{"id":14679,"date":"2017-11-10T01:00:13","date_gmt":"2017-11-09T14:00:13","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14679"},"modified":"2017-11-10T01:00:13","modified_gmt":"2017-11-09T14:00:13","slug":"the-great-aussie-dream-is-fading-identifying-an-easement-the-2-metrics-to-measure-value","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-great-aussie-dream-is-fading-identifying-an-easement-the-2-metrics-to-measure-value\/","title":{"rendered":"The great Aussie dream is fading + Identifying an easement + The 2 metrics to measure value"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Median Price and Median Value \u2013 what\u2019s the difference?<\/li>\n<li>The shift from a buyer\u2019s market to a seller\u2019s market \u2013 how to tell.<\/li>\n<li>What is an easement? Can it impact price?<\/li>\n<li>Swapping security for lifestyle<\/li>\n<li>John McGrath\u2019s property tips<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Beware &#8216;easements&#8217; ahead &#8211;\u00a0Andrew Mirams<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 You might come across this when you\u2019re buying a property, and you might not even be aware that it is happening, but what\u2019s an easement, an easement over a property, and how does it impact the purchase price or how does it impact the purchase? Andrew Mirams from Intuitive Finance is very much in tune with this.<br \/>\nG\u2019day, Andrew. How are you doing?<br \/>\n<strong>Andrew:<\/strong>\u00a0 I\u2019m very well, Kevin, and how about you?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, mate, I\u2019m fantastic. Thank you. Now you\u2019d be very aware of this. Do you see many people who are not aware of what an easement is when they come to buy a property?<br \/>\n<strong>Andrew:<\/strong>\u00a0 It\u2019s a great question, Kevin. It\u2019s very regular, especially in Melbourne, that there will be lots of easements where there\u2019s storm water and things like that, I guess. It goes right back to when the cities were first born, I guess, and there was certain infrastructure put in and people have requirements for drainage, sewerage. It might be carriageway and things like that.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Even access easements. Back in the old days, before we had sewerage, they had to get there somehow, and they needed to have those passageways to do it, didn\u2019t they, Andrew?<br \/>\n<strong>Andrew:<\/strong>\u00a0 That\u2019s exactly right. Just so that people understand what an easement is, it actually gives someone else a right to have access to that part of your land. So, like I said, if you have drains or things like that that are running in or around your property, you can\u2019t or you shouldn\u2019t really build on those, because if ever there was a block and a water authority or someone like that needed access\u2026 It can be common with electricity, too, and pits like that can be placed underground. They need to have access to that so if there\u2019s a block or if there\u2019s some access required, they need to be able to get there.<br \/>\n<strong>Kevin:<\/strong>\u00a0 When you go into the process of helping someone buy a property and sort their finance out for them, are you regularly helping them find out where these easements are and giving them access to that information, Andrew?<br \/>\n<strong>Andrew:<\/strong>\u00a0 Yes. They\u2019re in the relative contracts depending on the state-based authority. All are a little bit different, but they have to know. In a contract, say, in Victoria, they will absolutely be listed in the section 32, and they\u2019re drawn as a mark on your title. It\u2019s obvious, and it\u2019s one of the things that your solicitor or conveyancer will make you aware of, that there are easements on the property. So, if you are planning on building or changing or doing improvements to your property, it might just mean there are some restrictions around what you can do.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I know agents and a lot of sellers listen to the show, and it\u2019s something they need to be aware of, because I\u2019ve seen contracts actually filed because of an undeclared easement. Maybe no one knew about it, but it certainly wasn\u2019t declared to the point of listing or the point of sale.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Absolutely. That\u2019s a great point, Kevin. If someone has grand plans of building a great addition onto this property and there\u2019s a property at the back that requires access, it\u2019s obviously going to mean you\u2019re going to have some restrictions and restraints around what you can do.<br \/>\nYou just need to be very careful about what the easement is, what it relates to. Certainly not a right of passage but for some older easements that may not even be in place anymore, you might be able to still get a council approvement to build on or around or near them. But you just need to be very careful with that across all the states.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Those beneficial easements, too \u2013 or access easements, as I think you referred to them there \u2013 typically, maybe your neighbor may need a little bit of land. You don\u2019t have to give it to them or sell it to them, but you can actually give them access to it to use it for their benefit.