{"id":8663,"date":"2016-07-21T01:00:31","date_gmt":"2016-07-20T15:00:31","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8663"},"modified":"2016-07-21T01:00:31","modified_gmt":"2016-07-20T15:00:31","slug":"big-investment-winners-and-losers-brisbane-suburb-set-for-a-big-boost","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/big-investment-winners-and-losers-brisbane-suburb-set-for-a-big-boost\/","title":{"rendered":"BIG investment winners and losers + BRISBANE suburb set for a big boost"},"content":{"rendered":"

 
\nCoreLogic has released its latest Pain and Gain Property Report which measures the profits and losses of property sellers and while some have made losses, there have been some spectacular gains and Tim Lawless<\/strong> tells us where that has happened.
\nSome win, some lose in Australia\u2019s big apartment crunch and we identify a big winner as being Wooloongabba. We catch up with one of Australasia\u2019s most successful property developers to find out why he is so impressed with this Brisbane suburb.
\nInvestors and foreign buyers of Australian residential property are being hit hard by two forces, with the apartment market already feeling the heat. While money is cheap, getting access to funds is getting more difficult for local investors and foreign buyers. Foreign buyers are also being hit by additional taxes that are now being implemented in Victoria, New South Wales and Queensland. Given that these groups account for well over 50% of all new apartment purchases, restrictions to finance and new taxes are going to hit the apartment market harder than other forms of housing, such as established dwellings and house and land packages. It\u2019s likely that most apartment markets will continue to see demand; however, there are three criteria that put a suburb at risk, and these are detailed by\u00a0Nerida Conisbee<\/strong>.
\nWith today\u2019s low interest rates and cheap debt, many investors are finding themselves in a favourable cashflow position.\u00a0\u00a0\u00a0 But as the banks tighten their purse strings, investors need to think outside the square when it comes to gearing into further properties.\u00a0 So we give you eight strategies to make sure an invisible serviceability ceiling doesn\u2019t stop you from growing your property portfolio.\u00a0Michael Yardney<\/strong><\/a> helps with that advice.
\nAn abandoned house, a missing owner, a mysterious squatter could add up to a young banker taking ownership of a million-dollar home without paying a cent. We catch up with a prominent property lawyer who says it could happen.
\nI am joined by buyer\u2019s agent Rich Harvey<\/strong> and Chief Economist Dr Andrew Wilson<\/strong> to discuss how many properties you need in your portfolio to retire.\u00a0 Rich has a simple formula.
\n <\/p>\n

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

How many properties do you need to retire? – Rich Harvey and Dr Andrew Wilson<\/h2>\n

Kevin:\u00a0 <\/b>First up, welcoming into the show, buyer\u2019s agent Rich Harvey from Property Buyer. He\u2019s done some study on just how many properties you need to have in your portfolio that would allow you to retire.
\nRich, I know that you\u2019ve looked at this, but is there a formula or a magic number if you\u2019re determining how many properties you need to retire?
\nRich:\u00a0 <\/b>There are some pretty simple calculations you can do, and I\u2019ll make the math pretty simple, but I always like to start with the end in mind. Stephen Covey is one of my great mentors, and he\u2019s written that book Seven Habits of Highly Effective People<\/i>.
\nFor property investors out there who want to retire someday, a really simple goal is to go \u201cWell, what sort of income do I want to earn from my passive assets, my passive property portfolio?\u201d
\nIf you want to earn, say, $100,000 in income, the simplest way is to go \u201cOn average, across Australia, you should be able to achieve around a 5% gross rental yield.\u201d Divide that 5% into $100,000, and you come up with $2 million. So you\u2019re going to need roughly $2 million of unencumbered property assets.
\nThe next question, Kevin, is how many properties do you need to get to $2 million worth of assets? It\u2019s a bit of a scary number, but effectively, my strategy would be to buy around $4 million worth of property over a period of time, hold those properties for one to two property cycles, and then sell down half your portfolio to pay off the debt on the properties. That should leave you with roughly $2 million to give you your $100,000 income.
\nKevin:\u00a0 <\/b>So it has to be $2 million unencumbered.
\nRich:\u00a0 <\/b>Correct, that\u2019s right. And I haven\u2019t allowed for a lot of expenses, and there are taxes and a few other things there, so it\u2019s a very simplistic equation. You do need to get financial advice and some good number-crunching on those, as well.
\nKevin:\u00a0 <\/b>If you\u2019re looking at building a healthy portfolio, what sort of gearing should you have, loan to value ratio?
\nRich:\u00a0 <\/b>When you\u2019re starting out \u2013 it depends what age and stage you\u2019re at \u2013 if you\u2019re in your 20s, I always advocate going and putting in the minimum deposit possible, because you\u2019re in the accumulation phase. You have plenty of years of work ahead. Starting at 80% loan-to-value ratio is fine. I even started at 90% and paid lender\u2019s mortgage insurance just to get going at some points in my portfolio. But as you get towards your 50s and your 60s, you don\u2019t want to be going that high. Gearing that high can be a dangerous scenario.
\nIt depends on your age and stage, but my general advice is in the earlier stages of your career when you have a long work life ahead of you, gear it more strongly, but putting in 20% is always a rough rule of thumb.
\nKevin:\u00a0 <\/b>It\u2019s very easy now to get into investment with the interest rates the way they are, but I was reflecting back on property back in 1975 just yesterday, and interest rates then were almost around 10%. What sort of a buffer would you put above the current interest rate to allow for increased rates?
\nRich:\u00a0 <\/b>The banks are basically adding at least 3% buffer.
\nKevin:\u00a0 <\/b>3%, yes.
\nRich:\u00a0 <\/b>Yes, even 3.5% some of the lenders.
\nKevin:<\/b>\u00a0 Almost doubling it.
