{"id":21178,"date":"2018-05-18T01:00:27","date_gmt":"2018-05-17T15:00:27","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21178"},"modified":"2018-05-18T01:00:27","modified_gmt":"2018-05-17T15:00:27","slug":"the-worst-real-estate-agency-property-more-affordable-than-in-1990-australasias-40-most-affordable-areas","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-worst-real-estate-agency-property-more-affordable-than-in-1990-australasias-40-most-affordable-areas\/","title":{"rendered":"The worst real estate agency? + Property more affordable than in 1990 + Australasia\u2019s 40 most affordable areas"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Student accommodation opportunity<\/li>\n<li>40 most affordable areas<\/li>\n<li>Owner occupiers see opportunity<\/li>\n<li>It was harder in 1990 to buy<\/li>\n<li>The Mentor steps in<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Student accommodation &#8211;\u00a0Brad Beer<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 There are more than 71,000 purpose-built student accommodation beds across Australia\u2019s eight capital cities. That\u2019s according to the 2017 Savills Australian Student Accommodation market update. Despite this, demand for student accommodation far outweighs existing supply. That\u2019s according to Savills.<br \/>\nLess than 11% of the full-time student population accounted for in each of the major cities, with Canberra, the only exception catering to 28%. Given the shortage, many students look for alternative accommodation by renting from landlords who lent out regular residential properties.<br \/>\nToday, I\u2019m speaking with Brad Beer \u2013 Chief Executive Officer of BMT Tax Depreciation \u2013 who\u2019s here to provide us with his advice to investors who are considering investing in purpose-built student accommodation or planning on renting out their residential investment property to students.<br \/>\nGood day, Brad. How are you doing?<br \/>\n<strong>Brad:<\/strong>\u00a0 I\u2019m good. Thanks, Kevin. Great to be here as always.<br \/>\nLook, how I went through uni and I lived in shared houses and shared accommodations \u2013 a fair few years ago now \u2013 but was on the other side of this situation in the past as well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s always been a hotly discussed topic, student accommodation. Are there any added benefits for investors who are considering investing in purpose-built student accommodation or properties that are located nearby, say, to universities?<br \/>\n<strong>Brad:<\/strong>\u00a0 I think two parts of that question from a depreciation point of view. Often student accommodation is furnished and therefore the deductions are quite high for what they are. Also, if it\u2019s a purpose-built student accommodation, they\u2019re normally a small bit of accommodation and the amount of plant the equipment and things in there as a portion of the overall cost is usually a high percentage.<br \/>\nSo, from a depreciation deduction point of view, they\u2019re actually often quite good as far as what you pay versus what deductions you get. Now, I\u2019ve never been one who says \u2018\u2018you should buy this one because of depreciation,\u2019\u2019 even though I\u2019m the depreciation guy. You have to consider all the rest of things about why you\u2019re investing in a certain type of property.<br \/>\nAs far as properties in areas around a university, I do own quite a few properties around a university area. I have a lot of property in the New Castle area. And I know one thing, for example, that I\u2019ve tried to do, is properties&#8230; Even though I\u2019m not necessarily always looking for the student as tenants \u2013 and not that I\u2019m against students as tenants \u2013 I\u2019ve had them as well in those types of properties.<br \/>\nOne thing I do try to do in those areas is that I understand that there\u2019s a lot of pressure on the market for rentals around the time at the start of the year, so all of my leases on those type of properties, I try to make sure they always end around January, so if anyone\u2019s thinking about moving out, I know. Even if I don\u2019t take the students, I have pressure on the market to maximize my rental out of those properties.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It makes sense. Is it possible for you to provide us with an example of, say, the depreciation deductions, the comparisons that an investor can claim for the two different types \u2013 purpose-built student accommodation and renting out a standard residential property?<br \/>\n<strong>Brad:<\/strong>\u00a0 I did numbers on just a simple two-bedroom furnished <strong>self-contained <\/strong>student unit, should it be rented? And a lot of the difference here is the furnished versus not furnished in those numbers. But, something that is a two-bedder with $130,000 worth of deductions in time, over the period of time of ownership or from new to the end. So, not a high construction cost; it\u2019s the granny flat sized accommodation.<br \/>\nI have $7700 roughly in the first year, or unfurnished $6700. So, nearly $1000 difference probably in the first year on something like that, and then over the first five years, nearly $4000 difference in deductions. So, nearly $1000 per year for the first five years in deductions.<br \/>\nSo, it\u2019s a few dollars difference in using something for student accommodation there and furnishing it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 So, what are the disadvantages that investors should be aware of?