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Yes, that\u2019s right. That\u2019s a great point, Kevin. You just need to make sure that any time you\u2019re looking to buy and sell a property, that the easement is declared and the purpose or the use of it or who has the right of access to that.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes. It even down to you need to talk to your solicitor, too, because not all rights to an easement will pass from one property owner to another. You need to make sure that you get all that clarified and that you can actually pass it on to someone else.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Absolutely. And not all easements are created equal, too, so that\u2019s certainly where you need a legal opinion and then a little bit of local knowledge. Turn to your local council and getting some feedback from them would be really important. Research as always, Kevin, is the key.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Bottom line, Andrew, your advice is make sure you check all of these things out, work closely with your solicitor and go in fully armed with all the knowledge that you need, both as a buyer and as a seller.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Absolutely, Kevin. Yes, spot on.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good on you. Andrew Mirams from Intuitive Finance. You can use any one of the links on any one of the pages on Real Estate Talk to contact Andrew and his team.<br \/>\nThanks for your time, mate.<br \/>\n<strong>Andrew:<\/strong>\u00a0 My pleasure, Kevin. Thanks.<\/p>\n<h2>The shift from buyers market to sellers market &#8211;\u00a0Ben Kingsley<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 What are the signs that the market is turning from a buyer\u2019s market to a seller\u2019s market or a seller\u2019s market to a buyer\u2019s market, and really why is it all that important? I\u2019m going to discuss that now with Ben Kingsley. Ben is the CEO and founder of Empower Wealth and also the chair of PIPA.<br \/>\nBen, thanks for your time. Do you guys think about this all the time \u2013 where are we? And why is it all that important? How do you measure it?<br \/>\n<strong>Ben:<\/strong>\u00a0 Yes, Kevin, we absolutely think about it. It\u2019s critical. At the end of the day, the reason why we\u2019re buying property is we want it to grow in value. If it doesn\u2019t grow in value and we\u2019re servicing the mortgage and the interest on that mortgage, there\u2019s no return on investment. So, it really is something that we study deeply, because it is all about the investment return.<br \/>\nThere are definitely things that we look for in the research that we do around that. So, how do you get to that research? The first thing I look at is auction clearance rates in city centers where auctions are the preferred means of selling. Certainly Melbourne and Sydney are a great indicator, because they give me real-time feedback. They give me feedback to know what sort of clearance rates are moving.<br \/>\nIf we were to think about it, 65% or 66% and above is where we start to see more of a seller\u2019s market, and anything below that, we start to get into a buyer\u2019s market. That\u2019s where the clearance rate is around that 65% range. That\u2019s the indicator. Now, if we start getting up to 75% to 80%, we\u2019re really in a great seller\u2019s market, and there\u2019s obviously growth being had there, because there\u2019s a lot of competition. So, if you have that, that\u2019s one great mechanism.<br \/>\nThe other one is, when you\u2019re out in the field and you\u2019re going to open for inspections, have a look at the number of people who are going through the property. Ask the agent how has the interest been? You\u2019ll be able to visualize that interest as well. If the sign is going out and there\u2019s five other parties waiting out front, then you know that obviously has a bit of interest. And if that\u2019s consistent with the five or six properties that you might inspect on a Saturday morning or a Saturday afternoon, then it\u2019s important to read that market play in the field.<br \/>\nIn terms of the statistical tracking that you want to be doing, stock on market is another great way of doing that. So, how do we do that? We go to the search engines, so the property portals, RealEstate.com, Domain, those types of portals. We just put in the suburb and we\u2019ll put in the type of property that we might be interested in \u2013 being house or unit or so forth \u2013 and just hit the Search button. It\u2019ll bring up the number of properties for that particular suburb.<br \/>\nNow, as a little tip to the listeners, make sure you tick off the button that says \u201cneighboring suburbs,\u201d so you just get accounts for that particular suburb. And that will give you an idea of the stock on market.<br \/>\nNow, the lower the stock, the better. You want to be tracking that over a period of time, and that will give you an indication of whether stock is coming down or going high, because ultimately this is all about demand and supply, Kevin, isn\u2019t it?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Absolutely. Another thing I always like to do, too, is work out how much stock is in the market. In other words, if no more stock came on the market, how long would it take to sell all of that? The lower that becomes, also the more demand you have for property.