{"id":5418,"date":"2015-08-14T12:00:52","date_gmt":"2015-08-14T02:00:52","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5418"},"modified":"2015-08-14T12:00:52","modified_gmt":"2015-08-14T02:00:52","slug":"property-investors-head-to-brisbane-suburb-due-diligence-how-to-build-a-170-property-portfolio-how-to-reduce-your-investments-risk-is-there-a-bubble-in-australian-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/property-investors-head-to-brisbane-suburb-due-diligence-how-to-build-a-170-property-portfolio-how-to-reduce-your-investments-risk-is-there-a-bubble-in-australian-property\/","title":{"rendered":"Property investors head to Brisbane | Suburb due diligence | How to build a 170+ property portfolio? | How to reduce Your investment's risk? | Is there a bubble in Australian property?"},"content":{"rendered":"

 
\nQueensland is emerging the hot state and I am not reefing to the temperature. More than half of all respondents to an Australian Property Investor Survey<\/strong> indicated the Sunshine State was where their next investment would be. We talk to the report’s author who says \u201cThe Brisbane market has moved from recovery to growth but has not yet entered a \u2018boom\u2019 market, so there is plenty of opportunity.” We will tell you where those opportunities exist.
\nThis week we look at the trend leading buyers to invest outside of the city limits due mainly to the emergence of major transport systems and roads. We also look at why so many investors struggle to get past one investment property.
\nFollowing on from that trend, <\/b>as with any asset class, real estate comes with its own set of cautionary tales about the potential hazards and pitfalls. Many things can go wrong and the risk is amplified if you leap in without first seeking professional advice and devising a sound strategy and investment plan. But does that mean you should avoid property investment entirely? Of course not, says Michael Yardney<\/strong><\/span><\/a><\/span> and he details why.
\nYoung property investor Nathan Birch<\/strong> became interested in property at 13 and started investing at 18.\u00a0 He can now say he has over 170 properties in his portfolio. Hear his amazing story.
\nWe talk agency agreements with solicitor Garth Brown<\/strong> and some of the conditions on those agreements you should be aware of before you sign with an agent to sell your property.
\nBryce Yardney<\/strong> shares his experience on how to choose a location for property development. After you have done your initial investigation, what you should be looking for in an area. He also tells us where he sees many aspiring developers go wrong.
\n <\/p>\n

Transcripts:<\/h4>\n

Bryce Yardney<\/h3>\n

Kevin:<\/b>\u00a0 My special guest this time is Bryce Yardney<\/span><\/a>.<\/span> We\u2019re talking to Bryce about development, and in this chat, I\u2019m going to be talking to him about the suburb due diligence that you need to do.
\nBy way of introduction, Bryce is a property development specialist, having successfully completed many development projects. Initially working as a project manager at Metropole<\/a> since completing his Bachelor of Project Management in 2011, he now also acts as a buyer\u2019s agent for clients, sourcing and evaluating properties with development potential.
\nBryce, thank you and welcome to the show.
\nBryce:\u00a0 <\/b>Thanks, Kevin.
\nKevin:<\/b>\u00a0 We\u2019ll look firstly at suburb due diligence, and I think we\u2019ll follow that up in a later chat when we look at property due diligence. What do you look for when you\u2019re assessing locations in where you\u2019re going to undertake a development?
\nBryce:<\/b>\u00a0 Let\u2019s assume that people have done their homework on where they want to invest, and I\u2019ll start talking a bit about development. What we look for in areas we do our development in are areas that are gentrifying, where older houses are past their use-by date, ready to be knocked down and be developed into new homes and new developments. You always want a mix of both in there. You don\u2019t want too much development and you don\u2019t want too many single homes, either.
\nAreas that are gentrifying \u2013 wealthier younger families are moving in, older people are starting to move out. It\u2019s the younger wealthier families who are going to underpin the market there, as well. That\u2019s one of the key things we look for, as well.
\nWe look for councils that are constantly putting back into their infrastructure, their schools, their railways \u2013 the things that are going to add value to the area. On councils, you have to make sure that the council you\u2019re dealing with is a development-friendly council, and there are many out there that just aren\u2019t development friendly at the moment.