\nRich:<\/b>\u00a0 Yes. Look, it\u2019s a bit of overkill. I don\u2019t believe interest rates are going to go that high ever again. It\u2019s interesting to see, what\u2019s actually happened is because interest rates have been so low, people have been able to gear quite heavily and just the volume of debt out there is quite remarkable. So when the Reserve Bank changes rates, there\u2019s a lot more sensitivity to those rates on the upward cycle.
\nDefinitely have a buffer in place, and usually I allow around at least 2% above the current rate. Another tip is if you\u2019re paying off an owner-occupier loan, pay it off with that extra percent in mind and pay down your non-deductible a little bit faster.
\nKevin:\u00a0 <\/b>I want to bring Dr. Andrew Wilson into this discussion, as well, because we were talking \u2013 just before we started chatting to you \u2013 about the number of investors who are coming back into the market, particularly in Sydney and Melbourne. Are you noticing that as well, Rich?
\nRich:\u00a0 <\/b>Yes, there are. I think with this election now being called, hopefully it\u2019s going to bring a bit more confidence and certainty back into the market. I thought that if Labor had got in, there would have actually been a little mini boom in people chasing after established <\/b>properties, because they were going to abolish negative gearing. But we\u2019re seeing a little bit more confidence starting to return, like we\u2019re starting to get a little bit more enquiries than we have been the last few months for our buyer\u2019s agency service.
\nI think the wobbles in the share market and around the world, like the Brexit, that tends to send a bit of a ripple effect through, so we\u2019re starting to see investors still wanting to get into the market.
\nAndrew:\u00a0 <\/b>I think, Rich, another driver of that is that the lower interest rates go, the more attractive residential property investment does become. I think there\u2019s almost an intuition there that the flattening of interest rates really reflects that the upside risks to higher interest rates are lower, particularly in a low-yield economy.
\nDeposit rates are under 2% now, as you said, the share market is all over the shop, plus there are concerns about where the international economy is going, and I think in those circumstances, you get more demand for residential property, notwithstanding what is happening in the cycles.
\nI think that even the prospect of a change to negative gearing had investors up and about, and we\u2019re certainly tracking a spike in the Sydney market over the last two months. My spies down in Melbourne tell me that there has also been an investor spike down there in the northern and western suburbs. So you don\u2019t really need to incentivize investors much in the current climate to get them back into bricks and mortar investment.
\nKevin:\u00a0 <\/b>Rich, we\u2019ve received a text in from Michelle. She is in her 20s, and she wants to know whether her strategy should be any different from someone who\u2019s, say, in their late 40s. In other words, the properties she\u2019d be looking at, should they be different from someone near on double her age?
\nRich:\u00a0 <\/b>Again, it depends on Michelle\u2019s income, as well. When you\u2019re starting off, if you\u2019re on an income of, say, $50,000 and you have got kids and a lot of expenses, you really have to watch your cash flow. So getting a property that really looks after itself, that\u2019s more positively geared, that\u2019s a really good strategy.
\nBut when you\u2019re in your younger years, if you can afford to buy a property with a really good growth bias, that\u2019s going to help you accelerate your equity a bit faster, because you can then redraw the capital gain, redraw the equity, and then use that as a deposit to go again for your second property.
\nKevin:\u00a0 <\/b>You\u2019re based in Sydney. Let me ask you the question about Sydney investors. What sort of properties are they looking at right now, Rich?
\nRich:\u00a0 <\/b>Quite a mixture. We have some clients with a budget of $500,000 up to $2 million. They\u2019re generally looking for properties in good quality suburbs, close to schools, shops, and transport, particularly areas around Sydney that are benefiting from all the infrastructure development going on.
\nThere\u2019s a host of things happening in Sydney. You have the North West Rail Link, South West Rail Link, light rail going through, NorthConnex; there\u2019s a lot of transport infrastructure. In the Beaches, you have a hospital going in, so a lot of investors are trying to capitalize on where that reduced travel time or improved amenity is happening. And then, of course, traditional investors will just buy in the blue-chip suburbs and just try to get a foothold.
\nKevin:\u00a0 <\/b>Are there any areas around Australia where you\u2019re concerned about an oversupply of stock, particularly with units?
\nRich:\u00a0 <\/b>Starting with Sydney, absolutely. Places like Zetland, Mascot, Parramatta, some pockets of Homebush, you definitely have a very significant number of apartments going in there, which I wouldn\u2019t be buying at all.
\nBrisbane, certainly around West End, Fortitude Valley. I wouldn\u2019t be putting my money into Perth or Darwin at this point. I just find that the Darwin market is too volatile, and I think Perth has got a little bit further to fall. In Melbourne, as always, some of those city and inner and city fringe areas \u2013 again Docklands and some of the apartment areas around there \u2013 I\u2019d be avoiding, as well.
\nKevin:\u00a0 <\/b>Rich, I want to thank you for your time, it\u2019s been great talking to you. Rich from Property Buyer, thanks.
\nRich:\u00a0 <\/b>Thank, Kevin, have a great day.
\n <\/p>\n

Get the banks wanting your business – Michael Yardney<\/a><\/h2>\n

Kevin:<\/b>\u00a0 We\u2019ve all heard that APRA\u2019s restrictions have caused the banks to tighten the screws and make it even harder for many investors to get their new loan or refinance their existing loan. I did an interview that we ran on the show recently with Andrew Mirams from Intuitive Finance where he looked at the difference between serviceability and affordability.
\nMichael Yardney<\/a> from Metropole Property Strategists<\/a> joins me.
\nMichael, I\u2019m just keen to know from you, what are the strategies you would suggest someone put in place to make themselves more attractive to the banks?
\nMichael:<\/b>\u00a0 Kevin, I heard that interview with Andrew, and the issue was that there was somebody who\u2019d written in who had strong cash flow, had a large amount of equity, but yet the banks despite today\u2019s low interest rates weren\u2019t prepared to lend him more.
