{"id":12595,"date":"2017-07-07T03:00:42","date_gmt":"2017-07-06T17:00:42","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12595"},"modified":"2017-07-07T03:00:42","modified_gmt":"2017-07-06T17:00:42","slug":"bodies-corporate-at-risk-though-negligence-in-demand-properties-of-the-future-what-people-are-prepared-to-sacrifice-to-get-a-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/bodies-corporate-at-risk-though-negligence-in-demand-properties-of-the-future-what-people-are-prepared-to-sacrifice-to-get-a-property\/","title":{"rendered":"Bodies Corporate at risk though negligence + In demand properties of the future + What people are prepared to sacrifice to get a property"},"content":{"rendered":"<p><b><i><span style=\"text-decoration: underline\">Highlights from this week:<\/span><\/i><\/b><\/p>\n<ul>\n<li>What type of property will be in strong demand in the future?<\/li>\n<li>Three looming changes all investors must prepare for<\/li>\n<li>Why Friday settlements could be a mistake<\/li>\n<li>A warning about apartment blocks fire and safety risks<\/li>\n<li>What people will tolerate just to get into the market<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>What people will sacrifice to get a property\u00a0\u2013 Bessie Hassan<\/h2>\n<p><b>Kevin:<\/b>\u00a0 As property becomes harder to get into, it\u2019s only a matter of time before people start to put aside some of their prejudices, some of the reasons why they wouldn\u2019t want to live in a certain area. That\u2019s according to some research that was done recently by Finder.com.au. From that organization, Bessie Hassan joins me.<br \/>\nBessie, I\u2019m not real surprised about this, but let\u2019s go through some of these results. Firstly, hello and welcome to the show.<br \/>\n<b>Bessie:<\/b>\u00a0 Hi, Kevin. How are you?<br \/>\n<b>Kevin:<\/b>\u00a0 Good. Not really a surprise \u2013 is it? \u2013 that people would forego some of their predetermined thoughts, I guess, things like the number 13 not being unlucky.<br \/>\n<b>Bessie:<\/b>\u00a0 Yes. The good news is that 78% of Aussies say that they are willing to compromise to an extent. We are understanding just how difficult it is to buy a property in today\u2019s market and that there really is no such thing as the perfect home, so we are willing to make some compromise there \u2013 and it can certainly go a long way, too.<br \/>\n<b>Kevin:<\/b>\u00a0 What are some of the things that they wouldn\u2019t compromise on, Bessie?<br \/>\n<b>Bessie:<\/b>\u00a0 You mentioned number 13 there. That\u2019s been deemed an acceptable issue, as is the deceased estate. People are really seeing the potential in those sorts of properties as well.But when it comes to unacceptable issues, the top one there was a bad smell. If the property itself or the suburb has a bit of a bad smell, there\u2019s a bit of a health concern associated with that, so that was the top one.<br \/>\nThat was followed by asbestos, a high crime rate, abandoned vehicles in the same street, or being located in an industrial area.<br \/>\n<b>Kevin:<\/b>\u00a0 Is it surprising that people aren\u2019t concerned about\u2026 Well, I suppose deceased estates, but a property that had a murder take place in it, did that come up in the survey at all or does that come under deceased estate?<br \/>\n<b>Bessie:<\/b>\u00a0 It came under here. We didn\u2019t specify exactly. But even then, we\u2019re noticing that the mindset is shifting. I\u2019m not suggesting that someone goes to actively seek a property with asbestos or anything like that, but if you are serious about breaking in, you are going to have to look past some issues, certainly.<br \/>\n<b>Kevin:<\/b>\u00a0 Here is a really interesting one, I think, for anyone who is looking at putting their property on the market: a street that contains abandoned cars, trailers, or boats.There\u2019s nothing worse than driving down the street and seeing this all on the footpath and so on. It\u2019s a big turnoff for buyers.<br \/>\n<b>Bessie:<\/b>\u00a0 Yes, it can take up valuable parking space as well, and it can be a sign of crime in the area \u2013 something that people don\u2019t really want to fit into. They don\u2019t want to live in that sort of community.<br \/>\nBut I have personal experience with this. I actually had to compromise on three of those supposed deal-breakers. I live in an industrial area. We have a red bus that appears and disappears from time to time; nobody knows who owns this red bus. And also, our rear extension was completely asbestos. We had to get rid of that safely, as well. And it turned out to be more affordable than we were expecting as well.