\nKevin:<\/b>\u00a0 How can you tell that they are development-friendly? Apart from asking, of course.
\nBryce:<\/b>\u00a0 There are really two things. One is you can do your homework and have a look on their website, have a chat to them over their phone, and find out their policies. And it\u2019s not just the policies that you can find out on the Web; unfortunately, you also have to know their under-the-counter policies, as well.
\nKevin:<\/b>\u00a0 What are under-the-counter policies?
\nBryce:<\/b>\u00a0 They\u2019re the ones that they\u2019re not going to tell you over the phone, they\u2019re not going to tell you on the Internet. They\u2019re the ones that you\u2019re only going to unfortunately know by having gone through the process three, four, or five times \u2013 been there, done that. They\u2019re the ones that they enforce with general terms that aren\u2019t really objective; they\u2019re more subjective things.
\nKevin:<\/b>\u00a0 Can you give me an example?
\nBryce:<\/b>\u00a0 I\u2019ll give you a good example of one that we\u2019re dealing with a lot at the moment. They\u2019re using the term \u201cvisual bulk.\u201d What does visual bulk mean? There\u2019s no measurement of a side boundary that you have to be set back from to make your development not visually bulky. All they\u2019re saying is perhaps you\u2019re standing in your neighbor\u2019s private open space, your neighbor\u2019s backyard, and you look up and see this visually bulky development.
\nWhat does that mean? Who knows? It\u2019s really a case-by-case thing, and councils are using this term \u201cvisual bulk\u201d to cut back on developments and say, \u201cNo, the development is too visually bulky.\u201d If you ask them to quantify that and say, \u201cOkay, so what do we have to be set back on our rear boundary, on our side boundaries?\u201d there\u2019s no answer to it. It\u2019s one of those under the counter things that they use to get what they want.
\nKevin:<\/b>\u00a0 It\u2019s a bit case-by-case, is it? Does it help if they know the architect you\u2019re using?
\nBryce:<\/b>\u00a0 Absolutely. Having gone through it a couple of times and having the experience with them, knowing the consultants and team behind the development helps. Absolutely. Unfortunately, sometimes it is still a case-by-case thing, but you can increase your odds, I guess.
\nKevin:<\/b>\u00a0 Just to round this chat out, Bryce, what are some of the biggest mistakes you see budding developers make when they\u2019re looking for a suburb with development potential?
\nBryce:<\/b>\u00a0 Two things. The first one is that people always look for that hot spot, they look for the next big thing, rather than areas that have always done well and probably will always do well. They make that mistake of jumping onto the hot spot.
\nThe second one comes back to what we were talking about earlier, about having the wrong team behind you. Consultants in terms of development costs are a relatively small percentage. People try to save money on these things instead of looking for value. So having that right team around you and maybe spending a few extra dollars on that will really make a difference in your returns at the end of the development.
\nKevin:<\/b>\u00a0 A really good summation there on how to find a suburb to do a development in. Next time you come back, we\u2019ll have a look at the property due diligence you need to do once you\u2019ve decided on the suburb.
\nBryce Yardney has been my guest. Bryce, thanks for your time.
\nBryce:<\/b>\u00a0 Thanks, Kevin.
\n <\/p>\n

Nathan Birch<\/h3>\n

Kevin<\/b>:\u00a0 My next guest is Nathan Birch. We spoken to Nathan on the show before. Nathan started his fascination with property at the age of 13. We\u2019re not going to give away your age now. It\u2019s irrelevant, really. Nathan is very skilled at being a property investor.
\nProperty had something to do with your background, do you think, Nathan?
\nNathan<\/b>:\u00a0 Actually, at the age of 13, I got excited by investing in property. Coming from a blue-collar working family, I wanted to be rich and thought property was the way. I got excited at the young age of 13 and wasn\u2019t able to sign a contract until I was 18. Giving away my age, I just turned 30, and my property portfolio is very strong at 170+ properties.
\nKevin<\/b>:\u00a0 That\u2019s an amazing number of properties. I think the latest stats I saw were around about $30 million worth. The thing that amazes me is we hear a lot of people who have a lot of property but in your case, I think, you\u2019ve driven for it to be neutral or positively geared. Is that correct?
