{"id":12307,"date":"2017-06-21T03:00:15","date_gmt":"2017-06-20T17:00:15","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12307"},"modified":"2017-06-21T03:00:15","modified_gmt":"2017-06-20T17:00:15","slug":"there-is-no-affordability-crisis-and-here-is-the-proof-simon-pressley","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/there-is-no-affordability-crisis-and-here-is-the-proof-simon-pressley\/","title":{"rendered":"There is no affordability crisis and here is the proof \u2013 Simon Pressley"},"content":{"rendered":"

There is no housing affordability crisis in Australia because the majority of locations remain affordable to property buyers. That\u2019s according to new research from Propertyology.\u00a0\u00a0 Simon Pressley<\/strong> gives us the lowdown.
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 We hear a lot about housing affordability and a housing crisis. There is no housing affordability crisis in Australia because the majority of locations remain affordable to property buyers. That\u2019s according to new research from Propertyology.
\nThe research found that 56% of local government areas in Australia had median house prices of $400,000 or below and nearly 70% had medians of $600,000 or less. Whether or not you think that\u2019s affordable, I don\u2019t know. But we\u2019re going to get the facts now because the author of that report, the man from Propertyology, joins me, Simon Pressley.
\nYou gave a presentation that I attended during the week, Simon. You went through the areas. Let\u2019s just pick through this, if we may. 56% of local government areas in Australia had a median house price of $400,000 or below. Surely, that would indicate that we don\u2019t have an affordability crisis.
\nSimon:<\/b>\u00a0 That\u2019s right. More than half for a grand sum of $400,000, and that\u2019s a detached house. Obviously, apartments increase these options even further.
\nKevin:<\/b>\u00a0 That was going to be my question. Is this total properties? Is this houses and apartments?
\nSimon:<\/b>\u00a0 The 56% figure is the number of local government authorities \u2013 of which there are 550 in Australia \u2013 where the median house price is $400,000 or less. So, in more than half of Australia, you can buy the detached house\u2026 If we include apartments, yes, that comes to 69%, so almost three-quarters of the country.
\nKevin:<\/b>\u00a0 How does it compare to, say, a couple of years ago \u2013 I don\u2019t know whether you\u2019re able to give me that comparison \u2013 in terms of some of the regional areas that took a bit of a nosedive? Because I imagine we are talking primarily about regional areas now.
\nSimon:<\/b>\u00a0 Definitely, that would cover most regional cities in Australia. There are a couple of regions that are quite expensive. Wollongong and Newcastle, for example, are actually more expensive than a few capital cities.
\nBut for the $400,000, you can buy a detached house in Brisbane for that, in Adelaide for that, in Hobart for that. There is certainly nothing wrong with the quality of infrastructure and employment opportunities in those cities.
\nKevin:<\/b>\u00a0 I guess a lot of the housing affordability crisis centers around the fact that the majority of people prefer to live or choose to live \u2013 or have to live, I guess \u2013 in Brisbane, Sydney, and Melbourne, the main areas. And all of this affordability discussion is largely centered around Sydney, I would have thought.
\nSimon:<\/b>\u00a0 Wholly and solely centered around Sydney, in our view. Even Melbourne, which is officially Australia\u2019s second most expensive city, for $600,000, which most household incomes can afford a property for $600,000, a detached house in Melbourne \u2013 and there are 31 LGAs that make up greater Melbourne \u2013 in nine of those, you can buy a detached house for $600,000 or less, and 26 out of 31 LGAs in Melbourne, you can buy an apartment. Almost all of Melbourne, you can get a property for $600,000 or less. It really is a Sydney-centric debate.
\nKevin:<\/b>\u00a0 What about Brisbane? We\u2019ve heard a lot about how affordable property is in Brisbane. What did you find out there?
\nSimon:<\/b>\u00a0 Brisbane\u2019s median house price, greater Brisbane is $515,000. I\u2019d suggest that that\u2019s still very affordable. But I guess the further you get out from the CBD, for a detached house, the more affordable that gets.
\nAt the low point, you could buy a house in greater Brisbane \u2013 the outer suburbs, as I say \u2013 as low as $350,000. And for apartment living, you could be right in the city for $500,000 or $550,000 or, say, five kilometers out from the city, two or three train stops, for around $400,000 to $450,000. Brisbane is Australia\u2019s third biggest city, so you can own a property for somewhere around $450,000.
\nKevin:<\/b>\u00a0 We have the double whammy here, too. You have very affordable prices in some of these areas that you\u2019re talking about here as well as the lowest interest rates we\u2019ve seen, certainly, as long as I can remember anyway.
