Melbourne market<\/a>. We\u2019ve unearthed some staggering figures. When I say \u201cwe,\u201d that is the royal \u201cwe,\u201d really meaning Michael Yardney has unearthed some staggering figures. He sent them through to me and I\u2019m prompted to talk to him about it.\u00a0Good day, Michael.<\/p>\nMichael:\u00a0 <\/b>Hi Kevin.<\/p>\n
Kevin:\u00a0 <\/b>Was this a surprise to you, Michael?<\/p>\n
Michael:\u00a0 <\/b>Driving down the streets of Melbourne, I can see that there\u2019s a lot of new apartments being built. Opening up the paper on Saturday, I can see that, as well. But the concern is they\u2019re very much concentrated in the CBD, and yes, even the quantum of it did surprise me, Kevin.<\/p>\n
Kevin:\u00a0 <\/b>Tell us what the quantum is and bit of a snapshot, Michael.<\/p>\n
Michael:\u00a0<\/b>Basically, according to Colliers International, Melbourne town planners have approved the construction of over 20,000 apartments that are likely to be built in the next four years. This is above the average annual construction level of 1000 a year. In fact, it\u2019s four times above that. Currently, there\u2019s lots of apartments under construction, as well. There are also heaps planned in the outer suburbs, but it\u2019s the Melbourne CBD that\u2019s an issue.<\/p>\n
Kevin:\u00a0<\/b>That\u2019s 20,000 just in the CBD?<\/p>\n
Michael:\u00a0<\/b>That\u2019s correct. In the CBD and very adjoining suburbs. That\u2019s right, Kevin. Compared to Sydney, there\u2019s only about 5500, and in Brisbane, 3000, Adelaide, 2300, and Perth, 1700.<\/p>\n
Kevin:\u00a0<\/b>Over the same timeframe, same time period.<\/p>\n
Michael:\u00a0<\/b>That\u2019s what\u2019s currently approved, and considering we\u2019re talking about big high-rise complexes, they take quite a while to pre-sell and get off the ground. We\u2019re talking about those coming on stream over the next three or four years, Kevin.<\/p>\n
Kevin:\u00a0<\/b>How has this happened, Michael? I\u2019d imagine that a lot of the people in decision-making areas of this would be a little bit more attuned to what\u2019s coming through.<\/p>\n
Michael:\u00a0 <\/b>If we look back, there was a shortage of properties after our Global Financial Crisis, and at the same time, the way we lived started to change and more people moved into the Melbourne and Sydney CBDs. The developers started to get excited and cranked up construction of new apartments in Melbourne in late 2010.<\/p>\n
Then we had a planning minister, who\u2019s now our opposition leader, who decided to \u201cManhattanize\u201d Melbourne, and he encouraged the development of large complexes, while the approval process for similar properties in Sydney was much more difficult.<\/p>\n
But the other big factor was that a lot of this is coming from our Asian neighbors, who decided to invest their money here using funds from overseas, so they didn\u2019t have to go through the local funding process, either, and interestingly, they\u2019re selling a lot of these off the plan to Asian investors trying to put their money into Australia.<\/p>\n
Kevin:\u00a0<\/b>Is there any sign that the Victorian government is slowing down their approval process?<\/p>\n
Michael:\u00a0 <\/b>We\u2019ve got a new government now, a Labor government recently, and the suggestion is they\u2019re going to be much more cautious. But Kevin, there\u2019s another issue: it\u2019s not just how many we\u2019re building, but a scathing report came from the Melbourne City Council showing some of our newest developments are ten times as dense as permitted in town planning laws in other countries.<\/p>\n
We have a lot more apartments per square meter, but the standard of a lot of those are very poor. They are of a poor construction quality with design flaws and lack of natural light \u2013 even bedrooms without windows, Kevin. But they\u2019re being sold off the plan to overseas people. These are going to be the slums of the future.<\/p>\n
Kevin:\u00a0<\/b>Goodness. I\u2019m staggered in both of those cases, Michael. What impact do you think this is going to have on the Melbourne market overall?<\/p>\n
Michael:\u00a0<\/b>I believe that over the next little while, we\u2019re going to have too many new and off-the-plan properties coming on the market. Some locals who bought are going to be very, very disappointed when the contract has to be completed when the property is finished and it has nothing to do with the contract price that they signed. The valuation is going to come in at what the sale price is at the time, and some are going to lose a lot of money. They\u2019re going to have to put in more deposit than they thought.<\/p>\n
