{"id":5311,"date":"2015-08-07T12:00:11","date_gmt":"2015-08-07T02:00:11","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5311"},"modified":"2015-08-07T12:00:11","modified_gmt":"2015-08-07T02:00:11","slug":"being-as-happy-as-you-wish-properties-you-should-be-looking-at-right-now-tough-times-ahead-for-property-investors-your-passion-vs-your-dream-business-investing-myths-plus-more","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/being-as-happy-as-you-wish-properties-you-should-be-looking-at-right-now-tough-times-ahead-for-property-investors-your-passion-vs-your-dream-business-investing-myths-plus-more\/","title":{"rendered":"Being as happy as you wish | Properties you should be looking at right now | Tough times ahead for property investors? | Your Passion vs Your Dream Business | Investing Myths | Plus more"},"content":{"rendered":"

 
\nA 3-month study on the historical performance of each of Australia\u2019s 550 Local Government Authorities has been completed and the outcomes have dispelled many investor myths. Hear how you can get this free report.
\nOur finance expert Andrew Mirams<\/strong> tells us how Australia\u2019s biggest banks have been forced to restrict their mortgage lending, in a move that could severely impact investors. APRA has ordered some banks to increase the amount of capital required for their residential mortgage exposures. Andrew looks at how that will flow through.
\nMichael Yardney<\/strong><\/a> shares some personal insight about being as happy as you wish\u2026if you get rid of the 10 deadly habits he will outline.
\nTwo best friends decided to get together 30 years ago and develop a business out of their passion which is property. One half of that dynamic due, Belinda Smith<\/strong>, discusses flipping and how that has helped them build a strong property portfolio.
\nPaul Nugent<\/strong> from Wakelin Property Advisory gives us the good oil and the properties you should avoid and tells us the best ones to invest in and why.
\nAnd we have an incredible story about 2 identical units in the same complex that sold weeks apart but for very different prices. Why would one outsell the other for almost $100,000 more?
\n <\/p>\n

Transcripts:<\/h4>\n

Andrew Mirams<\/h3>\n

Kevin<\/b>:\u00a0 Some sobering news on the horizon \u2013 a warning of heightened levels of risk in the housing market. After that warning, APRA has ordered five banks to increase the amount of capital required for their residential mortgage exposures. This could be just the tip of the iceberg in terms of changes that are on the horizon that are going to impact you and me as property investors.
\nWith more information on this, Andrew Mirams from Intuitive Finance joins us. Andrew, what do you believe is ahead?
\nAndrew<\/b>:\u00a0 Good day, Kevin. How are things? There are probably a lot of changes that we have already seen happen, and I think that it would be na\u00efve to say that there are not more coming. We\u2019re seeing quite a number of lenders already changing the way they assess borrowers and more particularly, the lending to investment has gotten quite harsh.
\nWe had some of the before-and-after examples where we\u2019ve seen clients going from being able to borrow up around $1 million, and that\u2019s now come down to around $400,000. Every client is different, and there are a whole range of different serviceability measures and things that we do.
\nKevin<\/b>:\u00a0 On this point of the notice by APRA to the banks, what does that actually mean? Explain to me how that works.
\nAndrew<\/b>:\u00a0 Basically, what APRA has said is they\u2019re worried about the banks\u2019 liquidity and if the market was to crash \u2013 as they\u2019re all fearful of \u2013 they\u2019re worried whether the banks have enough capital to be able to fund and absorb any losses. Right at the moment, the Big Five banks \u2013 ANZ, Commonwealth, NAB, Westpac, and Macquarie Bank they\u2019ve put in there because they are quite strong in the investment lending \u2013 all hold around about 16% of liquidity or capital that is set aside\u2026
\nKevin<\/b>:\u00a0 As a buffer.
\nAndrew<\/b>:\u00a0 Yes, to be able to withstand or withhold any adjustments in the markets and things like that.
