{"id":21940,"date":"2018-08-03T01:00:28","date_gmt":"2018-08-02T15:00:28","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21940"},"modified":"2018-08-03T01:00:28","modified_gmt":"2018-08-02T15:00:28","slug":"where-to-get-double-digit-growth-australasias-most-affordable-capital-city-sydney-rental-market-on-edge","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/where-to-get-double-digit-growth-australasias-most-affordable-capital-city-sydney-rental-market-on-edge\/","title":{"rendered":"Where to get double-digit growth + Australasia\u2019s most affordable capital city + Sydney rental market on edge"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Getting property in the USA is the easy part<\/li>\n<li>Australasia\u2019s most affordable capital city<\/li>\n<li>Sydney rental market on the verge of oversupply<\/li>\n<li>Suburbs for double-digit price growth<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Australasia&#8217;s most affordable capital &#8211;\u00a0Diwa Hopkins<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Easing house price pressures are proving some affordability relief for home buyers according to the HIA. Joining me to talk about this, HIA economist Diwa Hopkins.<\/p>\n<p>Diwa, thanks for your time.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Thank you for having me.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Where are we seeing this? Is it right around Australia, or are there different patches?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 We\u2019re seeing affordability improve in most capital cities. The most affordable capital city at the moment is actually Perth, and so this is a very different story compared to what was happening quite a number of years ago right at the height of the resources boom.<\/p>\n<p>But what you\u2019re seeing in Perth now is a situation where the fallout of the downturn in the resources boom is actually leading to falling prices. By that token, that has improved affordability for home buyers. So, that\u2019s the city that\u2019s most affordable.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I\u2019ll ask you in a moment how you do actually measure affordability, but let\u2019s firstly talk about supply, because I imagine that\u2019s something that the HIA would be monitoring fairly closely.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Yes.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 How have you seen supply compared to demand?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Over the past couple of years, Australia has seen really strong levels of new home building, and this level of supply coming on to the market has been a response to very strong population growth that previously was unmet by commensurate levels of building. That supply has started to respond to underlying demand. In turn, that has taken the heat out of a lot of price pressures that were building up in the market.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes. Have you any evidence of a lot of stockpiling of sites by developers who have decided they want to pull back until the market does actually improve a bit or catch up?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 We can look at the overall balance of the market by looking at both purchase prices and also rental prices to get an overall sense of how balanced the market is. I\u2019d say in the major capital cities, particularly Sydney and Melbourne, we get an impression that these markets are pretty well balanced.<\/p>\n<p>So, you have this situation whereby especially in Sydney, over the long term, you had a combination of strong dwelling price growth as well as rental prices, so that, to us, suggests that you have this persistent under supply and only more recently have dwelling prices been coming back, whereas rental prices, on the other hand, have retained a fairly steady pace of increase. So, to us, that suggests that you have a pretty even match between supply and demand.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I notice the affordability index, if it\u2019s measured over the last 20 years, there are only a couple of capital city markets where the affordability index is actually lower than the 20-year average \u2013 those being Sydney, Melbourne, and Hobart. Overall, the average across all capital cities, the index is actually higher than the 20-year average.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Yes, that\u2019s right. What stands out in particular is Perth and that\u2019s that price story coming through there. But yes, you\u2019re right. What we\u2019re seeing particularly in Sydney and Melbourne, for example, where affordability is lower than its 20-year average, is the effect of the previous very strong house price growth, and so we\u2019re only just pulling back from previous very strong price growth.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 How do you measure affordability?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 We look at house prices and what the associated mortgage repayments would be at the current interest rate settings. We look at the earnings of each of the capital cities, and we consider an affordable repayment to be 30% of earnings. If mortgage repayments exceed 30%, then the corresponding affordability reading will be a threshold of 100, so we set that index to equal 100.