{"id":19880,"date":"2017-12-22T01:00:07","date_gmt":"2017-12-21T14:00:07","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=19880"},"modified":"2017-12-22T01:00:07","modified_gmt":"2017-12-21T14:00:07","slug":"apra-happy-to-be-the-heavy-all-that-glitters-is-not-gold-site-matches-sellers-with-agents","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/apra-happy-to-be-the-heavy-all-that-glitters-is-not-gold-site-matches-sellers-with-agents\/","title":{"rendered":"APRA happy to be the \u2018heavy\u2019 + All that glitters is not gold + Site matches sellers with agents"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>What will APRA do in 2018?<\/li>\n<li>Investors will need discipline next year<\/li>\n<li>You will need to outperform the market<\/li>\n<li>A valuer\u2019s role<\/li>\n<li>The catch behind an offer too good to be true<\/li>\n<li>The rising and the slowing markets<\/li>\n<li>Property <a href=\"http:\/\/bit.ly\/2Buc19f\" target=\"_blank\" rel=\"noopener noreferrer\"><u>\u2018matchmaker\u2019 site<\/u><\/a> eases seller pain<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>APRA happy to be the &#8216;heavy&#8217; &#8211;\u00a0Andrew Mirams<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 As we continue our look at the property market for next year in our final show for the year, I\u2019m welcoming into the studio Andrew Mirams from Intuitive Finance, who is one of our regular contributors.<br \/>\nAndrew, pull out the crystal ball for me. What are you seeing for next year? How are you feeling about the property market in Australia?<br \/>\n<strong>Andrew:<\/strong>\u00a0 Hi, Kevin. Yes, the crystal ball, you should have rang me in advance to charge it. It\u2019s always that difficult question, isn\u2019t it?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, it is.<br \/>\n<strong>Andrew:<\/strong>\u00a0 I think the finance, we\u2019re seeing that the market has just come off late 2017 a little bit. APRA\u2019s intention to slow down the market, Sydney and Melbourne in particular, is having an effect around the countryside. I think that they will be quite pleased with that, people not overexposing themselves and things like that.<br \/>\nYou now have Sydney into the low 60s or high 50s percent clearance rate. We have Melbourne coming off, moderating. Probably still a strong market and Australia\u2019s strongest market, but it\u2019s certainly starting to moderate and now they\u2019re really particular about the style of property.<br \/>\nAnd a bit of growth coming in Brisbane, which is probably people who can\u2019t get into Melbourne and Sydney. And with some infrastructure projects up there and things like that, you\u2019re starting to see some good signs in Brissie.<br \/>\n<strong>Kevin:<\/strong>\u00a0 APRA has come out in recent times and said that they believe that what they\u2019ve been doing to tighten the market a little bit has actually worked, slowing it down just a fraction.<br \/>\nDo you think they\u2019re going to be inclined to be buoyed by that and say \u201cMaybe we\u2019ll tighten the screws a little bit more in 2018\u201d?<br \/>\n<strong>Andrew:<\/strong>\u00a0 They\u2019re pleased with the outcomes they\u2019ve been able to deliver. We\u2019ve talked quite a few times through the course of 2017 about we don\u2019t want boom and bust cycles. That\u2019s no good for anyone. That\u2019s only feast or famine. And that\u2019s just not a good market to want to be investing in.<br \/>\nSo, they\u2019re trying to level it. They\u2019re trying to bring it some normal growth. Really, what we\u2019re going to see in 2018 from an APRA perspective, I think there\u2019s going to be a little bit more work around interest-only lending and making sure they\u2019re documented and that the clients are getting what they actually want, not just what someone thinks they should have.<br \/>\nThe other thing we\u2019re going to continue to see is a lot more focus on everyone\u2019s living expenses. We\u2019ve talked about this a few times, Kevin, and making sure people have some sort of an idea of what it costs them to live month to month. That\u2019s going to be a real focus in 2018.<br \/>\nI think a show or two ago, we talked about 2018 being the year of the living expenses. I\u2019m happy to go by that prediction and think that the credit squeeze, it\u2019s not going to back off just for the minute. We\u2019re going to just have some more scrutiny around responsible lending and making sure the lenders are all doing the right thing by clients.<br \/>\nThat said, all the banks are still open for business. It\u2019s just that people are probably hitting their limits sooner than what they\u2019ve been accustomed to.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Just a dumb question, if I could ask it, Andrew. The prudential controls that we saw, particularly in 2017 from APRA, do they have the ability to loosen those in certain areas? In other words, could they say to the bank, \u201cWe think you need to continue to tighten the screws in Sydney and Melbourne, but maybe release a little bit more in Brisbane\u201d? Do they have that much control?