<br \/>\n<strong>Brad:<\/strong>\u00a0 I think the disadvantages&#8230; And I step out of property depreciation here because whether it\u2019s vacant or not or what it is, it makes no difference. But when considering any investment in any way, furnished rental properties have furniture, so you have to buy it, firstly, or have it there, so it costs and then also, things that like break down and there are more things for you to have to potentially fix.<br \/>\nThe growth out of these things sometimes is good, sometimes is bad. Who are your potential markets? It\u2019s mom and dad buying it for the kids to go off and go to uni, etc. So, the turnover and they\u2019re not something that often are held for necessarily as long. Summer breaks or holidays, they\u2019re possibly vacant for a bit longer. And if it\u2019s a student-only complex, you can\u2019t sell it off to an owner-occupier. So, potentially less demand for when you sell it, effectively.<br \/>\nBut we\u2019ve done a lot of depreciations and a lot of particular ones, over time that as people seem to be quite happy with the returns over time. But you just have to be careful of a couple of little things that relate furnished student accommodation.<br \/>\n<strong>Kevin:<\/strong>\u00a0 At the outset, I mentioned there about that shortfall in supply over demand. Are there any other impacts on the property market when you look at that?<br \/>\n<strong>Brad:<\/strong>\u00a0 Supply in those areas mean that around a university, if there\u2019s a lack of supply, it ends up taking up stock outside of rental stock that\u2019s within a few suburbs of that university. It gets taken up by people and it affects the overall market. So, we have to build enough to house the students when we build a university, or we end up with more pressure on the rest that are around that.<br \/>\nI know even one of the properties I have that\u2019s around there, for example, has an individual lock on every one of the single doors because it was an old four-bedroom house because they rent out those rooms individually to investors.<br \/>\nAnd what it does, is it just takes more properties out of the market so the other potential renters that were there, but it\u2019s a typical supply-and-demand issue that we need to deal with. When we build a university, we have to build something to house the people, right?<br \/>\n<strong>Kevin:<\/strong>\u00a0 That\u2019s right. Exactly. Hey, Brad, great talking to you, mate. Thank you for that insight. Brad Beer, of course, is the Chief Executive Officer of BMT Tax Depreciation. Thanks again, Brad.<br \/>\n<strong>Brad:<\/strong>\u00a0 Kevin, always a pleasure. Thank you.<\/p>\n<h2>Buying property in 1990 &#8211;\u00a0Peter Koulizos<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Australia\u2019s leading real estate investment advisory board has released analysis proving mortgages are more affordable now than they were in 1990. The Property Investment Professionals of Australia \u2013 otherwise known as PIPA \u2013 said those arguing properties lack of affordability haven\u2019t studied the numbers properly. PIPA\u2019s chairman, Peter Koulizos, joins me.<br \/>\nPeter, where did they get it wrong?<br \/>\n<strong>Peter:<\/strong>\u00a0 The big mistake people make is that they don\u2019t look at the mortgage repayment component. There\u2019s no doubt that housing in Australia is expensive and there are reasons for that. But when we\u2019re talking about affordability, you must include the mortgage repayment, which is based on people\u2019s capacity to hold onto a property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Refresh my memory for a moment. What was it like to fund a property back in 1990?<br \/>\n<strong>Peter:<\/strong>\u00a0 So, 1990 \u2013 if we cut to the chase \u2013 you needed 48% of the annual average salary to pay off the mortgage on the average loan size. But you fast-forward to today and it\u2019s 41%. And the big difference is even though property prices have gone up markedly in that time, wages have gone up. The main reason it is more affordable today than it is was in 1990 is because interest rates have dropped from 17% to below 5%.<br \/>\n<strong>Kevin:<\/strong>\u00a0 So, how does Australia stack up with the rest of the world, Peter?<br \/>\n<strong>Peter:<\/strong>\u00a0 Well, we sit at the top end, and that\u2019s mainly because we have the second-largest sized houses in the whole world. Most of us live in cities rather than rural areas, and city property is more expensive than rural property, and most of our cities are based around the coast, and coastal property is more expensive than property away from the coast. So, there are reasons for that.<br \/>\nBut, I was in Hong Kong last week, and if we think housing is expensive here, that\u2019s nothing compared to what people have to pay for smaller homes \u2013 and these are not houses; these are units and flats and apartments and possibly, on the 30th or 40th floor \u2013 and paying much than people in Sydney or Melbourne would pay.<br \/>\nAnd that\u2019s the same case in parts of the U.S. and many parts of the U.K. So, we\u2019re certainly not the least affordable country in the world; we are up there, but there are much more less affordable places in the world.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I want to ask your opinion in just a moment about what we can do to make it more affordable. It\u2019s great to compare the countries and look at others that aren\u2019t as affordable, but we can always do a better job. But, let me ask you this question before we do that, Peter. And that is about the deposit.