{"id":9036,"date":"2016-08-18T10:00:04","date_gmt":"2016-08-18T00:00:04","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9036"},"modified":"2016-08-18T10:00:04","modified_gmt":"2016-08-18T00:00:04","slug":"buy-and-sell-in-30-days-and-make-a-massive-profit-homeownership-is-falling","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/buy-and-sell-in-30-days-and-make-a-massive-profit-homeownership-is-falling\/","title":{"rendered":"Buy and sell in 30 days and make a massive profit + Homeownership is falling"},"content":{"rendered":"

 
\nThe HILDA Survey is a nationally representative study of Australian households. \u00a0For the study, the authors have been interviewing the same 17,000 people every year since 2001, so as to up a picture of how people\u2019s lives change over time.\u00a0 The latest report says that fewer than half of all Australian adults are going to own a home by next year. We catch up with the author, Professor Roger Wilkins<\/strong> to get a good insight into its findings.
\nThe master of questions – Ken Raiss<\/strong> from Chan & Naylor answers a two part question from Daryl about vacant land, GST and subdivision.
\nThis week as our feature guest we talk to Michael Yardney<\/strong><\/a>.\u00a0 This time it\u2019s not to get advice but we want to know about his personal portfolio, who inspires him, how he got started and if and how his strategy has changed. Quite revealing!
\nDownsizing is what happens when the kids have moved out and, hopefully, taking the pets they grew up with, leaving you free to travel and do all the things you couldn\u2019t do because you had kids. But downsizing comes with a whole set of new challenges. We look at those with Jodie Walker<\/strong> from Secret Agent.
\nOver the next few weeks we will follow the journey of successful property investor Nhan Nguyen<\/strong> as he attempts to buy and sell a property in only 30 days for a gross profit of $50,000. We start the story today with week 1 \u2013 finding and securing the property.
\nYou will find us at iTunes under podcasts as Real Estate Talk.\u00a0 Listen there for free, leave a review which helps us grow and tells us what you like and how we can improve the show. Don\u2019t forget to subscribe at the site as well \u2013even if you do get the show through iTunes – so that we can tell you about the bonus offers we make to subscribers. Your questions are welcome through the site as well.
\n <\/p>\n

Transcripts: \u00a0<\/strong><\/h4>\n

When to subdivide and the costs – Ken Raiss<\/h2>\n

Kevin:<\/b>\u00a0 Joining us once again to answer your questions, Ken Raiss from Chan & Naylor.
\nGood day, Ken. How are you doing?
\nKen:<\/b>\u00a0 I\u2019m well, thanks, Kevin. And yourself?
\nKevin:<\/b>\u00a0 Mate, I\u2019m fantastic, thank you. Always good to hear from you. And these are always questions that I can\u2019t answer, Ken. That\u2019s why we come to you because you\u2019re our expert on these ones.
\nKeep the questions coming in, too, for any of our experts. We\u2019d love to answer your questions. Just do them through the website. Ask a question. Tell us what that question is and we\u2019ll get an answer for you.
\nThis one comes from Daryl. It\u2019s in two parts. I\u2019ll read it in two parts, Ken. The first one \u2013 and Daryl does point out that he\u2019s not referring here to a principal place of residence \u2013 the first part of the question is \u201cIs GST payable if you are buying a block of land that already has two lots on one title? Split the block and sell them individually? If you\u2019re not registered for GST and bought under personal names or trust structure, I know that tax will be payable, either GST or income tax, but I\u2019m not sure if GST is payable because the lots already exist.\u201d
\nSo here we have a situation, Ken, I guess, one title but two lots. I would have thought two lots would require two different titles.
\nKen:<\/b>\u00a0 It depends what they\u2019re doing. You can actually have the ability to have two lots on one title, and then you just complete the subdivision, of course. Unless, of course, sometimes you can have two buildings and have dual occupancy, and then you have the one title.
\nGST is a funny creature because it depends on two things: your intent and also the transaction itself. Let\u2019s have a look at intent to start off with. But before I talk about intent, I\u2019ll just preface by the fact that GST is not normally payable on residential property \u2013 unless it is new.
\nSo if you buy a property with the intention to build, subdivide, and then sell or any of that, then you\u2019re effectively in business and you would have normally had to register for GST, and then there\u2019s a GST implication.
\nIf, however, you are an investor and you purchase something with the intention to keep and use to generate taxable income and then you subsequently sell the residential property, then you didn\u2019t have to register for GST, and as such, on the sale, you didn\u2019t have to pay GST.
