{"id":8108,"date":"2016-05-26T10:00:21","date_gmt":"2016-05-26T00:00:21","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8108"},"modified":"2016-05-26T10:00:21","modified_gmt":"2016-05-26T00:00:21","slug":"finding-real-estate-gold-nt-real-estate-takes-a-nose-dive","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/finding-real-estate-gold-nt-real-estate-takes-a-nose-dive\/","title":{"rendered":"Finding real estate GOLD + NT real estate takes a nose dive"},"content":{"rendered":"

So, you\u2019ve found what appears to be the perfect \u201csplitter block\u201d for your first potential property project. To help with the due diligence, Nhan Nguyen<\/strong>, from Advanced Property Strategies, runs through his checklist of items to ensure the project is viable.
\nIn recent times Northern Territory home sales take a huge hit. Quentin Kilian<\/strong>, CEO of the Territory Real Estate Institute says it is the lowest quarterly levels on record and he explains why.
\nAndrew Mirams<\/strong><\/a> from Intuitive Finance answers the often asked question – to lock in or not?
\nMichael Yardney<\/strong><\/a> answers Adam\u2019s question about looking for a property with a twist.
\nA new report says that most Australians have identified a 4 bedroom\/2bathroom home as their ideal property. So how does that compare to the homes of our parents and even our grandparents? Bernard Salt<\/strong> says what were considered luxuries for our parents in terms of housing was 3 bedrooms and an indoor toilet. My how things have changed.
\nWouldn\u2019t it be nice to know that when you plan to approach a lender, you will have an idea about how they will look at your potential purchase? There are some properties that the banks will treat more favourably than others and Bryce Holdaway<\/strong> tells us which ones.
\n 
\nTranscripts:<\/strong>
\n 
\nNhan Nguyen<\/strong>
\nKevin:\u00a0 <\/b>Say you found what appears to be the perfect splitter block for your first potential property project. Maybe not; maybe you\u2019ve done it before. Well, we\u2019re going to talk about due diligence with splitter blocks now. Nhan Nguyen from Advanced Property Strategies has had a lot of experience with this and helped many people do it. We\u2019re going to ask him some questions about due diligence.
\nNhan, thank you very much for your time.<\/b>
\nNhan:\u00a0 <\/b>Excellent, mate. Thanks for being here.<\/b>
\nKevin:\u00a0 <\/b>How do we go about finding a splitter block, Nhan?<\/b>
\nNhan:\u00a0 <\/b>One of the easiest ways to find splitter blocks is you need software, which is the ability to see \u2013 x-ray vision as I say. We use PriceFinder or RP Data; they\u2019re subscription programs that you can use, and it allows you to integrate with Google Maps and see what double blocks look like from an aerial view, because they\u2019re all there.<\/b>
\nKevin:\u00a0 <\/b>Are all double blocks the same?<\/b>
\nNhan:\u00a0 <\/b>No, definitely not. There are a handful of different types. One is what we call the widow block, so two triangles added together; it becomes a big rectangle. That\u2019s what\u2019s called a widow block. They can be a bit more cumbersome and you may need to get a development approval, or reconfiguration as we call it, to make them usable.
\nThe standard splitter block that you have is a 20×40, and when you split them, you\u2019ll have two lots that are 10×40 each. The other block, which is the third option that you have, is a double block we call it in generic terms, but really, it\u2019s just one block that does need to be subdivided into two, and that\u2019s a 20×40 subdivision block.
\nThere\u2019s a technical difference between a splitter block and a subdivision block. The subdivision blocks, you actually have to get a development approval, because you\u2019re going from one into two and you\u2019re creating a new lot, whereas a splitter block is already on two titles and you don\u2019t have to get an approval as such.<\/b>
\nKevin:\u00a0 <\/b>Apart from finding out what sort of block it is, what other due diligence methods or steps should we take in terms of services?<\/b>
\nNhan:\u00a0 <\/b>There are two key parts to due diligence. With the services, you generally can check it out before you dig. There\u2019s a website \u2013 it\u2019s just 1100.com.au \u2013 and on that, you can log in and once you give the address, and it will spit out for you where the location of the services are.
\nGenerally, I use the five finger technique, where you look at the five services. There\u2019s water, sewer, stormwater, Telstra, and power. Generally, the connections that you have to connect straight away are the water and sewer. If it\u2019s what is called an infill block, where there\u2019s power and telephone directly nearby, then you may not need to worry about that, but generally, the main ones that people have to connect are water and sewer.<\/b>
\nKevin:\u00a0 <\/b>In your experience, Nhan, where have you seen potential developers go wrong with this? What could go wrong?<\/b>
\nNhan:\u00a0 <\/b>There are a lot of things that can go wrong. One of the reasons we suggest to beginning investors and developers to start with splitters is you don\u2019t need to get a development application most of the time, but one of the things that may stop you from doing the splitter block is the house may not be actually removable from a council regulation point of view.