\nSimon:<\/b>\u00a0 Yes, I don\u2019t think there\u2019s anyone alive in this country who has experienced interest rates lower than what we are, which again, contradicts what has become a national debate that we have a housing affordability crisis.
\nI guess it\u2019s extended to more than a debate. We\u2019ve actually had policies adjusted, whether it was credit policies enforced by APRA or changes in the federal Budget that are targeted largely to investors, all over an alleged crisis Australia-wide. It\u2019s horrible, according to these so-called experts. All the evidence contradicts that.
\nKevin:<\/b>\u00a0 One of the things that was discussed quite broadly, too \u2013 probably not enough, in my view \u2013 at your luncheon, Simon, was the demonization of property investors, and how they\u2019ve painted almost as being greedy landlords. You actually had someone on stage who admitted that she didn\u2019t even want to tell her friends and relations that she was investing in property for that reason, for that stigma.
\nSimon:<\/b>\u00a0 It\u2019s sad, isn\u2019t it? We\u2019re talking about a 25-year-old young lady, motivated, driven, owns two investment properties, middle-income earner, and she was afraid to tell her family and friends that she was responsible and hard-working and did good things with her money because she was worried about what the backlash would be.
\nIt\u2019s sad when we\u2019re worried about that sort of thing, when all we\u2019re doing is being good with our money and trying to be proactive so that years down the track, we\u2019re going to afford to retire on our own terms rather than being reliant on taxpayer pensions.
\nKevin:<\/b>\u00a0 She was asked why she felt that way or did she even try to explain her situation. She said that she and her partner were just over it. They were sick and tired of trying to explain it, so it was only a matter of time that people started then to say to them \u201cWhat are you doing, again?\u201d It is a stigma.
\nSimon:<\/b>\u00a0 It is. It\u2019s sad. It shouldn\u2019t exist. As we spoke about the other day at the luncheon, Kevin, I think leadership for anything starts at the top, so we need to stop talking negatively about investing. It\u2019s a positive thing. It\u2019s something we should be encouraging. We should be teaching our children to be responsible with their money and save their pennies so that when they enter the workforce, they\u2019re similarly living within their means and planning for their future.
\nWe should be talking positively and encouraging investment and not looking to bash them with a stick and blaming them for something. It\u2019s sad to think that society in general has become one where we look to blame. Then we figure out who we want to blame and how we\u2019re going to penalize.
\nThat has certainly happened with property investors, whether it\u2019s paying more interest on a loan than an owner-occupier, or being harder to get a loan because of tighter credit policies, or further diluting negative gearing benefits, or just accusing investors of depriving generations of home ownership. It\u2019s wrong.
\nKevin:<\/b>\u00a0 There was a slide you used at the luncheon that was a real eye-opener to me \u2013 I\u2019ve never seen it used before \u2013 and that was just how much of a contribution investors make to the overall economy.
\nWe talked there about leadership, and where is that leadership going to come from? It has to come from politicians. It has to come from the government, who need to be promoting the benefits that investors bring into the community.
\nCould you spend a moment and talk about that?
\nSimon:<\/b>\u00a0 I\u2019d love to. Imagine Australia, because we talked property investors, if they just didn\u2019t exist, there would be three million fewer dwellings for those who don\u2019t own their own home. Not everyone aspires to home ownership or just aren\u2019t motivated enough.
\nAustralia has 9.7 million properties. Two-thirds of those are occupied by the owner, with or without a mortgage, and three million of those are occupied by a tenant and are owned by mom and dad investors, not rich lawyers and surgeons or anything like that. Certainly, very few properties are owned by governments. Three million properties are owned by mom and dad investors.
\nSo, imagine Australia without that. The homeless situation would be disgusting. Think of all of the jobs, directly or indirectly, that are related to maintaining a rental pool: the property managers, conveyancers, trades people, building inspectors, accountants doing our tax returns \u2013 tens of thousands of jobs that are directly and indirectly related to property investors.
\nAnd taxes, directly to property investors\u2026 these numbers were released only a couple of weeks ago by the AGO. Stamp duty, last financial year, property investors alone contributed $8 billion to the Australian economy. For $8 billion, we could fund two Brisbane Cross River Rail projects, or we could build four new state-quality hospitals for $8 billion. That\u2019s just in one financial year from stamp duty revenue.
\nCouncil rates: $130 million is paid by property investors, which goes towards footpaths, potholes, and rubbish collection services. Land tax is not payable on the family home; only investors pay land tax. That was $7 billion last financial year.