<br \/>\nWhile these aren\u2019t things that you wish for or are actively looking for, you need to decide if they really are deal-breakers or really just flaws that can be looked past.<br \/>\n<b>Kevin:<\/b>\u00a0 What about things like fast-food outlets? Did that come up at all?<br \/>\n<b>Bessie:<\/b>\u00a0 It sure did. That was actually deemed an acceptable issue.We asked people if they\u2019d mind living within two kilometers to a fast-food chain. It seems that people do not mind at all. They don\u2019t mind that late night McMackersrun for a thick shake.<br \/>\n<b>Kevin:<\/b>Bessie, what about male and female? Were there many differences between the sexes?<br \/>\n<b>Bessie:<\/b>\u00a0 There were a few. It seems that overall, men are more willing to put up with anything just to get on the property ladder. Women were more willing to put up with pets fur. We did ask people about whether evidence of pets would turn them off. It seems that women are more likely to put up with that. Men are more likely to tolerate things like brothels, high crime areas, and deceased estates.<br \/>\n<b>Kevin:<\/b>Interesting. What about state by state? Were you able to relate at all to any kind of affordability study?<br \/>\n<b>Bessie:<\/b>\u00a0 South Australians are the most desperate to get into the property market, so they told us that they\u2019d put up with just about anything to get onto the ladder, and that was followed by Sydneysiders, perhaps unsurprisingly there. Queensland is the least likely to put up with a lack of suburb trendiness, it seems. Only 42% are willing to do so. Also, South Australians are the most tolerant of asbestos in the walls and ceilings.<br \/>\nSo, there were some differences between the states, definitely.<br \/>\n<b>Kevin:<\/b>\u00a0 Bessie, before I let you go, were there any people in the survey who said that they\u2019d be willing to accept all of the above just to get into the market?<br \/>\n<b>Bessie:<\/b>\u00a0 There were, indeed. Nine percent of property hunters tell us that they\u2019d be happy to put up with all of these things just to have their chance at home ownership.<br \/>\n<b>Kevin:<\/b>\u00a0 Wow.And we can probably expect that to grow, I would think, Bessie.<br \/>\n<b>Bessie:<\/b>\u00a0 Yes, absolutely. I think it\u2019s a sign of things to come.<br \/>\n<b>Kevin:<\/b>\u00a0 Bessie Hassan from Finder.com.au.Thank you so much for your time, Bessie.<br \/>\n<b>Bessie:<\/b>\u00a0 Thanks so much, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Apartments at safety risk\u00a0\u2013 Colin Archer<\/h2>\n<p><b>Kevin:\u00a0 <\/b>As fears mount over the possibility that many Australian unit blocks are cloaked with the same cladding that led to that deadly London Grenfell Tower file, one strata company is urging unit owners in Australia to focus on fire safety compliance as a priority.Archers are strata professionals. Their director Colin Archer has said the time is now to address fire safety compliance in Australia\u2019s residential buildings. He joins me to talk about this.<br \/>\nFirstly, welcome to the show, Colin.<br \/>\n<b>Colin:\u00a0 <\/b>Thank you, Kevin.<br \/>\n<b>Kevin:\u00a0 <\/b>I would have thought that this is a bit of a no-brainer, but are there any body corporates simply adopting a\u201cDon\u2019t want to hear about it\u201d because the remedy may actually come up as a substantial cost or even lead to a valuation downgrade in the building?<br \/>\n<b>Colin:\u00a0 <\/b>\u00a0The impact of this Grenfell fire is certainly heartbreaking, as is any fire, and it should be considered a wakeup call for all Australian apartment owners. Certainly in Queensland, the last big thing we had was the Childers Backpackers, which made a substantial change in our fire safety regulations.<br \/>\nIn Melbourne, we\u2019ve had a similar cladding issue in the Lacrosse building. That was fortunately solved and the fire was put out without any fatalities.<br \/>\n<b>Kevin:\u00a0 <\/b>Apart from those two examples you\u2019ve given us there, have we got any feeling about how many buildings could be impacted? Is it worse in some states than others, Colin?<br \/>\n<b>Colin:\u00a0 <\/b>There haven\u2019t been too many refurbished buildings, and this Grenfell one was a refurbished building, quite an old building. There are a number of buildings being refurbished in Sydney and Melbourne with similar type materials, but I wouldn\u2019t be panicking too badly.