\nIf it\u2019s built pre-1946 and the council have an overlay or a zoning where you cannot remove the house, the house may straddle both blocks and let\u2019s say it\u2019s brick, <\/b>part of it, but the council said \u201cNo, it\u2019s tin an timber in this part, and you cannot demolish it,\u201d for example, then you won\u2019t be able to realize those blocks, because you may not be able to move the house, or if the house is too big and you may not be able to cut it to make it fit on the block. That\u2019s definitely one part of due diligence that you need to check out if you\u2019re doing a splitter block.
\nThe other part is just knowing where the services are. With the services being across the road, for example, or around the corner, it may just cost you a bit more to be able to access those services and cost you a bit more in terms of designs. I actually had one client who did a splitter block but he had to move a manhole to make sure that the block was workable, and that just took a little bit longer, a fair bit more cost, and a bit more challenging time-wise.<\/b>
\nKevin:\u00a0 <\/b>In your experience, do you find that people who own these properties and they\u2019re aware that it is what we call a splitter block, do they end up having an over-inflated opinion of value \u2013 in other words, they say \u201cThis is two lots, so therefore it has to be double what it\u2019s worth now\u201d?<\/b>
\nNhan:\u00a0 <\/b>I find that most people actually don\u2019t know that it\u2019s on two lots, even though it\u2019s on their rates <\/b>notice \u2013 it says \u201cLot three and lot four\u201d or \u201cLot seven and lot eight.\u201d They may not be aware of it; they\u2019re just aware that the size is, let\u2019s say, 800 square meters.
\nYes, they definitely do inflate the price. They don\u2019t take into consideration the services, which might cost $10,000 or $15,000 at the higher end, and they don\u2019t take into consideration the ability or the cost to remove the house, which may be somewhere between $12,000 and $20,000 depending on the size of it, asbestos, and things like that.
\nYes, they generally just make up figures on \u201cOne block is worth this,\u201d they double it and that\u2019s what they sell it for, but there are a lot of expenses in between \u2013 stamp duty on the purchase, GST on the sale, holding costs, things like that. So as a developer and investor, there are so many other expenses that I need to take into consideration. Agent\u2019s commission on the selling end, as well.<\/b>
\nKevin:\u00a0 <\/b>Just in terms of expenses, those two you mentioned there \u2013 that is, removal of the property, if it can be removed, and\/or getting services to the lots \u2013 are they the two biggest expenses?<\/b>
\nNhan:\u00a0 <\/b>Yes, they are. They\u2019re the two biggest expenses from a cash outlay point of view, obviously from purchasing the property, stamp duty and agent\u2019s commission on the other end, as well as GST is a serious consideration, as well. Those other two costs \u2013 which are the services, which is the water and the sewer, as well as the demolition of the house \u2013 are other major costs there.<\/b>
\nKevin:\u00a0 <\/b>Nhan Nguyen from Advanced Property Strategies, great knowledge here when it comes to splitter blocks.
\nNhan, thank you for giving us your time today.<\/b>
\nNhan:\u00a0 <\/b>Absolutely, my pleasure. Thanks for having me, Kevin.
\n 
\nQuentin Kilian<\/strong>
\nKevin:\u00a0 <\/b>The number of home sales in the Northern Territory is at its lowest quarterly levels on record. That\u2019s according to data released by the Real Estate Institute there in Northern Territory. There were 479 homes sold across the Northern Territory in March in the quarter, which was a drop of 13%. To have a look into this, I\u2019m joined by the Real Estate Institute of Northern Territory\u2019s CEO, Quentin Kilian.
\nQuentin, thank you for your time.<\/b>
\nQuentin:\u00a0 <\/b>Good morning.<\/b>
\nKevin:\u00a0 <\/b>What\u2019s behind this? Is this anything to do with the mining downturn?<\/b>
\nQuentin:\u00a0 <\/b>It could be partially linked to that, although the fly-in fly-out workers who were predominantly here not so much for the mining but for the INPEX build that we\u2019ve had, the big LNG project, which is coming to an end. They didn\u2019t have as big an impact on the private housing market as one would have imagined. A lot of those guys were accommodated in work camps and other areas.
\nI think the biggest reason for what we\u2019ve seen in this large downturn is an exodus of population from the Territory and a general malaise at the moment in the economic situation, so we haven\u2019t seen investors coming back into the market.
\nThey rushed off to go particularly to Sydney and Melbourne where the heat was coming into the market, and we\u2019re yet to attract those investors back in. It\u2019s good timing for them, because of course, the prices are also starting to come down a bit, but at the moment, they\u2019re not here.