<br \/>\nIs it because of the deposit that many people struggle to get a start? Is that what holds them back?<br \/>\n<strong>Peter:<\/strong>\u00a0 Yes, and that\u2019s a different component of the subject, which I call housing attainability \u2013 the ability for people to actually get into the property market to attain the house. And even though back in 1990&#8230; Or, let\u2019s go back to when we bought out our first home in 1984. You needed a deposit of 25% of the purchase price, but today you only need 5% if you\u2019re a home buyer. Even though there were first-home owner grants back then and there still are now, there is a big difference with them.<br \/>\nWhen we bought our first home \u2013 just over 30 years ago \u2013 the first-home owners grant was $5000. Now that may not sound much, but back then, Adelaide median house price was $50,000. So, the first-home owners grant was the equivalent to 10% of the purchase price, and on top of that, that was applicable to all homes, not just new homes.<br \/>\nFast track to today, 2018, the first-home owners grant, I think one of the best first-home owners grants you can get is $15,000, but it only applies to new homes. And $15,000 for the median price in Adelaide \u2013 if just keep the example the same \u2013 is 3% of the purchase price. So, the missing link here is the first-home owner\u2019s assistance.<br \/>\nNow, I\u2019m not saying that the federal government needs to come in and start splashing out money. Because if you do that without thinking, all you\u2019re going to do is increase property prices again. But the big difficulty today is that the first-home owners grant is not as generous as it has been in the past, but it only applies to new homes, and new homes are generally only at 2% of the property market.<br \/>\n<strong>Kevin:<\/strong>\u00a0 So, let me round this out, then. What do you think is the answer? How can we make it easier for people to get a home?<br \/>\n<strong>Peter:<\/strong>\u00a0 A lot of these solutions or part solutions have been implemented around the world, or even if we look in the past, we can see what\u2019s happened. So again, when we got our loan just over 30 years ago, the loan period was 20 years but now it\u2019s 30 years.<br \/>\nSo, one way that you can make housing affordable is that you increase the loan period. Yes, you\u2019ll pay more over the period of time, but there will be less of your wage that goes towards that mortgage repayment every month. That\u2019s probably one of the big ones.<br \/>\nYes, you can drop interest rates, but that\u2019s a lot easier said than done.<br \/>\n<strong>Kevin:<\/strong>\u00a0 They\u2019re not going to get much lower than what they are now, in reality, are they?<br \/>\n<strong>Peter:<\/strong>\u00a0 No, they\u2019re not.<br \/>\n<strong>Kevin:<\/strong>\u00a0 No.<br \/>\n<strong>Peter:<\/strong>\u00a0 Well, interestingly Kevin, when I was in Hong Kong I did meet up with some German tourists, and the first-home buyers assistance in Germany is no deposit, no interest because they are trying to kick-start their economy.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Wow. So, there are ways for us to do a better job, but it seems like an easy answer.<br \/>\n<strong>Peter:<\/strong>\u00a0 Yeah, well look. The reality is there is no doubt that housing in Australia is expensive, and that\u2019s because of the income that we earn and the sort of houses that we want to live in, but there are things that people can do. Even go and get some professional property investment advice, so you at least get the right loan \u2013 the lowest interest rate with the best terms to make it more affordable to you.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Well said. Peter Koulizos, thank you so much for your time. Peter is from PIPA, the Property Investment Professionals of Australia. We are supporters of that. We are also members of PIPA. You can join PIPA and get more great advice on investing in property just by using one of the buttons on the homepage here. Look for it, it\u2019s right down the bottom. It\u2019s under \u201cPIPA.\u201d<br \/>\nGood on you, Peter. Thanks for your time, mate, and we\u2019ll talk to you again soon.<br \/>\n<strong>Peter:<\/strong>\u00a0 Thank you very much, Kevin. Pleasure.<\/p>\n<h2>40 most affordable areas &#8211;\u00a0Simon Pressley<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 One of the things that we love to look at is affordability. Most people are looking for housing affordability, and when we do that, it\u2019s interesting; we look for affordable markets around Australia, and in doing this, we work very closely with companies like Propertyology who are one of our trusted advisors, one of Australia\u2019s leading property analysts.<br \/>\nThey did an exercise recently to look at the most affordable markets around Australia and came up with a list of 40, but there are some interesting indicators here. Simon Pressley joins me from Propertyology.<br \/>\nGood day, Simon.<br \/>\n<strong>Simon:<\/strong>\u00a0 Hi, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Some interesting indicators came out of this. We want to look at affordability, but then that then says \u201cWell, hang on. Which of these affordable markets now could we actually make a profit out of in the years to come?\u201d What were some of the things you found out?<br \/>\n<strong>Simon:<\/strong>\u00a0 We cast our eye across Australia\u2019s 550 city councils, Kevin, and the two main metrics that we followed here is where there has been a significant shortening of the time that\u2019s it\u2019s taking for the typical property to sell, combined with the volume of properties increasing. Those two metrics are the pressure points, if you like, for property markets.