<br \/>\n<strong>Andrew:<\/strong>\u00a0 That\u2019s a great question, Kevin. I think there are lots of commentators around the country who would say that\u2019s what should have been happening in any case through 2016 and 2017 where you\u2019ve had the Perth and Darwin markets floundering a bit. Also, back in the mining boom, you had Brisbane just ticking along, not kicking goals, and then you\u2019ve had this boom in Sydney, and now Melbourne a year or two later to the party having this boom. So, there\u2019s been really disjointed markets.<br \/>\nSadly, they can\u2019t or they won\u2019t make rules for domiciles. They\u2019ll just say \u201cThese are the rules and we want to slow the whole market down and we want to make sure.\u201d Because responsible lending isn\u2019t a domicile-based decision wherever you live. They\u2019re bound by rules to lend responsibly, so I think that probably has more potential damage to start to pick off independent markets and say \u201cThis is now the rule.\u201d<br \/>\nThe banks have done it a lot with their postcode restrictions where they know that there\u2019s high unemployment, less housing growth, and things like that. The banks have a lot of data and they\u2019re also probably doing those restrictions behind the scenes versus\u2026 We have a bit of a \u201cone size fits all.\u201d Once upon a time, it used to be the Reserve Bank raising and lowering the markets; now it\u2019s the prudential controls, as you said, that\u2019s limiting or restricting the markets.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Andrew, great talking to you, mate. Thank you for your excellent work during 2017. I look forward to working with you in 2018.<br \/>\nAndrew Mirams from Intuitive Finance. You can contact Andrew and his team on any one of the buttons on Real Estate Talk.<br \/>\nThanks, Andrew. All the best for Christmas and the New Year, and look forward to talking to you next year.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Thank you, Kevin. All the best to you and all the listeners for Christmas, and let\u2019s hope 2018 is a prosperous one for us all.<\/p>\n<h2>Website helps sellers find an agent &#8211;\u00a0Matt McCann<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 In an extended podcast you\u2019ll find on the site right now, called <em>A Million People Can\u2019t Be Wrong<\/em>, I catch up with the CEO for LocalAgentFinder, Matt McCann, and we talk about how his site, LocalAgentFinder, is making it easier for consumers to find the best agent to sell their property.<br \/>\nThere\u2019s a lot involved, as I found out when I was talking to Matt in his portion of the interview. You can hear the full 11-minute podcast, which will take you into a lot more detail about how Local Agent Finder can help you.<br \/>\nYou\u2019re going to find that podcast in the Your Investment Property channel. Just go to their channel. You\u2019ll see it there, <em>A Million People Can\u2019t Be Wrong<\/em>, and you\u2019ll get the full version of this interview.<br \/>\nHere\u2019s a portion of what Matt told me.<br \/>\n<strong>Matt:<\/strong>\u00a0 What we\u2019re trying to do is really help a consumer cross the threshold of getting an agent who is going to decrease the stress of selling a property or renting a property out, for that matter.<br \/>\nWhen we do that needs analysis, we ask a lot about the consumer themselves, or the homeowner in this case. We want to know about the property. We want to know where they\u2019re at in terms of the stage in selling they\u2019re at. We also want to know what they\u2019re looking for in an ideal agent.<br \/>\nThere\u2019s a deep degree of information that we pull together to create a profile of what that homeowner is looking for for their transaction. In that, we then take that data and then compare it to our network of agents. In doing that, we\u2019re trying to find the right set of agents for that person to consider and then ultimately short-list and obviously transact with.<br \/>\nTo do that, we use our proprietary algorithm. Our algorithm takes into account objective market factors. It takes into account performance of listings, sales, and homeowner feedback that we\u2019ve had from previous transactions with that agent, and marries that with what we call localization factors: how are those things relevant to the local area?<br \/>\nThe group that we\u2019re recommending, ultimately, to a homeowner are local experts who perform really well in that area. That then gives the homeowner, in that sense, a good set of confidence that what they\u2019re going to receive from us, and ultimately, who they can choose to transact with are strong-performing agents who will really take some of that stress away from the buying process.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Do you charge the consumer for that service?