\nFrom July 1st<\/sup> next year, they\u2019re going to be asked to have 25%. What does that mean? That doesn\u2019t sound like a lot \u2013 9% \u2013 but if you put it into some big numbers like what the banks do, that means they\u2019re going to have to put aside billions of dollars in capital that they can no longer use. What that will mean for you and me potentially is that it might cost us all more to get access to what they can lend out.
\nKevin<\/b>:\u00a0 Less funds and probably more requirement for a bit more \u201churt money\u201d from people who want to buy property.
\nAndrew<\/b>:\u00a0 Yes, absolutely. Again, we\u2019re seeing changes coming through with banks and what LVRs they are willing to do for investors. We\u2019re seeing quite a number now restricting the investment loans back to 80%. Mortgage insurance going up to 90% and 95% is no longer available.
\nI think it would be na\u00efve to think that it\u2019s not only a matter of time until most of the lenders follow suit, because they\u2019ve all been asked to restrict or slow down on their investment lending. While we\u2019re seeing some come through quite quickly, I think most of the other lenders are probably sitting back as well, going, \u201cWhat does this mean for us? How do we implement it?\u201d
\nSome of them have system constraints. It\u2019s not as easy as flicking a switch so they\u2019ll be working on things. I know that for a fact because I\u2019m in regular contact with a lot of the major lenders and senior management.
\nKevin<\/b>:\u00a0 With these changes, does it look like they\u2019re going to tighten up on lending in self-managed superannuation funds, as well, Andrew?
\nAndrew<\/b>:\u00a0 Yes, it is, Kevin, and it\u2019s happening already. We\u2019ve had a couple of lenders pull out of self-managed super fund lending altogether, the National Australia Bank probably being the largest one of those. We just recently had Sir George \u2013 who has been quite a big player in the self-managed super fund space, as well \u2013 reducing its LVRs for super funds from 80% if you have a company in trust back to 70%.
\nThe other thing to note with that is it\u2019s almost like reducing it back to 60% because now they\u2019re also asking that the super fund has at least a 10% liquidity. If you\u2019re buying a property for $500,000, you would need to contribute $150,000 plus your associated stamp duties and costs plus also make sure you have another 10% in liquidity sitting aside.
\nKevin<\/b>:\u00a0 It\u2019s certainly getting tougher, isn\u2019t it?
\nAndrew<\/b>:\u00a0 It is. Yes, it\u2019s like every part of the cycle. It\u2019ll get tougher and the measures will be implemented to slow things down, and then what we\u2019ll see is in time, it will rebalance itself. Home-occupiers and buyers will get out there and hopefully take advantage of the low rates and upgrade and things like that, and it will turn around again.
\nKevin<\/b>:\u00a0 There is a positive in all of this, too. That is that I think anything that strengthens the banking industry and keeps it nice and stable as opposed to what it had in America, I think is a good thing.
\nAndrew<\/b>:\u00a0 No doubt. Our banks were very strong through the GFC and the measures that our banks and probably the regulators have had and been able to manage our process and everything like that, all the way through was very strong. There is no doubt that the intentions are right.
\nThe other thing is it takes a little bit of heat out of the markets, where we\u2019ve said that Sydney and Melbourne have been very strong of late. It probably is going to avoid a crash where we\u2019re going to get that boom\/bust cycle. If we just take a bit more measure to the markets, then hopefully it should be a good thing for all of us in the long term.
\nKevin<\/b>:\u00a0 Always good talking to you, Andrew Mirams from Intuitive Finance. Thanks for your time.
\nAndrew<\/b>:\u00a0 Pleasure, Kevin. Thanks.<\/p>\n

<\/h3>\n

Belinda Smith<\/h3>\n

Kevin<\/b>:\u00a0 Two best friends \u2013 who incidentally share the same first name \u2013 decided to get together 30 years ago and develop a business out of their passion, which is property. Belinda Westblade and Belinda Smith are the real deal when it comes to renovating and\/or flipping property, and along with their husbands, they have built a very strong property portfolio.
\nOne-half of that dynamic duo, Belinda Smith from oohm.com.au, joins me. How do you pronounce that, Belinda?
\nBelinda<\/b>:\u00a0 It\u2019s actually oohm, as in the mantra.
