{"id":21239,"date":"2018-05-25T01:00:35","date_gmt":"2018-05-24T15:00:35","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21239"},"modified":"2018-05-25T01:00:35","modified_gmt":"2018-05-24T15:00:35","slug":"investors-flawed-assumptions-murky-behavior-revealed-technologys-impact-on-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/investors-flawed-assumptions-murky-behavior-revealed-technologys-impact-on-property\/","title":{"rendered":"Investors flawed assumptions + Murky behavior revealed + Technology\u2019s impact on property"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Why flipping does not work in all markets<\/li>\n<li>Watch out for properties with price ranges<\/li>\n<li>20 largest urban areas revealed and what they offer investors<\/li>\n<li>Property deals done digitally<\/li>\n<li>A futurist&#8217;s view of property<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Murky behaviour of agents &#8211;\u00a0Darren Piper<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 One buyer\u2019s agent is sounding a note of caution about a possible downturn in the market and the fact that this is bringing out some pretty murky \u2013 his words \u2013 behavior on behalf of some real estate agents. Joining me from Universal Buyers Agents is Darren Piper.<\/p>\n<p>Good day, Darren.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 How are you, mate?<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Very good, thank you. Darren, you\u2019re a bit concerned about some of the murky world of pricing tricks. Tell me what\u2019s happening.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yes. What we\u2019re seeing in the market at the moment is more agents putting stock to market on the major portals without pricing on. So, what\u2019s happening is it\u2019s starting to confuse the buyers even more with methods like \u201cby negotiation,\u201d \u201cfor sale\u201d, obviously \u201cauction\u201d is a pretty standard one.<\/p>\n<p>What\u2019s happening is the buyers who are actively looking to purchase are getting confused with where actually value or price points lie within the market.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Always when you see agents do that, it\u2019s always an indication to me, anyway, that the seller is probably are asking too much.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 It\u2019s a very interesting topic at the moment. The other one that we\u2019re seeing is \u201coffers over,\u201d but it doesn\u2019t mean that the vendor\u2019s expectation is necessarily close to that, so to speak. So, it just goes to show the importance of doing your due diligence.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Absolutely. That\u2019s probably one of the things that we should cover for buyers, too, is that if they\u2019re not real sure, they should get a valuation done.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yes, that\u2019s exactly right, or even look at getting a buyer\u2019s agent on their side or a professional of some sort to guide them through the transaction and let them know where value lies so that they don\u2019t over-pay, because in this market, in the market conditions at the moment, it is very easy to over-pay, and unfortunately, we are seeing that.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Of course, the Office of Fair Trading really clamped down on this fairly heavily. They don\u2019t like that practice. And I think they actually scrutinize a lot of agents, don\u2019t they?<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yeah, they do. Unfortunately, it has been happening far too often, in my opinion. There was an agent recently that was fined for similar tactics, if you will. So, yes, it is happening out there, unfortunately.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 It\u2019s been clouded a little bit further too by the fact that auctions don\u2019t have prices on them, and that\u2019s clearly been a debate that\u2019s raged even between the states. You were in New South Wales. The McGrath Organization were in favor of price ranging. Whereas in Queensland, it\u2019s actually been banned.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yes, that\u2019s exactly right. Queensland is the only state that the agents can\u2019t quote a figure when their particular property is going to auction. So, going back to my earlier comment, it does make it hard for buyers to understand not only where the expectations of that particular vendor are but where it sits from a price point. So, they\u2019re really just going to do their homework and be comfortable with what they\u2019re paying.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is it any value at all, when you\u2019re talking to an agent and they have a price range on it, to try and get a handle from them as to what would be acceptable?<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yes. I think the same thing is a lot of people get caught up in pricing. It probably sounds like a funny comment to make, but what I mean is a property might be listed, whether it\u2019s a price range or \u201coffers over,\u201d whenever we sign a client, I always say to them, \u201cThe way we approach it is the pricing that is on the property publicly is secondary for us. First and foremost, it\u2019s about understanding where we see value in it.