<br \/>\nThe big issue of the one in Grenfell was that it was refurbished with a non-fire-resistant cladding. If they had actually spent $2 extra a meter, which would have come to about $5000 in a total \u00a38million budget, they would have had fire-resistant cladding and the effect wouldn\u2019t nearly have been as devastating.<br \/>\n<b>Kevin:\u00a0 <\/b>Is that same material being brought into Australia at all?<br \/>\n<b>Colin:\u00a0 <\/b>I believe it has. It\u2019s called Reynobond, but I believe the Reynobond that comes into Australia is the fire-resistant panel. which is slightly more expensive.<br \/>\n<b>Kevin:\u00a0 <\/b>So, given that there may be some buildings that have been impacted that are going to have to be rectified, have we got any idea as to what that could cost potential per unit?<br \/>\n<b>Colin:\u00a0 <\/b>Yes, there is. I suppose we\u2019ve only got the Lacrosse building to use as an example, and it\u2019s been reported that the cost of refurbishing there is circa $15 million. $15 million divided by their 320-odd owners would be about $50,000 per owner, per lot.<br \/>\n<b>Kevin:\u00a0 <\/b>I would imagine that a number of owners corporations would need to be moving fairly quickly to find out if they have been impacted, because this could actually also have some implications for insurance if they don\u2019t take quick action on this.<br \/>\n<b>Colin:\u00a0 <\/b>I shouldharkback to that thing in Childers. It took about eight years for regulations to change. We need to understand with this fire cladding that this has been an issue that goes back to 1991, that there have been at least a dozen substantial fires in various parts of the world, and cladding will exist.<br \/>\nThe main issue in Grenfell was that they didn\u2019t have fire safety compliance. That can\u2019t happen to that extent in Australia, because in Australia, any building over 25 meters has to have a sprinkler system. Grenfell didn\u2019t. Any building over 25 meters high has to have two fire escapes. Grenfell had one. And over 20 stories, they have to have fire pressurization in the stairwell, which forces the air into it and the smoke out of it.<br \/>\n<b>Kevin:\u00a0 <\/b>Are these Australian standards that you\u2019re talking about?<br \/>\n<b>Colin:\u00a0 <\/b>These are Australian standards, yes. They\u2019re actually state standards, but they\u2019re adopted through each state.<br \/>\n<b>Kevin:\u00a0 <\/b>Colin, just before I let you go, what should owners corporations be doing now? What would you recommend they do right now?<br \/>\n<b>Colin:\u00a0 <\/b>I suggest they wait until this Senate inquiry to look at their cladding, but certainly right now, they need to have a wakeup call, look at their fire safety standards, particularly look at their evacuation plans, because it is without doubt known throughout the world that residents who have been trained in correct emergency procedure and know where to go in the event of a fire are likely to get out of a building ten times faster than those who don\u2019t know.<br \/>\nThat\u2019s probably the real issue that people should take up. And certainly, it\u2019s hard to get residents to train for fire safety. We all sit in an office and we all have our couple of times training a year and know that, but when we go home, to comply with the building manager\u2019s request to come and do fire safety training, people get very complacent about it.<br \/>\n<b>Kevin:\u00a0 <\/b>Yes, I\u2019m always amused when I\u2019m in a building where there\u2019s a fire drill that happens. The alarm will go and everyone sits inside, \u201cIt\u2019s just another test, don\u2019t worry. Just ignore it.\u201d We do become very blas\u00e9 because of some of those tests, don\u2019t we?<br \/>\n<b>Colin:\u00a0 <\/b>In an office and in the big towers, you can get people to do it. But we have 80-story residential towers all around Australia now. We really need to somehow get our residents focused on looking where their evacuation plan is, understanding it, and participating in the training.<br \/>\n<b>Kevin:\u00a0 <\/b>Very good advice.And it\u2019s such a terrible thing that we had to have a disaster like Grenfell to wake us up to this. But this is, as you say, a wakeup call. We should take notice of it and do something about it.<br \/>\nMy guest has been Colin Archer, director of Archers, the strata professionals. Thanks very much for your time, Colin.