\nNathan<\/b>:\u00a0 That is very important to me, yes. Managing the cash flow is something that is close to my heart, because building a sizable property portfolio isn\u2019t really possible if you\u00a0cash flow position. It could sink or make you.
\nKevin<\/b>:\u00a0 Some people would say at age 30, you\u2019re more than capable of taking on mortgages because you\u2019ve been working for quite some time, but it\u2019s commendable that you haven\u2019t done that. How hard is it in this environment to find property that is either neutral or positively geared?
\nNathan<\/b>:\u00a0 I think it\u2019s the same problems I\u2019ve experienced for last decade \u2013 be it finding the right properties that is going to fit into the portfolio to make you successful, that side of things. A lot of the properties that I bought in the early days weren\u2019t positive cash flow. They were just neutral cash flow. But what happens over time, investing in capital cities and whatnot, the actual rents will rise and turn into a positive state.
\nThe Sydney property market at the moment isn\u2019t really the best market. We can\u2019t find highly cash-flowed properties. However, the two states that I do find it is very possible are Brisbane and the Gold Coast, and Adelaide. Those are the spots that I\u2019m looking at and purchasing in actively in the current market.
\nKevin<\/b>:\u00a0 Talking about cash flow, obviously in this low interest rate environment, it\u2019s very tempting for people to go out and borrow as much as they possibly can. Do you think that\u2019s a bit of a mistake?
\nNathan<\/b>:\u00a0 It\u2019s something that just depends. If we\u2019re looking at the Sydney market, which is at the highest point it\u2019s ever been, if you\u2019re pushing yourself and having a very high LVR, I think that it could be a bit fraught with danger.
\nHowever, if you\u2019re looking at markets like Brisbane, southeast Queensland, and Gold Coast, those markets have been depressed since the GFC \u2013 so for about seven or eight years, the markets have been very, very depressed. I\u2019m picking up properties there all the time that are still $50,000 less than what they were selling for seven or eight years ago.
\nLooking at the cash flow positions on them, they are positive cash flow. You can pick up properties for $200, $250 or even for $300, $350, $360 per week. From that perspective, if you built a portfolio of ten of them, the boom is on its way to that region, and obviously, the pricing is going to go up. It\u2019s not like it\u2019s on its way down.
\nKevin<\/b>:\u00a0 Where do you sit on the debate about interest-only and principal-and-interest repayments?
\nNathan<\/b>:\u00a0 Good question, Kevin. From a perspective of interest-only and principal-and-interest, I think a lot of people get caught up in the fact that you want to pay down the property as quick as possible. Paying off the property as quick as possible is one way of looking at it.
\nI\u2019ve always looked at investing as there are different phases that you go through. One of the phases is obviously educating yourself on what you\u2019re trying to do as a property investor. The next one is accumulation, and the third one is consolidation.
\nFor me, personally, looking at accumulating properties, you need to keep yourself as lean and as thin as possible from a cash flow perspective. In that instance, I think in the early years, it\u2019s best to be interest-only.
\nThe reason being is if you want to have five properties in your portfolio \u2013 or ten properties or whatever \u2013 if you\u2019re paying an extra $50 per week out of your pocket to pay the property down, that could be $50 per week going toward your next deal. I\u2019d rather be paging through a property cycle, an extra property, an extra ten properties, or an extra 20 properties through a market cycle, not just trying to pay it down and have no debt.
\nDebt is a part of good investment strategy \u2013 but minimizing debt, as well. I\u2019m not a big fan of 90% and 95% loans. I\u2019m a big advocate for 20% deposits. That is something I\u2019ve done in my personal property investing journey but also bearing in mind that paying down the property is just a numbers thing.
\nThe view in the future is you should always be paying down debt. What I mean by that is I look back on my properties that I bought ten or 12 years ago that I might owe $530,000 on and they\u2019re worth $450,000 or $500,000. If I only owe $100,000 on each, that\u2019s only 20% LVR that I have in the current market. I would rather have ten of those sort of results than five of those results if I had being pay down those mortgages.