<br \/>\n<strong>Ben:<\/strong>\u00a0 Yes. Days on market, so it\u2019s effectively how long are these properties taking to sell? Now, when you\u2019re doing an aggregate of that, you use the same principles. If you\u2019re going to do this yourself, you\u2019ll set up a little spreadsheet, and you\u2019ll track those properties, and you\u2019ll see how long to take to sell.<br \/>\nYou\u2019ll also ask the local agents what\u2019s the average days on sale at the moment for these types of properties? Ask two or three agents to get an idea, if you don\u2019t have the time to sit there and do the analysis yourself. That is obviously a terrific way of seeing this. So, the lower days on market the more interest there will be.<br \/>\nNow, just also remember if you\u2019re in an auction market, the days on market should still not come under 20-odd days, because what you\u2019re normally seeing is four- or five-week marketing campaigns before they actually sell the property.<br \/>\nThe last one that also comes into that is average vendor discounting. So, what sort of discounts are we seeing from what the property was offered for? If we\u2019re not in an auction market and we\u2019re in a private treaty selling market, advertised for $400,000, sold for $380,000. So we\u2019re getting a percentage of the vendor discount that\u2019s going in that market. Some of those search portals and CoreLogic, and those types of players provide a bit of that data.<br \/>\nAnd one final one, Kevin, which is really interesting. When I know that I\u2019m looking at a marketplace that there really is still more sellers than buyers, I get commentary. I look at the way in which the descriptions are written by the agents.<br \/>\nSometimes, if you\u2019re going to regional areas and you\u2019re having a look around and a couple of the ads are saying that the seller is open to offers, that this is a good buy, that the price has been reduced, those types of things, if you\u2019re getting a bit of that sense, then you\u2019re probably buying in a marketplace that is still potentially correcting itself, as opposed to showing signs of improving.<br \/>\nIdeally, we want to time our entry into a marketplace where there\u2019s evidence of upswing, where demand is starting to exceed supply, because that\u2019s where we\u2019ll find those growth markets.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Very good insight there, Ben Kingsley. Ben is the CEO and founder of Empower Wealth. Ben, thanks so much for your time.<br \/>\n<strong>Ben:<\/strong>\u00a0 Absolute pleasure, Kevin.<\/p>\n<h2>Swapping security for lifestyle &#8211;\u00a0Eliane Miles<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>More than half of Australians now consider it\u2019s more important to have lifestyle than it is to actually own a property. This has been revealed in a recent study released by the Financial Planning Association of Australia who conducted the study in conjunction with McCrindle. Joining me now to talk about this is McCrindle\u2019s Director of Research, Eliane Miles.<br \/>\nEliane, what does this actually mean for the great Australian dream of home ownership?<br \/>\n<strong>Eliane:\u00a0 <\/strong>Kevin, in this survey of 2600 Australians, we found there has been a shift in the attitudes around the desire to own a home. This study was really about what does it mean to live the dream? Would you say that you\u2019re living the life that you dream of? Do you deem yourself successful?<br \/>\nSo, when we asked the question \u201cWhat does living the dream mean to you?\u201d we found that home ownership has dropped down the list to number four, so after things like having a lifestyle, having financial freedom and independence, and then having safety and security.<br \/>\nIt\u2019s certainly no longer on the top aspirations for what people say living their dream life looks like.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, the profile of home ownership has changed, as well. Once it was classed as the haves and the have-nots \u2013 if you owned a home, you had a lot in life \u2013 but as we\u2019re seeing out of this report, it\u2019s now been categorized into four main personality types, based on their ability to dream, which is what you\u2019re leading to there. Is that what we\u2019re seeing now? Could you give me a brief description of what you found out?<br \/>\n<strong>Eliane:\u00a0 <\/strong>Yes, that\u2019s right. It\u2019s the sense that people look at finances in different ways. When it comes to home ownership, we\u2019ve seen the incredible jack of housing prices. Look at two decades ago, the average Sydney house price was six times average earnings; now it\u2019s more than 14 times. In Melbourne, it was three times; now it\u2019s more than 11 times. So, we have to take a different approach to how we look at our futures.<br \/>\nSome predict that if the current trends continue over the next two decades, the average cost of a house might be up to the $6 million mark. So, it really has become that thing that may no longer be the way that we define our lives or define success.<br \/>\nIn the study itself, as you mentioned, we found four different personalities based on their attitudes towards finances. We found that about a third of the population are daydreamers. These people do a lot of thinking about the future and dreaming, but they have this propensity to act later and think a bit longer before they act.