<br \/>\n<b>Colin:\u00a0 <\/b>Okay. Thanks a lot, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Startup&#8217;s shake up the industry\u00a0\u2013\u00a0Paul Broadfoot<\/h2>\n<p><b>Kevin:<\/b>In our industry, in the real estate industry \u2013 and in many industries around the world \u2013 there\u2019s one thing that most people are talking about right now and that is disruption. Modern businesses have never faced so much disruption.<br \/>\nTechnology is evolving so rapidly that it\u2019s driving new business models, bringing with it new market innovation opportunities with start-ups like Uber, who we\u2019ve discussed on the show before, and Airbnb also we\u2019ve talked about, shaking up and transforming industries.<br \/>\nHow can leaders ensure that their own organizations stay relevant? I\u2019m referring now to a book that\u2019s been written by my next guest,Paul Broadfoot, and it is called <i>Xcelerate<\/i>.<br \/>\nPaul, thank you very much for joining us in the show. I\u2019m keen to talk to you about this because it relates very, very strongly to our industry. The two examples that we gave there are two classic examples of what we\u2019ve talked about in the real estate industry for what seems like a year or two now.<br \/>\nPaul, welcome to the show.<br \/>\n<b>Paul:<\/b>Thanks, Kevin. Glad to be here.<br \/>\n<b>Kevin:<\/b>\u00a0 Firstly, the book is a great read. I\u2019m just curious to know why current innovation efforts aren\u2019t working for businesses.We\u2019ve been very aware of disruption, but why isn\u2019t it working in all instances, Paul?<br \/>\n<b>Paul:<\/b>\u00a0\u00a0 I think there are a couple of reasons for that. Certainly, as organizations get larger, we know that they\u2019re harder to change. Something like 70% of change initiatives fail according to studies in the Harvard Business Review and things like that. Change is harder the bigger you get; that\u2019s one reason.<br \/>\nBut I think there\u2019s also a lack of application at the moment. There\u2019s not enough time spent scanning at the market level. There\u2019s a bit going on looking internally at your own organization and there\u2019s a fair bit going on looking at customers, but you have to go up another level to disruption. You have to go up to the market level, and there\u2019s not enough time being spent on that.<br \/>\n<b>Kevin:<\/b>\u00a0 Of course, when we talk about ways to combat this, we look very much at just our own products and our services because we think that\u2019s the weak point. But I think one of the points you make in the book is that we need to innovate the way we work. Could you talk a little bit about that?<br \/>\n<b>Paul:<\/b>\u00a0 Yes. For example, you mentioned Uber and Airbnb, and they\u2019re poster children for the disruption that we see. There are two interesting things about both of those. The first is theyhave different business models. You would find that they\u2019re often mentioned together as having the same one, as in the sharing economy. But if you flip them, if you change them, you don\u2019t get any choice of the ride that turns up for Uber but you can get on Airbnb and you can choose from a selection.<br \/>\nIf you flip them, if you press the button, if you are late out of a meeting \u2013 in Sydney, for example \u2013 you miss the last flight out, you hadn\u2019t booked accommodation for that night, and you just hit a button and you got \u201cRequest Airbnb now,\u201d you\u2019d have a close by hotel room booked for you and off you go.<br \/>\nThat\u2019s one thing. People need some frameworks to look at disruption and see how to go about it. That\u2019s very important.<br \/>\nAnd Uber and Airbnb also didn\u2019t invent anything. The cars and the passengers were already there for Uber. They didn\u2019t invent the technology of location-based technology on phones. It\u2019s the same thing with Airbnb; it\u2019s just bookings over the Internet.But they changed the way the market operated.<br \/>\n<b>Kevin:\u00a0 <\/b>In the book, there\u2019s a huge amount of research, obviously. I believe you\u2019ve looked at about 5000 businesses and looked at the average life span of those. What did you learn about what they do in terms of developing new growth?<br \/>\n<b>Paul:<\/b>\u00a0 At the moment, with disruption, new growth is about creating some new demand. There are two things. You have to worry about what\u2019s happening to your current market share, what\u2019s happening to your current pie, what\u2019s happening to your slice of that pie, but a lot of disruption can actually unlock new demand and can expand markets.