{"id":20586,"date":"2018-03-16T01:00:22","date_gmt":"2018-03-15T14:00:22","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20586"},"modified":"2018-03-16T01:00:22","modified_gmt":"2018-03-15T14:00:22","slug":"sydney-growth-is-not-the-highest-39-locations-where-medians-are-below-400k-why-units-give-more-depreciation","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/sydney-growth-is-not-the-highest-39-locations-where-medians-are-below-400k-why-units-give-more-depreciation\/","title":{"rendered":"Sydney growth is not the highest + 39 locations where medians are below $400K + Why units give more depreciation"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Sydney is just playing catch-up<\/li>\n<li>Locations that tick the affordability box<\/li>\n<li>Finding asbestos and what to do<\/li>\n<li>The making of a \u2018stand out\u2019 buyers agent<\/li>\n<li>Sydney in a lull after the Olympics<\/li>\n<li>Lifestyle should not be overlooked<\/li>\n<li>Houses vs units for depreciation<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>39 affordable locations &#8211;\u00a0Simon Pressley<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>So many people tell me that it\u2019s just unaffordable to buy property in Australia. Well, I\u2019m going to put something to you now that\u2019s the result of some research that was done by Propertyology, and joining me to talk about it is Simon Pressley from Propertyology.<br \/>\nSimon, let\u2019s talk about this, because we\u2019re talking here about 39 locations from around Australia where the median house price is below $400,000. Surely, that is affordable.<br \/>\n<strong>Simon:\u00a0 <\/strong>If you can\u2019t afford that, I don\u2019t think you\u2019re in a position to be buying property; you just need to get back to saving. But that\u2019s a lot of choices, isn\u2019t it?<br \/>\n<strong>Kevin:\u00a0 <\/strong>It certainly is. There\u2019s a great report that I\u2019ll tell you about that you can get access to on the Propertyology website, and we\u2019re going to tell you about the areas and the states where you\u2019ll find these. But just before we do, Simon, can I ask you, what was the criteria you used to identify these?<br \/>\n<strong>Simon:\u00a0 <\/strong>What we did is, I guess, motivated by Sydney and Melbourne now having several consecutive months of price declines, and that\u2019s being reported as if property markets are struggling nationally. They\u2019re not. So, we came up with a list of 39 locations with a median house price of $400,000 or less, so it ticks the affordability box.<br \/>\nThey all have diverse economies, so we\u2019re not talking one industry, local beach chalets, or mining towns, or anything like that. They all have essential infrastructure. They all have good quality lifestyles, whether it\u2019s sea change, tree change, all sorts of lifestyle features. They all have increasing demand for housing \u2013 this is the kicker, increasing demand \u2013 for housing because of very much improving economic conditions.<br \/>\nThe time to buy, to invest in a market, is before the growth cycle starts.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Absolutely. One of the points you mentioned there, one of those criteria, lifestyle is something that I think we tend to overlook. With an aging population, the ability to go and live in a very affordable area with a great lifestyle is something that I think a lot of people who live in the city tend to overlook.<br \/>\n<strong>Simon:\u00a0 <\/strong>Absolutely, they do. Perhaps a lot of the capital city folks have never lived anywhere other than the capital city. And this is Australia\u2019s fault for not doing more to promote regional Australia.<br \/>\nThe facts are that one in three Australians choose not to live in a capital city. Propertyology gets out to these regional markets every year all throughout the year, and it\u2019s common that they say to us that the capital city folks are the ones who are the strange ones \u2013 living in expensive cities, long commutes to work, lots of stress. And when you go to these places, you understand what they\u2019re saying; they do have a really good quality lifestyle.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Another point, too, is renovation. Some folks wouldn\u2019t think twice about spending $400,000 on a renovation, and that can actually buy you a property in one of these locations.<br \/>\n<strong>Simon:\u00a0 <\/strong>Yes, that\u2019s right. Especially those in Sydney or Melbourne where trade labor is expensive and properties are expensive. They\u2019ll build a new kitchen and add a bathroom or a bedroom for a growing family and before they know it, they\u2019ve spent $400,000. In large parts of regional Australia, for that $400,000, you\u2019ve got a quarter-acre block in a beautiful, quiet neighborhood and a really good quality three- or four-bedroom house.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Let\u2019s have a look around the country. Was it in all states? Did you find them in every state of Australia?<br \/>\n<strong>Simon:\u00a0 <\/strong>We did. 39 locations, at least one in every state. The Northern Territory only has the one but it\u2019s still featured, that being Katherine. But it was quite widespread. Queensland and New South Wales both had nine locations, South Australia had five, Tasmania had four, Western Australia had three, and Victoria had eight. So, plenty of choices right throughout the country.