\u201d<\/p>\n<p>Then that comes back to just really doing your homework, looking at comparable properties, square meter rates, understanding the vendor\u2019s motivation, and then putting a plan in place to purchase it within those goalposts.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 One of the things we recommend when people go to auction is that they set themselves a limit and then make sure they don\u2019t exceed it no matter what happens, because when you become emotionally involved, that\u2019s when you run the risk of over-paying.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Yes, most certainly. There\u2019s no doubt about it. Emotion is that the highest driver when it comes to price point. Especially in auction conditions where it\u2019s tense on the day, there is a lot of pressure, you\u2019re there, you\u2019re bidding in front of everyone, so you can put your hand up one or two more times and you\u2019ve paid another $25,000, $50,000, or $70,000 in some cases.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Your comment, too, about a downturn in the market, Darren, is that actually what you\u2019re seeing?<\/p>\n<p><strong>Darren:<\/strong>\u00a0 We\u2019re seeing a bit of a correction. From a downturn point of view or lack of inquiry point of view, we\u2019re seeing buyers actively looking to purchase but anything that has \u201cby negotiation\u201d on it or even \u201cauction,\u201d they\u2019re not even making inquiry on it, which is an interesting conversation in itself.<\/p>\n<p>I recently had a client who had been looking for a number of months. There was a property on the market that had no price on it, and they completely ruled it out because they thought it was going to be out of their range.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Darren, great talking to you. Thank you so much for your insight. Darren Piper is a buyer\u2019s agent.<\/p>\n<p><strong>Darren:<\/strong>\u00a0 Thanks, Kevin. Bye-bye.<\/p>\n<h2>Why flipping does not work in all markets &#8211;\u00a0Cate Bakos<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Quite often, I receive e-mails from people with what seem like fairly basic comments or questions, so we\u2019re going to deal with a few of those today as I talk to buyer\u2019s agent Cate Bakos from Cate Bakos buyer\u2019s agency.<\/p>\n<p>Good day, Cate. How are you doing?<\/p>\n<p><strong>Cate:<\/strong>\u00a0 I\u2019m good. Thanks, Kevin. How are you?<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Good. One of the flawed assumptions that I see investors make is that they think that property value will always go up. What\u2019s your reaction to that?<\/p>\n<p><strong>Cate:<\/strong>\u00a0 That is, indeed, a flawed assumption because we can\u2019t anticipate that properties just go up on a linear curve and without any kind of bumps. The first thing to state is that property markets do have movement. When you scan right in on the chart, you can see that there\u2019s up and down. And that can be cyclic or it can just be seasonal.<\/p>\n<p>There are other reasons why property values don\u2019t necessarily always go up. One might be that you over-paid for the property at the start, which is a bit of a disappointing thing to find out, but if that was the case, then you need time in the market for that over-payment to erode.<\/p>\n<p>The other one that people often overlook is when we have a brand new property and the component of the price tag that you paid that relates to the dwelling itself was over-represented. In other words, the building is brand new and it\u2019s quite expensive and the land is not as valuable.<\/p>\n<p>So, if the depreciation of that building eclipses the appreciation of the land growth, then we\u2019ll have some negative movement for a little while there as well.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Once again, it highlights the fact that there is no one market around Australia. They\u2019re all different, and they call change and move around from time to time. You have to stay on top of it.<\/p>\n<p>Another one of the things that I\u2019ve heard quite often is that renovations and flips always pay off. I do know that that\u2019s not true.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 No, it\u2019s not. I\u2019ve seen people do it very successfully, and I know that there are a lot of programs out there and there\u2019s lots of support for people who want to take that strategy on board, but assuming that every renovation and flip pays off is really na\u00efve, because you could be working against a market that\u2019s moving downwards or you could have some cost blow-outs or some time blow-outs. So, people have to factor in the holding costs of the property a well.<\/p>\n<p>If they have some time delays or they have an issue with planning or whatever they\u2019re doing, they can be holding their property without any <strong>[2:18 inaudible]<\/strong>. And without a tenant paying them any rent, it can really bite.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Another one that I\u2019ve heard from time to time\u2026 And this one is very personal because this actually happened to me. All of our investments have always been 600 square meters plus \u2013 620, 800. And that is that a block of 600 square meters plus with side access \u2013 in our case, we bought it on a corner \u2013 is going to be sub-dividable. But I do know that that\u2019s not true.