<br \/>\nMore people have entered the ride-sharing industry. The actual taxi industry has increased in size because if people are running late for work and it\u2019s raining, they\u2019ll grab an Uber because it\u2019s cheaper, whereas in the past they would have just been late to work. One way to generate new growth is to expand the size of the market \u2013 have your disruption change how people buy.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s identifying a need, too, and then catering to that need.<br \/>\n<b>Paul:<\/b>\u00a0 Yes, that\u2019s one way of looking at it and that\u2019s the customer innovation side of things. The market innovation side of things is leading people to something new. If you ask them, they may not know \u2013 that old adage of you ask the customer what they want and in the old days they would have said a faster horse; they wouldn\u2019t have said a car.<br \/>\nThe frameworks that are in the book actually show people how to disrupt markets and create some new demand, not just ask customers for what they want.<br \/>\n<b>Kevin:\u00a0 <\/b>Could that lead to a lot more business failure because maybe what you perceive they need is not what they really want?<br \/>\n<b>Paul:<\/b>\u00a0 Yes.Or someone could be doing something else that could change the game on you. That\u2019s the danger of disruption. You can\u2019t always see where things are coming from.<br \/>\nThere was a study done in South America about why the car-wash industry had declined by half over 10 years. They went through everything \u2013 competition, pricing, types of cars, economy, and all that sort of stuff \u2013 and they actually found better weather forecasting was the reason for the decline. So, it is hard to see disruption coming sometimes.<br \/>\n<b>Kevin:<\/b>\u00a0 You know how we go through the process of doing research to find out what our customers will think about us but also what they need, trying to determine what direction we should take a business in. Is that a mistake that we ask those sorts of questions in this new age?<br \/>\n<b>Paul:<\/b>\u00a0 It\u2019s never a mistake to engage with customers; that can only be a good thing. But if it\u2019s not done in conjunction with looking at potential changes of business models in your market, then you\u2019re still going to be prone to disruption. It\u2019s a very important thing to do, but it can\u2019t be done to the exclusion of looking at what\u2019s happening.<br \/>\n<b>Kevin:<\/b>\u00a0 The book is called <i>Xcelerate<\/i>. The author is Paul Broadfoot. It\u2019s available, I guess, at all good bookstores, Paul, is it?<br \/>\n<b>Paul:<\/b>\u00a0 Yes, it certainly is \u2013 all the good bookstores that are still around that haven\u2019t been disrupted by Amazon. Yes, it\u2019s on all the online bookstores as well.<br \/>\n<b>Kevin:<\/b>\u00a0 It is on Amazon, is it?<br \/>\n<b>Paul:<\/b>\u00a0 It is on Amazon, yes.<br \/>\n<b>Kevin:<\/b>\u00a0 Paul, thank you so much for joining us. I wish I could spend more time with you because it\u2019s a fascinating subject. Read more about it \u2013 as I certainly will \u2013 in the book called <i>Xcelerate<\/i>.<br \/>\nPaul, thank you so much for your time.<br \/>\n<b>Paul:<\/b>\u00a0 Thanks, Kevin. Great questions. Thanks.<br \/>\n&nbsp;<\/p>\n<h2>In demand properties of the future\u00a0\u2013Michael Yardney<\/h2>\n<p><b>Kevin:\u00a0 <\/b>Here\u2019s a great question: what property is going to be in strong demand in the future? What a great question, one that I guess property investors ponder quite often. To help us answer that, Michael Yardney joins me from Metropole Property Strategists.<br \/>\nHi, Michael.<br \/>\n<b>Michael:\u00a0 <\/b>Hello, Kevin.<br \/>\n<b>Kevin:\u00a0 <\/b>How would you answer that?<br \/>\n<b>Michael:\u00a0 <\/b>I think we have to have a look at the changes that are ahead for us, the changes with our economy, our demographics, the way we live, and our property markets, because that\u2019s an important question for all investors, as you say.<br \/>\nIt\u2019s not what the next hot spot is going to be or what\u2019s going to be important in the medium term. What\u2019s your property going to look like in 20 years\u2019 time? Who\u2019s going to want to buy it, who\u2019s going to want to rent it?<br \/>\n<b>Kevin:\u00a0 <\/b>Let\u2019s talk about the demographics first. What impact will they have?<br \/>\n<b>Michael:\u00a0 <\/b>In my mind, our changing demographics will be more influential in the long term than the short-term influences of interest rates, bank lending policies, all those things that we tend to get worried about day to day.