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 The average across all the capital cities, according to your information, is 71.3. How does that measure? Is that acute or is it promising?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Critically, it\u2019s below an index reading of 100, so it tells us that under current price settings and interest rate settings, mortgage repayments are amounting to more than 30% of an average wage.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I understand that, but there\u2019s only one capital city in Australia where it\u2019s actually over 100, and that\u2019s Perth.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 That\u2019s right. So, that\u2019s why we have this overall average across capital cities where the reading on average is less than 100.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 How often is that 30% benchmark changed or altered? Or is it never altered?<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 No, it\u2019s never altered. It\u2019s an industry-wide rule of thumb.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 A barometer.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 That\u2019s right.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I\u2019ve been talking to Diwa Hopkins who is the HIA economist. Thank you very much for your time, Diwa.<\/p>\n<p><strong>Diwa:<\/strong>\u00a0 Pleasure. Thanks for having me.<\/p>\n<h2>Sydney rental market on verge of oversupply &#8211;\u00a0Louis Christopher<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>The Sydney rental market has recorded the highest vacancy rate in at least 13 years according to SQM Research. Joining me from SQM, Louis Christopher.<\/p>\n<p>Hi, Louis.<\/p>\n<p><strong>Louis:\u00a0 <\/strong>Hi there, Kevin.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Louis, just looking at your report here, I think you\u2019re saying that the Sydney rental vacancy rose to 2.8%. It\u2019s getting very close to that 3% threshold that we\u2019ve talked about in the past, isn\u2019t it?<\/p>\n<p><strong>Louis:\u00a0 <\/strong>Yes, that\u2019s right. And importantly, the trend is up. Vacancy rates have been rising, we think they\u2019re going to continue to rise, and it is becoming increasingly a tenant\u2019s market in Sydney. And certainly, in some areas, particularly in Sydney\u2019s northwest and the Hills district, the lower north shore and Sydney\u2019s eastern suburbs, we\u2019re recording rental vacancy rates well above 2.8%.<\/p>\n<p>I think the highest rental vacancy rate we have for any individual locality in Sydney is Kellyville running at about 7.1%.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Wow. To keep this in perspective, it\u2019s almost 20,000 rental properties that are vacant. How accurate is that figure? I know I\u2019m asking you who generated the report, but we hear a lot of properties that aren\u2019t necessarily reported as being vacant that are vacant. Could it be higher than that, Louis?<\/p>\n<p><strong>Louis:\u00a0 <\/strong>This is a measure of properties advertised as available for rent. There are definitely properties out there that are unoccupied and not being advertised for rent. That segment of the market is very hard to measure, and we take the view that, okay, they may well be unoccupied, but if they\u2019re not available for a tenant to rent, they\u2019re not on the market, they shouldn\u2019t arguably be counted as being a property that\u2019s available for rent and vacant.<\/p>\n<p>Whatever your view is on that \u2013 and people have various views on those types of properties \u2013 we\u2019re simply measuring those properties that were advertised over the course of June and have been on the market for at least three weeks and longer.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, so these are available rental properties. I guess that\u2019s the differentiator, isn\u2019t it?<\/p>\n<p><strong>Louis:\u00a0 <\/strong>That\u2019s the differentiator. That is correct.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>I see in your report that Hobart is one of the hottest rental markets in Australia. That\u2019s all to do with the boom that\u2019s happening down there, do you think?<\/p>\n<p><strong>Louis:\u00a0 <\/strong>That\u2019s right. We have the vacancy rate at just 0.7%. There are just 220 properties vacant and available for rent in Hobart. Keep in mind, of course, Hobart is a relatively smaller town when we compare that city versus, say, Brisbane or Sydney. Nevertheless, it\u2019s very tight. It\u2019s a landlord\u2019s market. Rents have been rising at above 8% per annum now for the last two years. Now, of course, they\u2019ve come from a very low base.<\/p>\n<p>And the reason why we\u2019re seeing such a tight rental market in Hobart is a two-fold reason. Number one, since about 2015, the Hobart economy has been doing really well. That\u2019s as a result of a good state government there doing the right things by the Hobart community in terms of the economy, as well as a lower Australian dollar compared to what we had back in 2012.