\nKevin<\/b>:\u00a0 Of course, you and the other Belinda, your mate, have developed quite a good following online, as well.
\nBelinda<\/b>:\u00a0 Yes, we do. We actually had started to talk about the things that we enjoyed about property and the things that we knew, and sharing tips and hints. We found ourselves with a really big following on Facebook almost immediately right from the start, so I knew that there was interest in the topic. We just kept going our that online chatter.
\nKevin<\/b>:\u00a0 I think what both of you have done is a tremendous inspiration for women everywhere. Do you see that women are actually seeing what you\u2019re doing as a bit of a career path?
\nBelinda<\/b>:\u00a0 Absolutely. Belinda and I are a testimony to this. It\u2019s something that we really tackled while we had children, while our children were very young. Our children are now in their early twenties.
\nRenovations are a beast when you\u2019re very, very busy but you have lots of time off in-between. The whole process of going to visit properties to purchase, to look at or doing the research and statistics, is very achievable when you have kids.
\nKevin<\/b>:\u00a0 I think, too, you have to learn it there, because I know personally, Carolyn and I have made many mistakes with property. While we always say it\u2019s very unforgiving, it can also be quite devastating if you make the wrong turns, particularly with renovation.
\nBelinda<\/b>:\u00a0 Absolutely. My husband and I, in particular, we put a lot of thought and we\u2019re probably overly cautious in comparison to other investors who I\u2019ve watched over the years. We do put an absolute lot of research into every property that we buy, and if it doesn\u2019t fit into our portfolio, if we don\u2019t know that there is going to be profit at the end through previous sales in the street and from conducting our proper research, we actually don\u2019t bother and leave that one alone.
\nI think the commonality with Belinda and me is that both of our families have never been on big incomes and yet we\u2019ve been able to turn renovating into a source of growing equity and income and lifestyle.
\nKevin<\/b>:\u00a0 You\u2019re very inspirational. Do you think that women see the business of property differently from men? I ask you that question because I know both of your husbands are involved, as well. Is there some dynamic there?
\nBelinda<\/b>:\u00a0 Just naturally, I think women look at property from an emotional sense. We gather information \u2013 or I do and Belinda does, too \u2013 and we walk through companies together and we look at the same sorts of things.
\nIs this livable for somebody? Where the sun comes from. Is this going to be a pleasant home for our tenants? Is there great potential to flip this property fast? Can we keep it within its own style and genre, which means that we don\u2019t have to do so many fa\u00e7ade changes, which means that we can keep our costs down but we can also get the property looking fabulous so it will sell at the highest price?
\nWe look at that sort of thing, whereas my husband and Rod, Belinda\u2019s husband, will walk through and they will look more at do the fences need fixing? They look more at the repairs, probably because we\u2019ve spent so much time with them working, they actually look at the hours they\u2019re likely to spend on a place.
\nKevin<\/b>:\u00a0 Not wanting to oversimplify, but I\u2019ve always looked at the situation. I think women look at property emotionally whereas men look at it quite statistically. I sometimes wonder if therefore there is more opportunity for women to make mistakes with property where you do have to take the emotion out.
\nBelinda<\/b>:\u00a0 Absolutely. We take the emotion out because this has become a business for us, but we try and play on the emotion of women when we\u2019re selling our properties, because I know \u2013 and you just mentioned it then \u2013 it\u2019s really quite obvious that women will become very, very tied up in wanting something.
\nWhen the woman wants something and she wants it really bad and she won\u2019t look at another property, you know that you have a buyer. If you can get a couple of people like that interested, that\u2019s when your prices really are pushed. When we renovate, we renovate to appeal to a woman\u2019s sense of wanting that to be her own home.
\nKevin<\/b>:\u00a0 Has that made those properties more saleable? I do believe that women will actually make the home-buying decision, so by getting in touch with that emotion, does that help you flip properties quicker?