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Can you name some of them for us?<br \/>\n<strong>Simon:\u00a0 <\/strong>I\u2019d love to. In no particular order, Western Australia has places like Albany, a strong port city with a great seaside location in the southern part of the state. Also Busselton, and in the Midwest, Geraldton.<br \/>\nIn Victoria, places like Ararat that have already performed reasonably well. There are property markets like that. Ballarat is also a strong market, a real one to watch in the next few years, and Bendigo. Both Bendigo and Ballarat have populations of around 100,000, so they\u2019re really strong regional cities.<br \/>\nWhere else have we got? South Gippsland has a strong agriculture sector, and agriculture features a lot in our list of 39. It is officially Australia\u2019s most improved industry over the last 12 or 18 months, and we expect that to stay strong for quite some time. Wodonga as well is in Victoria.<br \/>\nQueensland, in no particular order, we have places like Ipswich, Logan, and Moreton Bay on the outskirts of metropolitan Brisbane, but up and down the coast, we have places like Mackay, Rockhampton, Townsville. We\u2019ve spoken a lot about Cairns in the show already; really exciting outlook for the Cairns\u2019 economy. And let\u2019s not forget Toowoomba as well in Queensland.<br \/>\nNew South Wales is expensive. Regional cities like Newcastle and Wollongong are still among Australia\u2019s top six most expensive cities, but you get further up and down the coast and then especially inland and you have lots of places, like Tamworth. Armidale, officially Australia\u2019s highest regional city and a strong agriculture and university precinct. You also have Dubbo, which has had several years of really strong economic performance. Griffith, another really strong agricultural precinct.<br \/>\nSouth Australia: most of South Australia\u2019s population lives in Adelaide, but we suspect that Port Augusta is going to perform quite strongly over the next few years. Port Lincoln has some potential as well.<br \/>\nLet\u2019s not forget Tasmania and its strong economy. Burnie, Devonport, and Launceston all have a healthy outlook, and a typical property is between $250,000 and $350,000.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Just talking about Tasmania for a moment, too, I will mention again that you were the first person to identify Hobart and its potential, and that was quite some years ago.<br \/>\nI think there\u2019s a lot of really good information behind this report, and you can see all of those areas and the evidence behind that in the report on the website at Propertyology.com.au.<br \/>\nI want to thank you very much for spending some time with us again and for letting us know about this report and these areas. Very interesting. Thanks for your time.<br \/>\n<strong>Simon:\u00a0 <\/strong>Thanks, Kevin. We\u2019ll be talking soon. I have some great jobs data to share with you next time we have a chat.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Okay. I look forward to that. Thank you. Simon Pressley from Propertyology. Thanks, mate.<br \/>\n<strong>Simon:\u00a0 <\/strong>Talk then.<\/p>\n<h2>House vs unit for depreciation &#8211;\u00a0Brad Beer<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Investors might be curious to know whether there is any difference in the depreciation deductions that they can claim for a house versus a unit. This type of information can also be useful for those tossing up their options when planning to make an investment purchase or to add to their existing property portfolio.<br \/>\nBrad Beer from BMT Tax Depreciation, which type of residential property \u2013 houses or units \u2013 generally provides more depreciation deductions for investors?<br \/>\nGood day, Brad. How are you doing?<br \/>\n<strong>Brad:<\/strong>\u00a0 Great, Kevin. Great to be here as always. Interesting question, and a couple of things to consider to start with. One is that I\u2019m the depreciation guy, but depreciation is not your only reason for buying one or the other.<br \/>\nA lot of people think that the houses will actually have high depreciation. If you talk to people outside of the people who know \u2013 me and my guys \u2013 they\u2019ll think houses get more deductions, but it\u2019s actually generally not the case. Units actually generally get more. There are more deductions for units than houses usually.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What\u2019s the reason for that?<br \/>\n<strong>Brad:<\/strong>\u00a0 The reason is that the depreciation that you claim doesn\u2019t really relate to the value of the property; it relates to the cost of construction of that property and the things that are in that property that you can claim \u2013 the plant and equipment.<br \/>\nWhen you buy a unit, you buy a bit of land, you buy a bit more construction, but you also buy a lot of common areas. You pay for a portion of the underground car park, the lift, all those sorts of things. So, there is more construction cost in a unit as a percentage of your buy than there is in a house.