\nWe have seen a fairly sizeable downsizing in the population, so unfortunately, real estate being the commodity that it is, if you don\u2019t have people to sell it to, you\u2019re not going to move any product.<\/b>
\nKevin:\u00a0 <\/b>Yes, a median price of $582,000, I believe. Is that correct?<\/b>
\nQuentin:\u00a0 <\/b>Yes, $582,500, and it\u2019s the first time that it\u2019s actually dropped in about two years. It fell 4.3% in the last quarter, and that, again, is predominantly driven by the fact that the sales numbers were down, so there was less volume going through, and it meant that the volume that was going through the under $500,000 \/ under $600,000 sector actually had more of an impact in this quarter.
\nPrior to that, the volume that was actually going through was predominantly above the $600,000 mark, which to some degree, overinflated the median to a figure that it probably shouldn\u2019t have been at, but it was.<\/b>
\nKevin:\u00a0 <\/b>Of course, there\u2019s no real correlation between median and values, because median is really just a reflection of where people are buying, which is the point you\u2019re making.
\nJust on another point, the loss of the First Home Owner Grant \u2013 which I think was sometime last year \u2013 has that contributed to the fallen sales?<\/b>
\nQuentin:\u00a0 <\/b>We believe it had a major impact on it, particularly in Alice Springs, Katherine, and Tennant Creek, so outside of metropolitan Darwin more so, but yes. Because the First Home Owner Grant was only taken away on existing properties \u2013 it was retained on new purchases at $26,000 \u2013 what it was doing was driving all first-home owner purchases into the new home market.
\nYes, it did stimulate around about 1200 new builds for the year, but those new builds were priced at the $600,000+ mark. So again, that inflated the median price and took a lot of the heat out of where we believe the first-home buyers should be, which is largely in the existing home market with the much cheaper do-it-up type properties.<\/b>
\nKevin:\u00a0 <\/b>What about supply? Of course, there is a direct correlation between supply and demand and values. What\u2019s happening there? Are the listings coming on?<\/b>
\nQuentin:\u00a0 <\/b>We have plenty of listings. There are lots of listings. In fact, there\u2019s probably too much supply, and again, this comes back to having a resurgence in population. So as we\u2019ve been getting the supply coming in, we\u2019ve been losing the population, so we haven\u2019t had the buyers into the marketplace to be snapping up those bargains that are coming in.
\nAnd we\u2019re now starting the see the effect of that with vendors. It\u2019s taken them a good 12 months to realize where the market is going, and now we\u2019re starting to see vendors discounting their prices to meet what offers are still coming through in the marketplace.<\/b>
\nKevin:\u00a0 <\/b>What is the level of discounting at present?<\/b>
\nQuentin:\u00a0 <\/b>In general, I couldn\u2019t tell you, but it\u2019s not as harsh as we believe it should be. We feel that the discounting should be a bit stronger than what it is. But time on market now has been stretching out to around 120 or 130 days, which is putting, again, additional pressure on, because in some markets you might say \u201cOkay, it\u2019s been on the market for such a long time, I\u2019ll just put it on the rental market and we\u2019ll make do,\u201d but we now have very high vacancy rates, which is telling the vendor, yes, you could put it in the rental market, but even in that market, you\u2019re going to have to discount heavily to get a tenant.<\/b>
\nKevin:\u00a0 <\/b>Even with the exodus of people from the Northern Territory, which is what you\u2019re indicating, I think, with investors, a drop in the interest rate, which we saw, is not going to make all that much difference.<\/b>
\nQuentin:\u00a0 <\/b>It could spark some new buying, because anecdotally, what I\u2019ve been hearing over the recent couple of months \u2013 the data that we\u2019re looking at, picked up from March, going backwards, of course \u2013 looking at March and April itself, I\u2019m starting to hear from our agents that here\u2019s a little bit more foot traffic happening through the opens, that they\u2019re getting a bit more interest, so it\u2019s showing some very early signs of a recovery. Taking the interest rate out \u2013 assuming of course that it flows through to actual home loans \u2013 could have possibly sparked some of that interest in the first-home owner sector again.
\nReally, what we need to do \u2013 from our view, anyway \u2013 is to stimulate that first-home owner sector in the existing market, because that then will stimulate the sales by the aspirational buyers who want to sell to them and the empty nesters who want to sell to the aspirationals and downsize. So we need to stimulate that early part of the market in order to stimulate the rest of the market.<\/b>
\nKevin:\u00a0 <\/b>One final question about returns for investors; what can an investor expect?<\/b>
\nQuentin:\u00a0 <\/b>This is still a good thing. We still have yields that are sitting close to 5%, so they\u2019re still sitting around 4.5% to 4.9%, which although we have high vacancy rates and we are struggling with the population base, there are still rental yields that are much better than what the other major capital cities are offering.