\nIt\u2019s fairly complicated, and I would certainly seek very specific advice on a transaction-by-transaction basis. It really doesn\u2019t make any difference what the structure is, whether it was your personal name, a company, or a trust. There\u2019s obviously capital gains tax implications and income tax, and if your intention was to buy and sell, then you would not have capital gains tax; it would just be normal income tax at your marginal tax rate. If you bought something with the intention to keep and then you subsequently sell, then it\u2019s a capital gains tax.
\nA number of parts to that question. I appreciate it\u2019s probably a complicated scenario. Hopefully I\u2019ve answered it, but please, on any GST, I would get independent, specific advice because there are many nuances to this.
\nKevin:<\/b>\u00a0 Daryl goes on to then ask the question about if he owned the house for three plus years then decided to split the block, is GST payable then?
\nKen:<\/b>\u00a0 Again, it comes back to intent. If you had secured that property, built that property, with the intention to keep it, then you wouldn\u2019t have registered for GST and GST would not normally be applicable on the sale. If you did that transaction with the intention to sell, then obviously you would have had to register for GST and GST is payable. The issue then becomes if you change your intent and you needed to then register for GST, you have to be careful there.
\nAn area that is normally overlooked is what is a new residential property? It is not just a brand new building that you built from the ground up. A substantially improved residential property becomes new because it\u2019s nothing like what it was before the improvement. Again, get specific advice to see whether the renovation you\u2019re doing turns it into a new property or it maintains its existing status.
\nKevin:<\/b>\u00a0 Very good. Daryl, there\u2019s a great answer to your questions. Ken, I want to thank you once again for giving me some time.
\nKen Raiss, of course, is from Chan & Naylor. Thanks for your time, Ken.
\nKen:<\/b>\u00a0 Thank you very much, and thank you, listeners.
\n <\/p>\n

Making $50K in 30 days – Nhan Nguyen<\/h2>\n

Kevin:<\/b>\u00a0 House flipping is one of those subjects that fascinates me, and I\u2019ve always thought that you have to get the right time of the market to do it. I wonder if that\u2019s actually the case. Nhan Nguyen from Advanced Property Strategies is undergoing a really interesting exercise that we\u2019re going to follow over the next few weeks. We\u2019ll call it house flipping.
\nIs that what you call, it, Nhan?
\nNhan:<\/b>\u00a0 I\u2019m not sure what you want to call it. Buy and sell, flipping, whatever you want to call it. Making money, that\u2019s what I\u2019m into.
\nKevin:\u00a0 <\/b>Pretty much, it\u2019s securing a property with the intent to sell it and make a profit out of it. Call it flipping, call it turning over property, whatever you want to do. In this exercise, you\u2019re going to do this in a 30-day period. Is that right?
\nNhan:\u00a0 <\/b>Well, that\u2019s the aim. My aim is to make over $50,000, yes.
\nKevin:\u00a0 <\/b>How far are you into the process now? You\u2019ve just started this?
\nNhan:\u00a0 <\/b>Yes, I\u2019ve just started it. I came back from holiday recently. I was overseas. When I came back, there was this property in my inbox. Basically, I have a guy who\u2019s out there looking for property for me. He said, \u201cNhan, there\u2019s a seller, and he\u2019s keen to sell the property for $320,000. I think you should buy it. He\u2019s giving you 24 hours to do that.\u201d
\nThat\u2019s what happened. I came back. The e-mail was in my inbox. I did have a look at that property before I went overseas on holidays, but it hadn\u2019t been on the market. While I was overseas, I did receive an e-mail saying the property was on, but I thought that the property had actually been listed with an agent, so I didn\u2019t even bother to look at it. When I got back, I met with the owner\u2019s family, and yes, we signed off on a contract within one or two days.
\nYes, we\u2019re having fun. My plan is to basically buy it for $320,000. The median price in the area is $384,000. The most comparable property that I\u2019ve seen is going to be somewhere in the $400,000s. A really rundown property sold recently in that area, on the south side, for $388,000. This is zoned low-to-medium residential, which means that you can put townhouses on it. So it\u2019s going to be somewhere between $390,000 and $410,000 is my projection to sell the property.
\nKevin:\u00a0 <\/b>Let me ask you, then, in terms of transparency, the owners of the property are aware of the fact that you\u2019re going to turn this over and make a profit?
\nNhan:\u00a0 <\/b>No, not necessarily. On the contract, we did put a clause on the contract that basically gave us the right to renovate the property after it went unconditional, and at the same time, they\u2019ve given us the right to show valuers, surveyors, engineers, town planners, or prospective occupants through.