\nThe reality of it is that five or ten years on, what is the difference between owing $100,000 or $80,000. I\u2019d rather be making that $400,000 spread on the other side.
\nKevin<\/b>:\u00a0 That\u2019s all good leverage. Nathan, we\u2019re out of time, mate, but thank you very much for your time. Nathan Birch has been my guest, and the website is Binvested.com.au.
\nNathan, thanks again for your time.
\nNathan<\/b>:\u00a0 My pleasure, Kevin. Thanks for having me on the show.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin:<\/b>\u00a0 Like with anything in life, everything comes with risk. So, too, does property investing.
\nI\u2019m going to talk to Michael Yardney<\/span><\/a> <\/span>now. He wrote an article recently that was featured on our site about how you can reduce some of those risk factors involved in property investment.
\nGood day, Michael. How are you?
\nMichael:<\/b>\u00a0 Hello, Kevin.
\nKevin:<\/b>\u00a0 Michael, of course, is from Metropole Properties<\/a> and is always a regular on our show.
\nTake us through the things that you find that can actually reduce our risk exposure.
\nMichael:<\/b>\u00a0 I think this is a good topic because it\u2019s one of the things that holds people back. They\u2019re worried about all the things their mates tell them can go wrong, and so therefore they don\u2019t go ahead. That\u2019s not a reason not to invest. I think it\u2019s important to know what the potential risks are and be prepared for them.
\nKevin:<\/b>\u00a0 What\u2019s the first one?
\nMichael:<\/b>\u00a0 One of the big ones that people are scared of is vacancy. They\u2019re worried that the property is going to be vacant for a long period of time and they\u2019re not going to have rent coming in and they\u2019re not going to be able to pay the mortgage.
\nEven today, current vacancy rates are a little higher than normal, and that means rents aren\u2019t moving up much, but if you price your property correctly \u2013 and if you have the right sort of property \u2013 then vacancies shouldn\u2019t be more than a couple of weeks.
\nI guess the way you minimize this is buying the right sort of property in areas where there\u2019s a wide range, a reasonable demographic, of potential tenants. That\u2019s why I avoid mining towns, regional areas, and holiday locations, because that\u2019s where you tend to get the large fluctuations when there\u2019s sometimes lots of people and sometimes hardly anyone wanting to rent your property.
\nKevin:\u00a0 <\/b>Also with commercial property, I would think?
\nMichael:<\/b>\u00a0 Much the same, too. You want to be in the main roads where there\u2019s always going to be lots of people walking past to help pay the rent for the tenant of your property.
\nAnother way of minimizing the vacancies is having a good property manager who is up to date, proactive, has all the latest software, and can get your property let quickly.
\nThe last way, of course, is to make your property appealing. Increase its appeal by always keeping it spick and span, up to date, looking nice and appealing.
\nKevin:<\/b>\u00a0 Talking there about property managers, getting the right kind of tenant and not a horror tenant is pretty important, too.
\nMichael:\u00a0 <\/b>I guess we\u2019ve seen those shows on A Current Affair<\/i> where they chase the bad tenants down the street because they trashed this little old lady\u2019s property. Unfortunately, there are some tenants who let you down, but having a good property manager select tenants is important.
\nThe other thing is having insurance to protect yourself against this is another way of making sure that you\u2019re not going to be caught out by the horror tenant.
\nKevin:<\/b>\u00a0 Some people are also very concerned about some of the things that might occur that we don\u2019t expect to happen \u2013 like being unemployed, for instance.
\nMichael:<\/b>\u00a0 That\u2019s one of the issues that scares people. \u201cIf I take on this big financial commitment by buying an investment property, what can go wrong?\u201d That\u2019s the reason I always talk about having a financial buffer in place. Apart from protecting the property, you also have to protect yourself and your finances by having a bit of a line of credit or an offset account where you have some money for those little surprises.
\nAlso, having adequate insurance \u2013 for not just the property, but also yourself. It may seem like a bit of an expense today, but if things go wrong, having that insurance is going to get you out of hot water.