\nNot every property is negatively geared. Generally speaking, the longer we own it, eventually it becomes positively geared and then the property investor pays more tax. There was $7.5 billion paid from rental gains last financial year, and God knows what capital gains tax revenue is collected each year. We estimate that $20 billion is paid to the Australian economy from property investors in a financial year.
\nKevin:<\/b>\u00a0 It\u2019s very frustrating that these are the figures that aren\u2019t used and it\u2019s that emotional\u2026 It\u2019s almost the low-hanging fruit. \u201cLet\u2019s blame investors, if there is a crisis, for this crisis, this affordability.\u201d
\nYou actually have come up with a number of solutions that we\u2019d like to put forward and just spend a minute or two on what you think can be done to encourage people. What is the solution to this, do you think, Simon?
\nSimon:<\/b>\u00a0 I think that the easiest and most cost-effective solution doesn\u2019t actually require any policies; it\u2019s just attitude, it\u2019s education, and it needs to start with prime ministers and treasurers and premiers and industry leaders.
\nMake all of Australia aware of the wonderful lifestyles, the affordable housing, and employment opportunities throughout all of regional Australia. That doesn\u2019t require a policy, a tax; that\u2019s just a discussion and maybe a clever advertising and marketing campaign.
\nTry to change the image that a lot of capital city folk have when they hear the word \u201cregion.\u201d We have a lot of clients who, for example, have spent their whole life living in Sydney or living in Brisbane and when we raise the prospect of investing in a regional location, for example, they immediately say \u201cOh, not a mining town.\u201d
\nThere are mining towns that represent regional Australia, but there are also plenty of beachside locations, like Gold Coast, Sunshine Coast, Cairns, inland Australia, some beautiful places like Orange and Bendigo.
\nThere are capital cities that don\u2019t get much mention, like Hobart. For anyone who has been to a holiday in Tasmania, they go \u201cWhat a beautiful place.\u201d Its economy is the best improved economy in all of Australia over the last couple of years, and housing is more affordable in Hobart than in any capital city in Australia.
\nIt costs nothing to just have these discussions and change the perception that other parts of Australia don\u2019t have as big of a\u00a0[12:17 inaudible]<\/b>. There are parts of regional Australia where the unemployment rate is below the national average, below several capital cities. But most people wouldn\u2019t be aware of that because they have a different perception in their mind.
\nIn terms of policies, I\u2019m a big believer of Barnaby Joyce\u2019s suggestion with decentralization. What is to say that every government department has to be located in a capital city? It\u2019s more affordable to build that office in a regional location where the land is cheaper and you create employment opportunities with it.
\nBig businesses could consider this as well. Why does the head office have to be in Brisbane or Sydney? It\u2019s probably more affordable to be in a regional location for some businesses from a stamp duty point of view.
\nI don\u2019t think they\u2019re ever going to get rid of stamp duty, but certainly, they could at least consider some instances where they waive it to encourage mobility, whether that\u2019s the baby boomer generation, for example, who are retiring and are prepared to move from an expensive Sydney\/Melbourne to a more affordable regional city. Take away the barrier, take away the stamp duty cost for someone in that situation.
\nOr someone who is prepared to move for employment opportunities, who isn\u2019t in a retirement stage in their life but is prepared to move to a more affordable location. Again, take away that barrier known as stamp duty.
\nPeople need to think outside the square a bit. The issue is nowhere near as big as what is being reported. I just think Australia\u2019s population is unaware of all of the options and the solutions.
\nKevin:<\/b>\u00a0 Very well said, indeed. Simon, thank you so much for your time and your insight, and for providing this report and putting the lunch on. I think it was a real eye-opener for the vast number of people who were there. Thank you. I appreciated it, and I appreciate you spending some time with us today on the show too.
\nMy guest has been Simon Pressley from Propertyology. The website is Propertyology.com.au.
\nSimon, thank you for your time.
\nSimon:<\/b>\u00a0 Thank you, Kevin, and thank you for your wonderful leadership in helping us share this story for others to digest. You\u2019re doing a great job.
\nKevin:<\/b>\u00a0 My pleasure. Thanks, mate.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is no housing affordability crisis in Australia because the majority of locations remain affordable to property buyers. That\u2019s according to new research from Propertyology.\u00a0\u00a0 Simon Pressley gives us the lowdown. Transcript: Kevin:\u00a0 We hear a lot about housing affordability and a housing crisis. 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