\nI wasn\u2019t really sure that I was going to sell it, but basically, once I\u2019d signed the contract, after I\u2019d looked at a few options \u2013 should we develop it, should we renovate it? \u2013 I thought, \u201cOkay, here\u2019s an opportunity for some quick cash. Let\u2019s play and let\u2019s put it on the market and see what happens.\u201d
\nKevin:\u00a0 <\/b>Are you planning to do any renovation to it?
\nNhan:\u00a0 <\/b>As little as possible. In fact, my backup plan is if we can\u2019t sell it, yes, we\u2019ll renovate it and probably rent it out and land bank it or develop it, depending on what the town planners say.
\nKevin:\u00a0 <\/b>How did you find the property?
\nNhan:\u00a0 <\/b>I have what we call a property researcher who works with me, under my training and my systems. He\u2019s out there 5 or 10 hours a week, sending out letters, flyers, business cards in mailboxes. We have a certain area on the south side, about 15 K\u2019s out, housing commission. We\u2019re out there marketing. He got a phone call a few weeks ago, and it\u2019s been bubbling away for a few weeks now.
\nKevin:\u00a0 <\/b>I have to be a bit careful about how I ask this question. The people you\u2019re purchasing it from, is it just that they\u2019re not aware of the values in the area?
\nNhan:\u00a0 <\/b>Let\u2019s just say they live out of town \u2013 about two hours out of town. They bought it for $310,000 in 2007, and they\u2019re just wanting to get out of the property. They\u2019re really, really motivated to sell. I think they have some other court issues that are pending that I found on Google.
\nThey\u2019re just motivated sellers, and they want to get out. I think a few days after we signed the contract, they did get an appraisal. I found out through another agent that, yes, they are aware of the value of the property currently.
\nKevin:\u00a0 <\/b>Excellent. We\u2019re going to follow this journey with you. This is week one. You\u2019ve actually secured the property. It\u2019s now under contract?
\nNhan:\u00a0 <\/b>Exactly.
\nKevin:\u00a0 <\/b>All right. I\u2019d love to come back next week and talk to you about what\u2019s happened between now and then, just to see how it\u2019s progressing, because 30 days to actually find, secure, turn over a property, and do that in 30 days is very, very quick. So, I\u2019ll be keen to follow this journey with you, Nhan.
\nNhan:\u00a0 <\/b>Yes. Me, too.
\nKevin:\u00a0 <\/b>Yes, I\u2019m sure you will be.
\nNhan:\u00a0 <\/b>Thanks, Kevin.
\nKevin:\u00a0 <\/b>We\u2019ll catch you again next week. Thanks, mate.
\nNhan:\u00a0 <\/b>Cheers, mate.
\n <\/p>\n

Downsizing pros and cons – Jodie Walker<\/h2>\n

Kevin:<\/b>\u00a0 We have an aging population, and of course, with more people choosing to live in units, downsizing becomes a bit of a reality. Sounds like a great idea, doesn\u2019t it? The kids are off your hands, they\u2019ve moved out, they\u2019re making their own lives, and now it\u2019s time for you to live. One of those choices is getting rid of the big house and maybe moving to an apartment. But downsizing isn\u2019t as easy as it sounds. There are a number of challenges.
\nJodie Walker joins me from Secret Agent.
\nJodie, you\u2019ve prepared a report on this. Tell us about some of the things that people are going to face when they make this decision to downsize.
\nJodie:<\/b>\u00a0 Downsizing itself seems like a simple task, but it\u2019s actually quite complicated. There are a lot of hurdles that they\u2019re going to face. I think one of the biggest hurdles is being able to fully commit to the idea and let go of any emotional attachments that you may have to the memories that you\u2019ve created over the years.
\nIf you\u2019ve raised a family in there, you may be very attached to the residence, and you\u2019re probably also quite attached to the friends, family, and networks that you\u2019ve built up in the area. Letting go of all of this can be quite difficult.
\nKevin:<\/b>\u00a0 Yes, that final one you mentioned there about family and friends in the area, you could always choose to live in the same area and still keep those connections, though, couldn\u2019t you?
\nJodie:<\/b>\u00a0 You could, but I guess I\u2019m speaking about people who are moving from the outer suburbs on a large block of land and they\u2019re moving into the inner city, which is a trend that happens alongside downsizing. People want to live where the amenity is and where there\u2019s good access to transport and caf\u00e9s, and that tends to be in the inner city.