<br \/>\n40 locations throughout Australia in total where there\u2019s significant pressure building. That\u2019s not to say that all these 40 locations are experiencing price growth. Now, some are, but what we\u2019re saying is they are all heading in the direction of a growth cycle. There are 40 locations, and they\u2019re in every state in Australia.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Looking at days on market, is there a point in time when you say \u201cWell, if it\u2019s selling in 30 days, that\u2019s a reasonably good market, if it\u2019s selling in 60 days, that\u2019s an average market, and 90 days is pretty slow\u201d?<br \/>\n<strong>Simon:<\/strong>\u00a0 I would agree with those numbers. Generally speaking, when we\u2019re getting around somewhere between, say, 30 and 45 days, generally speaking, that market is experiencing some price growth. The rate of growth, obviously, can vary. But not always.<br \/>\nBig parts of Brisbane, for example, Kevin, a typical property has been selling in that 30 to 45 days for five or six years now. But as we know, Brisbane has experienced some price growth but not enormous price growth.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There are lots of things influence days on market, like the amount stock on the market, obviously, the number of buyers who want to buy into that market. But, it\u2019s also interesting to look at the amount of stock in a marketplace. I\u2019ve seen markets \u2013 particularly the Sunshine Coast as an example \u2013 where there has been enough stock on the market, that if nothing else was listed and the days on market didn\u2019t change, it would take about two years to settle that stock. It\u2019s a pretty depressed market.<br \/>\n<strong>Simon:<\/strong>\u00a0 That\u2019s right. Stock on market is one factor that leads to pressures. If there\u2019s not much there and there\u2019s heaps of interest, obviously, again, you\u2019re going to have a lot of pressure. But at the start of a growth cycle there can be markets that do have lots for sale but still an increasing number of buyers, and then over of the period of time, what you\u2019ll see is not only more property selling but also taking a shorter period of time to bill.<br \/>\nBut, you can also have locations \u2013 Hobart is a classic example at the moment, and other parts of Tasmania, for that matter \u2013 where the sales volumes are actually reducing but the market is roaring. And the reason the sales volumes are reducing is because there\u2019s very little left.<br \/>\nWe saw that happen in Sydney and Melbourne a couple of years back as well, where sales volumes were reducing, but that was certainly not to imply that the market was cooling.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You mentioned Hobart there, Tasmania. I noticed that you in your release talk about the fastest selling area was Clarence in Tasmania. Tell me about why you chose that and what were the dynamics?<br \/>\n<strong>Simon:<\/strong>\u00a0 These were all chosen just purely from official statistics. So, Clarence is on the eastern shore of Hobart. It includes suburbs such as Howrah and Lindisfarne. Here and now today, the average time it takes to sell a property is ten days. So that\u2019s literally you blink and miss it.<br \/>\nNow, that\u2019s what the official data says. Our buyer\u2019s agents will tell me \u201cSimon, once it hits RealEstate.com, it\u2019s probably already sold.\u201d That\u2019s indicative of what\u2019s happening in that particular market at the moment.<br \/>\nBut the actual sales volume is actually reducing, as I said, but that\u2019s part of why there\u2019s such strong price growth over there. There are lots and lots of people who want to buy but very few properties for sale.<br \/>\n<strong>Kevin:<\/strong>\u00a0 In the analysis, how many of the states actually were really tightening up on their sales times?<br \/>\n<strong>Simon:<\/strong>\u00a0 The only territory that didn\u2019t mention was the ACT and of course, the ACT has only one city; that\u2019s Canberra. That\u2019s not a bad reflection of Canberra, though. It\u2019s market pressure is fairly solid.<br \/>\nWhat we\u2019re picking here are locations where the pressure is tightening further. Northern Territory had one, Alice Springs. Western Australia had four locations where pressure is tightening, and they were all in parts of regional WA, not so much Perth itself. South Australia had six. Queensland had five. New South Wales had the most, ten locations, and they were all outside the really big metropolitan areas. Tasmania seven, and Victoria seven. So, it\u2019s literally spread right around the country.<br \/>\nOur motivation for sharing this data with the public, Kevin, is on the back of what we\u2019re going to hear probably a lot more of for some time yet is Melbourne and Sydney consistently falling month after month. Not big falls, but it is dominating the media tabloids.<br \/>\nAnd the public need to be aware that\u2019s two cities. This is a massive country, and large parts of Australia are actually showing signs of improvement, not regressing like Sydney and Melbourne have.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s great to have this chat with you. Simon Pressley from Propertyology. Is there a report that we can get on this, Simon?<br \/>\n<strong>Simon:<\/strong>\u00a0 Yes, absolutely. Go to Propertyology.com.au, click on the \u201cInsights\u201d tab in the menu bar, and you\u2019ll see all sorts of goodies and research reports there, including this one.