\nBelinda<\/b>:\u00a0 Absolutely. We\u2019ll do little things like when you walk up to the front veranda of a property, we will make sure that there is a lovely chair and a cushion there. We\u2019ll make the appeal from the very first part of that house that you see. It doesn\u2019t have to cost a lot of money to do it. It\u2019s really simple little techniques that appeal to buyers that tweak those emotions and the must-have desire that give you a quick sale and give you a good price.
\nKevin<\/b>:\u00a0 Belinda, I want to have you back in a couple of weeks\u2019 time, if I could, because there are a couple of other questions I wanted to ask you. I want to talk about flipping and renovating to hold and how do you make those decisions? I wonder if you\u2019d come back in a couple of weeks, rejoin us, and we\u2019ll cover those topics, as well.
\nBelinda<\/b>:\u00a0 Yes, I\u2019d love to. I\u2019ll come back anytime you like, Kevin. Happy to share.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin:<\/b>\u00a0 It occurred to me when I was attending Michael Yardney\u2019s five-day wealth retreat recently that there\u2019s a lot more to being successful in life than just earning a lot of money and owning a lot of property. It really comes down to how happy and how healthy you are.
\nThat\u2019s what I want to talk to Michael about today. It\u2019s a little bit different, Michael, but I thought we might introduce this. I know you\u2019ve written about the 10 things you must do \u2013 or stop doing \u2013 if you want to be happy. I thought we might quickly run through those?
\nMichael:<\/b>\u00a0 Good point, Kevin. There are things you must do, but there are definitely things you also should not do. I\u2019ve learned these from the successful people I\u2019ve mentored over the years.
\nIf we go though some of the things you shouldn\u2019t do if you want to be happy, I think one of the first ones is holding onto the past. Whether they\u2019re good memories or bad memories, spending your life in another time or another place isn\u2019t going to propel you forward. The past doesn\u2019t determine your future, Kevin.
\nKevin:<\/b>\u00a0 It certainly doesn\u2019t.
\nMichael:<\/b>\u00a0 Number two is negative self-talk. You know that little voice in your brain: \u201cI\u2019m not good enough,\u201d \u201cI\u2019m not ready yet,\u201d \u201cI don\u2019t know enough.\u201d You actually have to cut out the negative self-talk and think positively.
\nKevin:<\/b>\u00a0 It\u2019s so easy to do, too.
\nMichael:<\/b>\u00a0 The third thing you should not do if you want to become successful is procrastinate.
\nSometimes, it looks like you have to get a little more information or learn is little bit more. There are always excuses why not to do it, but successful people take action; unsuccessful people procrastinate.
\nKevin:<\/b>\u00a0 Interesting on that point too, Michael, every time I procrastinate over something and then do it, I think, \u201cWhy did I procrastinate over that? It was so easy to get through.\u201d
\nMichael:<\/b>\u00a0 Of course, you\u2019re right, aren\u2019t you, Kevin?
\nKevin:<\/b>\u00a0 Indeed. What was the next one?
\nMichael:<\/b>\u00a0 I think another point you should let go of is blaming. There\u2019s not such thing as a rich victim. People tend to blame their education, their parents, the economic climate at the moment, or the banks. You have to become the pilot of your life, not the passenger. Successful people don\u2019t blame others.
\nKevin:<\/b>\u00a0 You think it\u2019s about taking responsibility, Michael?
\nMichael:<\/b>\u00a0 Good point. You have to be the pilot of your life, not the passenger. You take responsibility.
\nAnother thing you\u2019ve got to get rid of is living for your paycheck, working from wage packet to wage packet. What you have to start doing is understand that your job is important to help you pay the bills, but you also have to start building assets to start thinking like a businessperson. Even if you don\u2019t run a business, run your own property investment business.
\nI think another thing you should do is give up the issue about taking on a challenge. Never accepting challenges is like never wanting to change. You have to realize that for you to get to the next level in your personal life, your financial life, or anything, you going to have to do things differently, otherwise you would already be there.
\nDon\u2019t be scared of taking on challenges, and don\u2019t be scared of it occasionally not working as well. That\u2019s the way life is.
\nKevin:<\/b>\u00a0 Just on that point, I think what actually makes the character of the person is whether or not you\u2019re willing to face those challenges. I think sometimes challenges are put in front of us to actually help us grow. It\u2019s how you meet them, Michael.