<br \/>\n<strong>Matt:<\/strong>\u00a0 We don\u2019t. What we say upfront to consumers is the service doesn\u2019t cost you anything; the way in which we get paid is that when an agent who uses our platform is successfully introduced to you, at that point, when you transact your property through them, then we get paid a fee at that point.<br \/>\nIf you\u2019re out there looking for the information and looking to be able to be assisted in employing an agent, then a service like ours will take a lot of the stress and, certainly, a lot of the legwork out of trying to find out those core pieces of information that you are looking for about an agent to be able to work out if they\u2019re right for you.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s not necessarily the best agent; it\u2019s the agents who would have agreed to pay you a fee because they wouldn\u2019t all agree, would they?<br \/>\n<strong>Matt:<\/strong>\u00a0 The way in which the platform works in relation to who is on the platform is different in that sense, as it is for all of the comparison services that exist today in Australia\u2019s market, whether it\u2019s health insurance or car insurance or life insurance.<br \/>\nOur job is to go out and convince as much of the industry that they should participate in the platform, and we\u2019ve done a pretty good job of that over, really, the eight-year existence of the business, but particularly, in the last four years.<br \/>\nBut ultimately, you\u2019re right; the only people who are on our platform are those who have signed up to be part of our service. Today, that\u2019s a little over 5200 agents. Obviously, we have representatives of all the major brands on our panel and some very high-performing agents. To that end, we look at things like the REB Top Agents List. There are number of representatives across those kinds of awards that sit within our panel and do very well out of our service.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Agents are now coming to terms with the fact that this is part of the new way that they\u2019re going to be finding sellers as well, Matt.<br \/>\n<strong>Matt:<\/strong>\u00a0 I absolutely agree with that. The changes we\u2019ve made to the service are driving that as well, I think. The other key thing we\u2019ve changed this year is we have a 300% increase in the number of conversations we\u2019re having on the phone with potential homeowners. That just means you get a lot more data, a lot more insight into where they are in the process and how they want to be treated by an agent.<br \/>\nThose insights going to agents have seen a big shift in the quality of the opportunity we put in front of the agent, and so therefore, I think they\u2019re much more ready to, obviously, take the opportunity and run with it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Thanks for your time, Matt. Matt McCann is the CEO for LocalAgentFinder, LocalAgentFinder.com.au. Thanks for your time, Matt.<br \/>\n<strong>Matt:<\/strong>\u00a0 No problem at all. Cheers.<br \/>\n<strong>Kevin:<\/strong>\u00a0 And as I said, you\u2019ll find the full 12-minute podcast, which goes into a lot more detail about how it works and how it can help you find the best agent in the area, you\u2019re going to find that by going to the Your Investment Property Magazine channel on Real Estate Talk and just search for the words \u201cA Million People Can\u2019t Be Wrong.\u201d<\/p>\n<h2>All that glitters is not gold &#8211;\u00a0Peter Carter<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I don\u2019t know if you\u2019ve seen it in your area, but I\u2019ve certainly seen it in mine. Driving around, you\u2019ll see signs on lampposts and street signs that say, \u201cWe will buy your house for cash. We\u2019ll pay the full price, and we\u2019ll buy it now.\u201d What\u2019s behind those? It\u2019s a rent-to-buy scheme, and I want to talk about it because it has been of concern to me for some time.<br \/>\nPeter Carter is from Carter Capner Law, and he joins me. Peter, I know you know what I\u2019m talking about. Could you just explain how these schemes work?<br \/>\n<strong>Peter:\u00a0 <\/strong>It depends on the imagination of the entrepreneur behind it, but typically it\u2019s a situation where the perhaps desperate, or hopeful, or optimistic seller thinks they\u2019re going to get a bargain out of this type of deal. On the face of it, they do.<br \/>\nThe entrepreneur offers to pay full price, but it\u2019s a projected long-term settlement. Usually they\u2019ll pay an option fee of cash or sometimes it\u2019s even monthly fee. But they get the right of immediate occupation. The entrepreneur \u2013 or agent; let\u2019s call them that \u2013 gets the right of immediate occupation, and they install their customer as buyer under those terms.<br \/>\nThe option fee is paid out of the rent received by the agent\u2019s customer to the seller and comes off the ultimate purchase price. But if you have a three- or five-year term involved there, it can become a nightmare for the owner-seller. They might never get paid, and that\u2019s often what happens.