\nSo for the investor who is actually looking at the marketplace, it may require you to adjust your rental prices for a period of time until the market becomes re-stimulated, but you\u2019ll still get rental yields that are much, much stronger than any other city.<\/b>
\nKevin:\u00a0 <\/b>Yes, that\u2019s certainly a good sign for investors. Quentin, I want to thank you for your time. Quentin Kilian has been my guest, CEO for the Real Estate Institute of Northern Territory.
\nQuentin, thanks for your time.<\/b>
\nQuentin:\u00a0 <\/b>My pleasure, Kevin.
\n 
\nAndrew Mirams<\/strong><\/a>
\nKevin:<\/b>\u00a0 This question comes in from many, many, people \u2013 no one specifically, but we are regularly asked this question and more so right now with the movement in rates. The question is \u201cIs this a time to fix my interest rate?\u201d Well, let\u2019s find out. Joining me to discuss this is Andrew Mirams from Intuitive Finance.
\nAndrew, no doubt, you\u2019re asked the same question.
\nAndrew:<\/b>\u00a0 Absolutely, Kevin. Very, very, very topical at the minute with rates high on the agenda and rates reducing lately, and now there\u2019s a real frenzy towards fixed rates. And the frenzy is largely being led by the lenders coming out with some really great fixed-rate options.
\nKevin:<\/b>\u00a0 They\u2019re all out touting for the business. How do we make that decision when it is time?
\nAndrew:<\/b>\u00a0 There is a whole range of things. Rather than just focusing on the rate, there\u2019s a whole range of things that you probably need to attend careful consideration that I think you need to just take into account before you go and rush in and just grab a rate. I think there are a number of things.
\nThe first one with that is really deciding on the fixed rate term. Lenders are trying to lock you in for certain times because that\u2019s where they are able to access cheap money. But does that actually suit what you are trying to achieve either from your home, your investments, or whatever it is. So actually deciding on the terms is a really important one.
\nThe next couple that you need to be aware of is the majority of lenders won\u2019t have an offset account with a fixed-rate mortgage. They very seldom allow you to make additional repayments. Most of them will allow you a small increment each year \u2013 maybe $5000 to $10,000 \u2013 but if you\u2019re really looking to fast track repayment on your loan, you generally can\u2019t do that with a fixed rate. You can\u2019t have a redraw. Just like most lenders won\u2019t have an offset account, you can\u2019t redraw your additional payments, as well.
\nThe fixed rates really do just give you a guaranteed rate. They reduce your flexibility and your options a hell of a lot more, as well.
\nKevin:<\/b>\u00a0 What about additional payments? Is that an important consideration, as well?
\nAndrew:<\/b>\u00a0 I think for a homebuyer or someone trying to reduce their home loan or something like that, absolutely it can be. Everyone is different, Kevin. Some people can\u2019t have cash sitting in their account; the temptation is too much. So actually reducing their loan and seeing it come off the loan is an easier way for them to be disciplined around their loan repayment.
\nKevin:<\/b>\u00a0 Will all lenders allow you to split your loan \u2013 in other words, do part fixed and part variable?
\nAndrew:<\/b>\u00a0 Yes, and that\u2019s a really good strategy we are finding at the moment with rates so low \u2013 being able to grab some rate security with a fixed rate but keeping a flexibility available with an offset, with additional repayments, with redraw, and things like that. I think, depending on the size of the portfolio, that\u2019s probably the best strategy to be looking at and considering right as we speak.
\nKevin:<\/b>\u00a0 Is there a better percentage to do it?
\nAndrew:<\/b>\u00a0 The majority of people say, \u201cI just want to fix half.\u201d If you\u2019re really fixing because you\u2019re worried about your rate security and rates potentially going up \u2013 which I don\u2019t think will happen any time soon \u2013 you might put more into the fixed and keep more flexibility. If you had the opportunity to be paying more off over the short term, you might put more in the variable rate and less in the fixed rate. So it\u2019s really just getting the balance right.
\nKevin:<\/b>\u00a0 I suppose a couple of other considerations would be if we want to sell during the fixed-rate period and also if I\u2019d like to refinance.
\nAndrew:<\/b>\u00a0 Absolutely. Once you\u2019ve agreed with that rate and it\u2019s for a two-, three-, four- or five-year term \u2013 whatever you\u2019ve agreed to \u2013 that means that you\u2019ve actually locked those funds in. So if you want to refinance within that term or you sell the property within that term, you can be up for some \u2013 at times \u2013 quite hefty repayment penalties.
\nKevin:<\/b>\u00a0 We\u2019re all a bunch of gamblers, mate. What about that feeling of \u201cWow, maybe rates will go lower\u201d? Should that be a consideration?