<br \/>\nWith a house, you get a big piece of land. With a unit, you get a little piece of land, effectively.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Common property, you mentioned that, and you\u2019ve given us a couple of really good examples there. Are there others that you can give us? And is it all about the common property? Is that why?<br \/>\n<strong>Brad:<\/strong>\u00a0 It\u2019s a combination of things. The fact that when you buy a unit, whatever you pay for it, a lot of what you\u2019re buying is actually the unit because you\u2019re only buying your portion as a percentage of the small piece of land that the block of units sit on, but the other thing is those common areas.<br \/>\nLift is a good example, because it\u2019s a plant and equipment item, so you get to claim it quicker. Underground car park is just a highly expensive item, and it is part of the building that you get 2.5% of. But there are a lot of those things that all add up.<br \/>\nThings like swimming pool filters, gym equipment, washing machines if they exist, automatic garage doors that are usually a bit more expensive than the one on your residential house, everything that\u2019s in the common area, you own a piece of, so you get to depreciate your piece of it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You mentioned car parks, and quite often, these car parks are underground. I\u2019ve actually seen some where they have to have some fairly expensive pumping equipment installed as well for land flow and overflow and that sort of thing. It really can mount up, And even the cost of lifts is quite high, isn\u2019t it?<br \/>\n<strong>Brad:<\/strong>\u00a0 The cost of a lift is high, and also because they\u2019re plant and equipment, you get to claim them a bit quicker.<br \/>\nWhen we do a depreciation schedule on a house, it has a list of items \u2013 the stove, the carpet, and things \u2013 whereas if you\u2019re in a large, multi-unit complex as you\u2019re talking about there, these pumps downstairs that pump out the water should something go wrong are plant and equipment items. They have a value. You get your portion of those. Everything that\u2019s down put in that car park, you get to claim a piece of, effectively, pretty much.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Can we talk about another issue? And that is the age of the building. How does that have an impact on the deductions that a quantity surveyor is going to find, whether they are looking at a house or a unit?<br \/>\n<strong>Brad:<\/strong>\u00a0 Whether you are a house or a unit, the age of the building does have an impact on the deductions you\u2019re able to claim. The first thing I\u2019d say is I almost don\u2019t want to give you the important dates because the simple thing is <strong>[4:16 inaudible]<\/strong> going to get deductions, because regardless of the age of the building, you may or may not have much deductions. Ask the question first rather than trying to work it out yourself.<br \/>\nHowever, we will talk about the age a little bit. There are two parts of deductions you are able to claim. One is the deduction on the structure of the building, and the other is against that plant and equipment, just like we\u2019re talking about lifts, etc. In order to claim on the structure of the building, it needs to be built, if it\u2019s residential, after 1997.<br \/>\nWith our Budget changes last year \u2013 the federal Budget in May \u2013 that plant and equipment in a secondhand property is not even claimable anymore, so there are a few more things that the age comes into as an important question.<br \/>\nBut still, what I say is whatever the age of the property is, you ask the question and if you\u2019re crunching your numbers, one of those questions you have to ask is \u201cHow much are you going to pay for it? How much interest am I going to pay? How much depreciation will I get?\u201d Something built after 1997 now gets more than something before 1997, which has always been the case, but it\u2019s now more the case based on something you\u2019re looking at now.<br \/>\nThe important thing is as you\u2019re looking at properties, yes, newer gets more, after 1997 gets more, but it still comes down to use the simple tools, get a simple estimate of these things, crunch the numbers overall before you go ahead and look at the purchase. Age will be an important little piece of that question, one of many you have to ask yourself.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Very valuable information. Brad, thank you so much. Brad Beer from BMT Tax Depreciation. Thanks for your time, mate.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks, Kevin. Always a pleasure.<\/p>\n<h2>The making of a great buyers agent &#8211;\u00a0Cate Bakos<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Here it is. We are, in fact, talking to Australia\u2019s number one buyer\u2019s agent who has just been crowned as <em>Your Investment Property<\/em>\u2019s number one buyer\u2019s agent in the country, Cate Bakos from Melbourne.<br \/>\nHello, Cate. Nice to be talking to you, and congratulations.<br \/>\n<strong>Cate:<\/strong>\u00a0 Thank you. It means a lot. You can tell I\u2019m still in shock, somewhat.