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 No, it\u2019s not a golden rule to rely on at all. There are so many moving parts to this process. And it relates to town planning. You have to look at the title as well and understand if there are any restrictions there. You could have covenants. You could have easements. You could have a really restrictive council with neighbors who might object to what you\u2019re wanting to do.<\/p>\n<p>There are that many things to take into account about the side clearance and sub-dividable minimum rates. Most councils will say that it\u2019s a case by case basis, and 600 is not a guarantee to be able to subdivide.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, once again, do your due diligence right at the start. We talked about values not being uniform in markets all around Australia. That brings me to my final point that I want to discuss with you, Cate. My guest is Cate Bakos, buyer\u2019s agent. That is that rental yield and rental demand is consistent in the capital cities.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Not at all. It\u2019s a really good one to myth-bust, because our capital cities have very different rental yields from each other. Being Melbourne-based, I often field phone calls from interstaters who are a little bit aghast at the rental returns that I cite them from the Melbourne market. And we are a market that doesn\u2019t boast our rental yields; in fact, are some of the lowest out of the capital cities.<\/p>\n<p>But also assuming that rental yield is consistent across dwelling types and across cities themselves. It\u2019s not the case at all. So, demand and yield is obviously a factor of supply and demand, that you have areas that are over-represented \u2013 it might be apartments \u2013 then you could have a bit of a hard time getting the right amount of rent straight-away for your apartment because it will be competing with other apartments.<\/p>\n<p>So, again, due diligence and talking to people who can genuinely cite you a rental return is really important, and that should be a property manager rather than the sales agent who is selling a property.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Very good. We\u2019ve covered four really good points here with Cate Bakos. Cate is a buyer\u2019s agent out of Melbourne and always very reliable with her information. Next time we have a chat in a couple of weeks\u2019 time, there are some misunderstandings around finance I\u2019d like to catch up with you on as well.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 I love this one.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, good on you. All right. We\u2019ll talk to you about that in a couple of weeks\u2019 time. Thank you.<\/p>\n<p><strong>Cate:<\/strong>\u00a0 Thanks, Kevin.<\/p>\n<h2>Large urban areas ripe for picking &#8211;\u00a0Jeremy Sheppard<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Towards the bottom of the homepage on Real Estate Talk, you\u2019re going to notice a badge there for a product called Location Score. I want to dig a little bit deeper into this because there was a really interesting release that they put out this week that had a look at the 20 largest significant urban areas around Australia. Some great lessons coming from this and now that Location Score has the ability to look back a little bit and track where the property markets are going, we\u2019re getting some really good data.<\/p>\n<p>Joining me to talk about this is Jeremy Sheppard, from Location Score, LocationScore.com.au and as I said, use the button on the homepage at RET to tell you a little bit more about it.<\/p>\n<p>Jeremy, tell me about Location Score. How do you write these areas? What sort of data do you use?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 The whole idea about it is supply and demand. We\u2019re trying to score supply and demand, so we\u2019re looking at things like auction clearance rates, vacancy rates, percentage of stock on market. That\u2019s obviously a very good indicator of supply.<\/p>\n<p>We munge all of these statistics together into a single score out of 100, because that\u2019s just easier to digest. The higher the score is, the more demand exceeds supply, so it\u2019s that simple really.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Let\u2019s have a look at one of the hot markets recognized around Australia, and that is the Sydney market. What have you noticed there, and what has Location Score picked up?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 As the report shows, over the last few years, the Location Score has been steadily declining in Sydney. It was at a peak somewhere in middle of 2015,and since then, it\u2019s just been gradually coming back. And you\u2019d expect that; sky-high prices subdue demand like nothing else.<\/p>\n<p>It\u2019s come back down from about 73 to 60, which is quite significant, but that was over about a three-year period. But that obviously reflects where the market is right now. We\u2019re seeing very low growth, if any at all, and that\u2019s because the demand has been balanced with supply.