\nAnd that\u2019s happened, as you said, partly related to APRA\u2019s restrictions. They measure your serviceability not on today\u2019s prevailing interest rates of, say, 4.5% but can you repay the debt at 7.5% or 8% and principal and interest?
\nYou\u2019re right, Kevin. There are some tricks you can use to make your figures look better to the bank.
\nKevin:<\/b>\u00a0 What are they, Michael?
\nMichael:<\/b>\u00a0 I think one of the first ones you should look at is your credit cards, because the banks take into account your credit limits. Even if you\u2019ve never borrowed to the limit, they figure that you can go out and buy something expensive tomorrow.
\nIf you have multiple credit cards, maybe you get rid of them and stick to one, and if you have a credit limit of $10,000 that you\u2019ve never used that much, cut it back to a much lower amount and then all of a sudden, they will see your serviceability as higher, Kevin.
\nKevin:<\/b>\u00a0 That\u2019s a great tip. What else, mate?
\nMichael:<\/b>\u00a0 The other thing is consolidate your unsecured debts, because what they\u2019re going to do is actually ask you to do a balance sheet of all your income, your assets, your outgoings, your liabilities, including other debts. Sometimes people have high-interest credit card facilities or other loans and it\u2019s often good to try to consolidate them onto maybe a lower interest rate facility and make yourself more attractive to the banks.
\nKevin:<\/b>\u00a0 Another thing, too, Michael, I guess we think of ourselves as individuals but the bank really looks at us as a business. I guess we therefore have to act and put forward a business front when it comes to things like our paperwork.
\nMichael:<\/b>\u00a0 Well, Kevin, if you can\u2019t provide the last few pay slips, if you don\u2019t have all the details of any bonuses that you\u2019ve had, it makes it really hard to do an accurate serviceability picture. Therefore get all your paperwork in order. If you have a proficient finance broker, they\u2019re going to make sure that you have that before they even submit your loan to the bank. It makes you look more effective and efficient, Kevin.
\nKevin:<\/b>\u00a0 Michael, what about shopping around? Are you raising your head then if you\u2019re looking around at the different loan products and you make applications? Is that a bad thing?
\nMichael:<\/b>\u00a0 That\u2019s a bad thing by making applications, but you should definitely be shopping around and looking for the right loan product. But Kevin, that doesn\u2019t mean the cheapest interest rate, because I\u2019d rather have a bank that will lend me another $300,000 or $400,000 and spend another quarter of a percent interest to get that than to get the lowest interest rate and not be able to get another investment property.
\nThat\u2019s where a proficient mortgage broker will help you identify the loan products most suited to your needs with features that potentially work to increase your financial capacity. Different banks will look at your serviceability differently.
\nBut no, don\u2019t go to different banks and apply, because if you do, that shows up on your credit score and then they\u2019ll wonder, \u201cHey, why are they doing that?\u201d
\nKevin:<\/b>\u00a0 Yes. I remember when we started borrowing money to invest in property, albeit it was a principle place of residence, but the banks in those days didn\u2019t take into account Carolyn\u2019s wage or Carolyn\u2019s income. That\u2019s all changed, hasn\u2019t it?
\nMichael:<\/b>\u00a0 Very much so. If you\u2019re going to be buying a property with your life partner, your spouse, a family member, if you can show that there are two people who are going to carry the burden of the serviceability, it suddenly increases your ability to get loans, Kevin.
\nKevin:<\/b>\u00a0 What about cross-collateralization?
\nMichael:<\/b>\u00a0 Well, Kevin, we\u2019ve spoken about that often in the past, and what we\u2019ve said is in general, we\u2019d like to avoid it. But sometimes it is unavoidable, and by offering additional security to the banks, it can occasionally allow you to borrow a higher LVR. So if it\u2019s the last resort and that\u2019s what you need to get into the market and take advantage of the opportunities, then yes, sometimes you just have to do that, Kevin.
\nKevin:<\/b>\u00a0 Do the banks like me taking loans over a longer period, Michael?
\nMichael:<\/b>\u00a0 Kevin, often we think about 20- or 25-year loans, but there is a small group of lenders who let you borrow for up to 30 years, and I think there are one or two that offer even 40 years for the right candidate. Probably not for you or me, Kevin, at our age, but that extra 10 years saves hundreds off your monthly repayments.
\nOver the long term, of course, you\u2019re paying a lot more because you\u2019re paying interest for longer. But I wouldn\u2019t be suggesting you keep that loan for 30 years. Maybe in three or four years\u2019 time, you\u2019d revisit it, you\u2019d refinance it, you\u2019d see how things are going on. But it\u2019s definitely a way of making it more serviceable by actually having longer loan terms.
\nAnd, Kevin, there\u2019s another one. There\u2019s the concept of locking in on interest rates today. As I said a moment ago, the banks are looking at your serviceability based not on the current 4.5% or 5% interest rates but what if interest rates go up? If you lock in a portion of your interest rates \u2013 and I\u2019d be suggesting you get good advice to see if that\u2019s appropriate for you \u2013 then the banks can\u2019t say, \u201cHey, you have to be able to service it at 7% or 8%.\u201d It makes it more serviceable because a portion of your loan is already locked in as a rate that\u2019s fixed for the next three to five years.
\nKevin:<\/b>\u00a0 Michael, this is all about making yourself look as attractive as you possibly can to the bank, isn\u2019t it? Therefore showing that you\u2019re a good saver, is that important?
\nMichael:<\/b>\u00a0 There are two elements to that, Kevin. First of all, showing a good savings record makes you attractive. But the other is giving yourself more deposit, more equity to get going works.
\nI believe you should be spending less than you earn, saving that, and maybe if you\u2019re starting off, putting it in an offset account against your home loan if you have one or into an interest bearing account if you don\u2019t have any other loans that you can take advantage of \u2013 and get a good track record, a good savings record, but also it\u2019s a great discipline moving forward as a property investor, Kevin.
\nKevin:<\/b>\u00a0 Michael, we\u2019re out of time but great talking to you, as always. Thank you very much, and we\u2019ll look forward to catching you again soon.