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good on you. It was only last week that we had you in our sister program, Real Estate Uncut, talking to real estate agents all around Australia and New Zealand about what you do as a buyer\u2019s agent, so well done, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 Thank you. It was good to share some commonality.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It was, indeed. I notice that you say that you don\u2019t consider yourself as a buyer\u2019s advocate; instead, you\u2019re an agent for change with a mission to solve problems to help people. The role of the buyer\u2019s agent is becoming a lot more important, isn\u2019t it, Cate?<br \/>\n<strong>Cate:<\/strong>\u00a0 It is, it\u2019s getting more recognition, but I think it\u2019s also very important because we\u2019ve had some enormously challenging times over the last few years in our seller\u2019s market regions and it\u2019s really come to the fore for a lot of people who needed that extra help.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Of course, you established your own business, Cate Bakos Property, and you\u2019re now pushing the envelope in terms of its success. Last year, very successful.<br \/>\n<strong>Cate:<\/strong>\u00a0 Thank you. We certainly worked hard. And one thing I really need to say upfront is that there is no way I could do this on my own; I have an incredible team of people behind me. I work with three full-time women who just make every day a joy. They manage me most of the time, so I feel very, very fortunate that I have such a great work team.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Interesting that they\u2019re all women. I don\u2019t know whether that\u2019s been a deliberate focus for you, but it\u2019s something that\u2019s fascinated me for quite a while, and that is whether women are much more intuitive. Do they click into the conversation about what a buyer needs more so than men? I know that\u2019s a generalization, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 I think not necessarily. To answer the first question, I didn\u2019t design it. I didn\u2019t engineer a team of all women deliberately. We\u2019ve all kind of fallen together, and interestingly, everyone who works with me hasn\u2019t come through the normal HR channels. They\u2019ve found their way to me through the community or Facebook or been a past client, or whatever it might be. I feel very fortunate in that regard, because applying HR principles and going through all of the interviewing is not something that I\u2019ve been trained to do. We\u2019ve all just found each other.<br \/>\nI think women are very intuitive. We all multi-task. Our office is just crazy, with files and phone calls and all of us chatting to each other all the time. It\u2019s a lot of fun. It\u2019s obviously high stakes, but it can be very high energy and lots of high stress, and they just deal with it so well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 In the article, too, in <em>Your Investment Property Magazine<\/em> where they\u2019re acknowledging your success, they say that before getting into property, you studied chemistry. That\u2019s quite a switch.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, it was a switch. I don\u2019t think I was a very good chemist, to be honest, Kevin. I didn\u2019t love it, I didn\u2019t have the passion for it, and it\u2019s a very lonely role if you\u2019re doing the kind of chemistry that I was, which was air-sensitive. So, you\u2019re not hanging out with people and talking to lots of people; in fact, you\u2019re working away from people because in a sense, it kind of explosive. If you make a mistake, it will blow up.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Why property? Why did you choose property?<br \/>\n<strong>Cate:<\/strong>\u00a0 I was always interested in property. I started off as an investor or a homeowner at a pretty young age. I was 21 when I got my first deposit together and bought a property. I found all of it hugely rewarding but really exciting.<br \/>\nI remember in my honors year, instead of doing my experiments and writing up my thesis, I was spending a lot more time researching auction clearance rates and trends and suburbs to keep an eye on. I probably should have just listened to my own heart, but you do what you think you should do when you\u2019re that age and you try and finish your degree and make your parents proud, and I guess that\u2019s what happened.<br \/>\nBut I certainly lean on the analysis that I was able to utilize during that time, and I apply it now.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You chose to open your own business, Cate Bakos Property, that we\u2019ve already mentioned. You would have, obviously, had the opportunity to join other buyer\u2019s agency business but you elected to open your own office. Why was that?<br \/>\n<strong>Cate:<\/strong>\u00a0 I was working for another firm for four years prior to that. And they were great; I grew some wings and went my own way. But I learned a lot and I had some fabulous people around me then. There was no point in leaving a great organization to leave another organization, so if I was doing this, I was doing it for myself.