\nKevin:<\/b>\u00a0 I always think it\u2019s a good idea if you decide to downsize to maybe go and rent somewhere first to see if you really like it before you commit to buying something. I\u2019ve seen a lot of people, Jodie, over the years sell that big house on the big block of land, move to an apartment, and then find six months down the track that they really need that bit more space and they weren\u2019t quite ready for it.
\nJodie:<\/b>\u00a0 Yes, exactly. We highly recommend the same thing \u2013 spending a few weekends in the suburb that you\u2019re thinking about renting in, because each suburb has its own culture and own demographics, so you really want to make sure that it suits your personality and what you value and the lifestyle that you want to create for yourself. So if you can\u2019t rent, then stay in the suburb in a hotel for a few days to just really experience it.
\nKevin:<\/b>\u00a0 Yes, you could have a holiday there. Let\u2019s talk about some of the things we can do while we\u2019re still living at home in the home that we choose to, to prepare ourselves \u2013 like making a list about the things that I like and even doing a bit of de-cluttering. Tell us about some of the things we can do there.
\nJodie:<\/b>\u00a0 De-cluttering is super important. Obviously, storage space is one of the biggest things you\u2019re going to lose when you downsize. With de-cluttering, I would highly recommend to be analytical and not emotional. Ask yourself \u201cDo I use this?\u201d not \u201cWill I use it?\u201d because as soon as you ask \u201cWill I use it?\u201d it\u2019s easy to start imagining when you\u2019re likely to use it in the future, but the truth is if you haven\u2019t used it in the last month, you\u2019re probably not going to. It\u2019s just about being organized, starting early, and tackling one room at a time so that it\u2019s not so daunting.
\nKevin:<\/b>\u00a0 It\u2019s just occurred to me, Jodie, that a good exercise would be if you decide to downsize \u2013 you don\u2019t make that decision overnight; you might do, but most people don\u2019t \u2013 you could prepare yourself for it by doing a little bit of de-cluttering and starting to get rid of some of that stuff, but do it over a long period of time.
\nJodie:<\/b>\u00a0 Yes, exactly. So just prepare yourself mentally and physically, as well, over a longer period so that it\u2019s a lot easier when you actually do move.
\nKevin:<\/b>\u00a0 I was interested to read in your article, too, that you highlighted the need to make sure that you buy quality. Tell me about that and why is that so important?
\nJodie:<\/b>\u00a0 One of the benefits to downsizing is having less space to clean and maintain. If you buy something that\u2019s low quality, it\u2019s more likely that you\u2019re forever going to be needing to repair or replace things, and that negates the initial benefit. You\u2019re already getting used to less space; you don\u2019t really want to have to get used to a lower quality house, as well.
\nKevin:<\/b>\u00a0 Yes. When we\u2019re downsizing, what are some of the important things to bear in mind \u2013 like car parking, maybe the second bedroom or even a big balcony? I mentioned the big balcony, Jodie, because I think a lot of people like to continue to maybe get their hands in a bit of dirt, so you could do a little bit of indoor gardening, couldn\u2019t you?
\nJodie:<\/b>\u00a0 Yes. Outdoor space is very important. I think you definitely want to make sure it has outdoor space, a good outlook if it is an apartment, and natural light, obviously. And you want to be really careful with the car parking because I think a lot of people get shocked by that. They\u2019re used to having excess car space available and it\u2019s especially important not just for yourself but your friends and family who come and visit you to be able to find a park close by as well.
\nKevin:<\/b>\u00a0 Another frustration, I think, for people moving is to make sure that you have plenty of storage in that garage, and it just occurred to me then when you\u2019re looking at your car park, see if you can get an area to put a little bit of storage \u2013 whether that\u2019s bikes or maybe some exercise gear that you might not be able to fit into your apartment. Those things are pretty important, too, Jodie, aren\u2019t they?
\nJodie:<\/b>\u00a0 Yes. A lot of apartments nowadays come with a car space and a storage cage, or they might come with two car spaces. But you want to also be careful then about the owners corp rules because usually they govern what you can do with the car space. We\u2019ve had a few people who have purchased an apartment with two car spaces and then were not allowed to put a storage cage into that. So you just want to be really careful.
\nKevin:<\/b>\u00a0 Yes, body corporates are a whole different frustration that we don\u2019t have time to talk about today. Jodie, it\u2019s been great catching up with you. Thank you for your time.
\nJodie Walker is from Secret Agent, and some of the secrets there of downsizing. Thanks for your time, Jodie.
\nJodie:<\/b>\u00a0 Thanks, Kevin.