<\/p>\n<p>And Hobart is one of those economies where when you see a lower Australian dollar, it generally thrives. That, plus the fact that even while the vacancy rate has been getting tighter in Hobart since about 2015, property developers haven\u2019t been coming to town. They have not been building.<\/p>\n<p>And I\u2019ve been speaking to property builders as to why: \u201cWhy are you not taking advantage of this opportunity?\u201d The answers I get back are it\u2019s just too costly to actually build there right now and developers being concerned that they may not get the financing to buy in Hobart.<\/p>\n<p>But it actually does really boil down to cost. I had one developer say to me \u201cI literally would have to ship in a lot of the raw materials from the mainland to get the development going.\u201d And that certainly adds to the cost.<\/p>\n<p>I think, though, that when you look at the most recent numbers, developers are starting to take the risk and build in Hobart, so our view is that over the next two years, we\u2019re likely to see vacancy rates starting to rise again.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>It\u2019s interesting when you look at the vacancy rates in your report and then you look at what\u2019s happening with those weekly rents. You can really see it coming through, change week on week with drops in Canberra, Sydney, also in Adelaide, Hobart, and some in Melbourne in houses. Then you look at what\u2019s happened year on year: there\u2019s a fairly dramatic drop year on year out of Sydney, which is what you\u2019ve indicated.<\/p>\n<p><strong>Louis:\u00a0 <\/strong>Yes, that\u2019s right. You have to be a little bit careful about looking at rents on a week-by-week or month-by-month basis even, because there can be seasonality in those numbers for the rents. But the 12-month change really can tell the story.<\/p>\n<p>As you\u2019ve rightly pointed out, we\u2019re now recording a fall in rents in Sydney of about 2% for houses over the past 12 months, whereas when we looked at Hobart, rents are up by 8.5% for houses and 10.4% for units. So, quite a variation occurring there, but more in line with what we\u2019re seeing with the vacancy rates.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Houses in Canberra have improved well year on year at 13% on last year. How much of that has to do with supply and demand? Because I know there are a lot of properties taken off the market in Canberra with that Mr. Fluffy debacle, weren\u2019t there?<\/p>\n<p><strong>Louis:\u00a0 <\/strong>Yes, that\u2019s correct. We have a current vacancy rate in Canberra of just 0.9%, so it is really tight, and hence the reason why we\u2019re recording houses up for rent by 13%.<\/p>\n<p>I generally found with the Canberra housing market that it\u2019s fairly closely correlated with federal government spending and elections. And as you come up to an election, for example, the government starts spending more money on consultants as an example, and those consultants generally will come to Canberra and live in Canberra while servicing the federal government, and that has an impact upon the housing market.<\/p>\n<p>And whenever you see a situation where the federal government is cutting spending \u2013 and they normally do that, for example, \u00a0after an election in the first year \u2013 that can have a negative impact upon the Canberra housing market.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Louis, great talking to you, mate, thank you, and a tremendous report. Louis Christopher from SQMResearch.com.au. Thanks for your time, mate.<\/p>\n<p><strong>Louis:\u00a0 <\/strong>Thank you, Kevin.<\/p>\n<h2>Time to sack your property manager? &#8211;\u00a0Sarah Megginson<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 As you would no doubt be aware, issue number 134 of <em>Your Investment Property<\/em> is out on the streets now. There is a separate podcast coming out as well that will give you a lot more detail about that. But there\u2019s a story inside this edition that I wanted to talk about specifically with Sarah Megginson who is the editor for <em>Your Investment Property<\/em> magazine.<\/p>\n<p>Sarah, thanks very much for your time.<\/p>\n<p><strong>Sarah:<\/strong>\u00a0 Thanks for having me, Kev.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 I\u2019m just curious about this article about knowing when it\u2019s time to fire your property manager. What are the signs? What are the signals?<\/p>\n<p><strong>Sarah:<\/strong>\u00a0 We put this story together based on some feedback from readers. We often have stories about how to build your portfolio, but once you\u2019ve got your properties, you also need to be able to manage them \u2013 and that\u2019s what this story was kind of born from.<\/p>\n<p>It\u2019s the idea that once you pass your property over to your property manager, you can\u2019t just set and forget; you do need to stay quite actively involved because some of them can be less experienced than others. They can be \u2013 how would you put it politely? \u2013 less proficient than others, and it can really end up costing you thousands of dollars if you don\u2019t get them into line.