\nMichael Yardney<\/a> has been my guest from Metropole Property Strategists<\/a>. Thanks, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

It is not all bad news for the unit market – Nerida Conisbee<\/h2>\n

Kevin:\u00a0 <\/b>Investors and foreign buyers of Australian residential property are being hit hard by two forces, with the apartment market already feeling the heat, but it\u2019s simplistic to assume that all apartment developments are at risk. While money is cheap, getting access to funds is getting more difficult for local investors and foreign buyers. Foreign buyers are also being hit by additional taxes that are now being implemented in Victoria, New South Wales and Queensland. This is from an article within The Australian,<\/i> written by Nerida Conisbee.
\nGiven that these groups account for well over 50% of all new apartment purchases, restrictions to finance and new taxes are going to hit the apartment market harder than other forms of housing, such as established dwellings and house and land packages. It\u2019s likely that most apartment markets will continue to see demand; however, there are three criteria that put a suburb at risk, and these are detailed in the article within The Australian<\/i> written by Nerida Conisbee who joins me.
\nNerida, thank you very much for your time.
\nNerida:\u00a0 <\/b>Thanks, Kevin. Thanks for having me on.
\nKevin:\u00a0 <\/b>What are the three criteria?
\nNerida:\u00a0 <\/b>The first one is the amount of supply. Areas where we\u2019re seeing very elevated levels of supply compared to population growth will be the most hit. The second is the number of offshore buyers. Given that this group is the most affected by financing restrictions and additional taxes, those areas that attract high levels of offshore buyers will also be impacted.
\nAnd thirdly, the cost of apartments is the third criteria that puts a suburb at risk. What we\u2019ve found is that buyers of lower-priced apartments are going to be hit harder than those buying more expensive apartments.
\nKevin:\u00a0 <\/b>These areas that are going to be hit in this way, how will we see that? What will we see in the market, Nerida?
\nNerida:\u00a0 <\/b>We\u2019ll start to see rental levels drop as they struggle to get tenants for those apartments. Already, in markets such as Melbourne\u2019s CBD, we\u2019ve started to see rental levels flatten out. We\u2019ll also start to see prices drop, as well. Again, the resale values will probably be reduced, as well, because remember that with offshore buyers that can only buy new apartments, so that secondary market becomes a little bit problematic.
\nKevin:\u00a0 <\/b>Is purchaser default another area that we should be concerned about?
\nNerida:\u00a0 <\/b>Definitely, because if you have a look at a lot of these apartment developments, the purchasers have put down deposits on the apartments but they haven\u2019t completely paid for the apartments. So as these projects complete, we do expect to see a higher risk of default. We\u2019re not seeing it at the moment, but I think there are quite a few concerns \u2013 particularly by the banks \u2013 that we will see a higher level of defaults.
\nKevin:\u00a0 <\/b>I\u2019d love to get your feedback on this, do it on the website. There is an opportunity for you to make some comment just below the text <\/b>version of this interview with Nerida Conisbee. Give us your thoughts: what are you thinking about the apartment market?
\nNerida Conisbee is chief economist at the REA Group, owner of RealEstate.com.au, and has written an article in The Australian.<\/i> Nerida, thanks for your time.
\nNerida:\u00a0 <\/b>Thanks, Kevin. Thanks for having me on.
\n <\/p>\n

Getting a million dollar property for a song – George Vlahakis<\/h2>\n

Kevin:<\/b>\u00a0 A really interesting story I came across the other day about an abandoned house in Redfern in Sydney. The owner has been missing for some time and there is an archaic law that says that if you take occupation, you could actually take ownership. Well that\u2019s actually what\u2019s happening. A young banker is trying to do that. He\u2019s currently living there as a squatter. It\u2019ll be interesting to watch what happens here.
\nLet\u2019s get a bit of background on this, and also the law around this. George Vlahakis is a solicitor with Kydon Segal Lawyers and also Click Conveyancing.
\nGeorge, thanks for your time.
\nGeorge:<\/b>\u00a0 Thank you.
\nKevin:<\/b>\u00a0 I know this law is not strange to you because you had a similar situation recently, didn\u2019t you? But let\u2019s firstly talk about this one and then we\u2019ll reflect back on what you learned from your previous experience. What do you know about this one in Redfern?
\nGeorge:<\/b>\u00a0 Well, this is quite a unique and rare occurrence, which for the person in question who is squatting, is potentially a bit of a windfall. Under the Real Property Act there is a provision that allows someone who takes possession of a property to become registered as the owner of that property if they\u2019ve been in continuous possession for a period of 12 years. My understanding is that this chap has been there for about eight or nine years now, so he\u2019s getting close to that threshold.
\nKevin:<\/b>\u00a0 He probably should have just kept his head down really, shouldn\u2019t he, and maybe waited for the full 12 years you have to be in occupation.
\nGeorge:<\/b>\u00a0 That\u2019s right. You have to be in possession for 12 years. Once that period of time has elapsed, you make an application to the Land Titles Office or Land Property Information in New South Wales as it\u2019s known here, for the property to be registered in your name.
\nIn order for that to be processed, you need to provide them with evidence that satisfies them that you have been in possession of the property for 12 years and you also need to satisfy them that the rightful owner \u2013 if you want to call him that \u2013 is AWOL, and to support your application you need to provide evidence from third parties in the form of statutory declarations or affidavits that they have known you and are aware that you\u2019ve been in possession of the property for that period of time.
\nKevin:<\/b>\u00a0 That could be difficult, couldn\u2019t it? In this particular case, the rightful owner is a Chinese-born man. His name is Paul Fu. He bought the house in the middle of 1991. He hasn\u2019t been heard from for the past nine years, but I believe that the council also had to do some rectification work on this property. Is that right?