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Speaking of balance, what would you score a balanced market at?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 The theoretical balance point is a Location Score of 50 because it\u2019s scored out of 100. But what we\u2019ve found historically is it\u2019s probably around about 55. About 55 seems to be where the figures lie for a market that\u2019s in balance.<\/p>\n<p>An example of that might be Brisbane at the moment. It has a Location Score of 56, so that\u2019s about balanced. And of course, Sydney is still just a little bit higher than that, so you\u2019d still expect it to have some sort of growth. But of course, it\u2019s come down a long way.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 What are some of the high achievers that you can nominate for us?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 Actually, one interesting one is Melbourne. Despite the fact that we\u2019re hearing that there\u2019s been little growth, I\u2019m just wondering whether that\u2019s seasonal \u2013 perhaps, Christmas, New Year\u2019s, and Easter, and so on \u2013 because we\u2019re seeing that the Location Score is still reasonably high. It has come back a bit from last year where it was quite high, around about 68. But it\u2019s still tracking about 65, and to me, that means there\u2019s still some growth left in the Melbourne market. I don\u2019t think that this year, it\u2019s going to be such a flat year for Melbourne.<\/p>\n<p>But the standout markets, I think, are Geelong. Geelong had a very high Location Score. Let me just flick through the report and find out where that was. I think it had the second highest Location Score. This is data finishing March 2018. It had a location score of 66, which is quite healthy \u2013 very healthy \u2013 and that\u2019s a natural response of the Melbourne growth, that it\u2019s starting to ripple out towards the nearest regional markets. Of course, Geelong being within a stone\u2019s throw of Melbourne.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 We\u2019ve heard some horror stories about Perth. What are you noticing there? What\u2019s it telling you?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 It\u2019s still no good news for Perth, but it appears that it has bottomed. The Location Score for Perth has been pretty much constant over the last two years. It\u2019s been tracking around 50, 52, 51. There\u2019s a little bit of volatility there, but the good news is that it isn\u2019t going any further south.<\/p>\n<p>It\u2019s decline probably finished towards the middle of 2016, so since then, it\u2019s just been smooth sailing. But that doesn\u2019t mean it\u2019s about to enter its growth phase. It could just sit on the bottom there for who knows how long?<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I was going to ask you at what point do you say maybe the Perth market has turned around. Is that over 55?<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 I personally would like to see it go above 60 before I\u2019d show any interest in it, in fact, 62. To me, 55 is still just balanced; it\u2019s business as usual. Most markets are in a state of balance. There\u2019s this tug of war between supply and demand. Every market wants to be in balance, and so the vast majority of them are around that 50 to 55, mid-50s. So, it doesn\u2019t get our interest unless it\u2019s getting up above 62. That\u2019s when it triggers some attention from us.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I guess we have to be pretty careful here too, don\u2019t we? We\u2019re talking in general terms here about capital cities, but even within capital cities there are markets within markets.<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 Yes. Actually, an interesting point there. I\u2019ve noticed there are a couple of markets in Perth that have caught my eye. And this is usually the case. When you see a boom starting off, it\u2019s usually affluent areas where the property prices are quite expensive. People are looking at them and thinking \u201cThat\u2019s really good value for money. I know we\u2019re in the middle of a flat period.\u201d And that\u2019s what triggers the start of the boom, and then it ripples outwards. Then you have this flight to affordable locations towards the end of the boom.<\/p>\n<p>We\u2019ve noticed just a couple of those exclusive sort of areas in Perth, their individual Location Scores have just started to climb up into the interesting range. It\u2019s no signal yet, but like you said, there are markets within markets, and so people in Perth probably have a few opportunities coming their way soon.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Go to Real Estate Talk. Look for that button. That\u2019ll take you to LocationScore.com.au. It will tell you a lot more detail. You can dig into that. You can subscribe to it, and then you can go and have a look at any suburb you like and get all kinds of information we\u2019ve been talking to Jeremy about today.<\/p>\n<p>You can get a bit more information, too, by going to RET, Real Estate Talk, and putting in \u201cAussie swingers reveal future rises,\u201d and that\u2019ll take you straight to the article that actually gives you a lot more detail, a lot more suburbs, and actually looks at the markets of Sydney, Melbourne, Brisbane, Perth, Adelaide, Gold Coast, Newcastle, Canberra, Sunshine Coast, Central Coast, Geelong, Wollongong, and Hobart, to give you a really good insight.