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Is the figure that\u2019s paid today\u2019s figure, or is it the figure projected toward the settlement time \u2013 which could be two or three years away)?<br \/>\n<strong>Peter:\u00a0 <\/strong>It\u2019s today\u2019s figure, but it\u2019s the asking price. There\u2019s usually no argument about what the asking price is, because the object of the entrepreneur is to get hold of the house so they can put a tenant in.<br \/>\n<strong>Kevin:\u00a0 <\/strong>The real risk here, of course, for the seller is that you\u2019re giving up occupation. There have been a number of occasions, I believe, where the property either wasn\u2019t settled or when it was due to be settled, it was trashed.<br \/>\n<strong>Peter:\u00a0 <\/strong>Yes, that\u2019s right. The attraction to the buyer is that they get a long time to settle. They\u2019re actually only paying rent, and part of that is going to the buy price, which to many punters looks attractive. But of course, the entrepreneur is taking a cut as it goes through.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Then of course, the risk is that the property won\u2019t settle. What sort of recourse do you have in this situation? What are the contracts like, Peter?<br \/>\n<strong>Peter:\u00a0 <\/strong>They\u2019re innovative, customized contracts, and they have all sorts of weird and wonderful conditions. The ultimate outcome is that neither the buyer nor the seller is satisfied \u2013 legal action is required, or sometimes Fair Trading intervenes.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What would be your advice to someone who brought you one of these contracts?<br \/>\n<strong>Peter:\u00a0 <\/strong>Certainly have a good look at it. Look at all the fine print. Sellers beware, and buyers especially beware. I\u2019ve never seen one come out well.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What happens to the poor tenant in the middle of all this? They\u2019re going into the property, and they assume that they\u2019re paying rent, which is being split between two parties.<br \/>\n<strong>Peter:\u00a0 <\/strong>Well, remember, the tenant is the buyer. That\u2019s how the entrepreneur makes it all work. They get a buyer in \u2013 a very optimistic buyer \u2013 who that thinks instead of paying rent they\u2019ll own this house one day. But it really is one day. I\u2019ve seen contracts where it would just be impossible to actually finally pay the ultimate purchase price. It just doesn\u2019t add up.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes. You\u2019re preying on the dreams there of someone who wants to get into a house, and maybe they can\u2019t do it in the traditional way by getting a loan, so this is the only way for them to do it. Pretty risky all round.<br \/>\n<strong>Peter:\u00a0 <\/strong>Pretty risky. The typical advertisement you see is not just signs on lampposts; you\u2019ll see advertisements in newspapers, etc. A good example i, \u201cWe want ugly, smelly houses, debt-ridden houses. Any price, any condition. If you don\u2019t want it, we do. We can buy your house fast. Agents can\u2019t.\u201d That\u2019s the sort of message they\u2019re putting out to desperate sellers.<br \/>\nTo buyers, the advertisement typically runs \u201cOwn my home! Must sell! Stuff the banks! Move in today!\u201d \u2013 that sort of thing.<br \/>\n<strong>Kevin:\u00a0 <\/strong>The alarm bells should be ringing when you read that sort of stuff.<br \/>\nPeter Carter has been my guest from Carter Capner Law. Peter, thank you so much for bringing this to our attention, and thanks for your time.<br \/>\n<strong>Peter:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n<h2>Property types to keep an eye on 2018 &#8211;\u00a0Simon Cohen<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Let\u2019s have a look at some of the key areas around Sydney, Melbourne, and Brisbane. A lot of talk about what\u2019s happened with property prices, particularly in our capital cities. We\u2019ll look at the growth areas. I want to also look at some of the areas that are slowing down around Australia and the property types you can keep an eye on for next year, 2018. Joining me to do that, Simon Cohen from Cohen Handler.<br \/>\nSimon, thank you very much for your time.<br \/>\n<strong>Simon:\u00a0 <\/strong>My pleasure, Kevin. It\u2019s great to be here.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Let\u2019s have a look at some of these areas around Sydney, Melbourne, and Brisbane. Is it still possible to find areas in those cap cities that are still growing quite well, Simon?