1 00:00:05,280 --> 00:00:07,760 Speaker 1: Welcome to the Property Pendulum, brought to you by Domain 2 00:00:07,960 --> 00:00:10,039 Speaker 1: and Fear and Greed, the podcast that tells you which 3 00:00:10,080 --> 00:00:12,120 Speaker 1: way the property market is going to swing and how 4 00:00:12,119 --> 00:00:14,120 Speaker 1: to make the most of it. I'm Michael Thompson and 5 00:00:14,160 --> 00:00:17,120 Speaker 1: I'm joined by Alice Staltz, national Property editor at Domain, 6 00:00:17,680 --> 00:00:20,120 Speaker 1: and as I've been saying every week, one of Australia's 7 00:00:20,120 --> 00:00:23,760 Speaker 1: foremost experts on all things real estate known to audiences 8 00:00:23,760 --> 00:00:26,279 Speaker 1: are right around the country for her work on nine 9 00:00:26,280 --> 00:00:27,080 Speaker 1: including the Block. 10 00:00:27,480 --> 00:00:30,520 Speaker 2: Hello Alice, Hello Michael. Alice. 11 00:00:30,720 --> 00:00:34,000 Speaker 1: Today is our final episode of the Property Pendulum for 12 00:00:34,040 --> 00:00:37,000 Speaker 1: this season. We are going to dream big. We are 13 00:00:37,080 --> 00:00:41,000 Speaker 1: going to take out a magic wand right and figure 14 00:00:41,040 --> 00:00:45,199 Speaker 1: out what property Nirvana would look like in Australia. Basically, 15 00:00:45,280 --> 00:00:47,720 Speaker 1: kind of what would we change about the housing market, 16 00:00:47,800 --> 00:00:51,040 Speaker 1: How would we adjust the way that we buy and 17 00:00:51,240 --> 00:00:55,240 Speaker 1: sell houses and apartments in this country that would make 18 00:00:55,280 --> 00:00:58,320 Speaker 1: it fairer for buyers, fairer for sellers, take out all 19 00:00:58,320 --> 00:01:01,840 Speaker 1: those little frustrations that you encounter along the way, and 20 00:01:01,920 --> 00:01:05,320 Speaker 1: just generally make it easier for people to make the 21 00:01:05,360 --> 00:01:09,280 Speaker 1: most of the property market in this country. So I 22 00:01:09,360 --> 00:01:12,240 Speaker 1: know that that and the episode actually came about because 23 00:01:12,760 --> 00:01:15,840 Speaker 1: as we've been going through, I've been sensing these little 24 00:01:15,880 --> 00:01:19,840 Speaker 1: frustrations within you, Alice, that like when we talk about things, 25 00:01:19,840 --> 00:01:22,280 Speaker 1: you're like, oh, this could be so much better. So 26 00:01:22,319 --> 00:01:25,840 Speaker 1: today I want you please to give me these seven 27 00:01:26,920 --> 00:01:30,039 Speaker 1: things that you would do to change and improve the 28 00:01:30,040 --> 00:01:33,880 Speaker 1: property market in Australia. Let's jump straight into number one. 29 00:01:33,920 --> 00:01:34,520 Speaker 2: What would it be? 30 00:01:34,840 --> 00:01:36,360 Speaker 3: I love this, Michael. I feel like I've better not 31 00:01:36,400 --> 00:01:38,399 Speaker 3: let the power go to my head. I feel like 32 00:01:38,440 --> 00:01:41,839 Speaker 3: it's like kids in charge today. Look, first of all, 33 00:01:41,959 --> 00:01:47,200 Speaker 3: I reckon transparency. I think every person who is selling 34 00:01:47,240 --> 00:01:51,440 Speaker 3: their house should nail their asking price to the cross, 35 00:01:51,640 --> 00:01:55,480 Speaker 3: to the listing, to the contract of sale, to everything. 36 00:01:55,480 --> 00:01:59,920 Speaker 3: There should be no ambiguity around what the vendor wants 37 00:02:00,040 --> 00:02:02,040 Speaker 3: for the price of that house. Now, the benefit is 38 00:02:02,520 --> 00:02:04,560 Speaker 3: buyers are not wasting their time on properties that are 39 00:02:04,560 --> 00:02:07,280 Speaker 3: well beyond their reach. And the benefit for the seller 40 00:02:07,400 --> 00:02:11,520 Speaker 3: is they haven't got buyers who can't afford the price 41 00:02:11,560 --> 00:02:14,240 Speaker 3: that they want for the house looking at the house 42 00:02:14,400 --> 00:02:17,880 Speaker 3: and potentially sort of tearing other people. If there's lots 43 00:02:17,880 --> 00:02:20,360 Speaker 3: of open for inspections and that's really packed, you know 44 00:02:20,520 --> 00:02:22,640 Speaker 3: other people that going on. It's just too hard busking 45 00:02:22,680 --> 00:02:24,320 Speaker 3: going to walk out of it, but people are often 46 00:02:24,360 --> 00:02:26,600 Speaker 3: there because of a low price. So if we actually 47 00:02:26,680 --> 00:02:28,800 Speaker 3: know the truth about it, I just think we'll have 48 00:02:28,840 --> 00:02:32,240 Speaker 3: a lot more efficient ways of buying and selling. 