<br \/>\nIt was a real challenge and it was obviously a little bit scary and exciting all wrapped up together, but I knew I could do it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I\u2019ve interviewed you on a number of occasions for both of our shows, Real Estate Talk and Real Estate Uncut, and I\u2019ve followed your career. I remember those early days of you sticking your toe in the water and opening your own business. Was that a scary experience for you, Cate, or were you full of confidence that it was going to work?<br \/>\n<strong>Cate:<\/strong>\u00a0 A bit of both. It\u2019s always scary. I remember signing up for a photocopier, this big unit, and Xerox said to me, \u201cIf you\u2019re signing this equipment lease sheet, essentially, you\u2019re responsible for this.\u201d I said, \u201cWe\u2019ve negotiated our monthly repayments. What am I actually signing? Talk me through it.\u201d<br \/>\nThey said, \u201cIf you want to break your agreement, you\u2019ll owe us $11,000,\u201d and I remember thinking \u201cOh my gosh, I\u2019m really doing this. I\u2019m signing a lease for a business, I\u2019m getting equipment. I have to do this.\u201d<br \/>\nI knew I could, but of course, it\u2019s scary. You pull all your collateral together and get ready to serve clients, and then you open your door on day one and it\u2019s petrifying and exhilarating all at the same time.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That moment when you put the key in the door for the first time and you know you\u2019re actually opening your business to the public \u2013 and I\u2019ve spoken to many people who have opened businesses \u2013 that is a very, very exciting and thrilling time, isn\u2019t it?<br \/>\n<strong>Cate:<\/strong>\u00a0 It is. It certainly is. I remember starting as small as I could and biting off as little as I could in terms of expenses, just to make sure that I could focus on everything and start small and get it exactly where I wanted it. I\u2019m still boutique to this day and I don\u2019t have any aspirations to be a massive, big business. But I remember those days when it took a lot of guts, but it was also a really exciting challenge, and I was ready for it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 In your own words, you say you don\u2019t want a very big business; you have a very successful business and you also play a very important role an industry level working with other great buyer\u2019s agents in the REBAA organization, the Real Estate Buyer\u2019s Agents of Australia. That\u2019s a key role for you, isn\u2019t it? It gives you the opportunity to influence the industry a bit.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, it\u2019s a really important role, and it was an honor to get that position. Probably the most exciting thing for me is that I\u2019m working with and rubbing shoulders with amazing people across the country. We talk, we get together each year for our conference, but we stay in touch as well. We see each other, we ask quite a few questions.<br \/>\nI really value the friendships and connections that I\u2019ve got through REBAA and I love that we\u2019re standing for something strong and looking after the interest of the buyers, and we have a really strict code of conduct.<br \/>\nI\u2019ve certainly experienced a lot of personal growth by taking on the role and there\u2019s a lot more to come, but most importantly, I really admire the people I work with.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I believe you also have a policy where you assist at least one gratis client per quarter, someone who is identified as really needing the care of a buyer\u2019s agent. It\u2019s a wonderful thing to give back like that, but has that been a great learning experience for you as well, Cate?<br \/>\n<strong>Cate:<\/strong>\u00a0 Not so much a learning experience; it\u2019s just a really special experience. They\u2019re like no others because they\u2019re the people who really need you and for whatever reason, can\u2019t afford you. I think if everyone could have access to a buyer\u2019s agent, what a great world that would be, but that\u2019s not the reality.<br \/>\nIt\u2019s a huge investment of our time and resources, but it does feel very special. And it lets my staff get involved in helping someone who really appreciates it, and it makes an enormous difference to that individual or that family\u2019s life when we can do that, so I have no intention of changing that policy.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Congratulations, Cate. It\u2019s a pleasure to talk to you and especially a pleasure for us to be able to congratulate you on taking out <em>Your Investment Property<\/em>\u2019s number one buyer\u2019s agent award for this year.<br \/>\nCongratulations, Cate, and I look forward to talking to you again in the near future.<br \/>\n<strong>Cate:<\/strong>\u00a0 Thanks, Kevin. It means a lot.<\/p>\n<h2>False positive for Sydney &#8211;\u00a0Peter Koulitzos<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>You would definitely be excused for thinking that the property world revolves around Sydney. Here are some staggering figures that have just hit my desk, and I was absolutely amazed with them. Sydney may not have recorded the highest growth figures, believe it or not, over the last 15 years if you look at the long-term performance.