<br \/>\nAnother third would be go-getters who do a lot of dreaming and also have that actionable step involved. Then there are another two personalities. We call them the cruisers, those who don\u2019t really daydream and don\u2019t really act very often \u2013 they\u2019re about one in five \u2013 and then we have the builders, those who love to act but they really struggle to think big picture, and they make up about one in seven or so of the population.<br \/>\nIt\u2019s interesting to think through our propensity to be visionaries and think about the future, where we want to go in terms of our finances and aspirations, as well as whether we\u2019re able to tangibly make that happen for ourselves.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I\u2019m fascinated with those breakups there. Is it a sex-related thing, or is it something to do with demographics or age?<br \/>\n<strong>Eliane:\u00a0 <\/strong>It\u2019s not strongly correlated to sex. We do find there are more male cruisers, for example, but when you think about the go-getters as well as the daydreamers, they\u2019re almost half and half. Actually, some of the women do come out as less likely to be daydreamers but then also less likely to be builders. So, it does vary in terms of the gender, but it\u2019s usually more a propensity around life stage and, I guess, priorities as well.<br \/>\n<strong>Kevin:\u00a0 <\/strong>In the article inside the latest edition of <em>Your Investment Property<\/em> magazine \u2013 the article is called Aussies Chasing Freedom Not Picket Fences \u2013 there\u2019s a really good description there of those four category types.<br \/>\nEliane, just further to that, have those profiles changed in the last generation? And if so, why?<br \/>\n<strong>Eliane:\u00a0 <\/strong>I think there\u2019s a sense that we\u2019re still the nation of people who believe in their ability to create the lives that they want. And in the research that we\u2019ve done, we always find that about four in five Australians say yes, they believe in themselves and their ability to carve out the future. But people are finding that the actionable step of turning that into a reality is getting harder, and so fewer people now over the years are saying, \u201cYes, I\u2019m living the life that I\u2019ve dreamed of.\u201d<br \/>\nThat has to do with the cost of housing, cost of living, but also a different way of looking at goals and thinking about the future as a result of many of these previously aspired acquisitions like home ownership no longer being so far in reach.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Reading the article \u2013it\u2019s a great read, too \u2013 I can\u2019t help getting the feeling that it\u2019s all changed. We used to judge \u201cmade it\u201d as having a family and having your own home, but it now is more about lifestyle. Am I correct in reading it that way?<br \/>\n<strong>Eliane:\u00a0 <\/strong>That\u2019s right, and so our family composition is changing as well. We have nearly as many couple households without kids as we do families with children, and the growth in solo households as well as group households, multi-generational households. You have many generations now what we call sandwiched, people in their 40s and 50s looking after their aging parents while also still raising their own teenagers and young adults in their home.<br \/>\nAnd for the first time in a century, actually, we\u2019ve seen the size of households change in Australia and actually increase. Where it used to be on the downward trajectory, now it\u2019s back from 2.5 to 2.6. So actually seeing houses increase in size for the first time as a result of some of these cost of living pressures.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I\u2019ve been talking to Director of Research at McCrindle, Eliane Miles.<br \/>\nEliane, thanks for your time.<br \/>\n<strong>Eliane:\u00a0 <\/strong>Thanks so much, Kevin.<\/p>\n<h2>John McGraths tips for 2018 &#8211;\u00a0John McGrath<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>This week, John McGrath released his annual McGrath Report, and John makes the point right at the outset that the most frequent question he\u2019s asked year after year is \u201cWhat is the market doing?\u201d And as he points out, there is no one market in Australia.<br \/>\nJohn, thank you very much for joining us. How are you?<br \/>\n<strong>John:\u00a0 <\/strong>Good, Kevin. Yes, it\u2019s interesting, isn\u2019t it? Because everyone you speak to, many of them are experiencing different markets, and I think the report articulates the fact that if you had to break it into a couple of markets, one is Sydney and Melbourne that has seen very strong rises over the last five or six years. In fact, some areas have doubled values, but at least 50%.<br \/>\nAnd yet in other parts of the country \u2013 in South East Queensland, too, to a lesser degree, but in other parts of the country, there\u2019s been what I would call really minimal growth. I think that will change going forward.<br \/>\n<strong>Kevin:\u00a0 <\/strong>As you indicated, you still see the Australian property market as Sydney and Melbourne and the rest of the country. Is that becoming less acute? Is the rest of the country starting to catch up, do you think? Or will it?