\nAndrew:<\/b>\u00a0 No, it shouldn\u2019t be. It\u2019s like taking an insurance policy. When you take an insurance policy on your home, you\u2019re hoping it doesn\u2019t burn down so that you can claim on it. A fixed rate is a bit the same; you\u2019re fixing it in for that period because you want that certainty and you think it\u2019s a good rate. Don\u2019t focus on what the rates might do because there is generally a longer term rationale and philosophy around the fixed rate.
\nKevin:<\/b>\u00a0 I said at the outset that we get this question quite often. I do recall someone who wrote in and asked about this question and was wondering whether or not they could access extra equity if the property increased in value during the fixed-rate term.
\nAndrew:<\/b>\u00a0 That\u2019s a great question. The short answer is yes, you can, but it has to be with that lender that you\u2019ve fixed at. So you can\u2019t take it to another lender unless you\u2019re willing to pay the repayment costs. It\u2019s not added on to that current loan. It would be set up as a separate loan or line of credit or whatever facility you wanted to take.
\nThe short answer is yes, but then you\u2019re subject only to that lender\u2019s terms and conditions at the current day.
\nKevin:<\/b>\u00a0 What about job security? I guess everyone should have a buffer anyway, but you should have a buffer if you\u2019re not quite sure about how secure your job is.
\nAndrew:<\/b>\u00a0 Absolutely. If you\u2019re thinking that you\u2019re looking to change jobs, your position might change for better or worse, and that might give you the opportunity to make more payments or you\u2019re going to struggle with the loans, then I would suggest fixing at that time is not the best option unless you\u2019re guaranteed to have some ongoing income.
\nYou\u2019re right; you have to have your buffer there, but you want to make sure that you\u2019re not fixing yourself in to give yourself less flexibility. All of the splitting and fixing and having a variable rate, you should always be looking at the maximum flexibility as well as then grabbing some rate security.
\nKevin:<\/b>\u00a0 That\u2019s a great insight, Andrew. Thank you so much for that. Just wrap it up for me, now give me a conclusion to this \u2013 your summing up.
\nAndrew:<\/b>\u00a0 I think before you rush out and fix rates or do anything, that you\u2019re just grabbing an actual rate, just make sure there is a little bit more strategy around what your actual end goal is. Don\u2019t grab a five-year rate when you might be going to sell the property in two years. You need to just put a little bit of thought process in before you actually lock in, because once you\u2019re locked there is no unwinding it without some cost to yourself.
\nKevin:<\/b>\u00a0 Great advice from Andrew Mirams at Intuitive Finance. Don\u2019t forget you can discuss your specific needs and formulate the right strategy for your needs by getting in touch with the team at Intuitive Finance. Organize your complimentary 60-minute session today. Click on the link on the home page at RealEstateTalk.com.au.
\nAndrew, thanks for your time.
\nAndrew:<\/b>\u00a0 My pleasure, Kevin. Thank you.
\n 
\nBernard Salt<\/strong>
\nKevin:<\/b>\u00a0 Gee, we have seen house styles change over the years, haven\u2019t we? I reflect back on my parents\u2019 house and even my grandparents\u2019 house and how the yards are getting smaller but the houses are changing. I was driving around some of the areas just last weekend looking at some of these more contemporary homes, and it got me wondering about Australia\u2019s current favorite house versus the homes of our parents and our grandparents.
\nA report is out saying most Australians have identified that a four-bedroom, two-bathroom <\/b>home is their ideal property. It got me thinking about how that compares to the homes of our parents and our grandparents. Joining me to discuss this, Bernard Salt \u2013 demographer, futurist, and commentator, and also from KPMG.
\nHi, Bernard. Have these things changed much over the years?
\nBernard:<\/b>\u00a0 Hi, Kevin. No, in fact, our housing styles and preferences have changed mightily over the generations. What our parents considered luxurious, we would consider to be quite basic. I can remember in the 1960s living in country Victoria when the sewerage went through <\/b>was a big deal to actually have a toilet inside the house as opposed to having an outside toilet.
\nAt that stage, the three-bedroom brick veneer with one bathroom and an inside toilet was considered to be the height of luxury. That was the pinnacle of the suburban dream for Australians, whereas today we\u2019ve lifted the bar quite considerably. What we expect as a basic standard of living has, in fact, skyrocketed in a generation.
\nKevin:<\/b>\u00a0 Now, it\u2019s not a matter of whether the toilet is inside; it\u2019s a matter of how many toilets we have inside.
\nBernard:<\/b>\u00a0 In fact, that\u2019s correct. Now, it\u2019s four bedrooms, two bathrooms. Back in the 1950s and the 1960s, where it was three bedrooms, one bathroom, there were probably four kids \u2013 or more \u2013 so you might have the boys in one bedroom in bunk beds and the girls in another bedroom, and you\u2019d have one bathroom shared amongst five, six, or seven people in a house.