But of course, it\u2019s also going to reduce capital growth \u2013 in fact, probably give capital losses initially \u2013 and reduce rental growth when there\u2019s a big oversupply.<\/p>\n
Kevin:\u00a0<\/b>I know you\u2019ve been very cautious in your advice about buying off the plan. I guess this underscores that, Michael, doesn\u2019t it?<\/p>\n
Michael:\u00a0<\/b>It does, because we\u2019ve been around and seen it before. Part of the problem with these sort of complexes, Kevin, is the long lead timeframes beforehand. It was a good idea in 2010, but everybody got in at the same time, and now they\u2019re all finishing at the same time, and boy, is it going to create some issues.<\/p>\n
Kevin:\u00a0 <\/b>Michael, thank you for drawing our attention to this, and thanks, once again, for joining us.<\/p>\n
Michael:\u00a0<\/b>My pleasure, Kevin.<\/p>\n
<\/p>\n
Paul Simpson<\/h3>\n
Kevin:\u00a0 <\/b>At a recent meeting in Brisbane of the Brisbane Property Networking Group \u2013 a group of like-minded people who get together and discuss what they\u2019re doing with property investment \u2013 the \u201cReal Deal\u201d presentation at that particular meeting was one from Paul and Lucy Simpson, who split a block in Townsville and made a very tidy profit.\u00a0To get a little bit more detail on that, Paul joins me. Hi, Paul.<\/p>\n
Paul:\u00a0 <\/b>Hi mate. How are you?<\/p>\n
Kevin:\u00a0 <\/b>Good, thanks. You live in Brisbane, but the development is in Townsville. That\u2019s a long way away.<\/p>\n
Paul:\u00a0 <\/b>It seems a long way away, but we managed it quite well.<\/p>\n
Kevin:\u00a0 <\/b>Did that pose any special problems for you, being that far away?<\/p>\n
Paul:\u00a0 <\/b>It did, particularly at the start when we basically had the property under contract without even seeing it. It was a bit of a stab in the dark at the property, but going on experience and the knowledge we had. In most cases, people would like to go and look at a property before they buy it. In this case, we got it under contract and worried about it after that.<\/p>\n
Kevin:\u00a0 <\/b>Did you use some people on the ground to help you source that, or did you find it yourself?<\/p>\n
Paul:\u00a0 <\/b>We found it ourselves from down here. Even though we\u2019re living in Brisbane, we had lived in Townsville for a long time, so we knew the market quite well. We went on that experience to go back and look there.<\/p>\n
Kevin:\u00a0 <\/b>It must have been a pretty spectacular opportunity for you. I wonder if there were any opportunities like that closer to home.<\/p>\n
Paul:\u00a0 <\/b>There were quite a few. One of the things we did find and one of the reasons for going to Townsville is there were a few opportunities, but it\u2019s a very, very strong market and an awful lot of people looking in Brisbane closer to home. One of the things we found is the Townsville market is very flat and a bit quiet and there wasn\u2019t so many people looking for this type of opportunity.<\/p>\n
Kevin:\u00a0 <\/b>Tell us a little bit more about how the deal worked. Can you give you some detail into the land and maybe even then the end profit, as well?<\/p>\n
Paul:\u00a0 <\/b>Yes. Basically, it was what we call a splitter block, so it was two lots on one title, and it had a house across the middle of it. It was 810 square meters but effectively according the council\u2019s original survey, it was two 405 lots.<\/p>\n
I think one of the things that was in our favor is Townsville wasn\u2019t really very aware or used to small lots, whereas Brisbane is. It\u2019s quite the norm down here. Once we realized it was two lots already registered, our plan was to go in and get rid of the rundown house and basically separate the titles on the lots and sell the land separately.<\/p>\n
Kevin:\u00a0 <\/b>Is it in one of the older parts of Townsville?<\/p>\n
Paul:\u00a0 <\/b>It is, and that was one of the reasons for looking in the older parts for those original designated lots.<\/p>\n
Kevin:\u00a0 <\/b>What suburb is it in, in Townsville?<\/p>\n
Paul:\u00a0 <\/b>It was in Railway Estate.<\/p>\n
Kevin:\u00a0 <\/b>That\u2019s where you would probably find those double blocks. Are there many more opportunities like that that you\u2019re looking at?<\/p>\n