<br \/>\n<strong>Simon:\u00a0 <\/strong>Absolutely. I think the main thing to look for when you buy any property in any of these cities is areas that have infrastructural reasons for growth as opposed to just the market growing. So, if you look for areas where there are new transport facilities going in or new office complexes or new hospitals being built, whatever it may be, if you look for key factors why people will ultimately need to move there, you\u2019re definitely going to see some growth. And if those areas are close to the city or easily accessible to the city, they\u2019re certainly what I\u2019d be looking for.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, the thing, I think, in Sydney and Melbourne is that to get close to the city, it\u2019s going to cost you a fair packet. You need to go out a little bit more into some of those outer areas for it to be a little bit more affordable. Then I guess the question is what sort of infrastructure is going in there, Simon?<br \/>\n<strong>Simon:\u00a0 <\/strong>Absolutely. If you look at Parramatta two years ago, the time when it was one of the fastest going CBDs in Sydney, you had a lot of head offices moving their offices there, so great factors for growth. And if you can look for those sort of areas in whatever city you\u2019re in, and then you have the accessibility, the transport, and the ease to get into the CBD, you\u2019re going to have a win-win.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Are you sensing any areas in those cap cities? Let\u2019s talk about Sydney and Melbourne for a start. Well, maybe Brisbane; we\u2019ll throw that into the mix. Are you seeing any areas that are starting to slow down a little bit, Simon?<br \/>\n<strong>Simon:\u00a0 <\/strong>I think the further away from the city you get, we\u2019re definitely seeing areas that are slowing down. But the market that has slowed down in all the major cities seems to be \u2013 and it hasn\u2019t died, that\u2019s for sure; it\u2019s dipped a little bit \u2013 is the investor market.<br \/>\nAs banks tighten up LVRs and things like that, we\u2019ve seen investors slow down a little bit. But then we\u2019ve seen an increase in first-home buyers, and those first-home buyers are buying a little further out just to get a foot into the marketplace. As you say, close to the city is definitely pricey.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What areas in Brisbane are you finding that are really worthwhile having a look at right now?<br \/>\n<strong>Simon:\u00a0 <\/strong>I love blue chip areas in any major city. In Brisbane, it\u2019s of Ascots and New Farms that for me are always the safest. I love the lifestyle style, they\u2019re close to the city, they have the caf\u00e9s, the transport, and there always new shops and hotels and things opening up there, which means that it\u2019s always growing areas.<br \/>\n<strong>Kevin:\u00a0 <\/strong>One of the things that we\u2019ve had a lot of conversation and concern about in this last year has been an over-supply of units, and we\u2019ve heard some horror stories about what\u2019s happening in Melbourne with additional units coming onto the market.<br \/>\nAre you buying units for your clients, or are you mainly looking at house and land?<br \/>\n<strong>Simon:\u00a0 <\/strong>I\u2019ll say to you this: we very rarely buy off-the-plan properties. It would be a very minuscule percentage of the properties we buy. We are definitely buying units, but we like to buy established units in boutique blocks that you can add value to, that when you come to resell or rent out, there\u2019s far less competition than an off-the-plan property. You also know what you\u2019re getting, and you\u2019re not market-reliant on if things are going to dip in two years because you\u2019re buying off the plan.<br \/>\n<strong>Kevin:\u00a0 <\/strong>If you\u2019re looking at buying an established unit, would you look at the percentage of owner-occupiers compared to investors? And if so, just walk me through why you would do that.<br \/>\n<strong>Simon:\u00a0 <\/strong>It\u2019s a good question. It really depends on the size of the block. I would in certain buildings absolutely, and I do it because if my client was an owner-occupier and they wanted to live in the property, we wouldn\u2019t want to buy a property that\u2019s heavily tenanted. Tenants care less about how the building looks, how it\u2019s maintained, how it\u2019s established, they\u2019re typically messier and aren\u2019t fussed on upkeep.<br \/>\nSo, I\u2019d be trying to put my owner-occupier client into a property where it\u2019s everyone in the same boat, if that makes sense, and they want to keep the property looking good and ultimately keeping it to its highest value.<br \/>\nWhereas if they\u2019re investor properties, investors typically don\u2019t want to spend the money to clean buildings up, doing the things that need to be done, because they\u2019re out-of-pocket expenses. But if you live there, you see it every day and you want it to be nice.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Just getting that balance, if I was an investor looking for a unit, I\u2019d probably want to buy in a block that\u2019s predominantly owner-occupied for the very reasons you\u2019ve just mentioned there. So, as my investment, it\u2019s being well looked after.