\nToday, it\u2019s four bedrooms, and the number of kids has shrunk to two, so each kid gets a bedroom, the parents get a bedroom, and there is a spare bedroom, and there are two bathrooms. Really, this is not the minimum, but is certainly what most Australians \u2013 certainly out in suburbia \u2013 would aspire to.
\nKevin:<\/b>\u00a0 Of course, we\u2019ve seen the blocks of land reduce in size and the houses go up to two levels, so the houses have gotten bigger on smaller blocks of land, as well, Bernard.
\nBernard:<\/b>\u00a0 This is very much the case. I suppose it\u2019s the land component that is the expensive part. In fact, it\u2019s halved. A quarter-acre block is about 1000 square meters. Today, if you go to the edge of Brisbane, Sydney, or Melbourne, you\u2019ll have some land packages typically around 500 square meters. We\u2019re building houses on an eighth of an acre \u2013 and even less in some places \u2013 but the house has doubled if not tripled in size.
\nI think this is partly because if you go back a generation, there would have been a veggie patch, there would have been a chook shed, there would have been an incinerator \u2013 can you believe it, people used to burn stuff in their back yards \u2013 a compost heap, places for a trailer, or a few fruit trees, It was almost an era of self-sufficiency, whereas today with both parents working, you don\u2019t really have the time to actually tend a garden as such. It\u2019s just easier and more convenient to buy it at the supermarket.
\nKevin:<\/b>\u00a0 Of course, many things have impacted these changes, among them being technology. The television has now become the media room. And even as you mentioned earlier about the toilet coming inside, all of these things are advancements, and it\u2019s changed the Australian dream for a home, hasn\u2019t it? It\u2019s evolved.
\nBernard:<\/b>\u00a0 It has indeed. The back yard is no longer a back yard; it\u2019s another room, in fact, to be prettied and to be organized. The barbeque area has come back up onto the deck, which we now call al fresco.<\/i> It\u2019s indoor\/outdoor. I don\u2019t think there is a television room anymore because I think there is a screen in pretty much every room \u2013 greater flexibility and fluidity of usage around the home.
\nI think that the kitchen is actually merging with the lounge room, so if you were sitting on a sofa, for example, there will be cup holders. You have the kitchen functionality invading the living room or the family room. Our houses are much more fluid than they once were. Instead of dedicated spaces, there are multi-purpose spaces, and every individual in the house gets far more individual space or private space.
\nIf you\u2019re one of four boys in a bedroom \u2013 as I was; I grew up with three brothers in two bunk beds \u2013 there was no privacy and you had to wait your turn for the bathroom, of course. That\u2019s a very different lifestyle to the lifestyle we enjoy today.
\nKevin:<\/b>\u00a0 You talking there about outdoor al fresco areas, Bernard. I remember one of the great things in our home was when Dad built one of those Besser block barbeques out the back, but now they are full-on entertainment areas, aren\u2019t they?
\nBernard:<\/b>\u00a0 They are full-on entertainment areas. There will be sinks, there will be mini bars, there will be a [5:31 inaudible]<\/b> as well as a six-burner barbeque. And then it will be on a deck or an al fresco terrace overlooking manicured lawns with box hedging and whatever.
\nThe old days of a bit of a back yard with back yard cricket \u2013 well, there are fewer kids per household, there are fewer kids in the neighborhood, so you can\u2019t really put together an impromptu game of cricket, anyway. And besides, the desire to play cricket, football, or netball is met these days not so much by an impromptu street game but in fact by organized after-school sport. So if you have everything organized after school, then you don\u2019t need that space in the back yard. That, I think, is the logic.
\nKevin:<\/b>\u00a0 Bernard, do you think it\u2019s likely that Australia\u2019s fascination with huge houses and multiple living spaces is going to continue, or are we becoming more miserly and more frugal as a nation?
\nBernard:<\/b>\u00a0 I think there is a backlash in some areas where there are people who are seeking out smaller, more efficient spaces. That\u2019s clearly a movement. But I think that the mainstream of Australia will still want four bedrooms, two bathrooms, and possibly even more in the future.
\nI think if you could magically transport a four-bedroom, two-bathroom home back to the 1950s and say, \u201cWell, this is how average Australians will be living in the year 2016,\u201d they would say, \u201cWell, that\u2019s far too much space. It\u2019s wasteful.\u201d This was a generation that would have remembered the Great Depression and fought in the Second World War.
\nEqually, if you go forward to, say, 2050, I think we would be quite shocked at the level of materialism, space, privacy, and communications technology that would be in the family home in 20 or 30 years\u2019 time. Every generation feels comfortable with their space, their time, their housing, but these things do change over time.
\nKevin:<\/b>\u00a0 A fascinating subject and I wish we could project ourselves 20 or 30 years down the track, Bernard. As you say, I guess we probably would be horrified at the sheer waste.
