{"id":25323,"date":"2016-12-20T10:00:33","date_gmt":"2016-12-19T23:00:33","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10175"},"modified":"2016-12-20T10:00:33","modified_gmt":"2016-12-19T23:00:33","slug":"they-paid-how-much-noel-whittaker-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/they-paid-how-much-noel-whittaker-2\/","title":{"rendered":"“They paid how much?” – Noel Whittaker"},"content":{"rendered":"

 <\/p>\n

Noel Whittaker says he is continually shocked at the prices some people are prepared to pay to get into the property market. He questions if it can continue and says he is witnessing a bigger separation between the \u2018haves\u2019 and the \u2018have nots\u2019.<\/p>\n

 <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 A look ahead at the market for 2017 would not be complete unless we spoke to our good friend Noel Whittaker, AM, executive in residence, and adjunct professor, QUT Business School. He is an author, a publisher, an educator, and an all-around good guy.<\/p>\n

Noel, good to have you in the show.<\/p>\n

Noel:<\/b>\u00a0 Just an ordinary bloke.<\/p>\n

Kevin:<\/b>\u00a0 I always value your opinion, Noel. What do you see ahead for the property market in 2017? What are the challenges do you think?<\/p>\n

Noel:<\/b>\u00a0 I think the biggest challenge for anyone who wants to be into property is finding a good deal. I\u2019m shocked at the prices some people are paying, especially in non-residential. We had a place going at the coast this week that sold <\/b>for 3%. I think that\u2019s crazy.<\/p>\n

I think the biggest challenge is finding a good deal. The old thing about property: you buy well and you add value. I think that\u2019s going to be the hardest thing for people.<\/p>\n

Kevin:<\/b>\u00a0 What about commercial? Is commercial property a good proposition for next year, Noel, talking about returns?<\/p>\n

Noel:<\/b>\u00a0 Having been so burned when I got mixed up in a development years ago, I would never touch it personally. I go through syndicates \u2013 people like [<\/b>1:16 inaudible] <\/b>I like <\/b>very much. I invest with [1:18 inaudible]<\/b>. But I would never again go my own [1:21 inaudible] <\/b>because I don\u2019t like the thought of a two- or three-year vacancy. [1:27 inaudible]. <\/b>There are plenty of good outfits out there where <\/b>you can invest in non-residential property using professional methods.<\/p>\n

Kevin:<\/b>\u00a0 I was shocked this week to read, Noel, that a number of the banks are pulling back on some of their lending to investors. I think ANZ alone, about a $2 billion cut-back in what they\u2019re lending to investors. Is that a concern, do you think, that they\u2019re concerned about the property market?<\/p>\n

Noel:<\/b>\u00a0 I just think it\u2019s silly. Normally, if you\u2019re an investor, you have a good equity in your own house to start, and also the interest is tax deductible, which means that a lot of the [2:11 inaudible]<\/b> are taken out of the payments. To me, at least prima facie, an investor would be a much better borrower than a first-home buyer. I just can\u2019t understand what the banks are doing, to be honest.<\/p>\n

I also notice that they tell me that they\u2019ve raised servicing requirements to interest rates plus about 3% [2:33 inaudible]<\/b>. In other words, if rates are currently 4% \u2013 and I used to base the budget on if they went to 6% \u2013 they\u2019re now adding 3%, saying \u201cWe\u2019ll do your repayments on the basis that they went to 7%.\u201d I\u2019m not saying they will, but I think it\u2019s a good thing to do. But they\u2019re certainly tightening up their lending.<\/p>\n

Kevin:<\/b>\u00a0 Were there any surprises for you during 2016 with the market that you probably didn\u2019t see coming?<\/p>\n

Noel:<\/b>\u00a0 Where do we start? What we\u2019ve seen is a big move to people wanting to control their own future. About half an hour ago, I read a story about a man who\u2019s from Stanford who\u2019s now invented the American Dream Index, because people talk about the American Dream but they can\u2019t quantify it. He\u2019s just saying it proves that ordinary people are worse and worse off.<\/p>\n

What you\u2019re seeing is society moving to haves and have-nots. With interest rates dropping, it left those with assets buying more property and shares. It also pushed up the price to make it harder for people who don\u2019t have them now. So what we\u2019re seeing is the increasing polarization between the haves and have-nots.<\/p>\n

They\u2019re seeing it now in Britain with Brexit. We\u2019ve seen it in America with Donald Trump. We\u2019ve seen it here with Pauline Hanson. People are getting sick of politicians and their [4:00 inaudible]<\/b>.<\/p>\n

Kevin:\u00a0 <\/b>What about fast-forwarding to this time next year, Noel, what do you think we\u2019ll be saying about 2017?<\/p>\n

Noel:<\/b>\u00a0 2017, this time next year? My friend the economist Dr. Don Stammer says <\/b>there\u2019s always factor <\/b>X \u2013 what is going to happen that we can\u2019t imagine is going to happen? The thing about factor X is by its nature you can\u2019t predict it.<\/p>\n

I would think we\u2019ll see rates will rising a little bit, but I don\u2019t see them rising much. We\u2019ll be approaching a federal election. I think the government will be more talking [4:40 inaudible]<\/b> but nothing much happening. Hopefully no more changes to superannuation. I just think it\u2019s situation normal; that\u2019s all.<\/p>\n

People have to make the best of what they can do. I\u2019ve noticed far too many people worry about things that they can\u2019t control but they don\u2019t pay notice to the things they can control. I think people should be really practicing good budgeting skills because I think the economy is more likely to get worse than better.<\/p>\n

Kevin:<\/b>\u00a0 Very good advice, as always. We expect that from you, Noel.<\/p>\n

Noel Whittaker\u2019s been my guest. Thank you, Noel, and great talking to you. All the best for 2017 and the New Year, and we look forward to talking to you as the year progresses.<\/p>\n

Noel:<\/b>\u00a0 Here\u2019s to a healthy and happy 2017.<\/p>\n

Kevin:<\/b>\u00a0 Well done, Noel. Beautiful.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Noel Whittaker says he is continually shocked at the prices some people are prepared to pay to get into the property market. 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