49 00:02:32,400 --> 00:02:34,600 Speaker 1: Because we've talked about this on a previous episode about 50 00:02:34,600 --> 00:02:39,200 Speaker 1: the frustration that comes from say a price on application 51 00:02:39,400 --> 00:02:43,120 Speaker 1: or something like that, where it just adds one more barrier. 52 00:02:43,240 --> 00:02:46,880 Speaker 1: Doesn't it to an easy property search? And you should 53 00:02:46,919 --> 00:02:50,000 Speaker 1: be able to search for properties easily knowing what you 54 00:02:50,080 --> 00:02:53,880 Speaker 1: can afford, and really it helps you target exactly the 55 00:02:53,880 --> 00:02:55,360 Speaker 1: properties that are in your price range. 56 00:02:55,480 --> 00:02:56,000 Speaker 2: That's right. 57 00:02:56,280 --> 00:02:58,360 Speaker 3: I mean in Victoria we do obviously have a price 58 00:02:58,400 --> 00:03:00,440 Speaker 3: got is published with the listing, so that is a 59 00:03:00,440 --> 00:03:03,240 Speaker 3: price guy based on comparable sales in the area, and 60 00:03:03,280 --> 00:03:07,120 Speaker 3: that may end up differing for what the vendor actually 61 00:03:07,160 --> 00:03:09,760 Speaker 3: wants to get for their house. It's not to say 62 00:03:09,760 --> 00:03:12,839 Speaker 3: it can't be revised, but at least an honest as 63 00:03:12,840 --> 00:03:15,800 Speaker 3: I said, naylork to the cross and actually that's your number. 64 00:03:16,480 --> 00:03:18,120 Speaker 3: I just think it would make save a lot of 65 00:03:18,120 --> 00:03:19,240 Speaker 3: people a lot of time. 66 00:03:19,560 --> 00:03:21,680 Speaker 1: I think you're absolutely right. And you know, there's also 67 00:03:21,720 --> 00:03:24,880 Speaker 1: one kind of an overarching theme as well that's running 68 00:03:24,880 --> 00:03:27,320 Speaker 1: through much of what I suspect is going to be 69 00:03:27,680 --> 00:03:31,880 Speaker 1: covered today. Is national consistency on these kinds of things 70 00:03:31,960 --> 00:03:33,600 Speaker 1: as well. Wouldn't that be great just to have the 71 00:03:33,639 --> 00:03:36,200 Speaker 1: same set of rules all over the place. So what 72 00:03:36,840 --> 00:03:39,240 Speaker 1: works in New South Wales or what works in Victoria 73 00:03:39,480 --> 00:03:41,360 Speaker 1: is applied everywhere. 74 00:03:41,800 --> 00:03:43,800 Speaker 3: And now you're going to want to change daylight saving 75 00:03:43,880 --> 00:03:45,640 Speaker 3: to be all national as well, aren't you, Michael? 76 00:03:45,840 --> 00:03:48,760 Speaker 1: Yes, daylight saving is fantastic and should be all over 77 00:03:48,760 --> 00:03:51,680 Speaker 1: the place. I realize actually even saying that it raises 78 00:03:51,720 --> 00:03:54,200 Speaker 1: all kinds of complications for Western Australia and everyone else. 79 00:03:54,240 --> 00:03:57,720 Speaker 1: So let's move past that one. Transparency of price, big 80 00:03:57,760 --> 00:03:58,680 Speaker 1: tick from me. 81 00:04:00,120 --> 00:04:00,640 Speaker 2: Number two. 82 00:04:01,520 --> 00:04:04,320 Speaker 3: Okay, indulge me here, Michael, But I would like to 83 00:04:04,480 --> 00:04:08,120 Speaker 3: be able to obtain information that I genuinely care about 84 00:04:08,480 --> 00:04:10,920 Speaker 3: when I'm looking at a property. Now, for me, that's 85 00:04:10,920 --> 00:04:13,840 Speaker 3: something such as liverability. Now we know that there are 86 00:04:14,320 --> 00:04:16,880 Speaker 3: annual studies on each year by places like Deloitte and 87 00:04:16,920 --> 00:04:18,960 Speaker 3: other think tanks. Whether we'll talk about the liverability in 88 00:04:19,000 --> 00:04:22,720 Speaker 3: a suburb, how much walking one can do easily on 89 00:04:22,800 --> 00:04:25,680 Speaker 3: quiet streets, how many parks are in the area, how 90 00:04:25,720 --> 00:04:28,360 Speaker 3: far the restaurants and cafes are in all that sort 91 00:04:28,360 --> 00:04:31,040 Speaker 3: of data I find fascinating and I want to know 92 00:04:31,680 --> 00:04:34,640 Speaker 3: all of that about every single house that's on the market. 