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Well, I have the list of 40 tightening markets. Too many to go through. But Simon great talking to you. Thank you so much.<br \/>\nGo to Propertyology.com.au, the \u201cInsights\u201d tab, and you\u2019ll get that, along with a lot of other reports as well.<br \/>\nSimon, thanks for your time.<br \/>\n<strong>Simon:<\/strong>\u00a0 My pleasure. Talk next time.<\/p>\n<h2>Owner occupiers see opportunity &#8211;\u00a0Siobhan Hayden<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Some good news: there has been a lift in the value of owner-occupied dwellings. It\u2019s increased slightly month on month. Joining me to talk about this and the impact of that is Siobhan Hayden, who is the COO for HashChing.<br \/>\nSiobhan, not a real surprise here, but is it a reflection of maybe a drop-off in investor borrowing?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>Yes, definitely. The first-home owner activity, we\u2019ve been seeing a gradual increase, particularly in New South Wales and Victoria, since the changes to stamp duty provisions in July last year. And of course, the macroprudential measures to curb investment lending and interest-only features, etc. has seen that decline. So yes, we\u2019re seeing a complementary balance point.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Are we seeing a few people move away from the big four banks?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>We\u2019re definitely seeing that in HashChing, particularly off the back end of some of the press articles last year around some of the cultural points of banks\u2019 behavior. I think people are realizing that their commitment to a particular brand as an individual is not really paying them dividends. What would you call it? Their bank loyalty doesn\u2019t seem to pay any returns these days.<br \/>\n<strong>Kevin:\u00a0 <\/strong>We\u2019re seeing a softening in house prices as well. It\u2019s led to increased home loan activity for owner-occupiers and investors.<br \/>\n<strong>Siobhan:\u00a0 <\/strong>For first-home owners, absolutely. That\u2019s what we\u2019re seeing, definitely. We did a survey in February of 780 home loan repayers \u2013 58% of them were first time owners \u2013 and found some different trends, particularly their concern around the value of homes and seeing that shift and change in New South Wales and Victoria, but also around the challenge of actually getting the loan and finding the right deal, which doesn\u2019t surprise us. There\u2019s so much on the Internet about property prices and deals, it\u2019s all very confusing.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Siobhan, just before we leave this topic, what did you learn about stress in your survey?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>We identified that a large proportion of people are quite stressed currently, even though we have historically low interest rates, which is quite concerning. All economic indicators suggest that the cash rate won\u2019t increase until probably early 2019. However, if people are already making sacrifices \u2013 which is what we found \u2013 to make sure that they can make their mortgage repayments, obviously any movement\u2026 We found that nearly 18%, even a $50 to $59 per week increase would be considered unaffordable.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Wow, that\u2019s very marginal, isn\u2019t it?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>It is.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Is that a reflection on the banks not doing their due diligence and maybe protecting the borrower more?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>We also found \u2013 which is obviously a normal correlation \u2013 the higher the interest rate currently being paid by a mortgage repayer, the more likely they are to obviously be contributing more of their income, which makes perfect sense. But we also found it\u2019s very common for male applicants to take a secondary income stream through the shared economy \u2013 like Uber driving or such things or Airbnb \u2013 to income to complement their income to pay their mortgage.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Nothing wrong with that, but nothing worse than having to be in a situation where you have to do that. What would be your advice to borrowers in terms of trying to anticipate what they may be able to afford in the future?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>I think it\u2019s interesting that people aren\u2019t across the current rate and aren\u2019t passionate about making sure that they have a competitive rate. If you have a loan for a long period of time \u2013 25 or 30 years \u2013 there\u2019s no point paying 1% interest higher than you need to be for that period. That\u2019s a huge cost to you as a family.<br \/>\nSo, making sure that you know where you\u2019re at\u2026 Whether you need to change is another story, but knowing your position is absolutely paramount.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes. With things like comparison rates, that\u2019s fairly easy. It used to be really complicated and difficult to make that change, but that\u2019s no longer the case, is it?<br \/>\n<strong>Siobhan:\u00a0 <\/strong>It\u2019s not. Whether you would think to go into your local branch or whether you think to talk to a mortgage broker \u2013 which nearly 60% of consumers do today \u2013 everyone tends to start on the Internet, and I think that that\u2019s where things get very confusing.