<br \/>\nIt\u2019s no secret that our population is aging, but the latest Australian Intergenerational Report shows that by 2055 \u2013 and that\u2019s not that long away \u2013 the number of people over 65 is going to double.<br \/>\nPerhaps a bigger threat, though, is going to be the ratio of people in the workforce compared to the baby boomers \u2013 people in your and my age group \u2013 who are going to be retiring. We\u2019re going to have less people in the workforce for every retired person. And what that\u2019s really going to mean, Kevin, is we\u2019re going to have to keep growing our population \u2013 and it won\u2019t happen by natural growth but really by immigration \u2013 so that we have enough people in the workforce who are going to pay the taxes and allow the economy to keep going.<br \/>\nSo, I guess the big, big factor we have to pay attention to is where are all these new people coming into Australia are going to want to live and what sort of properties they\u2019re going to want to live in?<br \/>\n<b>Kevin:\u00a0 <\/b>Great points. What about the economy, Michael? That\u2019s obviously going to have a big effect.<br \/>\n<b>Michael:\u00a0 <\/b>Yes. The mining boom is over, and we\u2019re not really manufacturing things anymore either, so another important factor to property markets is what sort of jobs are people going to have and where are they going to want to live?<br \/>\nIn general, as an investor, we\u2019re going to want to find those areas where affordability is higher \u2013 not because properties are lower or cheaper, but because people can afford to buy and want to buy, because they have high wages.<br \/>\nReally, we\u2019re going to be a service-driven economy in the future. IT, education, health are going to be the areas that are going to grow. That\u2019ll translate to wages growth, the ability to pay for more properties. And in general, that\u2019s going to be in our three big capital cities, and Kevin, in general, it\u2019s close to the CBD. Those are the areas where property values are going to increase more proportionately than outer areas.<br \/>\n<b>Kevin:\u00a0 <\/b>From what you\u2019ve told me, Michael, we\u2019re obviously headed for a period when the Australian market is going to be pretty well fragmented, I guess. Tell me about that. How are you preparing for that?<br \/>\n<b>Michael:\u00a0 <\/b>What\u2019s going to happen is that the requirement for living close to work, close to where the action is is going to create a disparity between the inner and middle ring suburbs and the outer suburbs of the capital cities. In fact, even the capital cities are going to be much more important than regional Australia.<br \/>\nIt\u2019s very different from the turn of the 1900s. At federation, more people lived in regional Australia and we lived off the land. And then coming into the period after the Second World War when we started to become a manufacturing country and people moved into our cities near the factories.<br \/>\nBut nowadays, as our cities grow, how are we going to cope with that? Sydney is at 5 million people, Melbourne is at 4.6 million people. Cities over 5 million people start to become a bit unlivable. So, proximity to transport, proximity to public transport, and good infrastructure is going to be even more important, and I believe, Kevin, people are going to pay a premium in the future to live near those locations.<br \/>\n<b>Kevin:\u00a0 <\/b>Obviously, Michael, just listening to what you\u2019re saying now, we\u2019re changing in terms of demographics, how we live, where we live, and so on. But there\u2019ll always be a popular demand for detached houses. But we have to be aware that where people want to live is changing, isn\u2019t it? A much more higher density.<br \/>\n<b>Michael:\u00a0 <\/b>I think it\u2019s a combination of more older people \u2013 remember that people over 65 are going to double in the numbers \u2013 more single households, one and two people households, and therefore we really don\u2019t need those big McMansions with three or four spare bedrooms.<br \/>\nWhen they do the studies, Kevin, they find that most houses have got one, and many houses have got two extra rooms. They\u2019ve got more TVs than they\u2019ve got people in them. We\u2019re going to have to live a bit differently. It\u2019s a first world problem, isn\u2019t it, Kevin?<br \/>\n<b>Kevin:\u00a0 <\/b>It is. And I guess as investors, we\u2019re going to have to take a long-term view, change our view about the style of property, Michael?