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 That can happen after a period of time too. There might be an initial flurry where a BDM or business development manager has brought your property on to the rent roll, therefore they\u2019ll be paying particular care and attention to it in the first month or two, and then the service starts to fall away.<\/p>\n<p>What are you recommending in terms of someone monitoring it? Should there be something in the clause to say if they\u2019re not happy, they can terminate?<\/p>\n<p><strong>Sarah:<\/strong>\u00a0 Yes, absolutely. This is often part of the standard contracts that you fill out. You\u2019ll have a clause in there or a period in there that you can give them notice to not be your property manager any more. But it\u2019s really about being clear about your expectations up front.<\/p>\n<p>And I know, personally, some of the issues have come about when there\u2019s been a change of property manager. The person who I was dealing with was giving a great level of service and that changed when we got the new property manager who just didn\u2019t approach things in the same way, didn\u2019t keep me in the loop, they did repairs without approvals and that type of thing.<\/p>\n<p>I think if there\u2019s a change of property manager within the agency you\u2019re using, then make sure you have a conversation with them so that they\u2019re on the same page as you.<\/p>\n<p>And then in the article, we go through a number of different scenarios of \u201cIf this is happening then it\u2019s a bit of a red flag and it\u2019s time to either have a conversation with them or consider moving to someone else.\u201d<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, and therein lies the problem because when you give notice to an agent you\u2019re going to make the move, one, you have to know the time period, but then you\u2019re in that land of never-never. When you give them the notice, they\u2019re not going to take really good care of you, unfortunately.<\/p>\n<p>But you know, there is a solution to this and I\u2019ve recommended this to a number of people. And that is that when you give notice, you can actually take the property away immediately, give it to the new property manager as long as the original property manager is paid their fee.<\/p>\n<p>Let\u2019s say, for instance, that you\u2019ve got a 30-day notice period. Then make sure they get the commission for that 30-day period, and you\u2019ll find that the agency you\u2019re taking it too will agree to that because they\u2019re getting a new management.<\/p>\n<p><strong>Sarah:<\/strong>\u00a0 Yes, exactly. It\u2019s not always about the actual dollar value. It can cost you a lot more in problems down the track if you haven\u2019t got this all sorted out. There\u2019s so much emotion involved in investing. It\u2019s a very people-driven business, so you have to address these things on a case-by-case basis.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Yes, you do. Remember there\u2019s always a solution. It\u2019s a great article. It\u2019s inside the current edition of <em>Your Investment Property<\/em>. It\u2019s out right now. It is actually the September edition even though it\u2019s coming out in August. It just shows how far ahead of the game you guys are. Issue number 134: \u201cHow to fire your PM and to know what the signs and signals are\u201d.<\/p>\n<p>Sarah, thanks for your time.<\/p>\n<p><strong>Sarah:<\/strong>\u00a0 You\u2019re welcome. Thanks, Kev.<\/p>\n<h2>Double-digit growth suburbs &#8211;\u00a0Simon Pressley<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 You\u2019d be excused for thinking that the property market in Australia is all doom and gloom. We\u2019re hearing about reductions in price, the Sydney market falling, and so on, but you\u2019re going to be really surprised to hear a report that we\u2019ll be talking about in this interview that\u2019s come out that reveals that double-digit price growth has been produced in one in every eight locations across Australia. You heard right: one in every eight locations.<\/p>\n<p>This is not a great surprise to the people who put the research together. One of our supporters and people we feature regularly in this show because they know what they\u2019re talking about, Propertylogy\u2019s Simon Pressley joins me.<\/p>\n<p>G\u2019day, Simon.<\/p>\n<p><strong>Simon:<\/strong>\u00a0 G\u2019day, Kevin. Always good to chat.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 In your chat with me before this interview, you mentioned that it\u2019s not really a surprise to you because you are focused very much on this ongoing, aren\u2019t you?<\/p>\n<p><strong>Simon:<\/strong>\u00a0 Yes. In any calendar year really, the official data today, one in eight locations across Australia, double-digit price growth as we said, but that\u2019s probably lower than normal, in all honesty.