Paul:\u00a0 <\/b>There is, yes. One of the joys of having experience of going back up there is we\u2019re looking at several more right now.<\/p>\n
Kevin:\u00a0 <\/b>You mentioned there that it\u2019s something that a lot of other people didn\u2019t see or didn\u2019t see that opportunity. Was that pretty much the case?<\/p>\n
Paul:\u00a0 <\/b>I believe so. I think the main thing we saw and when most people looked at it was that it was a very rundown house with a very overgrown yard. I think most people looked at it and saw that it was a lot of work and probably wasn\u2019t worth it, whereas our strategy was to look at it for the land content.<\/p>\n
Kevin:\u00a0 <\/b>Did you have any difficulties with the council getting the house off there?<\/p>\n
Paul:\u00a0 <\/b>No. Because it was in such bad state, they basically didn\u2019t give us any resistance at all. It was going to take quite a bit of money to get it up to a livable standard.<\/p>\n
Kevin:\u00a0 <\/b>What about the type of properties? Did you just split the blocks and then sell them separately, or did you go on and develop it?<\/p>\n
Paul:\u00a0 <\/b>No, we didn\u2019t develop them. We actually split them and sold them separately, just as land. Townsville at the moment has quite a glut of houses on the market, so one of the things we didn\u2019t want to do was inject more capital into the builds with the risk of not selling them in a short timeframe.<\/p>\n
Kevin:\u00a0 <\/b>Did they turn over fairly quickly for you?<\/p>\n
Paul:\u00a0 <\/b>That was a bit of a shock to us. We did expect originally to turn over fairly quickly. Our timeframe was probably three to four months with the market being what it was, and I think Townsville not really being used to small lots, it took us 10 months to sell the land.<\/p>\n
Kevin:\u00a0 <\/b>Okay. That would have obviously impacted on your bottom line but still you came out with a tidy profit. What were the sums, Paul? Are you prepared to share those with us?<\/p>\n
Paul:\u00a0 <\/b>Most definitely. Basically, we purchased the house and the land for $185,000, and some costs involved in getting rid of the house ended up being about $17,000 and some stamp duty. We sold the two lots for a total of $260,000, and after all expenses, put $31,000 net profit in the bank.<\/p>\n
Kevin:\u00a0 <\/b>Did that require many trips for you guys to Townsville?<\/p>\n
Paul:\u00a0 <\/b>No. Basically once we had it under contract with the due diligence clause, it required me to go up and have a good look at it and make sure that we could assess it, that we were doing the right thing, and we were confident in doing it.<\/p>\n
After that, it wasn\u2019t many trips to go up there. Basically once the house it was gone, it was just managing the land to make sure it was clean. We had some family and some contracts to make sure it was mowed and get signs up for it.<\/p>\n
Kevin:\u00a0 <\/b>What advice would you have for anyone who wants to do something similar?<\/p>\n
Paul:\u00a0 <\/b>Probably the first thing would be to just concentrate on one area. The main reason we found this so quickly was that we had decided to concentrate on that area that we knew. Secondly, just keep putting in offers. Don\u2019t stop. Sometimes it can be a bit daunting or frustrating if you\u2019re not getting a property, but continue doing it and believe in what you\u2019re doing and what you\u2019re looking for. Use the knowledge that you have.<\/p>\n
Kevin:\u00a0 <\/b>The negotiation process, obviously, that\u2019s where you make your money when you first buy it. Was that a difficult process for you? Did you secure it much under what the asking price was?<\/p>\n
Paul:\u00a0 <\/b>Originally they were asking $209,000. We had gone in a bit lower than our contract price, but it was a little bit harder negotiating over the phone as you would understand. I find it a lot easier talking face-to-face with someone. But basically to get it at $185,000, we were quite comfortable that there was a good profit in it.<\/p>\n
Kevin:\u00a0 <\/b>Great talking to you. All the best, too, Paul. I\u2019d love to keep in touch with you in case you come across another one.<\/p>\n
Paul:\u00a0 <\/b>No worries. Thanks very much.<\/p>\n
Kevin:\u00a0 <\/b>Good on you. My guest there has been Paul Simpson, and of course, the \u201cReal Deal\u201d is part of the presentations that occur regularly at Brisbane Property Networking Group \u2013 networking groups, in fact, all over Australia. Just Google them, and you\u2019ll find them.\u00a0This is Real Estate Talk.<\/p>\n