<br \/>\n<strong>Simon:\u00a0 <\/strong>Absolutely. Well looked after, well maintained, and you know there are like-minded people in the building.<br \/>\n<strong>Kevin:\u00a0 <\/strong>So, what are the property types that you\u2019re going to keep an eye on in 2018, and why, Simon?<br \/>\n<strong>Simon:\u00a0 <\/strong>Always boutique block apartments, established older style that you can cosmetically renovate and update and add value to that are close to the CBD or in areas outside the CBD that have those great infrastructural reasons for growth. In those three major cities, absolutely.<br \/>\nI would definitely be staying away from off-the-plan, bigger style properties. I think they\u2019re too risky, and they\u2019re the ones where you hear the horror stories. As population grows and the dwellings don\u2019t get that much bigger, I\u2019d be looking for subdivision-type properties where you can put two or more dwellings on one property, for obvious reasons. They\u2019re the main things I\u2019d be looking for.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What about state by state? Are you a cap city buyer only, or do you look at the regions?<br \/>\n<strong>Simon:\u00a0 <\/strong>Me personally, cap city.<br \/>\n<strong>Kevin:\u00a0 <\/strong>What about for your clients?<br \/>\n<strong>Simon:\u00a0 <\/strong>Typically cap city.<br \/>\n<strong>Kevin:\u00a0 <\/strong>And which areas will you be looking at in the cap cities?<br \/>\n<strong>Simon:\u00a0 <\/strong>In Sydney, again, it\u2019s the blue chip areas around the CBD. And there are some areas in the western suburbs, Blacktown, for example, the hospital there is becoming the major cancer hospital in New South Wales. It\u2019s going to create a heap of new jobs, there are going to be a lot of people needing to rent there. They\u2019re going to be great tenants, they\u2019re going to be doctors and nurses and things like that.<br \/>\nSo, outside of the CBD, I look for areas like that, like Parramatta two years ago. But definitely in Sydney, it\u2019s anywhere around the city. Ultimately, it\u2019s anywhere from Bondi to Surry Hills, but it could be Kirribilli, it could be Balmain, in that CBD radius.<br \/>\nIn Brisbane, again, I love the Ascots and the New Farms. They still have great entry level prices, sophisticated tenants, and really strong yields. And in Melbourne, anywhere close to the CBD. But again, I like boutique areas like Toorak, for example. It\u2019s close to the city, it\u2019s <strong>[7:50 inaudible]<\/strong>, it has good transport. And also if you can find boutique style properties in the CBD, I think you\u2019ll also do well.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Good stuff. Simon Cohen from Cohen Handler has been my guest.<br \/>\nSimon, all the best for the Christmas and New Year break, and I look forward to talking to you in 2018.<br \/>\n<strong>Simon:\u00a0 <\/strong>And to you and all the listeners. Thanks so much.<\/p>\n<h2>Research gone wrong &#8211;\u00a0Gavin Hulcombe<\/h2>\n<p><strong>Kevin<\/strong>:\u00a0 One thing I know about valuers is that they make the valuation process look so easy. That\u2019s because they know a lot about the market. I think sometimes investors think that they can just do five minutes\u2019 worth of work and probably know everything about the market. I\u2019m talking now to Gavin Hulcombe who is the chairman of Herron Todd White nationally and also Queensland managing director.<br \/>\nGavin, thanks for your time.<br \/>\n<strong>Gavin<\/strong>:\u00a0 No problem. Good morning, Kevin.<br \/>\n<strong>Kevin<\/strong>:\u00a0 Morning. I know that valuers spend a lot of time studying the market and always looking at it. Where do you see investors go wrong with the research that they do, Gavin?<br \/>\n<strong>Gavin<\/strong>:\u00a0 I think one of the hardest things for anyone to do is to come into a market that they don\u2019t know or a location that they don\u2019t know and try to understand the local drivers. I think that can be someone who is coming from interstate; obviously, it\u2019s very hard to know the specifics of a location.<br \/>\nBut I think even at a micro level, if you live on one side of a city and you want to go to buy something on the other side, there are often a lot of local drivers or specifics that the locals know that people coming into an area might not necessarily know. I think they do tend to have a fairly big influence on value.<br \/>\n<strong>Kevin<\/strong>:\u00a0 I think probably a decade or so ago, there was probably a time when the market was a lot less forgiving than what it is now and you could probably make some mistakes and just wait for the market to sort itself out, but you really have to be on top of it nowadays, Gavin, I find.