\n <\/p>\n

Michael Yardney’s journey into property success – Michael Yardney<\/a><\/h2>\n

Michael Yardney<\/b><\/a>
\n2115 words<\/b>
\nKevin:\u00a0 <\/b>Tell me how you got involved with property investment.
\nMichael: <\/b>\u00a0When I was young, my parents were immigrants. They were both working, and I saw that they used to struggle at the end of the month. The money never lasted the whole month, and they used to argue.
\nOn the other hand, I saw that my friends\u2019 parents seemed to manage to go away on holidays. They had cars, when my parents didn\u2019t have a car. They were able to live in nicer houses. I realized that a lot of them invested in properties.
\nIt was a little bit like \u201cRich Dad, Poor Dad.\u201d I learned things my parents didn\u2019t realize. That\u2019s not the way I wanted to be. I saw how my friends\u2019 parents managed to not fight as hard and as much about money. They didn\u2019t struggle, and it was because many of them seemed to invest in property. That\u2019s what I wanted to do.
\nKevin:\u00a0 <\/b>I want to ask you a number of questions about your personal portfolio and how you got into that, but just before we leave that point, could I just ask you: do you find that the people you talk to come from similar backgrounds? In other words, did they learn those lessons from their parents?
\nMichael:\u00a0 <\/b>I think most of us learned about how to handle money, finance, investing, and much of the way we live from our parents. The apple doesn\u2019t fall far from the tree. That\u2019s why many of us walk around with blinkers on with the wrong programming \u2013 things we learned as a child that are probably not relevant today.
\nKevin:\u00a0 <\/b>Has property investing changed a lot from your parents\u2019 day to now?
\nMichael:\u00a0 <\/b>The biggest change I can see is the amount of information that potential property investors have. That\u2019s good and bad. On the one hand, when I first started investing,<\/ins> there was no such thing as median prices being regularly circulated. There were no auction clearance rate results. You found out a little bit about increasing property values a year or two after they all occurred.
\nOne had to do much more local homework to understand the market, but it was really hard to get data. Today there\u2019s a wealth of data that makes informed decisions easier.\u00a0 It also makes us easier to get stuck in the analysis paralysis where you have so much data and no perspective.
\nKevin:\u00a0 <\/b>It\u2019s an interesting point you make. Looking back, you talked about the lessons you learned from your parents. Now that there\u2019s so much more information available to us, we don\u2019t have to rely on that source. Because there is so much information, we need to decipher it a bit. Is that where the mentor role has come in nowadays?
\nMichael:\u00a0 <\/b>We need to have somebody to follow, somebody who\u2019s already achieved what you want to achieve. One of the biggest changes to my investment career was when I realized I didn\u2019t have to be the smartest person on my team. I didn\u2019t have to know it all. In fact, I didn\u2019t have to do it all. I had to find somebody who knew it, or a group of people who knew it and, in some cases, pay them for the advice. I was then able to stand on the shoulders of my mentors and see a lot further forward.
\nKevin:\u00a0 <\/b>You\u2019re one of the most successful property investors in Australia. Who\u2019s on your team?
\nMichael:\u00a0 <\/b>I have a number of mastermind groups and mentors that I continuously use to keep growing. They include property tax, finance, marketing, and business people. For the last ten years, I\u2019ve also had coaches and mentors that I\u2019ve been prepared to pay.
\nKevin:\u00a0 <\/b>That\u2019s still the case today? You still have coaches and mentors?
\nMichael:\u00a0 <\/b>Very much so. I learned many years ago of the concept of tithing \u2013 giving 10% of your earnings to other people or charities. It\u2019s something that I\u2019ve followed. I took it one level further. I reinvest 10% of my income in myself and my personal development.
\nInterestingly, it\u2019s one of the best investments I make because if invest in property, I sometimes make a 10, 12, or 14% return. If I invest $10,000 in myself, I often make $30,000 or $40,000 in return.
\nThe trouble is, as you earn more income, it\u2019s harder to keep reinvesting ten percent. That\u2019s why, over the years, my annual reinvestment in business coaches is a six-figure number. That\u2019s why you find Tiger Woods and the best sports and business people having the best coaches in the world they can. The dividend that they get back is very strong.
\nKevin:\u00a0 <\/b>I\u2019m going to test your memory now. Take us back to your first property deal. What was it?
\nMichael:\u00a0 <\/b>My first property deal was one where I went halves with my parents. Neither of us could afford the whole deposit or the serviceability of the property, so I took a $2,000 personal loan from the bank, and my parents had some savings. We bought a property on Larch Street in South Caulfield. We paid $18,000 for it. We got $12 a week in rent, and we were really excited. We took a 30-year loan. We had no idea how we were going to repay that $18,000, and that was in the very early 1970s.