<\/p>\n<p>Jeremy Sheppard has been my guest, and we\u2019re talking about a website called LocationScore.com.au. Jeremy, thanks for your time.<\/p>\n<p><strong>Jeremy:<\/strong>\u00a0 Thanks very much, Kevin.<\/p>\n<h2>A futurists view of property &#8211;\u00a0Michael McQueen<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Time is running out for credit cards, iTunes, car parks, call centers, and service stations according to futurist Michal McQueen. As disruption continues to upend industries, to change employment opportunities, and alter the way the world communicates, what lies ahead and how do you stay relevant?<\/p>\n<p>We\u2019re going to look at that today in the show as it relates to real estate because in Michael\u2019s new book, <em>How to Prepare Now for What\u2019s Next<\/em>, he draws on a decade of research into future trends. He joins me now as our guest.<\/p>\n<p>Michael, congratulations on the book and welcome to the show.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Thanks so much. Good to be part of it.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 We\u2019re going to work through a number of things that you say are going to become redundant \u2013 we\u2019ll ask you why \u2013 and we\u2019ll look at trends in real estate, too, and how our living may be changing the way we build houses, I guess.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Definitely, yes. It\u2019s an amazing time, I think, for every industry, but real estate, we\u2019ve talked a lot about disruption over the years but I think we ain\u2019t seen nothing yet. It\u2019s going to be a very interesting next few years for the real estate sector.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 You say that car parks are the top on your list in terms of what\u2019s going to become redundant. Tell me why.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 The big thing driving this is driverless cars. It\u2019s autonomous vehicles. A lot of my time is spent working with and speaking to the people who are in this space and who are even developing the technology. The smartest minds right now anticipate 2027 is when driverless cars will become somewhat mainstream.<\/p>\n<p>At the moment, we\u2019re seeing some pretty advanced testing happening in Phoenix, in Arizona, and other pockets around the world, but that\u2019s the epicenter of it. This is going to be a gamechanger once it hits mainstream roads for a couple of reasons.<\/p>\n<p>It would impact on industries like the auto insurance industry, for instance, roadside assistance, all of those businesses. But from a car parking perspective, the need to park your car will disappear the moment an autonomous vehicle can, say, drop you at work or drop you at dinner, then go home and wait for you to finish or come back and pick you up, or drops you and then goes in the pool of other driverless vehicles Uber-style earning you cash while you\u2019re at work or at dinner. So, that\u2019s the world we\u2019re looking at in the next five to ten years, certainly in the next ten years.<\/p>\n<p>I think the impact on real estate will be interesting. People will be able to move further and further away from city centers. We\u2019ll see the design of homes change. The need for a car port, for instance, potentially disappears within the next generation. Even the whole notion of car ownership will disappear as we move into using Uber-style driverless vehicles as the norm.<\/p>\n<p>The interesting impact just from driverless vehicles is one to watch.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Surely, these cars, even though they\u2019re shared, will have to be parked somewhere, won\u2019t they?<\/p>\n<p><strong>Michael:<\/strong>\u00a0 They need to be parked somewhere? Where they\u2019ll be parked is the cheapest, easiest spot and it won\u2019t be in CBDs. This is an interesting thing. You look at most CBD areas and we\u2019re clogged up full of these multi-story car parks in really high value real estate. And the reality is that this is a poor use of resources and space, so we\u2019ll see a lot of that free up.<\/p>\n<p>But we\u2019ll also probably see a lot of these cars will run almost all of the time, and so the need to be stored and parked somewhere\u2026 They may be stored and parked for a certain amount of time in the day, maybe between 2:00 a.m. and 4:00 a.m., but realistically, they will all be used throughout the day continuously because there\u2019s no need for them to have a rest, unlike having a driver in a vehicle.<\/p>\n<p>It\u2019s going to be very interesting to see the knock on impact of how cities are designed. In fact, we saw in Chicago just a few weeks ago, a building opened, a new apartment block, with a car park built into it, and they actually built this car park with the express desire to create it so it can be repurposed in the next decade when the car parking space is no longer required.<\/p>\n<p>And so even developers and architects have got this on their radar right now.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I notice, too, one of the other things you say will disappear will be service stations. Understandable, I guess, because we\u2019ll probably move toward electric vehicles.