<br \/>\n<strong>John:\u00a0 <\/strong>It will. Not yet. We\u2019ve seen Sydney and Melbourne, right up until this interview, have been performing very strongly. We haven\u2019t seen much of a drop off. Sydney is starting to slow down a bit now, Melbourne got a little bit more strength to go. But I think it would be fair to say \u2013 certainly in my view, anyway \u2013 that both of those markets are very much towards or at their peak.<br \/>\nI think there are many other markets \u2013 South East Queensland \u2013 that are probably midway through. I think if you were looking at a percentage, I\u2019d say that South East Queensland might be 55% or 60% through, and Sydney and Melbourne are 95% to 100% through their cycle. So, I still think there\u2019s good growth up in the Queensland area, especially South East Queensland.<br \/>\nPerth is another area that I think has obviously been very hard hit through the mining issues, and that\u2019s been really down, but I think it\u2019ll catch up. All the markets will eventually catch up, but I think South East Queensland will be the stellar performer over the next three to five years.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Now, you\u2019re still sure there is no bubble. Why is that?<br \/>\n<strong>John:\u00a0 <\/strong>I\u2019ve heard it so many times, Kevin. I look at it, and every time there\u2019s a cycle rise and there\u2019s some strong growth in areas like Sydney and Melbourne and other parts of Australia, people say, \u201cOh, Sydney must be 20%, 30%, 40% overvalued.\u201d I think the reality is that Sydney and Melbourne are the New Yorks of Australia, and they\u2019re probably never going to be caught by the other cities.<br \/>\nI think there is a gap there, which is in my opinion too wide today, but there will always be a gap going forward. I just think the weight of money coming into the two big east coast cities will always have them ahead of the rest. But right now, the gap is as big as I\u2019ve ever seen in three decades of being in real estate, and I think that\u2019s not going to last.<br \/>\nSo, the question is are Sydney and Melbourne overvalued? I think they\u2019re not. I think they\u2019ve reached probably where they\u2019re going to reach for this cycle. We might see a very small correction in those markets of a few percent going forward over the next 6 to 12 months, but I actually think the issue is that the rest of Australia is probably undervalued.<br \/>\nI think it\u2019s more of a media headline, \u201cMarket overvalued.\u201d I\u2019m sure there are spreadsheets that say that compared with other times or other parts of the world, Sydney looks a little bit on the expensive side. But it\u2019s a big city that people want to live and invest in.<br \/>\nWe were just talking before we got on the interview about Asia. There are literally billions of people in that part of the world who are rapidly becoming very much the middle class and they\u2019re earning money they\u2019ve never earned before. They will all be looking to invest elsewhere, and they\u2019ll also be looking to migrate to great countries like Australia. So, I think our future in terms of property values is really strong.<br \/>\n<strong>Kevin:\u00a0 <\/strong>How are property prices impacting how we live and where we choose to live, John?<br \/>\n<strong>John:\u00a0 <\/strong>Again, I\u2019ll refer to Sydney and Melbourne, which for a lot of people have become in certain parts unaffordable. It\u2019s not uncommon that in a new development in Sydney, a one-bedroom is going very close to $1 million, whereas as you would know, in South East Queensland \u2013 which is an equally beautiful part of the world \u2013 you can buy a nice house in many areas for $375,000 to $450,000. I think that from that aspect, we are finding a lot of people in Sydney and Melbourne are going to find it very hard to find a place.<br \/>\nAt the other end of the market, you have people who are probably in their 50s, 60s, 70s who wound up finding themselves in a home that\u2019s now very expensive, and perhaps they\u2019ve had it for years or even a generation or two. They thought it wasn\u2019t worth much, then they check with their local real estate agent, and they\u2019re saying, \u201cYou\u2019ll probably get $2.5 million\u201d for this house. I think those people are going to be saying, \u201cWell, for the next 10, 20, 30 years of our life, we might take that money and either look for a sea change or a tree change, or we might downscale here and invest elsewhere.\u201d<br \/>\nWe\u2019ve seen the numbers. As you know, Kevin, we\u2019ve seen strong migrationary numbers returning again, the strongest for many years. So I think it\u2019s a very healthy time.<br \/>\n<strong>Kevin:\u00a0 <\/strong>John, what sort of an impact are those moves to regulate the market with taxes and rates having on market conditions overall, do you think?<br \/>\n<strong>John:\u00a0 <\/strong>I\u2019m very anti the overseas levy that\u2019s been placed on buyers from overseas, only because I think that, one, we\u2019re now all living in a global city or a globalized economy, and I think that it\u2019s very dangerous to be saying to people outside of the immediate area or inside Australia, \u201cWe don\u2019t want your investment.