\nKevin:<\/b>\u00a0 Talking about that buffer, Michael, what about chasing interest rates?
\nMichael:<\/b>\u00a0 I guess what\u2019s happening is that people are committing themselves to investments now in a low-interest-rate environment, but this too shall pass and the way of the economic world is that interest rates will go up again. One way of protecting yourself is having a buffer, as you correctly said. Another way is to consider locking in a portion or all of your interest rates at the moment, and that will give you a level of security.
\nWhat we\u2019re really doing is running through the concerns people have about getting involved in property, and as I\u2019m trying to show, there are ways of minimizing them.
\nAnother big one is unexpected maintenance issues, because things do go wrong even in new properties. You have to set aside a budget. One of the mistakes investors make is not leaving aside a bit of money each year for the hot water service that blows, or something else that goes wrong, and every five or seven years, you might have to paint the property, and every ten years, you may have to put new carpets in. So, be prepared for it, budget for it, have that buffer, and you won\u2019t get caught out.
\nKevin:<\/b>\u00a0 What about the highs and lows of the market, Michael?
\nMichael:<\/b>\u00a0 That\u2019s another thing that scares investors. At the moment, everybody is on a bit of a high and the property markets are doing well, but wealth creation is a long-term strategy, and therefore investors shouldn\u2019t be scared by the ups and downs of the market. They should be prepared by buying only investment grade properties, those that are going to be stable.
\nSo again, buying in the big capital cities where there are multiple pillars of the economy and wages underpinning their property values growth. That\u2019s going to ensure that they\u2019ll be able ride through the ups and downs, as opposed to buying in mining towns, regional towns, or other areas where when property values plummet, it gets pretty scary, Kevin.
\nKevin:<\/b>\u00a0 Just before I let you go, have you got time for a couple of quick questions?
\nMichael:<\/b>\u00a0 Of course.
\nKevin:<\/b>\u00a0 Okay. One is from Brad, who says, \u201cHow do you claim the LMI and interest on line of credit that you set up to buy an off-the-plan property?\u201d
\nMichael:<\/b>\u00a0 First of all, I\u2019d be saying to Brad to be really careful about buying off-the-plan properties at this stage of the cycle, but that\u2019s a totally different question.
\nKevin:<\/b>\u00a0 Is this an accounting question, Michael?
\nMichael:<\/b>\u00a0 Yes it is, but you don\u2019t actually have to pay lender\u2019s mortgage insurance until you take your loan, which doesn\u2019t actually happen until you\u2019ve settled your property. Therefore, if you\u2019re putting a deposit down to buy an off-the-plan property that will settle in two or three years\u2019 time, it becomes part of the loan when you settle, when you start getting income in, so it\u2019s just a normal tax deduction.
\nKevin:<\/b>\u00a0 Wonderful. Another quick one from Katrina: \u201cCan you please address the effect of granny flats on principal places of residence and resale \u2013 particularly when you own and then go overseas and want to use the six years CGT exemption to sell when you have the flat in the backyard?\u201d
\nMichael:<\/b>\u00a0 Quick disclaimer, Kevin: I\u2019m not an accountant, so I can\u2019t give the CGT advice. But the answer is that a granny flat on your principal place of residence will devalue it. It\u2019s going to make it less appealing to a wide range of tenants \u2013 not everybody wants somebody in their backyard \u2013 and it will make it less appealing to purchasers in the future.
\nThe next comment that she asks is, \u201cHas this now changed the nature of my home to make it now no longer my principal place of residence, and may I have to pay some capital gains tax?\u201d I guess, in truth, it has changed the nature of it. How does that impact the capital gains tax? I\u2019m sorry, Katrina; I think you\u2019re going to have to ask your accountant. That\u2019s a very specialized question.
\nKevin:<\/b>\u00a0 It\u2019s a very good question, too, and it\u2019s one that I think a lot of people probably haven\u2019t even thought of, Michael.
\nMichael:<\/b>\u00a0 That\u2019s right, but when you change the nature of your property, it\u2019s no longer your principal place of residence. If, for example, you use it for business, for your home office, or for other things, that portion that isn\u2019t your principal place of residence usually does not get the capital gains tax exemption. You have to pay some extra capital gains tax, and it could well be the case with your granny flat.