\nBernard:<\/b>\u00a0 The sheer waste, but I imagine also at the cost. I have no idea what a house is going to cost at that time. It would also be great insight to know which are going to be the hottest suburbs in every city and which ones are going to go through the greatest transformations. So this was a down-and-out suburb back in the old days of 2016 and then it went through this great transformation. Which are those suburbs? That\u2019s the greatest insight in property perhaps.
\nKevin:<\/b>\u00a0 Yes, I think I\u2019d much rather look at what are going to be the burgeoning areas as opposed to how we\u2019re going to be living in 30 years\u2019 time. I think I\u2019d become a lot more wealthy by knowing that, Bernard, that\u2019s for sure.
\nBernard:<\/b>\u00a0 That\u2019s true. Or understanding what drives us, whether it\u2019s new technology, whether it\u2019s new infrastructure, whether it\u2019s just the invasion of a particular social group. Who are going to be the hipsters of the 2020s and 2030s? They might be the Techsters \u2013 as in the technology people. Who knows? That\u2019s the fascinating part about demography. It can convert into property and the trends.
\nKevin:<\/b>\u00a0 Yes, the wonderful part of what you do. Bernard Salt \u2013 demographer, futurist, and commentator from KPMG.
\nThank you so much for your time, Bernard.
\nBernard:<\/b>\u00a0 My pleasure.
\n 
\nMichael Yardney<\/strong><\/a>
\nKevin:\u00a0 <\/b>Adam sent me an e-mail that we\u2019re going to address now. Thanks for your e-mail, Adam. \u201cI was wondering if you could ask Michael Yardney to define in greater detail what he means when he says to look at properties with a twist.\u201d
\nWell, good news, Adam; Michael joins me on the show.
\nMichael Yardney,<\/a> thank you for your time.<\/b>
\nMichael:\u00a0 <\/b>Great, thanks, and it\u2019s a good question, Adam. What I\u2019m really looking for is a property that\u2019s going to outperform the averages, an investment-grade property that will remain stable, not go up and down in value as much, and grow with wealth-creating rates of return.
\nWhat I\u2019m looking for is something that in strong markets will always do well, but as we\u2019re now getting into the weaker stages of the property cycle is also going to do well. When there is a shortage of properties, when there are more buyers or renters around, every property will rent, every property will sell, but now in some parts of Australia, where the equation is turned the other way, I want the sort of property that will attract potential tenants and also if ever I want to sell \u2013 not that it\u2019s my intention \u2013 will attract buyers, that\u2019ll always hold up the value of my property.
\nA twist is something that\u2019s different, unique, special, scarce. You never get that in those big-high rise monolith blocks where there are 50, 100, or 200 apartments that all look the same. But it could be nice features, it could be an art-deco apartment, it could be two car spots rather than one, to attract a wider range of people. It could be just a two-bedroom apartment but interestingly, it has two bathrooms, an en suite. It may be a nice outdoor living area, good views, a good aspect, something that will make it special and different from the pack, to make it unique.<\/b>
\nKevin:\u00a0 <\/b>Michael, would you say that a property with a renovation potential has a twist?<\/b>
\nMichael:\u00a0 <\/b>Yes, it has a twist, but I don\u2019t put it in the same category. When I look for an investment property, I use a five-stranded strategic approach.
\nKevin, I\u2019m sure you know by now that I like the properties with renovation potential, but that\u2019s a one-off, and once you\u2019ve done it, then the renovation is done. It adds some value, it manufactures capital growth, it increases your rental return, it gives you good depreciation, but then it\u2019s gone. To me, the twist, the scarcity, is something that will be there in the long term.<\/b>
\nKevin:\u00a0 <\/b>What about a renovation potential to reshape? In other words, I\u2019ll give you an example: a two-bedroom apartment that has one bathroom but a very large laundry, that you could then turn into maybe another en suite, so you end up with two bathrooms.<\/b>
\nMichael:\u00a0 <\/b>Sure. Again, that\u2019s a great one-off, and it is a form of twist \u2013 no argument that it\u2019s going to make it a bit different \u2013 but I\u2019m talking about a twist being that property in the long term \u2013 5, 10, 15 years\u2019 time \u2013 when it\u2019s open for inspection, tenants go into that and they compare it with down the road, they\u2019ll think \u201cHey, this is different. This is a bit better. I like this one.\u201d<\/b>
\nKevin:\u00a0 <\/b>So Adam, there is the answer to your question.
\nMichael Yardney<\/a> from Metropole Property Strategists<\/a>. Michael, thanks for your time.<\/b>
\nMichael:\u00a0 <\/b>My pleasure, Kevin.