93 00:04:34,920 --> 00:04:37,800 Speaker 1: So you're saying, go beyond say, the school catchments and 94 00:04:37,800 --> 00:04:40,160 Speaker 1: things which are already kind of included, particularly if it's 95 00:04:40,240 --> 00:04:43,560 Speaker 1: quite a desirable school catchment that you're in, but go 96 00:04:43,640 --> 00:04:45,679 Speaker 1: beyond that to really kind of go to the things 97 00:04:45,680 --> 00:04:48,640 Speaker 1: that matter to people once they are living there. 98 00:04:48,760 --> 00:04:51,000 Speaker 3: That's right, because on paper a price might look like 99 00:04:51,040 --> 00:04:53,920 Speaker 3: it's had great growth, it's in an amazing school zone 100 00:04:53,920 --> 00:04:57,400 Speaker 3: where everybody is incredibly clever and well rounded. But is 101 00:04:57,440 --> 00:05:00,520 Speaker 3: the area livable? Is there a cafe end of three? 102 00:05:00,680 --> 00:05:02,240 Speaker 3: Is there a park to take your kids on the weekend? 103 00:05:02,360 --> 00:05:04,520 Speaker 3: Can your dog go off? Leaf there things that people 104 00:05:04,560 --> 00:05:07,640 Speaker 3: actually care about. Now on that topic, I think another 105 00:05:07,720 --> 00:05:09,960 Speaker 3: thing that people care quite deeply about, and it's becoming 106 00:05:10,040 --> 00:05:12,839 Speaker 3: even more so, is the idea of how sustainable the 107 00:05:12,839 --> 00:05:15,840 Speaker 3: property is. Now in the act you have to actually 108 00:05:15,839 --> 00:05:19,520 Speaker 3: publish how many stars that the house comes with it's 109 00:05:19,520 --> 00:05:22,520 Speaker 3: sustainability star rating. It's by law they have to publish that. 110 00:05:23,160 --> 00:05:25,520 Speaker 3: I think we should have that across the country as well. 111 00:05:25,560 --> 00:05:29,200 Speaker 3: I think vendors, who or owners, sorry, who are you 112 00:05:29,240 --> 00:05:30,800 Speaker 3: know who are doing a lot to kind of make 113 00:05:30,839 --> 00:05:34,799 Speaker 3: their house sustainable, which will end up potentially considerably lowing 114 00:05:34,839 --> 00:05:37,120 Speaker 3: the cost of running that house to potential buyers down 115 00:05:37,200 --> 00:05:37,560 Speaker 3: the track. 116 00:05:38,000 --> 00:05:39,240 Speaker 2: That should be published. 117 00:05:39,640 --> 00:05:41,480 Speaker 3: And I'm not talking about what you think you are 118 00:05:41,600 --> 00:05:44,200 Speaker 3: your how sustainable you think your house is. I'm talking 119 00:05:44,360 --> 00:05:48,440 Speaker 3: factually what it is in terms of the certification it's awarded. 120 00:05:48,760 --> 00:05:51,840 Speaker 1: Yeah, absolutely, And that's actually quite a scientific process of 121 00:05:51,920 --> 00:05:54,719 Speaker 1: measuring exactly what has been done to the property to 122 00:05:54,760 --> 00:05:57,720 Speaker 1: improve its environmental sustainability, all of those things, and it is, 123 00:05:58,279 --> 00:06:01,400 Speaker 1: it's quite it's quittifiable. Then you can actually put it 124 00:06:01,520 --> 00:06:05,120 Speaker 1: on a listing and do an easy comparison. Then, so 125 00:06:05,360 --> 00:06:07,479 Speaker 1: I love it. So can we broaden that one out 126 00:06:07,520 --> 00:06:12,080 Speaker 1: to basically say an overhaul of listings basically, And that 127 00:06:12,120 --> 00:06:13,919 Speaker 1: way we can kind of maybe move away from some 128 00:06:13,960 --> 00:06:16,800 Speaker 1: of the euphemistic language that we're talking about before, where 129 00:06:16,839 --> 00:06:19,640 Speaker 1: you've got to have basically this thesaurus to go through 130 00:06:19,680 --> 00:06:22,200 Speaker 1: and go okay, all right, so that's saying distress sale 131 00:06:22,360 --> 00:06:24,839 Speaker 1: or motivated seller or renovators to light this means this, 132 00:06:24,839 --> 00:06:27,000 Speaker 1: this means this actually tell us exactly what we want 133 00:06:27,040 --> 00:06:27,960 Speaker 1: to know exactly. 