<\/p>\n<p>But why we\u2019re sharing this data is because I think so much of the broader property media hovers around whatever is happening in Sydney or Melbourne at any given time, good or bad, and because our two big cities, their growth cycles are now behind us. I think a lot of the Australian public thinks that is a reflection of what\u2019s happening right across the country, but it\u2019s definitely not.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Is this largely in regional markets, or are there some cap city markets or suburbs that have improved well into double-digits?<\/p>\n<p><strong>Simon:<\/strong>\u00a0 There\u2019s double-digit growth in some capital cities and some regions, but overwhelmingly, Kevin, regions are the winners. And on this show several times over the last couple of years, we have been deliberately trying to share with people lots of information about regional Australia because we\u2019ve felt for a couple of years that the best opportunities are going to be not in all regions, but if you know what you\u2019re looking for, that\u2019s where the real growth we felt was going to be.<\/p>\n<p>45 out of the 67 locations in Australia that had double-digit price growth over the last 12 months were in regional locations, so that still means there were 18 capital city locations with double-digit price growth. But 45 out of 67 in regional Australia, and we expect that trend to continue for a good few years.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 What about state by state, Simon? Were there any states that really stood out?<\/p>\n<p><strong>Simon:<\/strong>\u00a0 The biggest beneficiary was Victoria. It had 28 locations with double-digit price growth, and 16 of those are in greater Melbourne. These locations, Kevin, we broke Australia up into each city council. So, there are 550 city councils in Australia and 67 of those had double-digit price growth last year, 28 in Victoria, and of those, 16 were in greater Melbourne.<\/p>\n<p>And no surprise to us that most of those greater Melbourne locations were on the outskirts of greater Melbourne where housing is more affordable.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 There\u2019s a special blog on Propertyology\u2019s feature channel on RET. We\u2019ll put a <a href=\"https:\/\/realestatetalk.com.au\/1-in-8-australian-locations-produced-double-digit-price-growth\/\">link to the article<\/a> inside this commentary down below in the transcript section.<\/p>\n<p>What about some of the other states around Australia, Simon?<\/p>\n<p><strong>Simon:<\/strong>\u00a0 New South Wales had 27 locations of double-digit price growth, and 24 of those were in regional New South Wales \u2013 24 out of 27. South Australia featured quite well: four locations there, and three of those were in regional South Australia.<\/p>\n<p>Tasmania: we\u2019ve known for a good couple of years that Hobart is our hottest market. There were four parts of Hobart with double-digit price growth, but also three locations in regional Tasmania with double-digit price growth.<\/p>\n<p>Western Australia only had the one: interestingly, Karratha. Median house price increased by 13.5%. We know Karratha had a nasty decline when the mining boom came to an end. And we\u2019ve known for a couple of years that mining in general has been showing some solid recovery. Western Australia has seen it.<\/p>\n<p>Nothing in Queensland, unfortunately, Kevin. It continues to disappoint us, capital city and throughout regional Queensland for too many years, to be frank.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Well, you know, in defense of Queensland, I think one thing about the Queensland market is it continually just improves at a fairly moderate rate. I think around maybe 6%, which is still quite reasonable. We don\u2019t get the highs and lows.<\/p>\n<p>You probably don\u2019t agree with that, Simon, but that\u2019s my view.<\/p>\n<p><strong>Simon:<\/strong>\u00a0 Disappointing. It\u2019s always had a lot of potential, strong fundamentals. The state lacks confidence, it lacks significant investment in infrastructure, and until those two things combine, the buyer public won\u2019t have the confidence required for some decent returns as investors.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Fair enough. One of the big drivers behind this, of course, is employment. And we see employment come for different reasons, like tourism, health, agriculture, infrastructure, and so on. What were the standouts for you?<\/p>\n<p><strong>Simon:<\/strong>\u00a0 We talk about property economics on this show all the time, don\u2019t we, Kevin? The real thing\u2026 We\u2019ve always had this fascination with the Asian Century. It\u2019s what caused the mining boom. It\u2019s what caused Sydney and Melbourne\u2019s boom. It\u2019s what\u2019s been the catalyst for Hobart\u2019s remarkable turnaround, and it\u2019s also what\u2019s unfolding throughout parts of regional Australia.<\/p>\n<p>The Asian Century is a massive phenomenon where 2.5 billion people over a short period of time are going from poverty to middle class, and how that affects Australia\u2019s property markets is the different industry sectors that expand and create more jobs, which leads to confidence, salaries, people migrating from one location to another.