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Yes, that\u2019s exactly right. That\u2019s a more interim one. In fact, that\u2019ll be one will see really bite in the next five to seven years. The impact on that from electric vehicles is huge, and we have a long list of car makers who are frantically working to get electric vehicles into the mainstream.<\/p>\n<p>At the moment, we have a fairly low adoption if you look at Australia against other benchmark countries around the world. But we\u2019ll catch up very quickly as soon as these vehicles become accessible pricewise. Tesla has still pitched itself as a luxury vehicle, but we\u2019re seeing a flood of vehicles \u2013 in the next few months, even \u2013 coming onto the market from GM. We\u2019re seeing Mercedes, Volvo, each focusing on this area.<\/p>\n<p>Electric vehicles will be a very interesting one to watch because there will be no need to fill your car up at the petrol station the moment you charge it overnight at home. And there\u2019s an interesting flow-on effect on a whole lot of other industries \u2013 mechanics, for instance.<\/p>\n<p>In the world of mechanics, electric vehicles have 10% of the moving parts of an internal-combustion car. That\u2019ll have a massive impact on the whole supply industry for mechanics and the professionals in that space.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Let\u2019s talk about technology and the impact in houses. You only have to look at things like Google Home, and I saw Google develop a chat bot just this week, in fact, that talks and can actually make apartments for you.<\/p>\n<p>It makes me wonder about the design of houses in the future. You talked there about having no garaging, but are they going to become almost remotely controlled, our houses, so things can be done when we\u2019re not even there?<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Yes, that\u2019s already happening. That\u2019s definitely a feature, already, of home design. We\u2019re seeing a lot of homes being built with remote control capabilities, so you turn the oven on from an app on your phone, change the lighting, change the temperature, thermostats. The company Nest has been a big part of that in the last few years and has been at the forefront of that technology. That will continue to grow.<\/p>\n<p>Our homes will be far more connected and that line between the digital world and the real world will become increasingly blurred. The idea of opening your computer to go online, for instance, that being something you have to delineate \u2013 \u201cI\u2019m going to jump online now and do something\u201d \u2013 that will disappear. It will be a seamless interaction.<\/p>\n<p>You\u2019ll be just going about your daily life and you\u2019ll talk to your Google Home speaker and just ask her to do something and it\u2019ll do it instantly. That\u2019s already a reality. It\u2019ll become far more embedded in daily life in the next few years.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, we have Google Home. We\u2019re already doing that. It is wonderful technology. It freaks me out a little bit when I can see that she\u2019s listening to me when I\u2019m not talking to her, though. But anyway, that\u2019s a whole different thing.<\/p>\n<p>iTunes, you say, also will change. And I think, too, this is going to be one again with houses, a lot how we get our news. Even television news is changing, and I notice out of America some new sites that are developing that are delivering news to us when we want it.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Yes, definitely. I think the media space is really interesting to watch. And the iTunes shut down in the next 14 months of digital downloads will be very interesting \u2013 very telling, I think, of a change in the times.<\/p>\n<p>Apple Music now has 38 million subscribers, so that\u2019s a lot of people no longer purchasing music to download and own. And so, in typical form, Apple cannibalizing their own business and they are shutting down what had been their own disruption to the music business a few years ago.<\/p>\n<p>That\u2019s probably very indicative of how technology and media is changing, and we\u2019re seeing the same thing in the real estate space. When you look at an app like Snaploader, for instance, and Snaploader is often described as the Shazam of real estate, with its ability to drive down or walk down the street and snap a house, hold your phone up, get advanced digital recognition of what you\u2019re looking at, identifies where you are, gives you viewing times, auction times, status of the listing, 3-D image of the internal structure of the home, all using augmented reality on your smart phone.<\/p>\n<p>And across a whole lot of different areas, that digital devices prices in our pockets, that\u2019s the thing that\u2019s the biggest game changer still. Apple watches have been great \u2013 and smart watches, generally \u2013 but still, it\u2019s the smart phone that\u2019s driving a lot of the technology change.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, the changes in how we build houses, we\u2019re going to have to become a lot smarter, because councils all over the country are calling for more infill. Our houses are going to have to become a lot smaller so that we can fit people into them, so therefore, we\u2019ll have to use all of this technology to save on space, I would have thought, Michael.