\nMichael:\u00a0 <\/b>Very much so. They wouldn\u2019t be put there in front of you if you couldn\u2019t overcome them.
\nKevin:<\/b>\u00a0 We all have that ability; it\u2019s whether or not we really want to.
\nMichael:<\/b>\u00a0 That\u2019s right. Sometimes it\u2019s easier to stay where you are.
\nAnother thing you need to stop doing if you want to be successful, if you want to feel successful, is stop comparing yourself to others. It doesn\u2019t matter what other people have done or haven\u2019t done, because when you actually get below the surface, you\u2019ll find everyone has their challenges and problems, and they\u2019re possibly not as happy or successful as they seem to be. What you really have to do is just live your life for yourself and your loved ones, and don\u2019t compare yourself to others, or anyone\u2019s estimate of you. It doesn\u2019t matter.
\nThe other thing you have to give up is being ungrateful. In reverse, what you really have to do is be grateful. We live in the best country in the world, in the best time in history, with the most opportunities.
\nBe grateful for what you have. In fact, one of the things I do every morning before I get out of bed is thank myself or the world. I don\u2019t necessarily believe in God and I\u2019m not necessarily spiritual, but I\u2019m actually grateful, and in my mind, I think through four things that I\u2019m grateful for today, to give me a good day.
\nKevin:<\/b>\u00a0 What about treating yourself, Michael?
\nMichael:<\/b>\u00a0 You have to be nice to yourself, as well. You have to appreciate that you deserve wealth, you deserve happiness, and you deserve what you have in life. That\u2019s a good point, Kevin. Stop not being nice to yourself \u2013 because we\u2019re talking about the negatives. The reverse is to be nice to yourself; you deserve it!
\nKevin:<\/b>\u00a0 One of the points you made there was about comparing yourself to others. I think sometimes we do that because we\u2019re trying to be someone that we\u2019re really not.
\nMichael:<\/b>\u00a0 Yes. Your parents possibly told you that you should have gone to college, you should have gone to university, you should have been a dentist, or whatever. No. Don\u2019t live anybody else\u2019s life. Be yourself, Kevin.
\nThere are some interesting lessons that I believe we should be thinking about \u2013 things to stop doing so that you can start being successful.
\nKevin:<\/b>\u00a0 Just before I let you go, I have a question that was sent into us by Andy. Thank you for your question. You mentioned in one of your books about giving a gift to your property manager, and if the gift is less than $300, it doesn\u2019t require a receipt.
\nDo you want to add a little bit more to that, Michael?
\nMichael:<\/b>\u00a0 The simple answer is that the cost of doing business involves expenses. One of the expenses can genuinely be giving gifts to staff or consultants. It could be your accountant at the end of the year, and why not your property manager who looks after it?
\nYou can give regular gifts to staff members, and that $300 has more to do with staff members. If it\u2019s a one off gift to your property manager, as long as it\u2019s a reasonable amount, the tax department isn\u2019t going to question it.
\nWhen I talked about receipts, that was really with regard to your regular staff, but if you\u2019re doing a one-off thing to your property manager, why not keep the receipt just in case the taxman checks?
\nKevin:<\/b>\u00a0 Indeed. Always good talking to you. Michael Yardney from Metropole Property Strategists and, of course, Michael\u2019s blog \u201cProperty Updates.\u201d Check that out, as well.
\nMichael, thanks for your time.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Geoff Hall<\/h3>\n

Kevin:<\/b>\u00a0 How does it happen? I\u2019ve seen it happen recently in Melbourne with two identical properties in the same block, and one sold for about $80,000 to $100,000 more than the other one, only a matter of weeks apart.
\nTo tell us the story, Geoff Hall joins us from Metropole Properties in Melbourne.
\nGeoff, what was the story?