\nGeorge:<\/b>\u00a0 That\u2019s right. My understanding from the media articles that have been circulated is that there are some outstanding orders in relation to rectification of some hazardous defects in that property. The person who is in possession of the property would probably be well served to take care of those repairs, which is further evidence that he is in possession of the property and is saying to the world \u201cThis is my property.\u201d
\nOne of the requirements under the legislation is that your possession is open and not a secret, so you can\u2019t be seen to have snuck your way in there and hidden from the real owner for that 12 years.
\nKevin:\u00a0 <\/b>So you have to get to know the neighbors really, don\u2019t you?
\nGeorge:<\/b>\u00a0 That\u2019s right. So you do things like pay council rates, connect electricity, and get bills in your name. You can\u2019t sneak in and out of there; it has to be open.
\nKevin:<\/b>\u00a0 It\u2019s a big gamble, too. You could do that for 11 or 12 years and then find that the owner turns up at the last minute and claims it back.
\nGeorge:<\/b>\u00a0 That\u2019s right. The other risk that he\u2019s running, which is always a risk in these situations, is that he is in reality trespassing. The property does belong to this Chinese chap who is presumably overseas. The rightful owner has all rights to exclusive occupation and possession of the property. This guy here, according to reports, has allegedly broken into the property effectively, through the front door and is in there without the permission of the rightful owner, which is, at law, trespass. If you\u2019re sued for trespass, you can be sued for damages, which could result in substantial penalties and fines and legal costs.
\nKevin:<\/b>\u00a0 Who would have to bring that action? Does that have to be the owner pressing those charges, or can the police do that without him?
\nGeorge:<\/b>\u00a0 Just to give you an example, a scenario that may happen is that the original owner, this Chinese guy, has moved overseas, has suffered some unfortunate accident and passed away. The beneficiaries under his estate are now entitled to ownership of this property through a probate process or otherwise. They then might bring a claim for trespass against the person who is occupying the property, and part of their damages might be the fact that they\u2019ve been denied rental income from the property for the period of time that he\u2019s been in there.
\nYou can imagine if he\u2019s been there for seven years, the rental on a terrace in Surry Hills or Redfern might be $1000 a week, $50,000 a year, multiplied by seven plus legal costs. You could be looking at a half a million dollar bill before too long.
\nKevin:<\/b>\u00a0 Yes, I mentioned at the outset, too, George that you had a similar situation recently. Is that right?
\nGeorge:<\/b>\u00a0 That\u2019s right. I can\u2019t obviously go into specifics or addresses or names, but I did represent a client who came across a property that was abandoned and started going down this road of claiming adverse possession. Thankfully, the beneficiaries or heirs of the rightful owner were found and the property is back in their hands, I understand.
\nKevin:<\/b>\u00a0 Was he in occupation?
\nGeorge:<\/b>\u00a0 He took possession of the property, but the property was extremely run down, so he wasn\u2019t living there. He took possession by changing the locks and making the property secure. It was open to the elements and in an extremely dilapidated state in the inner city. He changed the locks and put a sign up and said, \u201cI\u2019m the owner. If anyone needs anything, you can contact me.\u201d
\nKevin:<\/b>\u00a0 Okay, yes. That\u2019s an outward statement, isn\u2019t it? He\u2019s making claim to it. Would he have also paid back rates or anything like that?
\nGeorge:<\/b>\u00a0 He was in the process of arranging to do that. There was a substantial levy outstanding for council rates, which he didn\u2019t get the opportunity to pay, thankfully.
\nKevin:<\/b>\u00a0 If he had paid that and the owner then came forward, could he claim that back?
\nGeorge:<\/b>\u00a0 The person who paid the rates, not being entitled to the property, would have a very difficult time getting them back from the owner.
\nKevin:<\/b>\u00a0 It\u2019s a gamble, isn\u2019t it?
\nGeorge:<\/b>\u00a0 That\u2019s right, yes.
\nKevin:<\/b>\u00a0 Yes, it certainly is. We\u2019ll watch this one with interest. It could be a long, drawn-out process. Where would he stand now if this person doesn\u2019t come forward, and assume no one makes claim to it? Could there be a dispute? Could someone else move in, as well, or because of the period of time he\u2019s been there, is he pretty safe in that case?
\nGeorge:<\/b>\u00a0 He does have some legal rights to the property because he\u2019s in possession of the property. You can\u2019t move him out by force, short of getting an order of the court and having the courts intervene on your behalf. So he does have some protection being in possession of the property now.
\nKevin:<\/b>\u00a0 He\u2019s probably done the right thing by coming out and making it known. It\u2019s a bit like your guy putting a sign on there saying \u201cHey, I\u2019m in ownership.\u201d He\u2019s just got to hold his breath now and hope that nothing happens in the next few years.
\nGeorge:<\/b>\u00a0 That\u2019s right. Paul Fu, the Chinese-born rightful owner, and his relatives if they\u2019ve come across now or this has been brought to their attention, should be making moves fairly quickly to take possession of the property back.
\nKevin:<\/b>\u00a0 I\u2019ve been talking to George Vlahakis who is a solicitor from Kydon Segal Lawyers about this very interesting case. We\u2019ll continue to watch it.
\nGeorge, thanks for your time, too.
\nGeorge:<\/b>\u00a0 Thank you very much.
\n <\/p>\n

Pellicano is bullish about Brisbane – Nando Pellicano<\/h2>\n

Kevin: <\/b>\u00a0Woolloongabba is thought to be Brisbane\u2019s most affordable inner-city apartment market and was voted as one of Australia\u2019s best investment suburbs two years running \u2013 in 2014 and 2015 \u2013 by Your Investment Property<\/i> magazine.
\nThat\u2019s why we are excited to tell you about South City Square, right in the heart of Woolloongabba \u2013 a mixed use, multi-stage, neighborhood development offering apartments, a hotel, supermarket, boutique cafes , restaurants, and cinema, all surrounding a 5000-square-meter open recreational space.