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 Yes, definitely. And it\u2019s interesting, too, saving on space, but even the functions of the rooms we\u2019re in will change. Not only will we find in the next few years that homes not have garages but you\u2019re seeing the whole purpose of different rooms changing.<\/p>\n<p>One of the trends in the last few years has been the emergence of every home having a media room, which is something that was unthinkable 15 years ago. And so, the design of homes is always changing. We\u2019ll probably see that continue to change over the next few years as this technology becomes embedded in daily life.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Obviously, architects are behind all this. They\u2019re keeping up with it. What are some of the other trends you see that we\u2019re going to see in the next decade with our houses?<\/p>\n<p><strong>Michael:<\/strong>\u00a0 I think with our houses, specifically, we\u2019ll probably see that the way we use land will be one of the biggest things driving house construction and the changes there. Even in Sydney, my hometown here, within a solid 10K radius of where I am, the lower north shore in Sydney, we\u2019re seeing now zones being re-zoned plus blocks being re-zoned so that anything over a certain size, you can actually get permission much more easily. They\u2019ve streamlined the process to be able to do townhouses on the traditional large-scale blocks in suburbs like Ryde and Gladesville, for instance.<\/p>\n<p>This is a very deliberate push by the state government to try and increase density population, because we all know that property is expensive, and that\u2019s going to mean that not only is it just a case of put a granny flat at the back of your house to try and subdivide your land, but actually, you can in a far more easy way, use your land in different ways. And we\u2019ll probably see a lot of new, very innovative approaches to building homes in that townhouse format because the cash incentives will be there to do so.<\/p>\n<p>So, that streamlining of the process for development applications, that\u2019s going to be a game changer, certainly in Sydney, Brisbane, and Melbourne. They will be the three big cities that we\u2019ll see that impact the most.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Wow, some big changes on the horizon. If you want to catch up on that, the book is called <em>How to Prepare Now for What\u2019s Next<\/em>. My guest has been Michael McQueen. He is the author of that book.<\/p>\n<p>Michael, thank you very much for your time.<\/p>\n<p><strong>Michael:<\/strong>\u00a0 My pleasure. Thanks for having me.<\/p>\n<h2>Property deals done digitally &#8211;\u00a0Lisa Dowie<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 I want to talk about PEXA now. The name PEXA means Property Exchange Australia. It\u2019s Australia\u2019s online property exchange network. It assists lawyers, conveyancers, and financial institutions to lodge documents with land registries and complete financial settlements electronically. PEXA was formed in 2010 as an initiative to deliver a single national e-conveyancing solution to the Australian property industry.<\/p>\n<p>Let\u2019s find out a little bit more about PEXA and what\u2019s happening online with conveyancing. Lisa Dowie, who is PEXA\u2019s Chief Customer Officer, joins me.<\/p>\n<p>Lisa, good morning and welcome to the show.<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 Good morning, Kevin. Thanks for having me.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 The shift to e-conveyancing, you guys have been around for getting pretty close to a decade now. How is it progressing? Is there more confidence in the marketplace about it?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 There certainly is. Yes, we\u2019re really starting to see the momentum shift towards e-conveyancing. Some of the numbers, I think, are quite telling. We\u2019ve now processed over one million transactions on the platform, so I think that gives people a bit of a sense of the scale and the reliability of the platform.<\/p>\n<p>We have more than 6000 legal and conveyancing firms registered as PEXA members, so again, that really is a large chunk of the market that are now actively on the platform. And about 90% of all refinances are completed on PEXA too, so that really is starting to show that the shift is definitely moving from paper to electronic transactions.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is this largely being driven by the banks, or are you finding that the solicitors are behind it?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 No, it\u2019s definitely a whole of industry shift because the very nature of the transactions being that it involves banks, lawyers, and conveyancers, and also land registry and state revenue offices, those particular transactions really do demand that the whole network works together to make this shift. And that\u2019s really what PEXA has been driving for the last few years.