, in Melbourne?<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 In a way, I would say so, and the reason for that is because we\u2019re in a place at the moment where the property prices and the property market is hotter than back then. We\u2019re talking about 2005, 2006, and 2007, whereas now at the moment, we all know that the property market is way hotter. We are getting more sales and interstate migration and also people buying from Sydney and Melbourne because the Gold Coast is more affordable than, say, Bondi or Brighton. We\u2019re also getting a lot of the tourists and the Chinese buyers playing in the market as well.<\/p>\n<p class=\"MsoNormal\">The current market conditions are very, very supportive of the Gold Coast performing better after the Commonwealth Games than Melbourne and Sydney when they held their Games.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:<\/b>\u00a0 Diaswati, thank you very much for your time.<\/p>\n<p class=\"MsoNormal\"><b>Diaswati:<\/b>\u00a0 No worries. Thank you so much, Kevin.<\/p>\n<h2><\/h2>\n<h2>Picking the right investment strategy &#8211; Michael Sloan<\/h2>\n<p><b>Kevin:<\/b>\u00a0 I received an interesting book in the mail the other day. I don\u2019t talk about every book that I receive because we actually receive quite a lot, but this one I do want to talk about because I think it has a lot of really great information, and I\u2019m going to recommend that you pick up a copy of it. It\u2019s called <i>The Formula to Successful Property Investing<\/i> written by Michael Sloan.<br \/>\nBy way of introduction, Michael is the co-founder and managing director of the Successful Investor. He is a qualified financial planner, mortgage broker, investment property advisor, and external property advisor to NAB. He joins us to talk about the book and other related issues.<br \/>\nMichael, welcome to the show. Thanks for your time.<br \/>\n<b>Michael:<\/b>\u00a0 Thanks for having me, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s a good read. I\u2019m going to pick up a few points in there. Firstly, the name of the book, <i>The Formula to Successful Property Investing,<\/i> leads me to believe that there is a formula. Is there a formula, and do you tell us what it is?<br \/>\n<b>Michael:<\/b>\u00a0 Maybe that\u2019s a little bit of a trick title because my main point is that there is no one way to invest in property and when you see someone who calls themselves out as an expert and they say there is, that really is going to be a flawed argument.<br \/>\n<b>Kevin:<\/b>\u00a0 Is that because people have different risk profiles? Is that what it\u2019s about?<br \/>\n<b>Michael:<\/b>\u00a0 People are so different, aren\u2019t they? Their borrowing capacity, their capacity to handle cash flow on a property, what\u2019s right for them, what time they are in their life, what their plans and goals are. You get people saying you should only invest for cash flow, only invest for capital growth, and none of that is right across the board.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s really up to the individual where they are in their life, I guess.<br \/>\n<b>Michael:<\/b>\u00a0 Exactly, yes.<br \/>\n<b>Kevin:<\/b>\u00a0 I want to ask you a couple of specific questions about out of the book, and there is so much information that we\u2019re only going to be able to deal with a couple.<br \/>\n<b>Michael:<\/b>\u00a0 Yes, sure.<br \/>\n<b>Kevin:<\/b>\u00a0 Can we talk about leverage? I think this is an area a lot of investors don\u2019t understand or they miss a lot of opportunity. Can you explain what leverage is, and how can we take advantage of it?<br \/>\n<b>Michael:<\/b>\u00a0 Yes. In a simple way, it\u2019s a way of getting more out of what you have. If you have $100,000 in the bank and you happen to get 6% growth in that $100,000 for the next 12 years, then the $100,000 will double in value to $200,000. Now, if you leverage \u2013 so using that $100,000 to borrow funds \u2013 you can buy a $400,000 property. At 6%, that $400,000 property in 12 years will be worth $800,000. You\u2019ve taken your $100,000 and turned it into $400,000 of equity in a property in that time, so that\u2019s the power of leverage.<br \/>\nEveryone has to decide what the right amount of leverage is for them. Some of the people who I\u2019ve seen use leverage the most, the highest rate of leverage, are those in their 50s who\u2019ve had issues in their life that mean they need to do some catching up if they want to have a decent retirement. They will leverage higher \u2013 at maybe 90% \u2013 to get more property. But someone in the earlier life should be conservative with their leverage, because the higher you leverage, the more risk you take, as well.<br \/>\n<b>Kevin:<\/b>\u00a0 Yes. As you become a good investor or a successful investor, the funds that you build up in the property \u2013 and you gave us that example there of investing $100,000 to make $400,000 \u2013 that $400,000 then can be leveraged again, can\u2019t it, without affecting that first asset that gained it for you?<br \/>\n<b>Michael:<\/b>\u00a0 Exactly, and not even at the end of the 12-year time \u2013 somewhere along the way. People don\u2019t even need cash to leverage. They\u2019re using equity in their home, so they\u2019re just using the difference between the value of their home and the loan. If there\u2019s enough difference there, that\u2019s equity and they can use some of that equity to leverage into a property.<br \/>\nAt the moment, we have clients buying properties that are positive cash flow, so they\u2019re not putting any money towards their property. They\u2019re facilitating the purchase but they\u2019re not putting any of their own funds towards it. They\u2019re using their equity and they\u2019re using their income to go to the bank and say, \u201cGive me a loan.\u201d So not even using cash to leverage; they\u2019re using equity in their home.<br \/>\nThat\u2019s where people really make the money, and a lot of people don\u2019t understand that it\u2019s available to them.<br \/>\n<b>Kevin:<\/b>\u00a0 That\u2019s right. That\u2019s why I\u2019m suggesting that you pick up a copy of this book, because Michael does actually deal with leverage quite well.