<br \/>\n<b>Michael:\u00a0 <\/b>Sure. There will always be people who are going to want to live in detached houses with a front- and backyard for their families, but I believe there\u2019s going to be more requirement for medium density dwelling, townhouses, villa units, and apartments as people trade their backyards for balconies and courtyards, Kevin.<br \/>\n<b>Kevin:\u00a0 <\/b>Well said. Michael Yardney for Metropole Property Strategists. Thank you for your time, Michael.<br \/>\n<b>Michael:\u00a0 <\/b>My pleasure, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Why Friday is not the best day to settle\u00a0\u2013 Peter Maloney<\/h2>\n<p><b>Kevin:<\/b>\u00a0 It seems fairly traditional that when you buy a property, you probably want to settle on a Friday, thinking that maybe you can move in over the weekend. There might be some good reasons why you might want to rethink that strategy. A recent survey of conveyancers has brought to light some interesting insights into when it might be best to settle a property and why.Joining me to explain it, the GlobalX CEO, Peter Maloney.<br \/>\nPeter, this is some research you did. Were you really surprised about the busiest day being a Friday?<br \/>\n<b>Peter:<\/b>Kevin, thanks for having us on.<br \/>\nNot really. It\u2019s been a long-held tradition in Australia that property settlements would occur on a Friday. It flies in the face of what you\u2019d normally say contractual settlement times are because if you were signing up for a 30-day settlement, the calendar would suggest you settle on a Monday, and for 45 days, you should be settling on a Tuesday, and a 60-day settlement, you should be settling on a Wednesday.<br \/>\nBut it appears that the long-held tradition of consumers wanting to settle on the Friday so that they can move in over the weekend has held true for a very long time.<br \/>\n<b>Kevin:<\/b>\u00a0 There might be some good reasons why you shouldn\u2019t. I was surprised to hear out of the research that one in five settlements is actually delayed due to human error. That could cause a lot of angst and grief, especially if you\u2019re looking at a settlement at, say, 3:00 or 4:00 on a Friday afternoon.<br \/>\n<b>Peter:<\/b>\u00a0 Absolutely. And Kevin, that is one of the most popular times. Settlements peak on a Friday between 2:00 and 4:00, so there is not much wiggle room between then and close of business on a Friday at 5:00 p.m. in the day.<br \/>\n<b>Kevin:<\/b>\u00a0 You cite in the outcome of the research that some of the conveyancing errors include things like missing signatures. These small things can actually derail that settlement, but I would have thought a lot of that would be found well in advance of the day of settlement.<br \/>\n<b>Peter:<\/b>\u00a0 You\u2019d think so, but the small things that fail a property settlement occur every single day: misspelled names, inconsistency of the names between the contractof sale and the mortgage instrument. In those situations, you have two different groups preparing documents for one property settlement, and when humans are involved, errors creep in.<br \/>\n<b>Kevin:<\/b>\u00a0 Is it becoming easier because a lot of these documents are done online? Are we doing away with paper?<br \/>\n<b>Peter:<\/b>\u00a0 That\u2019s the emerging great change that\u2019s set to hit the property market in Australia. The emergence of electronic conveyancing would, in essence, remove virtually all human error from the settlement process but also give consumers the opportunity to settle on any day of the week and at any time, because we\u2019re not relying on human capital to facilitate the property settlement.<br \/>\n<b>Kevin:<\/b>\u00a0 Of course, there\u2019s nothing to say that you\u2019d have to settle one day and then move into the house the next day; there could be several days.And in fact, just thinking about this, if you had a settlement set for a Monday and there was a bit of a hiccup, it gives you some time to actually work through those issues. You don\u2019t have to settle right then, but you may want to settle the next day.<br \/>\n<b>Peter:<\/b>\u00a0 Absolutely. Yes, we would recommend to all your listeners that when you\u2019ve just bought your property and you\u2019re looking to negotiate a settlement day, try and aim for the middle of the week \u2013 aim for the Tuesday or the Wednesday. If anything does go wrong with your property settlement, it gives you two days through to that Friday and you can still bump into your new property on the weekend.