<\/p>\n<p>One or another causes pressure to rise on property or pressure to fall on property, and regional Australia is a big beneficiary.<\/p>\n<p><strong>Kevin:<\/strong>\u00a0 Always great talking to you, Simon Pressley. And don\u2019t forget: <a href=\"https:\/\/realestatetalk.com.au\/1-in-8-australian-locations-produced-double-digit-price-growth\/\">use this link<\/a> to that blog article on Propertyology\u2019s featured channel on Real Estate Talk.<\/p>\n<p>Simon Pressley, thank you so much for your time.<\/p>\n<p><strong>Simon:<\/strong> \u00a0Thanks, Kevin. Talk again soon.<\/p>\n<h2>Getting USA property is the easy part &#8211;\u00a0Bushy Martin<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>My guest this time in the show is a man we\u2019ve had in the show in the past. I learned something about him I didn\u2019t know in the lead up to this interview, and that\u2019s the topic of this conversation, and that\u2019s about investing in the U.S.A. Bushy Martin joins me. Bushy is from KnowHow and is also the author behind <em>The Freedom Formula,<\/em> which we\u2019ve spoken about in the show.<\/p>\n<p>G\u2019day, Bushy. How are you doing?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Hi, Kevin. Great to see you again, mate, and I really appreciate the opportunity to have a chat.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Pleasure. I want to talk to you about this because I didn\u2019t know that you\u2019d invested in the States, in property in America. Is this a recent thing?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>No, we\u2019ve had them for a few years now, Kevin. We always look at where the opportunities are, and after the GFC, obviously, property in the States fell through the floor in terms of value. So, we had a good look at it for a couple of years, and we had a lot of our investors knocking on our door saying \u201cWe\u2019ve got to buy in the States, we\u2019ve got to buy in the States.\u201d<\/p>\n<p>And we said \u201cHold your horses, let\u2019s just settle it down. We\u2019ll be the guinea pigs, we\u2019ll jump on a plane, we\u2019ll go over and we\u2019ll suss it all out. We\u2019ll look at the investment principles over there, we\u2019ll make sure the process works, we\u2019ll have a look at the quality of the people on the ground, and then lastly, we\u2019ll look at the property and we\u2019ll dive in and buy a few properties and see how they go. And if it shapes up all right, then and only then will we suggest that other people follow us on the route.\u201d That was about 2011, I guess.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, you have a few years under your belt now. How has it been in hindsight?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>There\u2019s a massive difference between how it looked on paper and how it presented initially. Getting the properties was actually the easy part, Kevin, and when you looked at the numbers, they stacked up really well.<\/p>\n<p>It was chump change to get into the properties. We bought a couple of properties for between $30,000 and $50,000 in U.S. dollars. At the time we bought them, the Australian dollar was $1.05, so that was pretty good buying. The rental yields were massive, between 21% and 30% on paper. You\u2019re not paying stamp duty. There are a whole bunch of things that look really good.<\/p>\n<p>But I must say buying the properties was the easy part. The actual experience beyond that has been interesting to say the least.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Experience in what? Getting it ready to rent, or getting it rented and keeping it rented?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Yes, exactly right. I think the biggest challenge we\u2019ve had is our expectations around the level of professionalism from people in the property industry.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>These are like letting agents?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Yes, absolutely. We treat property as an elite team sport, Kevin, so we make sure that we eyeball and identify good players on the ground. We\u2019re talking buyer\u2019s agents, we\u2019re talking building inspectors, we\u2019re talking accountants, lawyers, and most importantly, the property managers. And the area that\u2019s really let us down has been the property management.<\/p>\n<p>We\u2019re used to very good quality property management here in Australia, but the standards and levels over there are a long way short. So, very average tenants, extended periods of vacancy, very lax in terms of rental collection. It\u2019s a very reactive exercise over there versus the proactive approach that we see here in Australia.<\/p>\n<p>The other thing that caught us a little bit is the extremes of weather have really upped the ante in relation to maintenance costs. Burst hot water pipes are a regular exercise, replacing them and all of that. Flooding of basements that you wouldn\u2019t expect, just because of the extreme seasonal changes. There are a whole bunch of things there that we wouldn\u2019t have envisaged.