<br \/>\nThere\u2019s lots of information, it\u2019s not always clear, some rates are discounted, some rates are not, some are introducer models \u2013 which do little to no inquiry into your financial position \u2013 so consumers are a bit overwhelmed, I think, and our survey definitely found that they find the paperwork particularly very challenging, and finding the right deal extraordinary challenging.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Almost threatening to think that you\u2019re going to change your bank, because people still have a fear of banks, don\u2019t they? That they wield this big stick, and \u201cI just don\u2019t want to upset my bank.\u201d<br \/>\n<strong>Siobhan:\u00a0 <\/strong>Definitely. We\u2019ve had customers through HashChing particularly who have gone to their bank, asked to have their loan reviewed and their interest rate reconsidered, particularly when they see advertising from their own bank for new loans at a cheaper rate \u2013 which is obviously very confusing for consumers \u2013 and they\u2019ve not been able to get any joy from that experience.<br \/>\nSo, definitely having a partner working with you that is across multiple lenders is definitely the way to go, and that\u2019s obviously the mortgage broking proposition.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I know this is probably a rhetorical question, but in the event that you were to go to a broker and you did have your best deal, you\u2019d hope that your broker would tell you that\u2019s the case.<br \/>\n<strong>Siobhan:\u00a0 <\/strong>Definitely. And the broker has to work in the best interests of their client. There\u2019s a lot of understood work to get a loan. You do have to put your financial position together. No one wants to go through that process if they\u2019re not going to get a better outcome at the end of the day.<br \/>\nSo, understanding that there are a number of points of information \u2013 your income, your expenses \u2013 all of those things need to be considered and reviewed, and then you can be provided with a more accurate view of what interest rate is possible.<br \/>\n<strong>Kevin:\u00a0 <\/strong>If you\u2019ve been fired up and you want to have a look into this, the best place to go is HashChing, and you\u2019ll get all the details there.<br \/>\nSiobhan Hayden from HashChing. Thanks for your time, Siobhan.<br \/>\n<strong>Siobhan:\u00a0 <\/strong>No worries. Have a great day.<\/p>\n<h2>The Mentor steps in &#8211;\u00a0Stephanie Wimpenny<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I wonder if you\u2019ve been following <em>The Mentor<\/em> with Mark Bouris. It\u2019s only just started on Channel 7. The very first episode when it aired talked about a real estate agency on the north side of Brisbane, and in the promos, Mark Bouris suggested that it may just be the worst real estate agency in Australia.<br \/>\nMy guest now is one of the owners of what was then known as Ubiquitous Realty on Deception Bay. It now has a brand new name and a brand new image. Stephanie Wimpenny joins me.<br \/>\nGood day, Stephanie. How are you doing?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Hi. I\u2019m really well, thank you. How are you?<br \/>\n<strong>Kevin:\u00a0 <\/strong>Great, thank you. There must have been a bit of hurt involved in all of this, because it\u2019s the family business. Let\u2019s describe it. The business is yourself, your brother, and your mother and your father. There would have been a lot of pride in that name Ubiquitous Realty as well. How did the original name come about?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>It actually took us months to come up with our name and our logo. I think most young businesses actually go through a very similar thing, because you\u2019re trying to be clever, you\u2019re trying to be different and say something about who you are. For us, it took a really long time. But I ended up watching \u2013 I think it was \u2013 <em>Sunrise<\/em> one morning, and one of the news presenters used the word \u201cubiquitous,\u201d and I thought, \u201cOh, that\u2019s an interesting name. That sounds pretty unique.\u201d<br \/>\nI had no idea what the word \u201cubiquitous\u201d meant, so I just Googled it and found out it meant \u201cfound everywhere and to be omnipresent,\u201d and I thought, \u201cYou know what? That\u2019s actually not a bad name for real estate.\u201d<br \/>\nSo, I asked mom who\u2019s the principal licensee what she thought of the name. She said she liked it, and away we went.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Just the mere fact that you had to look it up, that you didn\u2019t know what it meant, surely there should have been alarm bells going off then.<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Yes, you\u2019d think so. But what we liked was that it became a really good conversation starter in our business because people didn\u2019t really know what it meant. You\u2019d occasionally get the odd person who did know, but because people didn\u2019t know what it meant, they asked us \u201cDid you make that name up? Or what does it mean?\u201d And so, it was a really nice way to break the ice with people.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Tell me, how did you feel when you first saw the promo where he called you potentially the worst real estate agents in Australia?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>I just knew that that was a bit rubbish, because we\u2019re definitely not the worst real estate agents in Australia.<br \/>\n<strong>Kevin:\u00a0 <\/strong>No, of course not.