<\/p>\n
Frank Valentic<\/h3>\n
Kevin<\/b>:\u00a0 I\u2019m delighted to be able to introduce him to you my next guest, Frank Valentic, who you may know from The Block<\/i>. Frank has been a regular on The Block<\/i> and, in fact, is one of the judges on the current series of The Block<\/i>.<\/p>\n
Frank is a founder of Advantage Property Consulting. They are buyer\u2019s agents and are very well known. He has built a great portfolio over the years, too, and has been involved in the industry for 15 years.<\/p>\n
Frank, great to have you on the show. Thanks for your time.<\/p>\n
Frank<\/b>:\u00a0 Thanks, Kevin. Looking forward to chatting to you and hopefully, giving some tips out to the listeners.<\/p>\n
Kevin<\/b>:\u00a0 Yes. Obviously, you bring a wealth of knowledge to the table. I thank you for that. Tell me a little bit about your own portfolio. How long have you been working on that?<\/p>\n
Frank<\/b>:\u00a0 Twenty years, Kevin, so it\u2019s been a while. They say Rome wasn\u2019t built in a day, and usually, a portfolio is a long-term strategy.<\/p>\n
I\u2019ve bought investment properties and built a portfolio. I have probably bought over 50 in the last 20 years, and currently, have a portfolio of around 20. I\u2019m continuing to try and grow that portfolio and doing some cash flow, selling, and developments as well.<\/p>\n
Kevin<\/b>:\u00a0 Obviously, you\u2019ll be able to give us a few great tips on building that portfolio, which we\u2019ll talk about in just a moment, but your business, Advantage Property Consulting, has taken the Real Estate Institute of Australia\u2019s buyer\u2019s agent of the year title, as well.<\/p>\n
Frank<\/b>:\u00a0 Yeah. We\u2019ve done that a few times in the Victorian awards. We\u2019re proud of that. We\u2019re probably up to about 3000 client purchases over the 15 years that we\u2019ve been operating. We\u2019ve seen what works and what doesn\u2019t work with an investment portfolio.<\/p>\n
We currently look after rental properties, as well. We have our own property management division, which gives us first-hand insight into what tenants like and what works as an investment property.<\/p>\n
Kevin<\/b>:\u00a0 Well, help me now. How can we go about building a good, solid portfolio over a period of time, or how fast can you do it?<\/p>\n
Frank<\/b>:\u00a0 I think, Kevin, the first thing is looking at ways you can \u2013 I call it \u2013 supercharge your portfolio and fast-track it and rather than just waiting for capital growth, where we\u2019re trying to manufacture growth from day one.<\/p>\n
There are a number of strategies we use there. One of them is we go out and we buy whole blocks of units for our investors. I\u2019m involved in that. We try to buy under market value and create equity, because you\u2019re making money when you\u2019re buying well. That\u2019s one really successful strategy that works for us.<\/p>\n
We\u2019re trying to go out there and not buy one property in the marketplace but buy for a syndicate of investors and hopefully create that instant equity by purchasing under market value.<\/p>\n
Kevin<\/b>:\u00a0 Are those properties hard to find?<\/p>\n
Frank<\/b>:\u00a0 Well, they are. You have to try and find a whole block of units that\u2019s owned by one owner or owned by a couple of owners who are family members. But we\u2019ve bought over 130 of those in the last four years. It\u2019s a strategy that can work really well.<\/p>\n
I tend to find that a lot of people, when they\u2019re buying, might pay above market value \u2013they\u2019re buying retail \u2013 so if you can develop a strategy where you can buy with family and friends and be able to purchase a whole group of units, you should get a discount when you\u2019re buying over $1 million.<\/p>\n
Only 8% of the market generally buys over that level, and a small percentage invests in one property or one group of properties at that level rather than the 80% who generally invest at the median price in each capital city.<\/p>\n
Kevin<\/b>:\u00a0 Asset selection, too, is pretty critical, isn\u2019t it, in putting together a good portfolio, knowing what to buy? Could you tell me a little bit about that?<\/p>\n