\n 
\nBryce Holdaway<\/strong>
\nKevin:<\/strong> \u00a0When it comes to buying an investment property, it\u2019s always handy to know how favorably the banks are going to look upon your investment.\u00a0 There are some properties that banks like, and others that they don\u2019t.\u00a0 Let\u2019s find out a little bit more about this.\u00a0 Bryce Holdaway, who is the director of Empower Wealth, and also the star of \u201cLocation, Location, Location Australia\u201d joins us.\u00a0 Good day, Bryce.\u00a0 Thanks for your time.
\nBryce:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hi, Kev, how are you?
\nKevin:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Good, mate. Are there some properties that banks favor over others, Bryce?
\nBryce:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yeah, I always think that it\u2019s always a good sign to ask the bank of they would be prepared to give you mortgage insurance on a particular property.\u00a0 That\u2019s often a very good way to measure a risk of a particular property.\u00a0 If you think about a standard residential property in a built-up area, the bank would be quite comfortable lending you 90 or 95 percent of the value, and therefore issue lenders\u2019 mortgage insurance.
\nHowever, some properties, they won\u2019t do that on.\u00a0 Things that come to mind are student accommodations; service departments where they find it a little bit more risky, and the pool of buyers that are willing to buy if they put a \u201cfor sale\u201d sign out the front.\u00a0 You don\u2019t have the same pool of buyers, so they would consider that a bit more risky.\u00a0 That\u2019s usually a good little tip to find out whether the bank would see it as a good investment or not.
\nKevin:\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 That lenders\u2019 mortgage insurance; just explain how that works, Bryce.
\nBryce:\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basically, if you want to borrow \u2026 standard scenario is you borrow 80 percent and deposit 20 percent plus costs either through cash or maybe using other forms of security, i.e. the principal place of residence, to get the loan.\u00a0 In some cases, the bank will actually let you go higher; 90 and 95 percent.\u00a0 That\u2019s on properties that they consider an acceptable risk.
\nIf they won\u2019t lend you lenders\u2019 mortgage insurance, that\u2019s usually a good sign that they consider it a bit more risky in the marketplace.\u00a0 I see that as a sign for exercising some caution.
\nKevin:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What you\u2019re suggesting is actually going to the bank and asking that question before you commit to the property?
\nBryce:\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yeah, talk to your bank or your investment-savvy mortgage broker.\u00a0 Ask them that question; which ones do they consider a fair credit risk, and which ones do they consider more risky than others?\u00a0 That can give you a good sign.
\nFor example, I spoke to someone this week and he asked me about a service department, and whether or not that\u2019s a good investment.\u00a0 I said, \u201cBefore I even judge on that, go and talk to your broker and ask them what sort of lending they will give you on that.\u00a0 That\u2019s usually a good starting point.\u201d
\nHe came back to me and he said, \u201cYou\u2019re right.\u00a0 They\u2019ll only lend me 65 percent on that.\u201d
\nKevin:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I know the banks were very sensitive, some time ago, to properties; particularly units under 50 square meters.\u00a0 Has that tolerance improved a bit?
\nBryce:\u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I think that\u2019s a really good point that you put out, Kevin.\u00a0 Sometimes, some banks will actually let you \u2026 it used to be, 50 square meters used to be the magic number.\u00a0 In some cases, if it\u2019s 40 or 45 square meters, you can sneak it through with some lenders.
\nThe key is, only some lenders will do that.\u00a0 For me, that still puts you at a bit of risk.\u00a0 When it comes time to sell it, and you put a \u201cfor sale\u201d sign at the front, you want the maximum number of buyers that you can get.\u00a0 If some of them have got lending restrictions and some of them don\u2019t, to me that\u2019s not giving yourself the best chance.\u00a0 Particularly, if you\u2019re going to send the value around, you want to make sure that they don\u2019t place any extra risk on it, and downplay the valuation that they put on the property.
\nKevin:\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Always good advice.\u00a0 Bryce Holdaway, who is the star of \u201cLocation, Location, Location Australia, and also a direct of Empower Wealth.\u00a0 Bryce, always great talking to you.\u00a0 Thanks for your time.
\nBryce:\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Likewise.\u00a0 Thanks, Kevin.\u00a0 Chat soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

So, you\u2019ve found what appears to be the perfect \u201csplitter block\u201d for your first potential property project. To help with the due diligence, Nhan Nguyen, from Advanced Property Strategies, runs through his checklist of items to ensure the project is viable. In recent times Northern…<\/p>\n","protected":false},"author":176692471,"featured_media":8109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-8108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"\nFinding real estate GOLD + NT real estate takes a nose dive - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/finding-real-estate-gold-nt-real-estate-takes-a-nose-dive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finding real estate GOLD + NT real estate takes a nose dive - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"So, you\u2019ve found what appears to be the perfect \u201csplitter block\u201d for your first potential property project. 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To help with the due diligence, Nhan Nguyen, from Advanced Property Strategies, runs through his checklist of items to ensure the project is viable. 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