\nGeoff:<\/b>\u00a0 It was an interesting one. As you said, there were two identical properties in a row of six apartments in a lovely street in the eastern suburbs of Melbourne. One of them had a tenant in place, and the agent was selling it with the tenancy in place. Of course, the presentation was less than ideal \u2013a lot of mess around \u2013 and the auction campaign for that particular property didn\u2019t go as well as I\u2019m sure the agent was hoping. That particular property ended up selling at auction. In fact, it passed in and sold just after auction.
\nExactly the same property two doors up \u2013 within the same block but two apart \u2013 sold six weeks later with a different agent. What that agent had decided to do was furnish the property, so they staged it. They\u2019ve put a coat of paint over the property and thrown some tanbark in the courtyard out the back.
\nThe properties were exactly the same, the floorplans were the same, and were in the same location, obviously. The difference in the sale price was close to $80,000, about a 20 percent difference in the sale price for exactly the same property. It all came down to presentation.
\nKevin:<\/b>\u00a0 All down to presentation. Was the second one staged?
\nGeoff:<\/b>\u00a0 The second one was staged, yes. It had the hire furniture, and when you walked in, it had a much superior feel to the first one that had the tenant in it.
\nKevin:<\/b>\u00a0 Can you give me an idea on how much that staging cost? No, let me ask you this: how much would it have cost to improve the first property that undersold?
\nGeoff:<\/b>\u00a0 The agent told me that they\u2019d spent around $6000 in total. That was with painting, some minor tarting up of the courtyard, and the staging of the hire furniture. So about $6,000 has contributed to an $80,000 increase in price.
\nKevin:<\/b>\u00a0 That\u2019s quite staggering, isn\u2019t it? That\u2019s a huge lesson. Now, also, one had a tenant in and one didn\u2019t have a tenant, obviously. Is that some more advice to investors as well?
\nGeoff:<\/b>\u00a0 I think there are two lessons there. There\u2019s one for investors: if you\u2019re looking to buy, look beyond the presentation. As buyer\u2019s agents, we often like buying properties that have tenants in place because of that very reason. A lot of owner-occupiers will get put off by the way the property is presented with tenants involved. So if you\u2019re buying, you have to look beyond that.
\nAnd there\u2019s a lesson there for vendors, people selling: presentation is key. It can make a huge difference, and sometimes it\u2019s a lot better to wait until a tenant is out, do some minor work, and then sell the property. You\u2019ll get a much better result.
\nKevin:<\/b>\u00a0 There are some great lessons there. Thanks for sharing them with us, Geoff. I appreciate your time.
\nGeoff:<\/b>\u00a0 My pleasure, Kevin.
\nKevin:<\/b>\u00a0 Geoff Hall from Metropole Properties in Melbourne. Thanks, mate. I\u2019ll talk to you again soon.
\nGeoff:<\/b>\u00a0 Cheers. Bye now.
\n <\/p>\n

Paul Nugent<\/h3>\n

Kevin:<\/b>\u00a0 As a property investor, you\u2019ll get a lot of advice about properties you should be looking at and, more particularly, properties that you shouldn\u2019t be looking at. That\u2019s the question I\u2019m going to pose now to Paul Nugent from Wakelin Property Advisory.
\nPaul, that\u2019s probably a question you\u2019re asked quite often. What properties should I be looking at right now?
\nPaul:<\/b>\u00a0 Every day of the week, Kevin. It\u2019s a perennial question, and it\u2019s very much the starting point for any investor who wants to make a move into the marketplace.
\nKevin:<\/b>\u00a0 Well, the market does change from time to time, so what are you looking at now? What are you suggesting for your clients?
\nPaul:<\/b>\u00a0 Look, there are perennial qualities to particular types of properties that mean they should always be included in an astute investor\u2019s portfolio. Let me make it clear from the outset, to get property investment right, Kevin, it\u2019s all about selection of the asset. It doesn\u2019t matter how well you finance the deal, or what the return is, or what the projected growth is, if you haven\u2019t selected the right asset to begin with, it\u2019s all for naught.
\nKevin:<\/b>\u00a0 Yes, okay. What sort of properties are you recommending?
\nPaul:<\/b>\u00a0 The sort that we\u2019ve been recommending for 20 years that have perennial appeal fall into two main categories.