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 What\u2019s the difference? I know that e-conveyancing is online, but what\u2019s the basic, core difference between e-conveyancing and the traditional manual process?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 It all comes down to really what happens at settlement. Rather than traditionally in the paper world, on the day of settlement, you would have lawyers, conveyancers, and bank representatives meeting up in settlement rooms across Australia.<\/p>\n<p>They would get together and bring all of their documentation together on that very day, having not seen it before, and then they would hand over bank checks and swap documents and then take those back to their bank or a land registry, for them to be lodged and then eventually processed.<\/p>\n<p>What PEXA does, it does all of that activity online now. And you get to see a lot more of the preparation, so you get to see a lot more transparency in the lead-up, so any differences or anomalies can be worked out during that process and then once the day of settlement hits, nobody actually has to attend and the file will complete online.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I can understand how it\u2019s a major benefit for solicitors, conveyancers, and financial institutions but the average consumer very rarely attends a settlement anyway. They probably really wouldn\u2019t notice much of a difference, would they?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 It depends. For a vendor, they will definitely notice that they would get their funds a lot quicker, so they don\u2019t have to wait for bank checks to clear. And for the purchaser, it\u2019s a great sense of surety in that their name is registered on title within minutes, whereas in the past, that could be a lot longer. They\u2019re the main benefits for our buyers and sellers.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is this just the start of digitizing the property sector, Lisa, or is this the major part of it?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 It\u2019s the major part if you think about your moms and dads buying property, but I think when you look at the whole industry, it\u2019s definitely changing from right at the very beginning of the process from when you first list your property. I know contracts of sale are definitely moving to the digital space, and now settlement is another part of that.<\/p>\n<p>The next part people are thinking about is what happens post- settlement and what could be more digitized in that space? You hear about drones and getting robots to move your furniture into your house. Who knows what the future looks like further down the track?<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Even though, Lisa, PEXA has been around since 2010, as I said at the outset, it is still relatively new technology. What are you learning? Are you having to adapt it at all?<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 Yes, definitely. The really good thing is now that we do have so many firms registered and using the platform, we really are getting an opportunity to hear from the users themselves about what they would like to see on the platform.<\/p>\n<p>More and more, we hear that lawyers and conveyancers want to be able to do more on PEXA. They want to be able to do every single transaction type. So, we definitely have a plan to 100% digital for property transactions. That is our initiative that we\u2019re driving, and it was really the original purpose of PEXA to be a national platform and 100% digital.<\/p>\n<p>So, getting feedback from our members and even small things \u2013 they would like to see the button in a different place, to be able to do different sorts of functionality \u2013 is really a benefit now that we\u2019re tapping into, listening to our members and prescribing changes into the platform based on their feedback.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Just go to the website would be a good start, wouldn\u2019t it? That would tell you a lot about it and maybe give some feedback from that area, Lisa.<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 Definitely, yes, our website. And we also have an e-conveyancing community. I\u2019m sure if your listeners were to Google \u201ce-conveyancing community PEXA,\u201d that would come up. And that\u2019s where all our members actually are live on there chatting to each other about their PEXA experience in sharing our ideas, asking each other questions, so yes, there\u2019s a wealth of information on there also.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Lisa, thanks so much for your time. The website is PEXA.com.au. Talk to you again soon, Lisa. Thank you.<\/p>\n<p><strong>Lisa:<\/strong>\u00a0 Great. Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Why flipping does not work in all markets Watch out for properties with price ranges 20 largest urban areas revealed and what they offer investors Property deals done digitally A futurist&#8217;s view of property Transcripts: Murky behaviour of agents &#8211;\u00a0Darren Piper&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":21242,"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-21239","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>Investors flawed assumptions + Murky behavior revealed + Technology\u2019s impact on property - 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