\nKevin:\u00a0 <\/b>Do you still own that property?
\nMichael:\u00a0 <\/b>I sold my half-share of the property to my parents a few years later to get a half-share of $30,000 back. I used that to buy my first family home when I got married.
\nInterestingly, in 2001, my wife Pam and I bought that property <\/b>on Larch Street back off my mother for $250,000. We\u2019ve since built two townhouses on it that we still own as an investment. They\u2019re probably worth about $900,000 each.
\nMy first property cost $18,000 around 40 years ago. Today it\u2019s worth about $1.8 million.
\nKevin:\u00a0 <\/b>What are the lessons you\u2019ve learned from that experience?
\nMichael:\u00a0 <\/b>One of the good lessons was don\u2019t sell property. Save it for the long term. The other is to select the right location. I was very lucky because, as I said earlier on, there wasn\u2019t the research information. I bought a property close to where I lived, two streets away from the school I went to, in my comfort zone. It was pure luck that I chose a good area and a good location. That gave me strong capital growth.
\nKevin:\u00a0 <\/b>Is holding property your strategy now? Tell us about how you built your property strategy over the years.
\nMichael:\u00a0 <\/b>Initially, I thought I had to buy, sell, and trade property to make profit. It took me a while to learn that, in fact, most profit is made by allowing compounding leverage and time to increase the value of your property, and then just to refinance.
\nI also learned the concept of \u201cvalue add\u201d in the 1970s when I started doing renovations, and in the 1980s when I started to get involved in property development. That hasn\u2019t changed over the last 20 years. I still like buying properties to which I can add value, either through renovations or more regularly through redevelopment of properties.
\nI use a top-down approach. I have a look at how the economy is going, and is it the right time to invest? Sometimes the right thing to do is nothing \u2013 it\u2019s just the wrong time in the cycle. Then I look at which states in Australia are in the right state of their property cycle. I like buying in a state that\u2019s in the upturn stage of the property cycle. Within those states, I choose areas that are going to outperform the long-term averages in regards to capital growth. Within those areas, I look for the right streets and then the right properties.
\nSo I use a top-down approach.\u00a0 While price is important, it\u2019s probably the least important of all the factors. I very rarely, over the years, have ever bought a property that I thought was a bargain. I make my money when I buy property by buying the right property, not by buying it cheaply.
\nKevin:\u00a0 <\/b>I\u2019ve heard you say that you\u2019ve made money over the years from the properties you didn\u2019t buy. Tell me about that.
\nMichael:\u00a0 <\/b>I\u2019ve become much more selective in what I buy. I decided I want to get to where I want to get to, using the correct vehicle. I want to get there in a Mercedes or BMW, not in a Commodore. I only select the best properties because, as a property investor, most people can only own a certain number of properties. You want the best ones, the ones that are going to outperform, so you\u2019ve got to say no to the mediocre deals so you have money left for the good deals.
\nThere\u2019s more opportunities than any of us will ever have money available for, so you\u2019ve got to keep your money available for those better deals.
\nKevin:\u00a0 <\/b>What was the best property deal you\u2019ve ever done?
\nMichael:\u00a0 <\/b>Interestingly, it was that first deal, I believe. It was pure dumb luck finding a property that increased in value that much, that gave me the confidence to move further forward and gave me the equity to be able to move forward.
\nWhile it was really only $10,000 extra I made, in those days it was a big amount of money. As I said, it gave me the confidence to try again. I think some investors, unfortunately, buy a dud <\/b>property first up. That puts them out of the market for the rest of their lives because either they don\u2019t have the equity to move forward, or they lose confidence and say, \u201cHey, this property thing doesn\u2019t work.\u201d
\nKevin:\u00a0 <\/b>When it comes to the type of property that you\u2019d buy, what do you think is best? Should you invest in apartments or houses?
\nMichael:\u00a0 <\/b>When I first started investing, I bought houses because that was the sort of property the widest demographic of people wanted. I bought houses in areas that were growing, which were, in general, where the baby boomers were moving in those days.
\nOver the years, how we lived has changed. I don\u2019t own any houses anymore. I only own blocks of apartments or groups of townhouses that I\u2019ve built. To me, in the future, medium-density housing \u2013 apartments and townhouses \u2013 is where a very wide demographic is going to want to live.
\nKevin:\u00a0 <\/b>Would you would buy a property if you had the ability to add to it, and then turn it into another development, like apartments?