\nThe first is single fronted, generally single level, period homes \u2013 which could be anything from Victorian through to about the 1930s \u2013 that are in good condition \u2013 so they\u2019re not \u201cRenovator\u2019s Delights\u201d \u2013 and nothing that\u2019s been overly embellished or renovated with expensive fittings. That might suit a homebuyer, but not for investment purposes. Something with a logical floorplan where the adjoining uses are right. By that, I mean a property that\u2019s located in a consistent streetscape, with little or no commercial use and, for a house, that doesn\u2019t have flats behind it or beside it overlooking it.
\nThe other type of property that we\u2019ve always recommended \u2013 and it seems to work particularly well, especially for first time investors \u2013 is apartments. Now, you have to be very careful in the apartment market because there\u2019s such enormous choice, whether we\u2019re talking studios through to penthouses and villa units or townhouses \u2013 you name it, there\u2019s an enormous array to chose from.
\nHowever, any investor is going to be well served by focusing principally on apartments that were built between the 1930s and 1970s, in smallish blocks \u2013 preferably less than 20 apartments \u2013 with dedicated car parking for the apartment that you\u2019re looking at, on a good street, with a good floorplan and, preferably, with only one or two bedrooms. Avoid studio apartments and three-bedroom apartments. Make sure it\u2019s just a good, well-located, one- or two-bedroom apartment with the right outlook \u2013 the right position in the block.
\nKevin:<\/b>\u00a0 It occurs to me that what you\u2019re talking about there, Paul, is the stock that you\u2019re looking for is obviously something that\u2019s not going to be made any more, so therefore it holds its value for that reason?
\nPaul:<\/b>\u00a0 That\u2019s exactly right, Kevin. It\u2019s property that tends to be very finite, and if it\u2019s in the right location, it tends to be in perpetual demand, and very, very limited supply.
\nKevin:\u00a0 <\/b>There\u2019s a lot of talk right now about over-supply, particularly of high-rise units in Melbourne and Sydney \u2013 though probably not so much Sydney at this point. Is that something that you are avoiding?
\nPaul:<\/b>\u00a0 It\u2019s something that we\u2019ve always avoided, Kevin, and there\u2019s a very good reason for that. If you look beyond the fact that it\u2019s an infinite sector of the market where properties can be replicated and reproduced, and more and more are built, and it\u2019s very hard to differentiate between individual apartments, the basic problem with those sorts of high-rise units is that unfortunately there seems to be a very low notional component of land value attributable to each apartment.
\nIf you look at the types of properties I\u2019ve outlined that we would recommend, you could actually close your eyes and understand that well-established apartments and good period houses tend to be on very high components of land value, and that\u2019s what drives the value of the asset into the future.
\nWhen you\u2019re looking at multi-unit high-rises, these enormous creations that have crept out of the ground, it\u2019s only a very small portion of the purchase price that you could attribute to the underlying land value, so it doesn\u2019t have the right driver for future capital growth.
\nKevin:<\/b>\u00a0 It makes a lot of sense, Paul. I want to thank you for your time. Paul Nugent from Wakelin Property Advisory. Thank you, Paul.
\nPaul:<\/b>\u00a0 An absolute pleasure. Thanks, Kevin.
\n <\/p>\n

\u00a0Simon Pressley<\/h3>\n

Kevin<\/b>:\u00a0 A three-month study of the historical performance of each of Australia\u2019s 550 local government authorities has been compiled by Propertyology. Given that some locations have strong capital growth and others have better rental yields, Propertyology calculated a total return and then ranked each LGA from 1 to 550.
\nThe findings of the study produced some fascinating outcomes, and according to Propertyology\u2019s managing director, Simon Pressley, it has dispelled many investor myths. So far, they have released reports on Queensland, Victoria and Western Australia.
\nJoining me now to discuss the findings is Propertyology\u2019s Simon Pressley. Simon, thank you very much for your time.
\nSimon<\/b>:\u00a0 Thanks for having me, Kevin.