Frank<\/b>:\u00a0 Yes. We\u2019re always looking for properties that we can buy that have a bit of a twist, using the Michael Yardney phenomenon there. He talks about that. So properties there that give us an opportunity to add value. Typically, they are older style properties that have a value-add potential there that we can add value with either renovations or subdivisions or also through developing them and maximizing the use of that land value.<\/p>\n
It\u2019s really about properties that are able to be twisted, added value to, and creating a bit of equity there, so if you spend money on a renovation, then you\u2019re increasing the property\u2019s value generally by double the value of that renovation \u2013 again, fast-tracking and supercharging your portfolio and getting to your end goals quicker.<\/p>\n
Kevin<\/b>:\u00a0 Frank, there are so many things I want to talk to you about. We\u2019ll get you back in a future show, as well. But thank you so much for giving us your time today.<\/p>\n
My guest has been Frank Valentic who is the founder of Advantage Property Consulting, and you can see him, of course, on The Block<\/i>, as well. We didn\u2019t even get a chance to talk about that. Maybe next time, Frank.<\/p>\n
Frank<\/b>:\u00a0 We will, no doubt. People will hopefully see us on the show giving some advice to the contestants on what buyers are looking for.<\/p>\n
Kevin<\/b>:\u00a0 Good on you, mate. Thank you for joining us today, and we look forward to catching up again soon. Thanks, mate.<\/p>\n
Frank<\/b>:\u00a0 No worries. Cheers.<\/p>\n
<\/p>\n
Andrew Mirams Part 2<\/h3>\n
Kevin:\u00a0 <\/b>Earlier in the show, I was talking to Andrew Mirams from Intuitive Finance. He\u2019s been giving us some great tips on taking advantage of this low interest rate environment. You\u2019ve given us three so far, Andrew \u2013 if you\u2019ve missed them, by the way, go back, they\u2019re in the earlier part of the show \u2013 but let\u2019s continue.<\/p>\n
What are tips four and five?<\/p>\n
Andrew:\u00a0 <\/b>Again, a lot of these tie into each other. In tip one, I said review your loan and don\u2019t allow complacency to slip in. Tip four is really about that complacency, and it\u2019s all about not taking on bad debt. Funds are cheap, everything else like that. If you\u2019re toying with <\/b>whether you buy an investment property<\/a> or you buy a new car, don\u2019t take on the bad debt.<\/p>\nA car is not necessarily going to help you. It might be nice to drive around for a while. The boat, the personal loan, and certainly credit cards. With rates at these lows, you have to look to be trying to extinguish these debts or consolidate these debts.<\/p>\n
For the general public out there, please don\u2019t just get lazy and complacent and take on these bad debts when they\u2019re unnecessary. Let\u2019s use the low rates to our advantage, not just to take on the wrong type of debt.<\/p>\n
Kevin:\u00a0 <\/b>It\u2019s a great opportunity to get some leverage out of this environment and, as you say, get rid of some of that bad debt, isn\u2019t it?<\/p>\n
Andrew:\u00a0 <\/b>Yes, no doubt.<\/p>\n
Kevin:\u00a0 <\/b>You alluded earlier to that, too \u2013 credit card debt. Do you advocate refinancing that into your existing home loan?<\/p>\n
Andrew:\u00a0 <\/b>We see clients from time to time with $20,000, $30,000, $50,000 sitting on credit cards because they just don\u2019t want to tack it onto their home loan. The reality is most of those debts sit there for five to ten years, paying 20%.<\/p>\n
Put it on your home loan at 4.5%. Let\u2019s set up a fast debt repayment program that extinguishes that. You can\u2019t keep redrawing or putting money back onto them. By doing that way I think is a far sounder opportunity to take advantage of this low-rate environment that we\u2019re in at the minute.<\/p>\n
Kevin:\u00a0 <\/b>Couldn\u2019t agree more, mate. And the final tip?<\/p>\n
Andrew:\u00a0 <\/b>The final tip \u2013 and I\u2019m not necessarily saying to rush out and do it today \u2013 is I think people should be starting to look at the fixed-rate options, especially those people with larger loans, and certainly with investment portfolios.<\/p>\n
Now is the time. Rates aren\u2019t going to stay this low forever. Sure, we think there might be another decrease coming soon, but it\u2019s now time to start to review and strategically look to position your portfolios or your loans with a maybe blend of fixing part of it, some of it, or all of it.<\/p>\n