<br \/>\n<strong>Stephanie:\u00a0 <\/strong>But I thought, \u201cYou know what? If that\u2019s what they need to do to promote the show, then okay.\u201d There\u2019s nothing you can do about it. Once it\u2019s already out there, you can\u2019t really change it. So, there\u2019s no point in whinging about it; you just continue on.<br \/>\n<strong>Kevin:\u00a0 <\/strong>It\u2019s a great way to look at it, Stephanie. Congratulations on that. And tell me, when it first happened, did you get a lot of local support? Did they rally around you?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>We had so many of our clients, our friends, and our family, even agents from the local community telling us that that was all rubbish and that they were very hurt for us and they can\u2019t believe that someone can get out there and label us the worst real estate agents in Australia so unfairly like that when we\u2019re not like that.<br \/>\nWe have clients who love us and who become lifelong friends with us. If you were the worst real estate agents in Australia, I guarantee you, you would not have clients like that.<br \/>\n<strong>Kevin:\u00a0 <\/strong>It doesn\u2019t really matter what your name is; at the end of the day it\u2019s the service you give and how you operate as a business, of course.<br \/>\n<strong>Stephanie:\u00a0 <\/strong>That\u2019s right.<br \/>\n<strong>Kevin:\u00a0 <\/strong>But the name does help. There\u2019s a positive turn to all this. It was obviously a very worthwhile experience because you went through a name change, and you\u2019re now known as Morton Bay Realty. Was Mark Bouris behind that change? And did you resist it?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>I did resist it a little bit, because obviously, for us, being a family business, our name is our identity. It\u2019s who we\u2019ve chosen to be. So, when someone challenges your entire identity, it can hurt a bit.<br \/>\nSo, I did challenge him a little bit on it, and I said to him\u2026 Because his biggest argument was no one knows what it is and they can\u2019t search it, so it\u2019s a rubbish name. I think his word actually was \u201ccrap.\u201d<br \/>\nI just said to him, \u201cWell, what was Apple before Apple was something? What was Google?\u201d And I even said to him \u201cWhat was Wizard and Yellow Brick Road?\u201d I said \u201cYou made your name something. It\u2019s what your brand stands for.\u201d<br \/>\nSo, that was the kind of theory that we had with the name, that we would create our own meaning to it.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Just remembering, I think you had some fairly grandiose targets for the business when you first opened, and in that first year of operation, if my memory serves me correctly, you made 10 sales. Is that right?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Good question. I think it was 12.<br \/>\n<strong>Kevin:\u00a0 <\/strong>10 to 12 sales \u2013obviously below what you wanted. How has it been since <em>The Mentor <\/em>program? How has your business progressed?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>It\u2019s progressing really well. We\u2019re working a lot better as a team, and I think that for me was the most important thing about it. I really did struggle in the beginning without having a leader in the business, a strong leader.<br \/>\nSo, for me, it\u2019s really lovely to have mom stepping into that leadership position and telling us what to do, because I needed that. I needed someone to rope me in every now and then, because I don\u2019t know everything. I\u2019m still new to a completely different industry to the one that I was in before.<br \/>\n<strong>Kevin:\u00a0 <\/strong>One of the things we found out about real estate is that it\u2019s the young, enthusiastic operators like yourself who are pushing us to all new levels. I think your mom was the only experienced real estate agent in the business. Is that correct?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Yes.<br \/>\n<strong>Kevin:\u00a0 <\/strong>You\u2019ve now gathered experience, you now have a lot more knowledge about it. Do you see the business growing from being a family business to being anything bigger? Will you put more people on?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>I think down the track, we would look at doing something like that, maybe bringing a property management wing into the business as well. But at this stage, we just want to focus on sales, we want to focus on making sure that we got one thing right at a time. But I think in the future, we would like to be bringing on employees.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Now, part of the journey with Mark Bouris was where you obviously came into contact with Matt Lancashire from Ray White New Farm, who is a great agent. We\u2019ve interviewed him on a number of occasions. I believe he\u2019s working with you or you\u2019re working with him now.<br \/>\nIs that the follow-up plan?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Yes. Matt has been absolutely amazing for us, and he just basically said to us, \u201cCome along to any of the trainings that we do at Ray White.\u201d So, now every Monday, we drive for about an hour in the traffic to get down to Ray White at New Farm to do some training routine, which has just been absolutely amazing.<br \/>\nFor me, I just love being around a team of highly motivated, high performing agents. And just to be in that sort of environment is to me absolutely amazing. I just love it.<br \/>\n<strong>Kevin:\u00a0 <\/strong>When you originally decided to open the business, you wanted to set it up as an independent brand, you remain as an independent brand. Was there ever a thought that you\u2019d probably go with a group like Ray White?