134 00:06:28,000 --> 00:06:29,880 Speaker 3: And on that note, I also want if for the 135 00:06:30,000 --> 00:06:31,760 Speaker 3: brave enough, I'd also like to know what your the 136 00:06:31,800 --> 00:06:33,880 Speaker 3: house is renovated and how much that person is spent 137 00:06:33,960 --> 00:06:36,240 Speaker 3: on it. I'd also like to know even if there's 138 00:06:36,240 --> 00:06:39,480 Speaker 3: any optionality around flexible in terms of settlement. And I 139 00:06:39,520 --> 00:06:42,280 Speaker 3: would also like you've given me this wand Michael, I'm 140 00:06:42,279 --> 00:06:45,200 Speaker 3: going to enjoy using it, building and pest reports attached 141 00:06:45,200 --> 00:06:47,640 Speaker 3: to it along with strata everything. I need to know 142 00:06:47,720 --> 00:06:50,760 Speaker 3: that the property is attached to that listing. Now in 143 00:06:50,839 --> 00:06:53,679 Speaker 3: terms of who pays for that report, could be the vendor, 144 00:06:54,200 --> 00:06:55,800 Speaker 3: could be the buyers have to pay a fee to 145 00:06:55,839 --> 00:06:58,320 Speaker 3: access it, could be the agent, like maybe they need 146 00:06:58,360 --> 00:06:59,840 Speaker 3: to have more skin in the game on this, but 147 00:07:00,120 --> 00:07:02,960 Speaker 3: I guess the due diligence required when you're looking at 148 00:07:03,000 --> 00:07:06,440 Speaker 3: a property is somehow packaged in to that listing. 149 00:07:07,000 --> 00:07:09,560 Speaker 1: Can we move? I'm going to make an assumption here 150 00:07:09,560 --> 00:07:11,560 Speaker 1: that at some point throughout this episode, we're going to 151 00:07:11,600 --> 00:07:13,800 Speaker 1: be talking about auctions, right, and what you would like 152 00:07:13,880 --> 00:07:17,480 Speaker 1: to improve on auctions? Can I segue into that please 153 00:07:17,840 --> 00:07:21,600 Speaker 1: by talking about friendly auctions? Because I love the idea 154 00:07:21,640 --> 00:07:24,600 Speaker 1: of friendly auctions and they are part of isolated in 155 00:07:24,640 --> 00:07:28,080 Speaker 1: fairly particular parts of the country, and it is basically 156 00:07:28,120 --> 00:07:31,680 Speaker 1: where you go along to the auction already having had 157 00:07:31,800 --> 00:07:36,920 Speaker 1: access free access to the pest inspection report, the building, 158 00:07:37,280 --> 00:07:41,240 Speaker 1: all of these reports, and you can access those at 159 00:07:41,280 --> 00:07:44,320 Speaker 1: any point leading up to it. And the only person 160 00:07:44,360 --> 00:07:47,400 Speaker 1: who pays for it is the successful bidder at the auction, 161 00:07:48,200 --> 00:07:52,040 Speaker 1: And that to me is perfect because it kind of 162 00:07:52,080 --> 00:07:55,400 Speaker 1: gives full transparency. All the information is there, it is 163 00:07:55,480 --> 00:07:58,840 Speaker 1: accessible by everyone who is interested in that property, and 164 00:07:58,920 --> 00:08:01,040 Speaker 1: you do not end up paying for it a dozen 165 00:08:01,080 --> 00:08:03,720 Speaker 1: times over at all the different places that you're going 166 00:08:03,760 --> 00:08:04,320 Speaker 1: to inspect. 167 00:08:04,760 --> 00:08:06,600 Speaker 2: Yeah, I think that's a great idea. I love the 168 00:08:06,600 --> 00:08:07,800 Speaker 2: thought of friendly auctions. 169 00:08:07,880 --> 00:08:10,640 Speaker 3: So I think we've actually moved into my point three, 170 00:08:10,680 --> 00:08:11,560 Speaker 3: which is auctions. 171 00:08:13,880 --> 00:08:15,080 Speaker 2: Can I build on that a little bit? 172 00:08:15,080 --> 00:08:17,360 Speaker 3: Because I think friendly auctions I love the thought of 173 00:08:17,920 --> 00:08:20,960 Speaker 3: I worry that we're probably a bit of a rebrand 174 00:08:21,000 --> 00:08:22,640 Speaker 3: of that name though. I think that people might be 175 00:08:22,640 --> 00:08:25,080 Speaker 3: a bit cynical about the idea of friendly auctions, and 176 00:08:25,120 --> 00:08:30,160 Speaker 3: I think that people might not believe that it's even possible. Also, 177 00:08:30,360 --> 00:08:32,720 Speaker 3: I guess the street auction do they or do they 178 00:08:32,720 --> 00:08:35,280 Speaker 3: not work? Now? I like auctions for the transparency, but 179 00:08:35,360 --> 00:08:38,040 Speaker 3: I also acknowledge there are a lot of games being 180 00:08:38,080 --> 00:08:41,280 Speaker 3: played during those auctions. Were we better off taking the 181 00:08:41,360 --> 00:08:44,000 Speaker 3: leaf out of what happened during COVID and having zoom 182 00:08:44,040 --> 00:08:46,000 Speaker 3: online auctions when you can sit with your partner on 183 00:08:46,000 --> 00:08:48,000 Speaker 3: the sofa, you can take your camera off if you 184 00:08:48,040 --> 00:08:51,360 Speaker 3: want to, you can be in your comfy pajamas and slippers. 