<br \/>\nThese are some figures that have just been released by the Property Investment Professionals of Australia. Joining us to talk about that is the chairperson of PIPA, Peter Koulitzos.<br \/>\nPeter, I was staggered when I read these figures. Were you surprised as well?<br \/>\n<strong>Peter:\u00a0 <\/strong>I was surprised as well because Sydney has been in the headlines in the last few years, but really, Sydney was just playing catch-up. Because if we go over the 15-year period, Sydney didn\u2019t do much in the first ten years, whereas the rest of Australia did quite well. So really, in the last five years, Sydney was playing catch-up. But even though it was playing catch-up, it wasn\u2019t able to catch up to the performance of all the other capital cities over the past 15 years.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, some great lessons out of this, too, and we\u2019ll pick up on those in just a moment. Can I get some of those stats from you, though, Peter? Tell me about some of the other cap cities around Australia that have actually outperformed Sydney.<br \/>\n<strong>Peter:\u00a0 <\/strong>All right. Sydney property prices increased by 142%. Next was Canberra at 146%, Adelaide at 147%, Perth at 159%, Brisbane at 160%, Darwin at 161%, a bit of a jump to Melbourne at 208%, and if it surprised you that Sydney was the worst-performing city, it really surprised me that Hobart was the best-performing capital city over the last 15 years with a price increase of 220%. In other words, property prices in Hobart more than tripled in the last 15 years.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, steady as she goes, some of these markets. We were talking there about Hobart. I know we\u2019ve been talking about Hobart now for the last 18 months, about how outstanding that market has been, but really, you have to go back over the last 18 years to say \u201cWell, maybe there aren\u2019t really many surprises there.\u201d But that really shocked me.<br \/>\nThe established house price index \u2013 the weighted average for eight capital cities \u2013 was in fact 161%, which was pretty much lineball with what happened in, say, the Brisbane market. I think once again this comes back to Brisbane being consistently a good market when you look at the average across Australia. I think the Brisbane market over the last 15 years was 160%.<br \/>\n<strong>Peter:\u00a0 <\/strong>Correct. Yes, it has been around the average. As you say, Brisbane is a good, steady market. We generally don\u2019t see the big ups and downs as we see in particular in Sydney, but as you mentioned before, it\u2019s steady as she goes in Brisbane.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, 142%. What do you put that down to? That Sydney market is extremely volatile. You get the very high peaks and the high growth, and then you have a big drop. That\u2019s pretty much been the Sydney market, Peter, hasn\u2019t it?<br \/>\n<strong>Peter:\u00a0 <\/strong>It has. And if we went back probably 25 years, we may have a slightly different story, because if we went back 25 years, that would include the preparation for the Sydney Olympics and the Sydney Olympics themselves. There was a lot of economic activity happening in Sydney just before the Olympics and obviously during the Olympics, and then there was a lull.<br \/>\nI would imagine many people would hold properties for 15 years, so if you are going to hold property for the long term, then trying to time the market is not as important. For example, if you were looking to buy and hold property just for five years, then timing the market is very important \u2013 when you buy and when you sell is very important. But if you\u2019re going in for a longer-term period, then there are ups and downs in all markets.<br \/>\nThe ups and downs are, say, bigger in Sydney than they are in Brisbane, but the beauty about property prices \u2013 especially over the last hundred years \u2013 is that they have outpaced the rate of inflation, so it has certainly been a very worthwhile asset to invest in.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, a great lesson there for investors to not just follow the herd but really look into the figures and look at the history. This once again highlights the fact that property is a very strong long-term investment.<br \/>\n<strong>Peter:\u00a0 <\/strong>It certainly is. And the other amazing thing, Kevin, is this 15-year period included the Global Financial Crisis, which is apparently the worst financial crisis since the Great Depression, and every capital city \u2013 including Sydney \u2013 more than doubled in price in that time. Melbourne and Hobart actually more than tripled in price.<br \/>\nSo, not only is Australian property a great asset to invest in, but the Australian economy has done particularly well compared to the rest of the world since the Global Financial Crisis.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, a great story and certainly an eye-opener for me and I think for many other people as well. Peter Koulitzos has been my guest. Peter is the chairperson of PIPA, the Property Investment Professionals of Australia.<br \/>\nPeter, thanks again for your time and that interesting insight.<br \/>\n<strong>Peter:\u00a0 <\/strong>My pleasure. Thank you, Kevin.