<br \/>\n<strong>Gavin<\/strong>:\u00a0 I think that\u2019s right. I think you really have to be looking to outperform the market. If you\u2019re happy to take the average of the market or if you make some mistakes, you\u2019re right, I don\u2019t think we have the same level of uplift. There\u2019s the old saying \u201cEvery player wins a prize.\u201d Well, that applies in some markets, but I\u2019m not sure that we\u2019re in that phase now. I think if you don\u2019t make the right decisions, you are actually at risk of losing.<br \/>\n<strong>Kevin<\/strong>:\u00a0 The topic for this conversation was where investors go wrong with their research. Quite often, you can do it at arm\u2019s length, and I think you\u2019ve mentioned the point that you have to get on the ground and feel what those local drivers are all about. Would your advice be to make sure you travel to the area you\u2019re going to invest in?<br \/>\n<strong>Gavin<\/strong>:\u00a0 I think you need to travel to the area. I think you need to talk to people. That might even be talking to as many property people as you can, whether that\u2019s real estate agents, talk to council, talk to town planners. Even having chats at the coffee shop, I think you start to get a bit of an understanding of what drives the local market by doing that. It\u2019s getting out there, talking to people, and you certainly have to walk the streets. The idea of sitting on the Internet and doing it all remotely, I think can be quite misleading.<br \/>\n<strong>Kevin<\/strong>:\u00a0 What is a valuer\u2019s role nowadays in advising investors \u2013 if that\u2019s, in fact, what you do or you\u2019re prepared to do \u2013 about the market that they may be looking at? Or do you simply look at it as a valuation and it doesn\u2019t vary?<br \/>\n<strong>Gavin<\/strong>:\u00a0 If I\u2019m really honest with you, some valuers do fall into the trap of \u201cI do valuations,\u201d and that\u2019s what they do all day every day. I think there are other people who can step back and take a bit more of a macro view and say, \u201cThese are the areas that I would be considering and this is why.\u201d Then once you started to narrow down your pocket, then you can say, \u201cWell, what\u2019s your price point?\u201d<br \/>\nBasically, you start to narrow the field within which you\u2019re looking. I think some valuers can do that quite well and certainly it gives you the ability to tap into the knowledge that they have. More often than not, they\u2019ll know the suburb intimately and more often than not, the street. That can certainly provide some really good insights for people who are wanting to invest.<br \/>\n<strong>Kevin<\/strong>:\u00a0 In our show, we always talk with our investors and advise them to make sure they put together a team of people. Is it possible for a valuer to be on a team and look at areas outside their area of influence? As an example, would you be able to do valuations and help an investor in all parts of Australia?<br \/>\n<strong>Gavin<\/strong>:\u00a0 I don\u2019t think anyone can know all parts of Australia that well. I think what you need to do is go to locals. For Herron Todd White, we have 65 offices around the country, we have people in most parts of Australia, and it would be a matter of going to the local office and the local valuer so that they can provide the local insights.<br \/>\nI don\u2019t know that anyone can give an overall view of Australia, but I think it\u2019s about starting with the big picture, starting to narrow it down and saying, \u201cWell, why would I go to that area over another?\u201d Once you narrow it down to a city, then I think you can start to narrow it down to a part of a city, then a suburb, and then you\u2019re starting to get into the specifics from there.<br \/>\n<strong>Kevin<\/strong>:\u00a0 Gavin, thank you so much for your time. It\u2019s been great talking to you as always. Gavin Hulcombe, chairman of Herron Todd White Australia and also Queensland managing director.<br \/>\nThanks for your time, Gavin.<br \/>\n<strong>Gavin<\/strong>:\u00a0 Thanks very much.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: What will APRA do in 2018? Investors will need discipline next year You will need to outperform the market A valuer\u2019s role The catch behind an offer too good to be true The rising and the slowing markets Property \u2018matchmaker\u2019 site&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":19891,"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-19880","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>APRA happy to be the \u2018heavy\u2019 + All that glitters is not gold + Site matches sellers with agents - 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\/apra-happy-to-be-the-heavy-all-that-glitters-is-not-gold-site-matches-sellers-with-agents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"APRA happy to be the \u2018heavy\u2019 + All that glitters is not gold + Site matches sellers with agents - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Highlights from this week: What will APRA do in 2018? 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