185 00:08:51,640 --> 00:08:54,520 Speaker 3: You're in your own environment, and you're not intimidated by 186 00:08:54,840 --> 00:08:58,439 Speaker 3: other bits, potentially not intimidated by an auctioneer. I think 187 00:08:58,480 --> 00:09:02,480 Speaker 3: it's worth considering, is that the best approach for the 188 00:09:02,520 --> 00:09:03,360 Speaker 3: buyers that. 189 00:09:03,400 --> 00:09:06,040 Speaker 1: Would level the playing field, wouldn't it, because otherwise it's 190 00:09:06,080 --> 00:09:09,200 Speaker 1: kind of like the most confident bidder is the one 191 00:09:09,200 --> 00:09:12,559 Speaker 1: who ends up winning, and anyone who is perhaps a 192 00:09:12,600 --> 00:09:16,640 Speaker 1: bit of an introvert. The auction process is terrifying. It 193 00:09:16,720 --> 00:09:19,600 Speaker 1: is really really daunting, and you can see how they 194 00:09:19,640 --> 00:09:22,080 Speaker 1: are then at a disadvantage right from the moment they 195 00:09:22,120 --> 00:09:23,120 Speaker 1: set foot on the property. 196 00:09:23,360 --> 00:09:23,800 Speaker 2: Completely. 197 00:09:23,840 --> 00:09:26,520 Speaker 3: It's a pressure cooker set of environment too. And you 198 00:09:26,559 --> 00:09:28,640 Speaker 3: I think they work because you've sort of got you 199 00:09:28,760 --> 00:09:30,760 Speaker 3: if you're bidding, you've got your back against the wall. 200 00:09:31,240 --> 00:09:33,040 Speaker 3: So I just think this idea of is there a 201 00:09:33,040 --> 00:09:35,080 Speaker 3: better way to do it? And that's as I said, 202 00:09:35,080 --> 00:09:37,560 Speaker 3: one idea could be to do them virtually. I just 203 00:09:37,600 --> 00:09:40,079 Speaker 3: feel like people are more comfortable in control about what 204 00:09:40,120 --> 00:09:40,840 Speaker 3: they want to reveal. 205 00:09:41,160 --> 00:09:44,200 Speaker 1: Where do you stand that on bidders? Because when we 206 00:09:44,240 --> 00:09:47,800 Speaker 1: talked about our in our auctions episode the Strategies for 207 00:09:47,840 --> 00:09:50,280 Speaker 1: Winning at an Auction, we talked about this idea of 208 00:09:51,240 --> 00:09:55,360 Speaker 1: the inconsistencies between states in Australia about not having to 209 00:09:55,400 --> 00:09:59,160 Speaker 1: actually register as a bidder to actually bid at an auction, 210 00:09:59,320 --> 00:10:02,640 Speaker 1: and the fact that in much of Australia then you're 211 00:10:02,640 --> 00:10:05,000 Speaker 1: in the dark as to who and how many people 212 00:10:05,040 --> 00:10:06,040 Speaker 1: you're competing against. 213 00:10:06,720 --> 00:10:10,199 Speaker 3: I am all for making that compulsory to be registered bidder, 214 00:10:10,240 --> 00:10:13,200 Speaker 3: and I think you know, the argument for it is 215 00:10:13,240 --> 00:10:17,200 Speaker 3: that you've got people putting their hand in potentially millions 216 00:10:17,240 --> 00:10:19,880 Speaker 3: and millions of dollars on a property and if they're 217 00:10:19,920 --> 00:10:23,520 Speaker 3: not registered, they're not basically potentially a qualified bidder. Now 218 00:10:23,679 --> 00:10:26,000 Speaker 3: that risks so much for that seller that they've spent 219 00:10:26,080 --> 00:10:29,600 Speaker 3: on the marketing campaign that they're then obliterating out other 220 00:10:29,640 --> 00:10:31,880 Speaker 3: buyers and that in that auction. I think it's an 221 00:10:31,880 --> 00:10:34,520 Speaker 3: incredibly important part of it. So not just registered, but 222 00:10:34,600 --> 00:10:38,320 Speaker 3: I think finance firmed up prayer approval done, or at 223 00:10:38,400 --> 00:10:42,360 Speaker 3: least proof that you can pay that price, because if not, 224 00:10:42,559 --> 00:10:47,439 Speaker 3: you really risk jeopardizing things for the seller and potentially 225 00:10:47,480 --> 00:10:48,200 Speaker 3: other buyers. 226 00:10:49,400 --> 00:10:52,920 Speaker 1: Okay, so auctions need a bit of work, clearly. So 227 00:10:52,960 --> 00:10:56,760 Speaker 1: we've got transparency, a price, another layer on listings auctions. 228 00:10:57,520 --> 00:10:59,960 Speaker 1: What's number four on your list? Way of that magical? 