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>No. And that did come from Sharon, mom, because she has worked for so many of the larger agencies before. She and us as a collective whole, we didn\u2019t want to be bound to any brand and their structure and their systems and their processes.<br \/>\nNot that there\u2019s anything wrong with them; it\u2019s just that we really wanted to challenge the status quo of real estate a little bit and change people\u2019s perceptions of what is actually possible for a real estate agent and an agency.<br \/>\nSo, we wanted to up levels of customer service and just do it our own way. I think we\u2019re fiercely independent.<br \/>\n<strong>Kevin:\u00a0 <\/strong>You look at businesses like Matt\u2019s for example, Ray White New Farm, that\u2019s a highly successful business, they do have great systems in place.<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Definitely.<br \/>\n<strong>Kevin:\u00a0 <\/strong>They offer, obviously, really good service, otherwise they wouldn\u2019t be as successful as they are. So surely, it doesn\u2019t come down to just the brand. When you get into a brand like a Ray White or a Raine &amp; Horne or an LJ Hooker, they actually come with the system.<br \/>\nSo, what\u2019s so wrong with that? Why wouldn\u2019t you go with that?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>I think it\u2019s just that where there are things that mom didn\u2019t necessarily agree with, you can\u2019t really change it because it\u2019s such a big, heavy machine to sort of turn around and get change in. I think that\u2019s what her theory is.<br \/>\nAnd because mom and dad have owned businesses all their lives and they\u2019ve always been their own businesses, I think it just comes down to that sense of ownership more so than anything else, like you being in complete control and you being completely and totally responsible for your business and how it works.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Okay, so where to from here? Just more of the same, the business is growing?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Yes. We\u2019ll continue to train with Matt for as long as he\u2019ll have us. And yes, the business is growing, so we\u2019re bringing on new listings at the moment, which is very exciting. We have properties about to settle as well, so yes, we\u2019re moving onwards and upwards.<br \/>\nI think in real estate, though, the biggest thing is that it is a long game. So, you can\u2019t just come into a business and rebrand it and call it something, and then all of a sudden, have an influx of clients lining up and wanting to work with you. It doesn\u2019t work like that.<br \/>\nAs you said before, it\u2019s not about a name; it\u2019s about a reputation, it\u2019s about building trust, and it\u2019s about building a relationship with people. So, for us, the biggest thing that we\u2019re working on is trying to build that trust and relationship with our local community.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Before I let you go, Stephanie, would you do it again?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Definitely. In a heartbeat.<br \/>\n<strong>Kevin:\u00a0 <\/strong>It was worthwhile?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>Yes.<br \/>\n<strong>Kevin:\u00a0 <\/strong>How was Mark as a mentor?<br \/>\n<strong>Stephanie:\u00a0 <\/strong>He was a bit strong, I guess, but we needed that. You need tough love. That\u2019s why you have mentors. You need people who are not afraid to turn around and say \u201cLook, this is what\u2019s wrong.\u201d So, I quite enjoy that.<br \/>\nI\u2019ve always liked criticism and feedback, because I think it\u2019s the only way that you can genuinely improve. So, yes, I have a great deal of respect for Mark. I think he\u2019s firm when he needs to be.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Great talking to you, Stephanie. I appreciate you giving us your time and being so honest, as you were in that episode with Mark Bouris as well, <em>The Mentor<\/em>. Thank you. Every success in your journey, and I want to thank Matt Lancashire too, who\u2019s been very instrumental in helping us put this together. Matt Lancashire, of course, from Ray White New Farm.<br \/>\nI\u2019ve been talking to Stephanie Wimpenny, who is from what\u2019s now know as Morton Bay Realty, appeared in the first episode of <em>The Mentor<\/em> with Mark Bouris when they were then known as Ubiquitous Realty in Deception Bay on Brisbane\u2019s north side.<br \/>\nStephanie, thank you so much for your time, and all the success. I want to maybe catch up with you in another year\u2019s time and see how you\u2019re progressing.<br \/>\n<strong>Stephanie:\u00a0 <\/strong>That would be amazing. Thank you so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Student accommodation opportunity 40 most affordable areas Owner occupiers see opportunity It was harder in 1990 to buy The Mentor steps in Transcripts: Student accommodation &#8211;\u00a0Brad Beer Kevin:\u00a0 There are more than 71,000 purpose-built student accommodation beds across Australia\u2019s eight capital&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":21182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10,11,13,24],"tags":[101],"class_list":["post-21178","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 v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The worst real estate agency? 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