<\/p>\n<h2>Caution around asbestos &#8211;\u00a0Andrew Mackie-Smith<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>What do you do when you go to renovate a property and it has asbestos in it or you think it might have asbestos? What do you do, how do you go about it, how costly can it be, and what are your obligations with that?<br \/>\nJoining me to talk about this, a building inspector of some note who\u2019s been a regular guest on our show. I\u2019m talking to Andrew Mackie-Smith from BuildingPro.<br \/>\nAndrew, thank you so much for your time. Andrew, of course, is the author of a great book called <em>Building Success<\/em>. It\u2019s available in most good bookstores, I think, Andrew, isn\u2019t it?<br \/>\n<strong>Andrew:\u00a0 <\/strong>Yes, some good bookstores, but definitely on Amazon, Kevin.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Oh, good. Okay, you can get it on Amazon. It\u2019s a great book because it goes into a lot of detail about some very basic issues to do with building. One of those is asbestos. As I said in the opening, what do you do when you think you might have a property that has asbestos in it?<br \/>\nAndrew, I know this is a concern for many people. How do we go about finding out if we do have asbestos in there, and what should do we do about it?<br \/>\n<strong>Andrew:\u00a0 <\/strong>There are some simple tests you can do as a home-owner. You can do what\u2019s called a tap test where you tap on the sheeting. Most asbestos in homes in Australia are bound up in cement sheet products. This is the corrugated AC roofing and the sheeting that\u2019s used as cladding internally and externally. It\u2019s also used in backing of vinyl tiles and other areas.<br \/>\nBut on the sheeting for ceilings, walls, etc., you can generally do a tap test. You tap on it with a sharp object, like the back of a screwdriver or just your knuckles. If it\u2019s a very hard, sharp sound, that can indicate that it is asbestos and not the regular sheeting. You can also do small scratch tests.<br \/>\nBut I would advise people not to do those rudimentary tests and to just go for a professional asbestos audit. It costs about $500. Have it done and find out for sure.<br \/>\n<strong>Kevin:\u00a0 <\/strong>One thing that worries me about the tap test and that scratch test is that with asbestos, you have to be very careful with how you handle it, and it should be wet first, because those asbestos fibers are what cause all the damage, Andrew, aren\u2019t they?<br \/>\n<strong>Andrew:\u00a0 <\/strong>Absolutely. There\u2019s a lot of sensationalism about asbestos and the risks of it, Kevin. At the end of the day, the worldwide medical research is that if you\u2019re exposed and inhale only a few fibers, it\u2019s an incredibly low risk. But if you inhale a lot of fibers over a long period of time, like an industrial type of exposure, then that\u2019s obviously a high risk. Much like, say, exposure to cigarette smoke or something, the higher the exposure the more risk. So, we don\u2019t want to sensationalize the risk.<br \/>\nMost products in homes are safe if the asbestos is bound up in a sheet. If it\u2019s lose \u2013 like if it\u2019s in insulation \u2013 that\u2019s a risk and dangerous, and that should be professionally removed. It\u2019s important \u2013 as you mentioned \u2013 not to cut it, drill it or do anything to mechanically abrade the surface so that you get dust, because it\u2019s breathing in that asbestos dust that\u2019s a danger.<br \/>\nWhen we talk about a scratch test, yes, you moisten the area and just give it a light little scratch. That\u2019s not really any significant risk of exposure to a person in doing that test.<br \/>\nBut you can get laboratory tests done. It costs about $60 for each sample, and if you go online, you can find labs and they will describe how you can safely take a sample and send it off to their labs through the post \u2013 that\u2019s legit \u2013 and get it tested.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, I suppose just Google would be the best place to start, and if you really want to go to the full extent and you have a house and you\u2019re not quite sure, you can always get the audit that Andrew mentioned as well. That\u2019s an asbestos audit.<br \/>\nMy advice is to take all precautions when you\u2019re dealing with it and to make sure you do your homework.<br \/>\nAndrew, thank you for joining us and updating us on asbestos. Thank you very much for your time.<br \/>\n<strong>Andrew:\u00a0 <\/strong>Thanks, Kevin. Thanks for having me on the show. Cheers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Sydney is just playing catch-up Locations that tick the affordability box Finding asbestos and what to do The making of a \u2018stand out\u2019 buyers agent Sydney in a lull after the Olympics Lifestyle should not be overlooked Houses vs units for&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":20589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24,25],"tags":[101],"class_list":["post-20586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sydney growth is not the highest + 39 locations where medians are below $400K + Why units give more depreciation - 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