\nKevin<\/b>:\u00a0 I mentioned in the introduction that the outcomes of these reports dispelled many investor myths. What were those?
\nSimon<\/b>:\u00a0 Property investing is full of myths, one of which is that population growth rate is the biggest driver property prices, and that was dispelled by this report. There are locations such as Narrabri and Ararat where actually the population has declined \u2013 albeit only a little bit \u2013 over a ten-year period, and they have been among the best performers in all of Australia.
\nAnother common myth is that capital cities are better than regional locations. While you can certainly have some poor performing regional locations, the best performing locations have been more regional than capital cities.
\nKevin<\/b>:\u00a0 Were any of those regional areas on the back of mining?
\nSimon<\/b>:\u00a0 Mining was a common flavor, Kevin, but let\u2019s bear in mind, our study took in a 15-year period, so that\u2019s a long period of time. But right through Australia, the better performing locations, if you narrow it down to a common industry driver, mining and also agriculture were probably the two biggest industries.
\nKevin<\/b>:\u00a0 I guess when people hear of mining, they instantly think of places like Murrumba where there were spectacular increases that were not able to be sustained.
\nSimon<\/b>:\u00a0 That\u2019s true but the best three performing out of 550, number one was Newman, number two was Port Hedland \u2013 both Western Australia regional locations \u2013 and number three was Isaac, which covers Moranbah and Dysart. Those three locations have had some spectacular years in the last 15 years and they\u2019ve had some very poor years, but even factoring in those poor years, they outperformed everything else.
\nKevin<\/b>:\u00a0 I guess it\u2019s great tool if you\u2019re looking to look at property investing over the long term, Simon.
\nSimon<\/b>:\u00a0 Absolutely, yes. For industries like that, timing is very important. I think the big losses are those who board at the top of the market without really understanding what they\u2019re doing.
\nKevin<\/b>:\u00a0 Yes. There is so much detail on the reports, and I thank you for sharing them with me. By the way, too, they are reports that are available on the website. I\u2019ll tell you before we finish this conversation how you can get to them.
\nSimon, there is a lot of detail in those reports. There is far too much for us to cover in the time we have available. What were the standout points for you?
\nSimon<\/b>:\u00a0 Standout points? We were surprised with some of the findings ourselves. As I said, locations like Ararat and Narrabri, they don\u2019t have the big profile of capital cities or even some of the big regional cities, but yet they really have had spectacular performance. They just chug along and don\u2019t get any media attention.
\nThere are places like Wyndham, which is outer Melbourne, that has had the highest population growth rate out of any local government authority in Australia. It has performed okay as a property market but has been far from one of the better ones. I think it\u2019s the thing with population growth. Yes, it drives demand for accommodation; however, if supply keeps up with that demand \u2013 or in some cases, exceeds it \u2013 the overall growth is not going to be as good as what some people may think.
\nThe best performing capital cities? Darwin was ranked number one in the last 15 years followed closely by Perth \u2013 and there again, mostly resources influence there. Sydney, in spite of its current boom over the last two and a half to three years, is still officially been the worst performing capital city over that 15-year period.
\nKevin<\/b>:\u00a0 That\u2019s amazing, isn\u2019t it? Sydney, of course, has those huge peaks and troughs, and that has a major influence over a long period like 15 years.
\nSimon<\/b>:\u00a0 Yes, that\u2019s right. The number one thing, we think, why Sydney hasn\u2019t done as well as what people think \u2013 although it has the biggest population masses of any city in Australia \u2013 is the affordability side of things. Affordability is the number one driver of demand for pretty much all commodities, including property.
\nIt\u2019s only had its boom over the last two or three years, Kevin, because we have historically low interest rates. The low interest rate just compensated for the affordability. But it has the potential to go a complete circle if we have several interest rate rises in years to come.
\nKevin<\/b>:\u00a0 I promised that I\u2019d tell you how you can get a hold of these reports. You can do that by going to the website, Propertyology.com.au. My guest has been Simon Pressley.
\nSimon, thank you so much for spending some time with us today.
\nSimon<\/b>:\u00a0 Thanks for having me, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

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