229 00:11:00,520 --> 00:11:00,920 Speaker 2: Okay? 230 00:11:01,320 --> 00:11:05,000 Speaker 3: Under quoting, you know, I think that agents need to 231 00:11:05,000 --> 00:11:07,840 Speaker 3: be sort of hung, drawn and quartered for underquoting. I 232 00:11:07,880 --> 00:11:11,000 Speaker 3: think this idea of a wrap over the knuckles, sort 233 00:11:11,000 --> 00:11:13,120 Speaker 3: of put in the naughty corner for a period of time, 234 00:11:13,360 --> 00:11:17,599 Speaker 3: is not enough, and it's not also appropriate to the 235 00:11:17,640 --> 00:11:18,800 Speaker 3: offense being committed. 236 00:11:19,280 --> 00:11:20,480 Speaker 1: Is it jail Alice? 237 00:11:21,000 --> 00:11:23,240 Speaker 2: Well maybe perhaps. 238 00:11:23,600 --> 00:11:25,680 Speaker 3: I mean I'm not going to say throw away the key, 239 00:11:25,760 --> 00:11:29,000 Speaker 3: but I think the deterrent for doing it has to 240 00:11:29,080 --> 00:11:33,480 Speaker 3: be really at a maximum level. Or maybe it's maybe 241 00:11:33,480 --> 00:11:36,680 Speaker 3: the agent loses their license, but I just feel that 242 00:11:37,120 --> 00:11:39,079 Speaker 3: the deterrent has to be huge for that one. I 243 00:11:39,120 --> 00:11:41,720 Speaker 3: think there's nothing more about it. I just genuinely just think, 244 00:11:41,880 --> 00:11:44,080 Speaker 3: stop doing it, make it a harder penalty. 245 00:11:44,480 --> 00:11:46,960 Speaker 1: I don't think there is anyone who would disagree with 246 00:11:47,000 --> 00:11:49,440 Speaker 1: you listening to that, especially anyone that's been on the 247 00:11:49,440 --> 00:11:52,800 Speaker 1: receiving end of underquoting or what they suspected to be 248 00:11:53,080 --> 00:11:57,120 Speaker 1: under quoting, which is just the most frustrating and really 249 00:11:57,160 --> 00:12:00,320 Speaker 1: demoralizing process to be in because all of your heart work, 250 00:12:00,360 --> 00:12:05,720 Speaker 1: all of your research, everything, it's wasted. Yep, completely anyway, Okay, underquoting, 251 00:12:05,720 --> 00:12:06,840 Speaker 1: that's song before number five. 252 00:12:07,400 --> 00:12:09,920 Speaker 2: Stamp duty lazy, inefficient. 253 00:12:10,320 --> 00:12:12,560 Speaker 3: No, one's probably not many people except the state premieries 254 00:12:12,600 --> 00:12:14,360 Speaker 3: are going to disagree with me on this one. 255 00:12:14,679 --> 00:12:15,360 Speaker 2: Get rid of it. 256 00:12:15,679 --> 00:12:18,439 Speaker 3: I just think the issue with it is it basically 257 00:12:18,440 --> 00:12:20,680 Speaker 3: makes it more expensive and people hold onto their house 258 00:12:20,760 --> 00:12:24,760 Speaker 3: for longer because they can't buy and sell easily because 259 00:12:24,800 --> 00:12:28,559 Speaker 3: of these sort of cumbersome taxes involved. Transferred overage to 260 00:12:28,559 --> 00:12:32,360 Speaker 3: a land tax again, it's happening in Canberra. It was 261 00:12:32,400 --> 00:12:34,280 Speaker 3: in play in Sydney for first home buys for a 262 00:12:34,320 --> 00:12:37,480 Speaker 3: period under Dominiq Parrotae. It's now off the table again. 263 00:12:38,200 --> 00:12:40,520 Speaker 3: It should be relooked at and we should be on 264 00:12:40,600 --> 00:12:42,560 Speaker 3: a tax system it's built for purpose for how we're 265 00:12:42,559 --> 00:12:43,160 Speaker 3: living today. 266 00:12:43,480 --> 00:12:47,000 Speaker 1: Oh that is fantastic to hear I because you use 267 00:12:47,040 --> 00:12:50,319 Speaker 1: the word inefficient and stamp duty has been identified as 268 00:12:50,400 --> 00:12:53,720 Speaker 1: the most inefficient tax because of what it does the 269 00:12:53,840 --> 00:12:56,400 Speaker 1: handbreak that it puts on the market, because all of 270 00:12:56,440 --> 00:12:59,440 Speaker 1: a sudden you have people who have know that they 271 00:12:59,440 --> 00:13:03,000 Speaker 1: are empty, for instance, still living in a five bedroom house, 272 00:13:03,720 --> 00:13:06,000 Speaker 1: and the stamp duty that would come on buying the 273 00:13:06,040 --> 00:13:08,720 Speaker 1: next property for them to downsize. It's just like, you 274 00:13:08,720 --> 00:13:11,760 Speaker 1: know what, I don't want to spend fifty sixty thousand 275 00:13:11,800 --> 00:13:15,080 Speaker 1: dollars on a stamp duty that really has no purpose 276 00:13:15,120 --> 00:13:18,120 Speaker 1: from the property side. Yes, it's got a revenue purpose 277 00:13:18,160 --> 00:13:20,920 Speaker 1: for the government, but come on, there are smarter ways 278 00:13:21,000 --> 00:13:23,400 Speaker 1: and more efficient ways to do this, and you would 279 00:13:23,480 --> 00:13:25,559 Speaker 1: just take that handbrake off the market right. 