\nKevin:<\/b>\u00a0 Good talking to you. Michael Yardney<\/span><\/a> <\/span>from Metropole Property Strategists<\/span><\/a>.<\/span> Thanks, Michael.
\nMichael:<\/b> My pleasure, Kevin.
\n <\/p>\n

Simon Cohen<\/h3>\n

Kevin<\/b>:\u00a0 A few weeks ago, I had the pleasure of talking to Simon Cohen from Cohen Handler Buyer\u2019s Agents out of Sydney. Simon Cohen returns once again.
\nSimon, I want to talk to you about a couple of other things this time \u2013 one, about whether or not you see a bubble. Is there a bubble in Australian property?
\nSimon<\/b>:\u00a0 I don\u2019t know if \u201cbubble\u201d is the right word. I think definitely the market is exceptionally hot, and it\u2019s a great time for people to buy with historically low interest rates. I do think prices have changed, not for a certain period of time, but I think they\u2019ve changed for good. What may have been $650,000 is now $750,000, and we have certainly seen that median house price move to around $1 million, which is the highest it\u2019s ever been.
\nI\u2019m not sure there is a bubble. It\u2019s certainly a hot market, it\u2019s a heated market, and there are definitely more buyers than stock. Will it burst? I\u2019m personally not that confident it will.
\nKevin<\/b>:\u00a0 I don\u2019t think you can say that the entire Australian market is one market. If you look at Sydney, it could be argued that maybe that\u2019s slightly over-inflated at this point in time and there might be a correction coming. But if you look at other markets around Australia \u2013 like Brisbane \u2013 Queensland continues to perform at a steady level. I think it would be hard to argue that there is a bubble.
\nSimon<\/b>:\u00a0 Agreed. Really, it depends who you ask, right? Some people think Brisbane is always a little bit behind and will catch up. Some people think it\u2019s had an over-supply of property and won\u2019t. But I absolutely agree with you. Every market is different and most people only talk about Sydney and Melbourne, which are the two hottest markets out there.
\nKevin<\/b>:\u00a0 Another thing I wanted to talk to you about \u2013 because I know you\u2019re in touch with a lot of investors \u2013 is why most property investors only ever get to one investment property and then find it difficult to get past that.
\nSimon<\/b>:\u00a0 I think most people save and save and save for their deposit, buy that investment property, and then really don\u2019t know what to do with it. To me, it\u2019s a huge enigma. The beautiful thing about property is you can buy it and after three months, you can have it revalued, and if you buy well, you don\u2019t need any more cash. You use the equity in the first property to keep growing your portfolio. We see heaps of our clientele, year on year, continue to do that.
\nI think most people maybe don\u2019t have the right advice, or they don\u2019t know how to structure it, or they think just having one is enough. But the point of having the first one, which is the hardest one, is that you can get many more down the track.
\nKevin<\/b>:\u00a0 I\u2019ve spoken to a lot of commentators in this show, and it seems apparent to me that the reason a lot of people stop is because they probably don\u2019t have a strategy. They know they want to get into property investment. They get their first one and think, \u201cGood, I\u2019ve made it now and I\u2019ll sit,\u201d but they don\u2019t have a strategy to move on.
\nSimon<\/b>:\u00a0 Exactly. The hardest one is the first one. It should be smooth sailing from there.
\nKevin<\/b>:\u00a0 Simon, on another topic, just while I\u2019ve got you there, when you\u2019re looking around for your buyer clients, tell me about investment moving out west because of the emergence or the need \u2013 I guess \u2013 for major transport systems to be developed as populations grow out.
\nSimon<\/b>:\u00a0 Absolutely. One of the offices we have is out west. A year ago, we were looking at an area like Parramatta, which is the fastest-growing CBD in Sydney, incredible infrastructure. The smartest thing you can do as an investor is look for areas that even if the market slows down, they have reasons why they\u2019ll continue to grow \u2013 as you say, transport, offices moving out there, and things like that. It\u2019s far more affordable. The yields are a lot higher.