<br \/>\n<b>Kevin:<\/b>\u00a0 Buyers are entitled to have a pre-settlement inspection. If you go into the property and see an hour or two before the settlement is due that there is something wrong, it doesn\u2019t mean the property can\u2019t settle; you can simply withhold some funds at that point, Peter.<br \/>\n<b>Peter:<\/b>\u00a0 That\u2019s right. Final inspections is the third largest reason why scheduled settlements don\u2019t take effect. And everything that your listeners would be aware of: it could be damages to the internal property or the description that they thought they were buying doesn\u2019t actually hold true.<br \/>\nFinal inspections, if they are done early in the week, it still does provide enough time to negotiate a final payment that is withheld or have the problem remedied.<br \/>\n<b>Kevin:<\/b>\u00a0 That withholding funds is something a lot of buyers and sellers are not aware that they can do, but I imagine most solicitors would.<br \/>\nHow many settlements are disrupted like that, Peter, in your experience?<br \/>\n<b>Peter:<\/b>\u00a0 I\u2019m not sure of the actual number, but overall around the country, around about one in five \u2013 so 20% \u2013 of property settlements don\u2019t occur on the day or the time they\u2019re scheduled to occur.<br \/>\nThe most common reason is inconsistency on the documentation \u2013 and that is largely around names \u2013 or insufficient settlement funds being prepared on the day of settlement, and then comes final inspection, so it would be a large number.<br \/>\n<b>Kevin:<\/b>\u00a0 I\u2019ve been to a couple of settlements in my career, and I was so excited when I went to the first one. I thought there would be this wonderful ceremony, but it was almost like a non-event, just passing paper over.These massive checks were handed over, and it was all over in a matter of seconds.<br \/>\n<b>Peter:<\/b>\u00a0 Absolutely. The settlement clerks require a meticulous eye for detail because the ultimate outcome is a proprietor\u2019s name is registered on title. But there isn\u2019t a lot of fanfare at a settlement. It is really document checking, exchange of checks, and the handing over of the title deed.<br \/>\n<b>Kevin:<\/b>\u00a0 I wouldn\u2019t recommend anyone go to it thinking there is going to be popping champagne. It just doesn\u2019t happen.<br \/>\n<b>Peter:<\/b>\u00a0 No, wait until they get into the new house to pop the champagne.<br \/>\n<b>Kevin:<\/b>\u00a0 Absolutely. Peter, it must be a nightmare for conveyancers and property lawyers when everything comes to a head and everyone wants to have a settlement around 3:00 or 4:00 on a Friday afternoon. How have you got staff to cover it all?<br \/>\n<b>Peter:<\/b>\u00a0 That\u2019s a bit about the nature of the industry. The industry largely works on human resources that are relatively flat during the week and then on Fridays, the volume of staff working in property settlements jumps by about 50%. That gap is largely filled by casual staff, and most of those casual staff are studying law.<br \/>\n<b>Kevin:<\/b>\u00a0 Yes, great experience for them.<br \/>\nPeter, great talking to you, mate. Thank you very much. Peter Maloney is the GlobalX CEO, and a brief explanation there about maybe changing your thought about when you should settle that next property. Peter, thank you very much for your time.<br \/>\n<b>Peter:<\/b>\u00a0 Terrific. Thanks, Kevin.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: What type of property will be in strong demand in the future? Three looming changes all investors must prepare for Why Friday settlements could be a mistake A warning about apartment blocks fire and safety risks What people will tolerate just&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":11024,"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-12595","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 v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bodies Corporate at risk though negligence + In demand properties of the future + What people are prepared to sacrifice to get a property - 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\/bodies-corporate-at-risk-though-negligence-in-demand-properties-of-the-future-what-people-are-prepared-to-sacrifice-to-get-a-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bodies Corporate at risk though negligence + In demand properties of the future + What people are prepared to sacrifice to get a property - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Highlights from this week: What type of property will be in strong demand in the future? 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