\nMichael:\u00a0 <\/b>My strategy is a four-stranded approach. I like buying properties below intrinsic value. That\u2019s one of the reasons I don\u2019t buy new or off-the-plan properties. I like buying properties in areas that are always going to outperform the average. I choose areas where the demographics are going to be able to afford to push property values up.
\nThe third strand to my approach is finding properties with a twist \u2013 something a bit unique, special, and with something different about them. The fourth strand is what you just mentioned: the ability to add value, whether it\u2019s through refurbishment of an existing block of apartments, or total rebuilding and building a new group of townhouses.
\nKevin:\u00a0 <\/b>You mentioned that part of your strategy is where you buy, what suburbs you buy in. Tell me exactly how you pick those suburbs. What data do you look into?
\nMichael:\u00a0 <\/b>I like finding areas that are going to outperform the averages. One of the things I look for is long-term capital growth. One of the indications of future capital growth is past performance.
\nTo me, a more important factor is the demographics \u2013 the people who are going to live in that area. Over the last census period of five years, the average wages of Australian\u2019s grew 20%. If you dig down deeper into the census, you\u2019ll find certain municipalities where wages grew 40%. In other words, more than double the average.
\nIf you look at that, those are most likely areas where people have more disposable income, and the ability to add value to their houses and improve their houses. Interestingly, they tend to be more affluent areas, as well.
\nI like finding areas which are more affluent; where people have disposable income plus the inclination to spend their money on housing. I like areas going through gentrification, where new people are moving in and are going to increase the value of housing in that location.
\nKevin:\u00a0 <\/b>It\u2019s been great talking with you. Thank you very much for giving us your time.
\nMichael:\u00a0 <\/b>My pleasure.
\n <\/p>\n

Fewer Aussies want home ownership – Roger Wilkins<\/h2>\n

Kevin:\u00a0 <\/b>Last week in the show, I mentioned to you about the HILDA report and how fewer than half of Australian adults will own a home by next year, as skyrocketing property prices lock younger generations out of the Australian Dream. That\u2019s in the HILDA report, which is from the Melbourne Institute \u2013 Household, Income, and Labor Dynamics in Australia, abbreviated to HILDA. The author of that report is Professor Roger Wilkins, who joins me.
\nProfessor, thank you for your time.
\nRoger:\u00a0 <\/b>You\u2019re welcome.
\nKevin:\u00a0 <\/b>Firstly, could you tell us, for those who are unfamiliar with the HILDA report, a little bit about what it is, what it looks at, and who is surveyed?
\nRoger:\u00a0 <\/b>Sure. The HILDA Survey is a nationally representative study of Australian households. It started in 2001. I guess the key distinguishing feature of the study is that it\u2019s longitudinal, which means that we\u2019ve been interviewing the same people every year since 2001, so it really builds up a picture of how people\u2019s lives change over time and really gives you the life course.
\nThe other key feature of the study is that it\u2019s very broad ranging. It gets a lot of information on all aspects, really, of life in Australia. It has about 17,000 people in the study, from right across Australia, so it provides a really unique source of information about just what is going on in Australia.
\nKevin:\u00a0 <\/b>As I said in the introduction, the report says that fewer than half of all Australian adults are going to own a home by next year. Has that been worsening since the study started?
\nRoger:\u00a0 <\/b>Yes. In some respects, that was quite a surprising finding. Typically, you see statistics around 63% to 65% of households being owner-occupied, but what we\u2019re able to do with the HILDA data, because we actually identify who are the legal owners of the homes, we can actually identify just what proportion of adults actually own the home they live in.
\nWe get this lower number in 2014 of just under 52% of people owning their home, and as you mentioned, on that trajectory, we would be below 50% by next year. At the beginning of the century \u2013 2002, to be precise \u2013 we were up around 57%, so it\u2019s quite a marked decline over a 12-year period.
\nKevin:\u00a0 <\/b>Have you been able to determine the reasons behind that?
\nRoger:\u00a0 <\/b>I think the main driver is the house price growth that we\u2019ve seen over the last 15 or so years. To give you an example, since 2001, house prices have increased in real terms \u2013 that\u2019s ahead of inflation \u2013 by over 90%. That\u2019s well in excess of what incomes have grown by. So it would have to be the leading candidate for explaining that decline in access to the housing market.
\nKevin:\u00a0 <\/b>Professor, do you think it\u2019s a reflection of maybe people\u2019s attitudes changing to how they want to live? In other words, maybe purchasing a home isn\u2019t as important now as it used to be a couple of generations ago?