\u201d<br \/>\nI think we should be encouraging other people to migrate and to invest into Australia \u2013 the right people in appropriate numbers. So, I think it\u2019s a very strange signal when state governments say, \u201cWell, if you want to come here, we\u2019ll let you, but you\u2019re going to have to pay a lot more stamp duty,\u201d for example.<br \/>\nWe\u2019ve already seen a big drop off in the southern states in terms of people overseas buying. I\u2019ve never felt the growth in the southern states values was a problem around demand; it was more of a problem about supply. We\u2019ve had an extreme housing shortage, so from that respect, I think it\u2019s dangerous, because Canada put the stop sign up and said, \u201cWe don\u2019t want anyone\u2019s money any more,\u201d and their real estate market really suffered fairly badly, and it hasn\u2019t recovered yet.<br \/>\nI just think this is a big country; with the appropriate development controls in place, I think we could continue to grow our cities in the right places and invite people from other parts of the world to come and participate.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I\u2019m talking to John McGrath about the McGrath Report, which has just been released.<br \/>\nJohn, let\u2019s talk about developers for a minute. Are they being spooked by some of these restrictions and regulations that are being imposed on them?<br \/>\n<strong>John:\u00a0 <\/strong>In some instances and in some cities, they\u2019ve had a few very good years, but I think they were enjoying the fact that in addition to a strong local market, there was overseas interest. Sydney had a strong buying interest from China, which was very well documented, and a lot of that has dried up. I would say 75% or 80% of the overseas money looking to invest in Australia, if not move here, has dried up.<br \/>\nThere\u2019s no doubt when a developer buys a product, as long as they can get financing and as long as they have confidence there\u2019s an end user or an end buyer for the product, they\u2019ll go and develop. If they\u2019re concerned about building and they\u2019re not finding buyers at the end of the process, that\u2019s going to be an issue. So, it will no doubt take some of the wind out of the market by putting the stop sign up to overseas investors.<br \/>\n<strong>Kevin:\u00a0 <\/strong>John, before I let you go, your closing thoughts on the future of the property market? What do we need to do to make housing more affordable? Is that possible?<br \/>\n<strong>John:\u00a0 <\/strong>I think there are a few things \u2013 no doubt \u2013 with the affordability. The supply issue is the main one. So, we need to have good quality, complying developments processed far more quickly. In some instances, it still takes two years for developers to get complying developments approved and through the councils, both local and state. I think if that sped up, that\u2019ll certainly provide a lot more stock in the market.<br \/>\nI think with building materials, there are alternative styles of building happening, Kevin, and that should make things a little bit less costly. And the third one is infrastructure. There is good infrastructure happening throughout most parts of Australia, but I think there was a period certainly during the GFC where there was very little infrastructure, so that really put a bottleneck in many areas. Now, infrastructure, new roads, new hospitals, new employment opportunities will definitely open up some other opportunities for people to live in new areas, I think.<br \/>\n<strong>Kevin:\u00a0 <\/strong>John McGrath, thanks so much for your time, mate. Thank you.<br \/>\n<strong>John:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n<h2>The 2 metrics to measure value &#8211;\u00a0Kylie Davis<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>If you\u2019re thinking of selling a property or if you\u2019re thinking of buying a property, one of the things that you are going to have to know about is price in details. How much is your property worth, or how much is the property worth that you\u2019re going to be buying?<br \/>\nThere are two major metrics that property and financial professionals look at to answer this question. To help us understand what they are, I am joined by Kylie Davis. Kylie is the head of content and property services marketing at CoreLogic.<br \/>\nKylie, what are those two metrics, and could you just explain their importance to us?<br \/>\n<strong>Kylie:\u00a0 <\/strong>There are two key metrics, Kevin. The first one is median sales price, and that\u2019s one that we have heard for a very long time about what the market is doing \u2013 what was the median price of sales in a suburb or in a local market? The second one \u2013 which is a little bit more modern \u2013 is median value.<br \/>\nIt\u2019s really about the detail and how those two numbers are compiled, but the short answer is that median sales price talks about the middle price of what\u2019s selling at the moment, but median value talks about the value of property within the suburb as a whole \u2013 the middle value of all of the houses in the suburb.<br \/>\n<strong>Kevin:\u00a0 <\/strong>We should really look in some detail of both of those, because there\u2019s a lot of confusion around medians, what they really mean. People just think that if the median sale price goes up, then values have gone up. But it doesn\u2019t quite work that way. It\u2019s not that simple, is it, Kylie?