280 00:13:25,760 --> 00:13:28,520 Speaker 3: Exactly, Alady, I've already convinced you that one, haven't I 281 00:13:29,520 --> 00:13:31,840 Speaker 3: that was straight through the keeper one that one I get. 282 00:13:31,880 --> 00:13:34,200 Speaker 1: I get worked up about these things. I'm sorry, and 283 00:13:34,200 --> 00:13:37,000 Speaker 1: this is your list and I'm just emphatically in support 284 00:13:37,000 --> 00:13:37,680 Speaker 1: of it so far. 285 00:13:38,080 --> 00:13:42,160 Speaker 3: Number six, Okay, look thoughtful and considered planning. I think 286 00:13:42,200 --> 00:13:46,400 Speaker 3: we really need to incentivize clever design when it comes 287 00:13:46,440 --> 00:13:50,839 Speaker 3: to our urban streetscape. So yes, we need more low 288 00:13:50,960 --> 00:13:56,319 Speaker 3: middle level apartments. Really be inspired by operations such as Nightingale, 289 00:13:56,400 --> 00:13:58,360 Speaker 3: that not for profit developer. We've spoken a little bit 290 00:13:58,360 --> 00:14:01,439 Speaker 3: about over the season. Mike all this idea of communal 291 00:14:01,559 --> 00:14:06,040 Speaker 3: beautiful architectural design, communal facilities in their communal laundry, so 292 00:14:06,120 --> 00:14:08,400 Speaker 3: apartments can be a bit more generous in size, get 293 00:14:08,520 --> 00:14:11,760 Speaker 3: rid of parking in inner city areas. But really, I 294 00:14:11,800 --> 00:14:16,400 Speaker 3: guess incentivizing architects of the architects of tomorrow to design 295 00:14:16,640 --> 00:14:20,560 Speaker 3: thoughtfully what people want, but in an efficient cost structure. 296 00:14:21,040 --> 00:14:23,440 Speaker 3: What I also want is the idea that when we 297 00:14:23,480 --> 00:14:26,080 Speaker 3: are adding supply to areas which we know we need, 298 00:14:26,440 --> 00:14:29,440 Speaker 3: that it is incumbent on state and local governments to 299 00:14:29,520 --> 00:14:32,360 Speaker 3: ensure the infrastructure is also underway. So if you say 300 00:14:32,400 --> 00:14:35,120 Speaker 3: I'm going to add three thousand apartments to that new suburb, 301 00:14:35,840 --> 00:14:39,080 Speaker 3: there has to be remodeling of the transport, shops, schools, parks, 302 00:14:39,120 --> 00:14:41,520 Speaker 3: et cetera done, and maybe even a great local cafe 303 00:14:41,560 --> 00:14:44,920 Speaker 3: in the corner, and that has to take place before 304 00:14:45,360 --> 00:14:46,800 Speaker 3: the supply is delivered. 305 00:14:47,280 --> 00:14:49,520 Speaker 1: There is so much common sense in a lot of that, 306 00:14:49,720 --> 00:14:53,760 Speaker 1: and there's always concerns over density, and typically it is 307 00:14:53,800 --> 00:14:56,000 Speaker 1: people who are living in that area or that just 308 00:14:56,160 --> 00:14:58,920 Speaker 1: know that the infrastructure within that area is not actually 309 00:14:59,040 --> 00:15:03,480 Speaker 1: able to stain greater density. But really you're right, it 310 00:15:03,520 --> 00:15:06,640 Speaker 1: actually needs. It's a political issue, this one. It is 311 00:15:06,720 --> 00:15:08,680 Speaker 1: kind of taking a step back as well and making 312 00:15:08,720 --> 00:15:11,360 Speaker 1: sure that the infrastructure that's set up within our cities 313 00:15:11,600 --> 00:15:15,240 Speaker 1: is capable of catering towards these things. And it's a smarter, 314 00:15:15,840 --> 00:15:17,400 Speaker 1: more considered approach, right. 315 00:15:17,400 --> 00:15:19,480 Speaker 3: Yeah, And look, I think you know, this idea of 316 00:15:19,560 --> 00:15:22,760 Speaker 3: nimbism not in my backyard is very as a real 317 00:15:22,840 --> 00:15:25,560 Speaker 3: stain against it at the moment. But I think the 318 00:15:25,680 --> 00:15:29,479 Speaker 3: counter to that is, are we ensuring that the infrastructure. 319 00:15:29,520 --> 00:15:31,880 Speaker 3: Are we explaining to people people who think like that, 320 00:15:32,120 --> 00:15:35,000 Speaker 3: I want development, but not in my backyard. I'll explain 321 00:15:35,120 --> 00:15:37,560 Speaker 3: to them how this will work, how it will look, 322 00:15:37,760 --> 00:15:41,120 Speaker 3: and the infrastructure that will be built with those apartments 323 00:15:41,160 --> 00:15:44,480 Speaker 3: to assure these people of what is actually happening. Again, 324 00:15:44,480 --> 00:15:46,520 Speaker 3: it goes back to transparency. I think that people have 325 00:15:46,560 --> 00:15:49,520 Speaker 3: just lost faith and confidence in governments. 