<br \/>\nCan I take you to another part of the book? Page 130, actually. I don\u2019t expect you to open that page because you\u2019ll know what\u2019s on it \u2013 the part where you talk about avoiding these properties. I think there\u2019s some valuable lessons in there. Maybe you could skip through some of these for us and tell us some of the areas we should be avoiding and why.<br \/>\n<b>Michael:<\/b>\u00a0 That comes from my first years as a mortgage broker, when I met and interviewed literally over a thousand people \u2013 people who made money, people who lost money, and people who didn\u2019t get started. From those people who lost money, I learned so much from them because I saw all the mistakes that they made, and I always thought \u201cGee, I wish I had five minutes with you before you bought that property.\u201d<br \/>\nThere\u2019s a great story out there about lots of niche market properties in particular. There\u2019s a great story about student accommodation. There\u2019s a great story about this beautiful hotel resort on the beach. And a great story doesn\u2019t mean it\u2019s a great investment property.<br \/>\nStudent accommodation is certainly one to stay away from. So many people have lost capital growth on that, it\u2019s not funny. Holiday accommodation is another, and some serviced apartments. They might give you good cash flow, but if you\u2019re losing capital when you invest, what\u2019s the point?<br \/>\n<b>Kevin:<\/b>\u00a0 Yes. Things like backpackers, I noticed you mentioned that in there too, and retirement accommodation.<br \/>\nWhat about buying overseas? Are you believer in that? We\u2019ve heard a lot about USA properties.<br \/>\n<b>Michael:<\/b>\u00a0 I\u2019m a big believer in not doing it, Kevin. Look, if there\u2019s a bandwagon, people will jump on it, and there was a bandwagon after the GFC when so many cheap properties were available in America and people saw a way to make money out of that. There\u2019s a lot of really sad stories about what happened to people who have bought over here \u2013 literally lost their life savings.<br \/>\nYou\u2019ll read in magazines about a couple who sold their home and went to America and bought five houses with that money, but you never see what the outcome is. Often, it\u2019s a complete disaster \u2013 people losing everything that they have.<br \/>\nWhat I talk about investing is investing should be you buy an investment property and get on with your life \u2013 and minimize the risk while you\u2019re doing it. It\u2019s like people who renovate: as soon as you start renovating or you plan to renovate for profit, you go into business, so you have to say \u201cIs it suitable for me to go in this business?\u201d Do you really have the expertise to be buying the property halfway around the world?<br \/>\n<b>Kevin:<\/b>\u00a0 Exactly. We\u2019re almost out of time, but I just wanted to quickly touch on a couple of others, not ask for an explanation. In the book, you talk about things like storage units, apartments without carparks, commercial properties, holiday accommodation, hotel and motel rooms. There are so many areas, and you give a great definition as to why you should avoid those areas.<br \/>\nLook, I strongly suggest you get the book, life lessons from a 20-year veteran of the property industry, Michael Sloan. You might want to give away your age there, Michael. Thank you for joining us. The book is called <i>The Formula to Successful Property Investing<\/i>. Look for it in all good bookstores. The author is Michael Sloan.<br \/>\nMichael, thank you very much for your time.<br \/>\n<b>Michael:<\/b>\u00a0 Thank you, Kevin. Cheers.<\/p>\n<h2><\/h2>\n<h2>Learn from last year &#8211; <a href=\"http:\/\/realestatetalk.com.au\/featured-channel\/michael-yardney\/\" target=\"_blank\" rel=\"noopener noreferrer\">Michael Yardney<\/a><\/h2>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>It doesn\u2019t matter how long you\u2019ve been involved in property investment, there are always lessons to be learned. Let\u2019s try and look back on last year, 2016. What can we take away from there that we can bring into this year? Although we\u2019re pretty well into the year, still, let\u2019s hark back. Michael Yardney joins me to do just that.<\/p>\n<p class=\"MsoNormal\">Good morning, Michael.<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>Good morning, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>What are the lessons that we can take forward? What did you pick up out of 2016?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>One of the big lessons \u2013 the reminders, I guess, Kevin \u2013 was that property is a game of finance. Last year, many investors found their borrowing capacity decreased considerably as the banks increased their serviceability criteria, and this is going to happen even more in 2017. APRA and ASIC are both making it harder for the banks, and there are some new regulations coming out, so it is going to be even more difficult for rental-dependent property investors.<\/p>\n<p class=\"MsoNormal\">So remember that property is a game of finance, get the right people on your team, have the right finance structures in place, and have the right sorts of properties \u2013 the sort that the banks like to lend against, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Okay. Next one?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>I think the other lesson that came out of the last year was how fragmented our property markets are, and even though we have got the same interest rates, the same tax environment, and the same federal government, Sydney and Melbourne in particular were defying the constant predictions of a looming property crash. It really has a lot to do with their economic growth, their population growth related to the jobs that are being created, and the wages growth. Conversely, Perth and Darwin are struggling due to the resources downturn.<\/p>\n<p class=\"MsoNormal\">So remember, our property markets are fragmented, and even within the states, there are still good patches and patches that I\u2019d be avoiding.