There are a couple of lenders that will give you an offset account and the ability to pay extra repayments with a fixed rate. We don\u2019t normally look to that sort of structure unless it really suits the client.<\/p>\n
But certainly I think tip five should be \u2013 I\u2019m not saying rush out and do it \u2013 to certainly start to look at the options out there for the fixed rates that are going to start to appear at all-time cheap prices.<\/p>\n
Kevin:\u00a0 <\/b>Great advice. Those are some tips for you from Andrew Mirams on making sure you take advantage of this low-rate environment.<\/p>\n
Andrew, great thought-starters there. Thanks for your time, mate, and we look forward to catching up again soon.<\/p>\n
Andrew:\u00a0 <\/b>My pleasure, Kevin. All the best.<\/p>\n
<\/p>\n
Bernard Salt<\/h3>\n
Kevin<\/b>:\u00a0 According to Bernard Salt, demographer and partner at KPMG, hipsters are market leaders, a cross-section whose employment prospects and ideas will push capital city fortunes. In the May edition of Australian Property Investor<\/i> magazine, which is out now, Kieran Clair sets out to describe the hipster with the help of Bernard Salt.<\/p>\n
Bernard joins me now. Hi, Bernard. Thanks for your time.<\/p>\n
Bernard<\/b>:\u00a0 My pleasure.<\/p>\n
Kevin<\/b>:\u00a0 Bernard, how do you define a hipster in the property investment sense?<\/p>\n
Bernard<\/b>:\u00a0 I suppose hipster refers technically to a tribe of people who live that inner-city lifestyle. They tend to dress in black. The men have beards. They hang out in caf\u00e9s. A hipster might be a barista. They live that inner-city lifestyle where they might work in the creative arts or the knowledge industry. They\u2019re anything but suburban.<\/p>\n
I think that\u2019s the point about a hipster. They\u2019re anti-suburbanists. That\u2019s probably a better way to describe them.<\/p>\n
Kevin<\/b>:\u00a0 Am I right or wrong in saying that the hipster could be the modern-day version of a hippie?<\/p>\n
Bernard<\/b>:\u00a0 A hippie was quite a powerful tribe. I\u2019m not sure whether the hippy focused in the inner city. I think you could actually find hippies anywhere in Australia. In fact, they embraced regional Australia, places like Nimbin and Byron Bay.<\/p>\n
Whereas I don\u2019t think you\u2019d find hipsters in Nimbin. They die of lack of oxygen if they are any more than five kilometers from the CBD city center. They need to be near caf\u00e9s, bars, and restaurants, otherwise the poor creatures just can\u2019t survive at all.<\/p>\n
Kevin<\/b>:\u00a0 It\u2019s a great read in Australian Property Investor<\/i> magazine. It\u2019ll really open your eyes, too, about where it\u2019s going.\u00a0Bernard, can you tell me what turns a hipster on?<\/p>\n
Bernard<\/b>:\u00a0 My logic is that what we\u2019re seeing over the last five or six years is the rise of what I\u2019d call the knowledge worker. These are people with tertiary education degrees. If you look at the type of sectors in the economy that are expanding, that are recruiting people, and providing prospects and a better capacity to take out a higher mortgage, then it\u2019s the knowledge workers \u2013 in health, in education, in professional services, in IT, as an example. Government administration is another. All of those jobs tend to be located in the CBD or in the inner suburb, and as a consequence, knowledge workers tend to organize their lives in and around the CBD.<\/p>\n
I would define the hipster as a version of a tribe within the knowledge worker. As knowledge industries rise in the CBD and inner suburbs, the demand for knowledge workers and, therefore, hipsters will rise, as well.<\/p>\n
Kevin<\/b>:\u00a0 You hinted there in the earlier part of our discussion that they don\u2019t like the lack of oxygen once they get out of the city area. Are there other things that turn hipsters off?<\/p>\n
Bernard<\/b>:\u00a0 You would never find a hipster out in the wheatbelt of New South Wales, Victoria, or wherever. They don\u2019t do country towns, I don\u2019t think. You might find a couple in Byron Bay if it\u2019s a fashionable sea change destination. They might spend a few months there or whatever, but they are very urban.<\/p>\n
In fact, the unique thing about the hipster is that I think they are global. If you went to New York, go to a place called Williamsburg in Brooklyn, that is a hipster hot spot. If you go to London, have a look at Shoreditch in the East End, that is a hipster hot spot.<\/p>\n