\nRoger:\u00a0 <\/b>That may be a part of it, but I think it\u2019s a very small part. A major reason for that is that renting in the Australian rental market is quite a poor substitute for homeownership. You have less security of tenure. You don\u2019t have the ability to improve your home. It can be hard even getting permission to put a hook in the wall.
\nI think in that context, most people still regard renting as an inferior form of housing. Of course, many people have been renters all their lives. But I think this increase in the proportion of people who face that prospect of not being able to get into the housing market, I don\u2019t think it\u2019s predominantly reflecting a change in attitudes.
\nKevin:\u00a0 <\/b>That\u2019s a very good point you make. Overseas, it\u2019s quite common for people to go through their entire life and just be happy to rent. I\u2019ve never heard anyone express how poor it was in Australia to be a renter \u2013 poor conditions. Do you think that could foreshadow a number of changes in that area to make it better for tenants?
\nRoger:\u00a0 <\/b>It\u2019s certainly possible. You could imagine that as the proportion of the population that is renting grows, that would create more political momentum, if you like, for policy changes that create a greater security of tenure and the like. I could certainly conceive of that happening.
\nKevin:\u00a0 <\/b>Of course, property ownership is all about basic wealth, isn\u2019t it? Were you able to identify any groups of people that were substantially wealthier or poorer than average?
\nRoger:\u00a0 <\/b>A longstanding feature of the wealth distribution is that older people tend to be wealthier than younger people, and that just reflects the fact that wealth tends to accumulate as you age.
\nTraditionally, for example, you bought a house with a big mortgage at the start, and you gradually paid off the mortgage so that over time, you own more and more of the home. So your household wealth was growing.
\nThat\u2019s a feature that we see in the HILDA data, from the beginning until the most recent year we have data for. But what we have seen is that relationship between age and wealth has become steeper, if you like. The gap in wealth between the elderly and the young has widened a lot.
\nFor example, among those aged 65 and over, wealth grew by around 60% in real terms between 2002 and 2014, whereas it basically didn\u2019t increase at all for those aged 25 to 34. So the gap has really widened there.
\nKevin:\u00a0 <\/b>There\u2019s a lot of talk at present about younger people being forced out of the property market by those you\u2019re referring to, who\u2019ve built wealth through property. Negative gearing has driven that, I guess, in a way.
\nDo you see as the younger generation comes through, their attitude will follow through as they grow in terms of number of people who will be voting, that the government will be forced at some stage to dramatically change negative gearing?
\nRoger:\u00a0 <\/b>I think we\u2019ve witnessed, even in recent years, a lot stronger calls for changes to negative gearing. Whether they actually translate into a policy change, I don\u2019t know. Certainly, one response to this issue is to try to do things to dampen investor demand for housing, which is clearly acting to price first-home buyers out of the market.
\nYou could imagine steps like removing the capacity for people to negatively gear and, perhaps more importantly, tackling the 50% capital gains discount. We\u2019ll be more likely to see those policies perhaps introduced. In fact, at the last election, we had the Labor opposition proposing to do just that, to make those sorts of changes.
\nKevin:\u00a0 <\/b>There were some pretty stark realities in there, too, in terms of welfare, weren\u2019t there? The number of people who are finding it difficult to exist now: I think the report said something like nearly 70% of all Australian households received some form of welfare benefit between 2001 and 2014. Is that growing?
\nRoger:\u00a0 <\/b>No. That\u2019s the interesting feature of the economic slowdown that we\u2019ve experienced. Since around 2009, household incomes have not been growing on average. We might have expected in that climate of an economic slowdown, for welfare receipt to actually have been going up. But it hasn\u2019t gone up much at all, and that was after coming down quite a lot in the years up to 2009. That\u2019s been quite a remarkable finding from the study.
\nThe figure you quote there of 70% is also, I think, quite a startling finding. It shows, I think, the important safety net feature of the welfare system \u2013 that at any one point in time, fewer than 18% of people are receiving welfare. This is working-age people, by the way, so I\u2019m excluding retirees. But over a 14-year period, nearly 70% of people at some stage had someone in their household receiving welfare. For most people, it\u2019s a temporary support, which I think speaks well of the system, actually, as a whole.
\nKevin:\u00a0 <\/b>Professor, we\u2019re out of time, but I\u2019d love to be able to talk to you for a lot longer. Thank you for spending some time with us, and thank you very much for your insights into that report. Thanks for your time.
\nRoger:\u00a0 <\/b>Thank you. Thank you.
\n 
\n 
\n 
\n 
\n 
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

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