<br \/>\n<strong>Kylie:\u00a0 <\/strong>No, it doesn\u2019t. Median sales price is really the middle value of what is selling at the moment, and it\u2019s a number that\u2019s collected only off properties that have sold. So, if you live in a suburb of, say, 3000 houses and 10% of that market sell that year \u2013 so 300 houses; that\u2019s a pretty high level, but let\u2019s stick with it \u2013 then it\u2019s the middle value. It\u2019s what property number 150 or 151 sells at that tells you what the middle sales price was.<br \/>\nSo, if you\u2019re in a suburb that has a lot of three-bedroom homes but then there\u2019s a new development that goes on the market that\u2019s full of four-bedroom homes that are a little bit more specced up, and those highly specced properties are selling, they will push the median sales price up because they\u2019re selling for a higher number and they\u2019re putting volume into the sales in the market. Or if at the other end, you have maybe some two-bedroom properties that are selling at the lower end of the market, they\u2019ll pull the median sales price down.<br \/>\nMedian sales price can move a lot for different reasons. It can move because the sales price of properties is going up or down, but it can also move because the types of properties selling are different to what typically would sell in that market. And it\u2019s also based off the small proportion of what\u2019s selling in a suburb.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Because if you\u2019re looking at a suburb where there\u2019s a high number of renovations happening, this is really going to impact that median sale price, isn\u2019t it?<br \/>\n<strong>Kylie:\u00a0 <\/strong>Yes. So, you might see a median sales price for a lot of unrenovated properties but then the renovated properties will start to come on to the market and you\u2019re comparing them to what has been unrenovated, and it gets a bit out. So, you might turn up to an auction thinking that you\u2019ve done your research and you know what a property is going to sell for, but you\u2019ve based it on a median sales price that\u2019s about unrenovated properties.<br \/>\nMedian value is a more useful number in understanding what the genuine value of property is within a suburb, because that\u2019s calculated \u2013 often on a daily basis; we certainly calculate it on a daily basis at CoreLogic \u2013 based on every single property across Australia. So, every suburb is based off of a median value.<br \/>\nThat\u2019s a more genuine reflection of whether there\u2019s growth happening or a decline happening in a suburb. But it\u2019s not a great tool if you\u2019re wanting to buy, because it\u2019s only going to give you a price guide, really. And the guide of it is that if there\u2019s not a lot of property on the market at the time and you turn up to the auction or to the sale and there\u2019s a lot of competition for that property, then just because the median value of the suburb is a certain amount doesn\u2019t mean that the property is going to sell for that.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Are there reports available that will demonstrate this to us, the median value and the median sales price?<br \/>\n<strong>Kylie:\u00a0 <\/strong>Yes. A property report will basically extrapolate a value for the property that you\u2019re looking at based off the median value of the suburb and comparing that particular property to a host of other similar properties in the area to come up with an estimate of what the value is.<br \/>\nMedian sales prices are usually quoted by agents in the current market appraisals that they give you. So, the combination of your own research looking at what the median value is plus the research that an agent gives you about a property will help you understand what\u2019s going on in terms of supply and demand and where prices are going.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Kylie Davis is head of content and property services marketing at CoreLogic and also runs the CoreLogic Reports Store. She knows what she\u2019s talking about when it comes to reports, as you can hear.<br \/>\nKylie, great talking to you. We\u2019ll catch you again soon. Thank you.<br \/>\n<strong>Kylie:\u00a0 <\/strong>Thanks, Kevin.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Median Price and Median Value \u2013 what\u2019s the difference? The shift from a buyer\u2019s market to a seller\u2019s market \u2013 how to tell. What is an easement? Can it impact price? Swapping security for lifestyle John McGrath\u2019s property tips Transcripts: Beware&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14680,"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-14679","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>The great Aussie dream is fading + Identifying an easement + The 2 metrics to measure value - 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\/the-great-aussie-dream-is-fading-identifying-an-easement-the-2-metrics-to-measure-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The great Aussie dream is fading + Identifying an easement + The 2 metrics to measure value - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Highlights from this week: Median Price and Median Value \u2013 what\u2019s the difference? 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