You can tell if there are hipsters around. Go to your nearest caf\u00e9, and if there are smashed avocados on the menu, then you know you\u2019re pretty close to where the hipsters live.<\/p>\n
Kevin<\/b>:\u00a0 I get the impression that they like being connected. Has this got something to do with social media? Are they good at social media?<\/p>\n
Bernard<\/b>:\u00a0 Oh, very much. Social media, new technology, tend not to have kids. You can be groovy and all hipsterish with young kids, but the sad fact is that as soon as you have teenagers, from the age of 12 or 13, then you can\u2019t be a hipster anymore. I\u2019m sorry, but you morph into being a daggy dad the minute you have a 12-year-old.<\/p>\n
Kevin<\/b>:\u00a0 Not even if you wear the right clothes and grow a beard?<\/p>\n
Bernard<\/b>:\u00a0 You could wear the right clothes, you can grow a beard, you can do all those things. You can think you\u2019re being really hipsterish, but look, at the end of the day, you\u2019re just a daggy dad.<\/p>\n
I think that the hipster dies around mid-forties. By your mid-forties, you tend to have young teenagers, and the minute you have young teenagers, you cannot, therefore, by definition be cool. You\u2019ve got to be daggy. Therefore, the hipster dies mid-forties.<\/p>\n
Kevin<\/b>:\u00a0 Are there any signs, Bernard, that developers are taking these hipsters seriously?<\/p>\n
Bernard<\/b>:\u00a0 I certainly do think that they are, very much so. I don\u2019t think that developers would use that term. They would say young corporates more likely, or knowledge workers. If you look at many of the apartment buildings that are going up in, say, Surry Hills in Sydney, in Docklands, or St Kilda Road in Melbourne, New Farm and West End particularly, in Brisbane, maybe Leederville in Perth, young corporates geared around this cosmopolitan New Yorkesque, Manhattanesque-type lifestyle. I think that the marketing of that product is very much geared towards a hipster aspirational lifestyle.<\/p>\n
Kevin<\/b>: There you go. The article is called \u201cHey man, do you dig it?\u201d<\/p>\n
Bernard<\/b>:\u00a0 That\u2019s not my title by the way.<\/p>\n
Kevin<\/b>:\u00a0 Oh, isn\u2019t it? I was going to ask you if that was yours.<\/p>\n
Bernard<\/b>:\u00a0 No.<\/p>\n
Kevin<\/b>:\u00a0 I\u2019d say Kieran Clair has come up with that one. That\u2019s a typical Kieran Clair that one.<\/p>\n
Bernard<\/b>:\u00a0 Exactly. It\u2019s the hipster change. Forget the sea change and three change. It\u2019s the hipster change. That\u2019s what that is.<\/p>\n
Kevin<\/b>:\u00a0 Do they ride bikes, by the way, these hipsters?<\/p>\n
Bernard<\/b>:\u00a0 They do. In fact, they ride fixed-wheel bikes, apparently. But yes, very much, very green, very tribal, very social media. They drink coffee. Smashed avocadoes, of course, all the latest foods. In fact, anything organic is very important. Quinoa salads. They know how to pronounce quinoa. They probably even know how to spell quinoa.<\/p>\n
Kevin<\/b>:\u00a0 I don\u2019t even know what quinoa is actually.<\/p>\n
Bernard<\/b>:\u00a0 Well, there you go. Kevin, you are clearly not a hipster.<\/p>\n
Kevin<\/b>:\u00a0 For sure. It\u2019s great talking to you, Bernard.<\/p>\n
Bernard Salt has been my guest. Thank you very much for your time.<\/p>\n
Bernard<\/b>:\u00a0 My pleasure.<\/p>\n
Kevin<\/b>:\u00a0 Hear the interview that I did with Bernard Salt in full, along with another that I did with Cam McLellan from Open Corporation about how you can build a property portfolio on an average wage. Now, both of those interviews are in a special podcast we produced for Australian Property Investor<\/i> magazine to celebrate the launch of their May edition. You\u2019ll find that in the API feature channel right here at Real Estate Talk.<\/p>\n","protected":false},"excerpt":{"rendered":"
What is a \u201chipster?\u201d According to Bernard Salt, demographer and partner at KPMG, hipsters are market leaders. In the May edition of Australian Property Investor – out now – Kieran Clair sets out to describe the hipster with Bernard\u2019s help. I talk to Bernard…<\/p>\n","protected":false},"author":176692473,"featured_media":4186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[90,91,101],"class_list":["post-25196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shows","tag-melbourne","tag-mortgage","tag-podcast"],"yoast_head":"\n
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