<\/p>\n<p>We certainly put contingency on things, but we certainly didn\u2019t anticipate that sort of poor level.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes. In the other show that we do, Real Estate Uncut, which is shortened to RE Uncut, that\u2019s aimed straight at real estate agents, and I know through that show, Bushy, that there are a number of operators out of Australia who are now living in America and training agents over there how to manage property \u2013 or how we do it in this part of the world.<\/p>\n<p>I do think that we are the leaders in that area. I think our levels of service are quite exceptional.<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Absolutely 100% agree, Kevin. After experiencing both, we are poles apart. In fact, I think we set the standard internationally. I guess we always picture America as the pinnacle of everything, just the way it\u2019s presented, but our experience with that has been very different. There\u2019s a massive difference between the walk and the talk in the States, Kevin. Big on promise and a bit average on delivery, I would have to say.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>That is changing, though, isn\u2019t it?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Yes, it is changing. It\u2019s certainly improving quite a bit. In fact, after two years with the properties, we flew back unannounced, inspected the properties, changed the keys, sacked everyone and started again.<\/p>\n<p>And we even added in an independent project manager who we paid an hourly rate for to make sure that what we\u2019re being told is the truth and we had some independent eyes and ears on the ground to do some inspections and to give us the truth on exactly what was going on. So, when you add all those costs in, it suddenly doesn\u2019t look anywhere near as good as what it needs to be.<\/p>\n<p>I guess the other thing, too, is we\u2019ve been fortunate in that we bought pretty much at the bottom of the market, and the intention was to buy at the bottom and then all we had to do was improve to the point where it equaled its long-term average and you\u2019d effectively doubled the value of your property. But you\u2019d be hard pressed to do that now. There\u2019s actually very little capital growth in the States generally. If anyone is looking to invest in the States, I would only focus on a cashflow strategy.<\/p>\n<p>The other challenge with it, Kevin, is to buy the property in the States, you must have an American bank account, and you can only get an American bank account if you\u2019re physically there in person to be able to sign the documentation. So, you can\u2019t buy remotely; you have to jump on a plane and go over and do it. When you add those costs into the equation, then suddenly, the real yields are a lot lower than what the expectations are.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes. Mate, you promised me the good, the bad, and the ugly. We\u2019re out of time. I think we\u2019ve seen pretty much what it is. There\u2019s a note of caution about it always. Always check it out for yourself.<\/p>\n<p>My guest has been Bushy Martin from KnowHow. What\u2019s the website if anyone wants to reach out to you?<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Thanks, Kevin. It\u2019s <a href=\"http:\/\/www.khgroup.com.au\" rel=\"nofollow\">http:\/\/www.khgroup.com.au<\/a>.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>And of course, that wonderful book called <em>The Freedom Formula<\/em>. All the details are on that website, no doubt. I\u2019d be disappointed if they weren\u2019t, Bushy.<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>They\u2019re all there, and I really appreciate the opportunity to have a chat with you.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Yes, it\u2019s a great book. I\u2019ve still got it. It\u2019s one of those books that you\u2019d keep on the coffee table, I can guarantee you. It\u2019s a great book, tremendous read, and looks pretty good too, I have to say. You scrub up all right.<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>It\u2019s amazing what they can do with Photoshop, Kevin.<\/p>\n<p><strong>Kevin:\u00a0 <\/strong>Fair enough, mate. Good on you. Okay, Bushy, thanks for your time, mate. That website, again, is <a href=\"http:\/\/www.khgroup.com.au\" rel=\"nofollow\">http:\/\/www.khgroup.com.au<\/a>. Thanks, Bushy. Talk again soon, mate.<\/p>\n<p><strong>Bushy:\u00a0 <\/strong>Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Getting property in the USA is the easy part Australasia\u2019s most affordable capital city Sydney rental market on the verge of oversupply Suburbs for double-digit price growth Transcripts: Australasia&#8217;s most affordable capital &#8211;\u00a0Diwa Hopkins Kevin:\u00a0 Easing house price pressures are proving&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":21941,"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,"_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-21940","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 v27.7 - 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