\nLiving in the east, in the north, and around the city has become so expensive that areas further out west where there is incredible transport and infrastructure make absolute sense for people to live in, and so they make really great investment opportunities for clients.
\nKevin<\/b>:\u00a0 It\u2019s always great talking to you, mate. Thank you so much again for your time. Simon Cohen from Cohen Handler has been my guest.
\nMate, we\u2019ll catch up with you again soon.
\nSimon<\/b>:\u00a0 Always a pleasure. Thank you.
\n <\/p>\n

Nick Lockhart<\/h3>\n

Kevin<\/b>:\u00a0 There is an interesting study that was released during the week by MRD Partners that revealed that more than half of all respondents to their Australian property investor survey indicated that the Sunshine Coast was going to be where their next investment would be. Joining me is the author of that study and managing director of MRD Partners. I\u2019m talking to Nick Lockhart.
\nNick, thank you. Did that really surprise you?
\nNick<\/b>:\u00a0 It did, actually. What surprised me was that over half of the respondents said they intended to buy an investment property in the next 12 months. The fact that over 50% said Queensland was their preferred market didn\u2019t surprise me.
\nKevin<\/b>:\u00a0 If Queensland did so well, how did the other states fare, Nick?
\nNick<\/b>:\u00a0 New South Wales, Victoria, and Western Australia were about a quarter of that of Queensland. South Australia was one-sixth. There was 32 times more popularity for Queensland than Tasmania, and the Northern Territory lost by 48 to 1.
\nKevin<\/b>:\u00a0 There has been a lot of speculation over the last 18 months about southeast Queensland in particular as being a place to invest. The Queensland market doesn\u2019t have those big peaks and troughs that we see in the other states. Do you think that\u2019s what it\u2019s all about, Nick?
\nNick<\/b>:\u00a0 I think it\u2019s long overdue for an upturn. It\u2019s the only capital city that hasn\u2019t had a decent upswing since the GFC. All other markets seemed to bounce back pretty quickly. In 2010, it looked as though the Queensland market was going to bounce back, but then, of course, in January 2011, we had the floods, and I think that put a damper on things.
\nIt really is long overdue, and the price difference between a median house in Brisbane versus Melbourne and Sydney is just ridiculous. It is so great that it\u2019s just become a target for people.
\nKevin<\/b>:\u00a0 Would you say the results of this survey are indicating that there could be a boom on the way for Queensland?
\nNick<\/b>:\u00a0 I get nervous using the \u201cboom\u201d word. We\u2019re certainly seeing recovery here, and I think we\u2019re moving into the beginning of what I would call a growth phase. Boom is what follows. With low inflation, with things the way they are, with the Chinese now directing their attention to Queensland, it is very, very possible we\u2019ll move into a boom. There are a lot of factors at play at the moment, a lot of changes to lending rules, a lot of focus on the investment market. The government may make some changes to dampen the demand.
\nKevin<\/b>:\u00a0 We are seeing a lot of downturn in WA. Is that being reflected in consumer confidence? Is that what you\u2019re hearing?
\nNick<\/b>:\u00a0 WA is a funny market in the sense that it\u2019s very parochial, though the respondents to my survey who said that WA was their preferred market to invest in were made up of 83% of West Australians. With the downturn in mining and there are a lot of people moving back out of that state, people who have come from the East Coast who have gone over there, I think there is a lack of confidence. Western Australia is very heavily dependent upon the mining industry.
\nKevin<\/b>:\u00a0 What would be your advice for investors? What should they be focused on in this market?
\nNick<\/b>:\u00a0 My personal take is that we should look for emerging markets.
\nKevin<\/b>:\u00a0 What do you mean by an emerging market?
\nNick<\/b>:\u00a0 A market that is coming off the bottom, off a slump. I\u2019ve just been in Sydney catching up with clients and the pace of the market moving down there is just ridiculous. It is a seller\u2019s market. Ironically, it\u2019s a seller\u2019s market because there are so many buyers around. Buyers should be looking for buyer\u2019s markets, and obviously, southeast Queensland, Brisbane, Gold Coast, and Sunshine Coast are definitely buyer\u2019s markets at the moment.