\nSouth City Square has attracted plenty of local interest, in fact stages one and two are sold out and are under construction while stage three is due to be released to the public later this month.
\nJoining me now to talk about this exciting development and the family business behind the development is Nando Pellicano of the well-known and highly respected Pellicano Group.
\nNando, thanks for your time.
\nNando:<\/b>\u00a0 No problem, Kevin. Good to be here.
\nKevin:<\/b>\u00a0 Nando, building and development, of course, has been in your family for generations. Tell me a bit about the history of how the family business was founded in Australia and how it\u2019s developed since then.
\nNando:<\/b>\u00a0 Back in 1967, my father and my uncle started the business as bricklayers, just as teenagers. They originally started out just building some homes and some three-story units for external clients and contractors. From there, they developed a business and moved into developing their own projects, firstly in residential projects.
\nThe business continued to grow, and in the early\/mid 1980s they expanded into commercial, industrial, and retail. And from there, developing our own business parks and then a lot of the projects we developed, we then started to retain long-term ongoing ownership of. From that, we started to build up a property portfolio in the early 1990s.
\nFast forward to today, we\u2019re a builder, a developer, a long-term property investor with a lot of the projects that we create across Melbourne and Brisbane.
\nKevin:<\/b>\u00a0 There is no doubt that the brothers could never have seen what\u2019s happening today. It is unique also in that it is privately owned. It\u2019s a family business. How is the business structured now, Nando?
\nNando:<\/b>\u00a0 My father has two boys, being myself and my other brother Antonio, who are in the business, and my Uncle Nunz also had two sons who are also in the business. The four of us of the next generation are all managing directors now, so we deal with all the day-to-day running of the business, and we\u2019re evenly spread across construction, property, and finance.
\nKevin:\u00a0 <\/b>Nando, what words would you use to describe the company?
\nNando:<\/b>\u00a0 Being a family business, values, integrity, and reputation are very important for us and are always at the forefront of our minds. Obviously, the name of the company is our surname. We\u2019re very proud of what my father and my uncle have been able to create and achieve.
\nThey always remind us that a reputation takes years to build but it can be gone in a matter of minutes or hours. So we\u2019re always very conscious of making sure our last <\/b>development is the best it can be. Because we are vertically integrated with construction and development and also long-term property ownership, we really do look at each part of the process.
\nThe design phase: we\u2019re spending the extra time and attention to detail to make sure we\u2019re putting in the right plant and equipment, <\/b>the right materials that are going to last the test of time.
\nObviously, as the builder, if things do go wrong you have to go back and fix them anyway. So rather than trying to save a bit of money up front but then have potential issues, we\u2019d rather spend a bit more money up front and then reduce the ongoing issues down the track.
\nReally, those family values and morals are very important to us, and that filters through in how we approach the business.
\nKevin:<\/b>\u00a0 I\u2019m going to mention in a moment, too, about how you can have the opportunity to meet Nando at a special function we\u2019re going to put on in Brisbane, but I\u2019ll tell you about that in just a moment.
\nWhat are the challenges you see facing development companies now, and what are the plans for Pellicano in the future?
\nNando:<\/b>\u00a0 There are always challenges in any business \u2013 daily, weekly, monthly. Probably at the moment, people who are reading the newspapers, there\u2019s probably a bit of a pull back from the banks on funding and who they are going to fund and what they\u2019re going to fund.
\nFortunately for us, the fact that we have been in business for 49 years \u2013 it\u2019s our 50-year anniversary next year \u2013 we do have longstanding relationships with all the major banks and we are very well supported by them. That should hold us in good stead. Bu that\u2019s probably one of the biggest challenges I would think at the moment.
\nKevin:<\/b>\u00a0 I know that\u2019s causing a lot of concern with consumers, too, and I\u2019m so glad you mentioned that point because that\u2019s probably one of the key reasons I would think that someone would be very confident about buying into the product we\u2019re talking about in Woolloongabba.
\nJust in closing, I\u2019ll talk to you about Woolloongabba because that\u2019s the reason we are holding that function on the 4th<\/sup> of August. I\u2019ll give you the details on that in just a moment. I\u2019m really keen to hear from you about why you chose South East Queensland and in particular, why you chose the Woolloongabba market.
\nNando:<\/b>\u00a0 The wider South East Queensland market: we have been developing and building in Brisbane for over 10 years, and we\u2019ve had an office up in Brisbane since 2007. We\u2019ve always liked Brisbane and what it has to offer, and also South East Queensland. If you look at the long-term trends, population growth, employment growth, infrastructure spending, it has a lot of things going for it. And it\u2019s also affordable in many areas when you compare it to where Sydney and Melbourne currently are.
\nBrisbane more specifically has always had a big tick from us. And then I suppose looking at opportunities and where to invest our money, it\u2019s no different to whether an investor is looking to buy one apartment, it\u2019s the same approach we take as developers on where do we buy development sites? It\u2019s where we can find value for money in areas where there\u2019s good employment growth, good population growth, some infrastructure spending, and good infrastructure already in place.
\nWoolloongabba ticks all those boxes. It already has great transport. It has got some great employment generators with some major hospitals nearby as well as the CBD. The rental market from a residential point of view is strong. There\u2019s always good demand. And it\u2019s affordable. To be two kilometers from the CBD and where the price points are in Woolloongabba we found very attractive.
\nWe\u2019re very confident on Woolloongabba. We\u2019re Woolloongabba\u2019s largest developer. South City Square is actually our fourth project within Woolloongabba, so we\u2019re tried and tested in the area.
\nOur first project was Eastwood, which was 84 apartments, which we finished a few years ago. We then completed a Quest Hotel \u2013 it has 132 rooms \u2013 which is also on Logan Road in Woolloongabba. We retain ownership of that asset still in one line, and the reason we have retained ownership of it is because we still see some really good capital growth over the next five to ten years.