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>One of the things I found too, Michael \u2013 and I talk to a lot of people as you know about the property market \u2013 is really, when it\u2019s all boiled down, no one really knows what\u2019s going to happen, do they?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>That\u2019s a really good lesson from last year, Kevin, because at the beginning of the year, a lot of people make predictions, and there were one or two who are pretty well on the money but a lot of the larger research houses despite all their homework and research got it wrong, because there are always X factors coming in. That\u2019s happening from external, like Brexit and Donald Trump in America, and from internal things like interest rates dropping even more.<\/p>\n<p class=\"MsoNormal\">So what you have to do is take into account what you\u2019re reading and hearing from the experts, but remember that there are always going to be changes that despite the best predictions are going to mess up your plans.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Can we talk about negative gearing? We saw a bit of an attack on that last year, and there\u2019s still talk about it even now. Is it likely to change?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>It\u2019s going to be on the agenda as the Budget comes up. It is every year. It was last year and the year before. I don\u2019t think the government really wants to tinker with negative gearing, but it\u2019s being forced to find money somewhere and it\u2019s forced to placate a group of people. The other big issue is affordable housing, so they\u2019re talking about how to make housing more affordable, but that\u2019s not going to be by getting rid of negative gearing.<\/p>\n<p class=\"MsoNormal\">Negative gearing is a political football, but with about 1.2 million investors using that as a tax deduction and with 70% of people owning their own home, the government doesn\u2019t want to make housing values drop to make it more affordable for a small group of people. I see the government probably not making any major changes that are going to affect us, at least this year.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>We mentioned already that there\u2019s a lot of uncertainty in the market and no one really knows what\u2019s going to happen. That actually just breeds all those doomsayers \u2013 those people who it\u2019s so easy for them to say the market is going to crash \u2013 and we saw a continuation of that last year, didn\u2019t we?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>We did, and that\u2019s a good lesson to bring into this year, because while there have only been one or two of them, they will be out again talking about a property market crash.<\/p>\n<p class=\"MsoNormal\">Will the property markets correct? Of course, they will \u2013 they always do \u2013 and if they do, it will be a minor correction in capital cities and particularly of investment-grade properties or quality homes. But fear is a powerful emotion and the media loves using fear to grab our attention, to grab the clicks, to make us buy the newspapers.<\/p>\n<p class=\"MsoNormal\">I never really understood the motivation behind all those people who want property values to drop. I don\u2019t know; maybe it\u2019s jealousy, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>Maybe. Have you noticed that the smart investors actually change their system at all? Have they changed it or tinkered with it?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>I think one of the lessons from last year is that those people who have a system stopped the emotions getting into play, so therefore they made their decisions based on a strategic discussion as opposed to emotions or speculation.<\/p>\n<p class=\"MsoNormal\">I think this year as our markets remain fragmented and some areas are still going to be suffering, those with a system are going to be ahead of the pack.<\/p>\n<p class=\"MsoNormal\"><b>Kevin:\u00a0 <\/b>We did see a lot of the price increases \u2013 particularly in Sydney and Melbourne \u2013 off the back of that fear of missing out that you and I have spoken about. Is that something we\u2019ve taken into this year as well?<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>I think that\u2019s a good lesson, Kevin, that some people are going to miss out again, because some people are waiting for the market to correct. Some people are waiting for everything to be right. Some people are waiting for that property that is going to work perfectly for them.<\/p>\n<p class=\"MsoNormal\">That doesn\u2019t mean you should take advantage of any opportunity or every opportunity. You heard me say before that I\u2019ve made more money by saying no to things than yes to things. But having said that, there\u2019s no 100% exactly right, correct investment, so you have to know where you want to head, have a strategy behind it, and then don\u2019t miss out, Kevin; take action.<\/p>\n<p class=\"MsoNormal\">That\u2019s a big lesson, because those who are sitting on the sidelines are missing out on one of the biggest booms that has occurred in the last decade, particularly in Melbourne and Sydney. But the other capital cities are catching up too, Kevin.<\/p>\n<p class=\"MsoNormal\"><b>Kevin: \u00a0<\/b>They are indeed, Michael. On that note, we\u2019ll say thank you, some great lessons out of last year that we can look at for this year.<\/p>\n<p class=\"MsoNormal\">Thank you for your time, Michael Yardney.<\/p>\n<p class=\"MsoNormal\"><b>Michael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: What will happen to Gold Coast property prices before and after the Games Where to buy on the Coast NOW Why these are not \u2018boom\u2019 times\u2019 What is ahead based on what has already happened Who is at risk from cross&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":9402,"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-11252","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":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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