\nKevin<\/b>:\u00a0 Of those people you surveyed, do they have a preference for houses or units?
\nNick<\/b>:\u00a0 There is definitely a preference for land. Almost 63% of respondents said that they preferred house and land as opposed to townhouses, which was just under 16%, and apartments were pretty similar at 14%.
\nKevin<\/b>:\u00a0 I was pleased, too, to see the results of the survey dispelled one of those myths that we hear about all the time, and that is that property investors are rich.
\nNick<\/b>:\u00a0 Absolutely. It was interesting asking that question. Almost 62% of people identified themselves as being middle-income households. Then there were 32% who identified themselves as being low-income households. Those who said they were high-income households made up less than 6.5%.
\nKevin<\/b>:\u00a0 A very interesting study. Nick, I appreciate your time in sharing that with us today. I\u2019ve been talking to Nick Lockhart from MRD Partners.
\nNick, thanks for your time.
\nNick<\/b>:\u00a0 Thanks, Kevin. You have a great day.
\n <\/p>\n

Garth Brown<\/h3>\n

Kevin:<\/b>\u00a0 There\u2019s a critical document that you have to sign with an agent when you come to sell your property, and that\u2019s called the agency agreement. There are very different agreements in different states, admittedly, but by and large, you can either sell by private treaty, you can sell it by auction, or you can sell it under a sole or an exclusive agency. I want to get a bit of a feel for some of the complications within each of these agreements.
\nJoining me now is Garth Brown from Brown and Brown Conveyancers. Garth, thanks again for your time.
\nGarth:<\/b>\u00a0 Hi, Kevin. Thank you.
\nKevin:<\/b>\u00a0 While it varies from state to state, there are some uniform areas and some areas where sellers should be concerned before they sign one of these agreements. Can you take us through a few of those, Garth?
\nGarth:<\/b>\u00a0 Yes. One of them is an interesting one. It\u2019s known as a continuing agency, which is part of the clauses of some of these agency agreements. What it says is once you sign with an agent and if someone comes to that agency through an open home or makes an enquiry and is interested in buying the property but doesn\u2019t go ahead and purchase, and you then decide to change agencies and use another agent and that same person comes through another agency and ends up buying your property, this could open you up to what\u2019s known as a double commission claim from both agents.
\nThat\u2019s something to be very well aware of, because if the first agent has introduced them to the property, then they change agents and come through another agency, this is where this continuing agency can catch you. The way to negate this situation is to go through the agency agreement and actually strike out that continuing agency clause.
\nKevin:<\/b>\u00a0 When you move from one agent to another, Garth, how important is it to make sure that the agreement with the previous agent has been fully terminated?
\nGarth:<\/b>\u00a0 It\u2019s very important. It has to be done in writing, otherwise it can open you right up to this continuing agency clause where two agents can claim double commission.
\nKevin:<\/b>\u00a0 No seller wants to get involved in that situation, where two agents are fighting over the commission. At the end of the day, it\u2019s the agent who can prove that they are the effective cause of sale. Just by having an inspection doesn\u2019t necessarily make you the agent of the effective cause. But you don\u2019t want to get caught up in that, Garth. It can be an awful mess.
\nGarth:<\/b>\u00a0 That\u2019s right. You want to protect yourself, you want to mitigate risk, and you don\u2019t want to get in trouble later on with paying an extra commission that you don\u2019t need to.
\nKevin:<\/b>\u00a0 There\u2019s an easy way around this, Garth, and that is before you sign any document, make sure you check with your solicitor, or your conveyancer, in this case.
\nGarth:<\/b>\u00a0 Definitely. We\u2019ve had quite a few who had no idea what they were signing into, but they sent it through to us and we were able to adjust the agreement, and they were fine to understand what their rights and obligations were.
\nKevin:<\/b>\u00a0 Garth, once again thanks for your time. I appreciate it.
\nGarth Brown from Brown and Brown Conveyancers. Thanks, mate.
\nGarth:<\/b>\u00a0 Thank you, Kevin. I appreciate it.<\/p>\n","protected":false},"excerpt":{"rendered":"

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