\nThen a project we just recently completed, Trafalgar Lane, was 150 apartments and 2000 meters of commercial retail. Again, we\u2019ve retained ownership of the commercial and retail component of that building in our long-term property portfolio.
\nKevin:<\/b>\u00a0 I\u2019m going to give you the opportunity now to get up close and personal with Nando at a special Real Estate Talk event that we\u2019ll be holding on Thursday the 4th<\/sup> of August. You can hear me talk to Nando once again live on stage, and we\u2019ll also be joined by Malcolm Aikman who is a director of property consultancy firm Urbis who specialize in property planning and design.
\nI plan to discuss with both gentlemen the Brisbane market fundamentals \u2013 which areas are going to perform well, what to look for in apartment development, and lots more. That\u2019s going to be a great opportunity for you to learn a lot more about this very vibrant Brisbane market. You can book your seat now by visiting RealEstateTalk.com.au.
\nNando, I\u2019m really looking forward to catching up with you. There are so many more questions I want to ask you about the Brisbane market, about developing generally, but it\u2019s been great spending some time with you today, and I appreciate that. Thank you very much.
\nNando:<\/b>\u00a0 Looking forward to it, Kevin. Thank you.
\n <\/p>\n

The property market big winners and losers – Tim Lawless<\/h2>\n

Kevin:\u00a0 <\/b>This week saw the release of CoreLogic\u2019s Pain & Gain Property Report, which I love because it measures the profits and losses of sellers by comparing the most recent sale price to the previous sale price. It tells you a lot about where the market is headed. It shows where profits are earned and losses are made.
\nA key highlight emanating from the report is that around one third of homes resell for more than double their previous purchase price, but it\u2019s not all good news, as you\u2019re going to hear. Joining me now is Tim Lawless from CoreLogic RP Data.
\nTim, thanks for your time.
\nTim:\u00a0 <\/b>Good day, Kevin. Good to be on the show again, mate.
\nKevin:\u00a0 <\/b>Thank you, mate. Tell me where roughly some of these gains\u2026 We\u2019ll look at the gains first and then we\u2019ll look at the losses and how big they were. Where, roughly, were they made?
\nTim:\u00a0 <\/b>If you look geographically, we\u2019re still seeing Sydney absolutely heads and tails above most of the capital cities for the proportion of properties that are selling at a profit. What we\u2019re seeing in Sydney is only about 2% of homes are selling at a loss, so 98% of all homes that resold in the March quarter have done so at a gross profit. So clearly, the very strong capital gains we\u2019ve seen in Sydney since 2012 have created a great deal of equity in that housing market for those existing property owners.
\nKevin:\u00a0 <\/b>When I mentioned at the opening there that around a third of homes resold at more than double their previous purchase price, would it be fair to say that the vast majority of those would be in Sydney?
\nTim:\u00a0 <\/b>Absolutely, the majority are in Sydney, and then secondly in Melbourne. So we\u2019re seeing those two cities \u2013 no surprise \u2013 that\u2019s where the strongest capital gains have been, but we are seeing profit-making sales across all regions, even some of the weakest markets like Perth or Darwin, or Hobart for that matter, which has historically been quite a weak city since 2008 but is now starting to improve.
\nThere are people still making a lot of profit from property, but generally, you\u2019ll find that hold periods in those areas tend to be much longer. So people have ridden over a few cycles, and they\u2019ve seen the benefit of that long tenure of owning their property resulting in some decent capital gains.
\nKevin:\u00a0 <\/b>Looking at each state market, South Australia and WA both really struggling to find their way?
\nTim:\u00a0 <\/b>Yes, if you look at South Australia, for example, if you look at just Adelaide houses, we saw just over 5% of all resales in March were lossmaking. When you look at units, a little bit higher at 5.7%. But if you look at regional South Australia, it does get up substantially higher, so we\u2019re getting up towards 7% for lossmaking sales across regional South Australia.
\nWe are seeing some big differences between the capital cities and the regional markets, not only in South Australia but across every region. We are seeing the capital cities typically outperforming the regional areas.
\nKevin:\u00a0 <\/b>What were the value of the losses? Have you been able to work that out? Is there a total value, and what is the average?
\nTim:\u00a0 <\/b>We have, and if you look at the gross level of capital gain that we\u2019ve seen derived from the housing market, on average we\u2019ve seen those people who made a profit on their properties made about $240,000 on average on each resale.
\nKevin:\u00a0 <\/b>Goodness.
\nTim:\u00a0 <\/b>If you look at the gross value of sales across the housing market, about $12.9 billion of profit was made just over one quarter. So a lot of money being made from housing, and of course, going back to the taxation debate, a lot of capital gains tax being paid here, as well.
\nKevin:\u00a0 <\/b>Yes, I suppose we have to bear that in mind, too. What was the average loss? Have you been able to work that out, and how big was that?
\nTim:\u00a0 <\/b>Across all those properties that sold at a loss, the average level of loss was $66,000. Compare that to an average profit of $240,000, and the level of loss being made out of property is substantially smaller.
\nKevin:\u00a0 <\/b>How does it compare historically?
\nTim:\u00a0 <\/b>We have seen an ongoing trend towards fewer lossmaking sales across the country, but in the March quarter, we\u2019ve actually seen a slight uptick there, so potentially we\u2019re seeing a little bit of a turning point here.
\nThroughout the entire growth cycle, we\u2019ve been seeing the proportion of lossmaking sales getting smaller of smaller, and that reached a low point in December last year. In the March quarter, we saw 9.2% of properties selling nationally at a loss. That\u2019s slightly higher than what we saw in the December quarter, so I wouldn\u2019t be surprised if this does mark a subtle turning point in the housing market that we are seeing a larger number of loss-making sales as we start to see the growth cycle winding down.
\nKevin:\u00a0 <\/b>Were you able to have a look at those properties that actually did lose money? Were they held for a shorter period of time than those that created a profit?
\nTim:\u00a0 <\/b>Yes, absolutely. One of the really interesting things here is analyzing the hold periods or the length of tenure across typical property types and also across profit- and loss-making sales. For those properties that were selling at a loss, we\u2019re generally seeing them sold within, say, five or six years, whereas those properties that are being sold for profit are generally held for about ten years.
\nYou do find that time does tend to heal all wounds \u2013 that the longer you hold a property, the higher propensity you have of making a profit out of it. Those people who doubled their money were typically a hold period of 15+ years, so that old magic rule of thumb that every ten years, you should double the value of your property doesn\u2019t really hold a great deal of water anymore. The typical hold period for doubling your property was just over 15 years.
\nKevin:\u00a0 <\/b>Okay, so we\u2019ve seen that blow out, as well.
\nJust looking at some of these individual results, looking through the report now, the unit market, particularly in regional WA and also regional Northern Territory, you\u2019re almost looking at a 50-50 split between those who made a profit and those who made a loss, really.
\nTim:\u00a0 <\/b>That\u2019s right, and we\u2019re really seeing this trend across the mining states. Some of the mining regions around WA \u2013 think of the Pilbara, Port Hedland, Karratha, Newman, those sort of markets \u2013 we\u2019re seeing a very high proportion of loss-making sales. The same sort of trend also in the areas west of Mackay, for example, which are more coal mining. Just look at areas like Fitzroy, the Moranbah, Emerald, those sort of markets also getting close to 50% of all resales were loss-making.
\nOne positive thing to say about those markets is we are now starting to see the trend of loss-making sales moving a little bit lower. Previously, loss-making sales were a little bit higher than what we\u2019re seeing over the March quarter, so we might be seeing these regional mining towns potentially moving through the worst of conditions, as we see these areas hit rock bottom and hopefully start to show some upwards pressure over a long period of time. But there\u2019s no sign of any upwards pressure in those markets just yet.
\nKevin:\u00a0 <\/b>And if you look nationally, of course, what are we looking at there? Around about 8% of all houses showed a loss, which means that 92% actually had a gain, which is a pretty healthy market, really, isn\u2019t it?
\nTim:\u00a0 <\/b>Yes, absolutely. It still shows that the vast majority of people selling a home in Australia are making a profit out of it, keeping in mind these are gross profits reporting here, so we\u2019re not taking into account purchasing or selling costs or interest payments or anything like that. These are gross figures, so if you work it out as a net figure, obviously it\u2019s going to be lower than that for the proportion of profit-making sales.
\nBut pointing out those figures, there\u2019s such a big difference between houses in units. About 8% nationally sold at a loss for houses; nearly 12.5% for units were loss-making.
\nKevin:\u00a0 <\/b>Yes. It makes the point about property ownership, whether it\u2019s for an investment or whether it\u2019s owner-occupied, you\u2019ve really now got to start looking at it as a long term investment, especially if those hold periods are blowing out to 15 years I think you said, for a property to double in value?
\nTim:\u00a0 <\/b>That\u2019s exactly right, and we do split the numbers out by owner-occupiers versus investors, and it does show that investors are more likely to show a loss on their resale nationally. It was 8% owner-occupied properties sold at a loss compared to nearly 12% for investment, which probably comes back to the tax effectiveness of writing off a poorly performing property. You can write off that loss against future capital gains, which you obviously can\u2019t do as an owner-occupied property.
\nKevin:\u00a0 <\/b>And of course, that Sydney market, every time we talk, it continually astounds me. It just doesn\u2019t seem to be slowing down at all, does it?
\nTim:\u00a0 <\/b>It has slowed down a little bit, but we were seeing values growing in July last year at nearly 19% per annum, and that growth rate for a while was tracking at around 8% per annum, so it more than halved. But just recently, we\u2019ve been seeing some very strong indicators across the Sydney market showing a bit of a rebound.
\nWe\u2019ve seen a few months now where growth is going back above the 1% mark month on month, we\u2019ve been seeing auction clearance rates getting closer to the 80% mark again week on week, as well, so still very strong conditions across Sydney, which incidentally is also the most unaffordable market. We just released some affordability figures showing the average house price-to-income ratio, and Sydney is getting close to ten times now.
\nKevin:\u00a0 <\/b>Yes. Isn\u2019t it amazing that we talk about the Sydney market and we say \u201cOh, it\u2019s slowing down a little bit; the growth in there now is only around 8%, 9%, or even 10%.\u201d A lot of markets would kill for that kind of growth.
\nTim:\u00a0 <\/b>Absolutely. If you compare Sydney, say, back to Brisbane, where Brisbane\u2019s values are growing at about 6% per annum, and Brisbane doesn\u2019t get anywhere near the level of attention that Sydney does, even at 6%, Brisbane\u2019s annual rate of growth is very strong. It\u2019s substantially higher than what household income growth is, and at a 6% rate per annum, it\u2019s much more sustainable than what Sydney\u2019s has been and suggests that Brisbane probably still has some way to go before we start to see the cycle peaking out.
\nKevin:\u00a0 <\/b>Always great talking to you. Tim Lawless from CoreLogic RP Data. Thank you very much for your valuable time, Tim.
\nTim:\u00a0 <\/b>Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  CoreLogic has released its latest Pain and Gain Property Report which measures the profits and losses of property sellers and while some have made losses, there have been some spectacular gains and Tim Lawless tells us where that has happened. Some win, some lose…<\/p>\n","protected":false},"author":176692471,"featured_media":8664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,24],"tags":[101],"class_list":["post-8663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-shows","tag-podcast"],"yoast_head":"\nBIG investment winners and losers + BRISBANE suburb set for a big boost - 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\/big-investment-winners-and-losers-brisbane-suburb-set-for-a-big-boost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIG investment winners and losers + BRISBANE suburb set for a big boost - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  CoreLogic has released its latest Pain and Gain Property Report which measures the profits and losses of property sellers and while some have made losses, there have been some spectacular gains and Tim Lawless tells us where that has happened. 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