326 00:15:50,040 --> 00:15:53,000 Speaker 1: We are compiling a cracking list here, we have one 327 00:15:53,080 --> 00:15:55,680 Speaker 1: more to go, bring it home. What's number seven? 328 00:15:55,880 --> 00:15:57,880 Speaker 3: Well, look, I'm getting a bit lofty here, but I 329 00:15:58,360 --> 00:16:02,440 Speaker 3: would really like to see that financial literacy around housing 330 00:16:02,480 --> 00:16:06,520 Speaker 3: and property and you know, economics in general for children. 331 00:16:06,960 --> 00:16:10,160 Speaker 3: And I think that we think about the idea of 332 00:16:10,240 --> 00:16:13,040 Speaker 3: hex for example, that students sort of know that if 333 00:16:13,080 --> 00:16:15,240 Speaker 3: they go to university that they'll they could pay the 334 00:16:15,280 --> 00:16:17,480 Speaker 3: extra in their tax and YadA YadA yah have the 335 00:16:17,480 --> 00:16:20,200 Speaker 3: hex option. What are we doing around housing? How are 336 00:16:20,240 --> 00:16:24,040 Speaker 3: we educating children and getting think about the cost of housing? 337 00:16:24,520 --> 00:16:26,400 Speaker 3: And it's not about saving for you deposit when you're 338 00:16:26,400 --> 00:16:28,480 Speaker 3: eight years old and start putting, you know, fifty cents 339 00:16:28,480 --> 00:16:31,720 Speaker 3: away each week, but just understanding that you need a 340 00:16:31,720 --> 00:16:34,440 Speaker 3: twenty percent to posit to buy a house, understanding how 341 00:16:34,480 --> 00:16:37,680 Speaker 3: long that can take to save, and therefore sort of 342 00:16:37,880 --> 00:16:42,400 Speaker 3: making very conscious compromises or not when it comes to housing. 343 00:16:42,480 --> 00:16:44,400 Speaker 3: So I think when you're at secondary school in particular, 344 00:16:44,440 --> 00:16:46,040 Speaker 3: and you've got your first part time job, and that 345 00:16:46,400 --> 00:16:49,400 Speaker 3: thinking about that budget, that idea of you know, spend save, 346 00:16:49,440 --> 00:16:53,000 Speaker 3: a bit of sort of barefoot investor style maths applied 347 00:16:53,160 --> 00:16:56,080 Speaker 3: at school. So everybody has access to it when it 348 00:16:56,120 --> 00:16:59,840 Speaker 3: comes to property, because ultimately that helps our society and 349 00:17:00,000 --> 00:17:03,720 Speaker 3: economy if everybody is able to obtain housing. 350 00:17:03,920 --> 00:17:06,240 Speaker 1: Yeah, because the last thing you want is really the 351 00:17:06,280 --> 00:17:09,000 Speaker 1: only people who are able to afford property as they're 352 00:17:09,080 --> 00:17:11,680 Speaker 1: kind of growing up is those who are essentially inheriting 353 00:17:11,760 --> 00:17:14,040 Speaker 1: it or inheriting the money to do so, and the 354 00:17:14,480 --> 00:17:18,000 Speaker 1: key to that, one of the keys is greater understanding 355 00:17:18,240 --> 00:17:21,320 Speaker 1: earlier in life. Completely what a list, you know what, 356 00:17:21,400 --> 00:17:23,960 Speaker 1: I actually wish you did have a magic wand just 357 00:17:24,000 --> 00:17:27,040 Speaker 1: to implement these things. I love these, especially the auctions 358 00:17:27,080 --> 00:17:30,159 Speaker 1: overhaul and look, so number one was the transparency, just 359 00:17:30,359 --> 00:17:35,080 Speaker 1: broadly improve transparency everywhere, prices in particular at number two, 360 00:17:35,320 --> 00:17:39,439 Speaker 1: and overhaul of listings, get the information that people really 361 00:17:39,480 --> 00:17:42,920 Speaker 1: want into them. At number three auctions. Plenty of work 362 00:17:42,960 --> 00:17:44,879 Speaker 1: to be done in auctions, the friendly auctions as I 363 00:17:44,960 --> 00:17:47,960 Speaker 1: was talking about, but then also registered bid is making 364 00:17:48,000 --> 00:17:50,439 Speaker 1: sure that people actually know who they're competing against. A 365 00:17:50,520 --> 00:17:53,960 Speaker 1: lot to be done there under quoting number four. Number 366 00:17:53,960 --> 00:17:57,800 Speaker 1: five was stamp duty. Number six is that a thoughtful, 367 00:17:58,160 --> 00:18:02,080 Speaker 1: considered approach to plan And then number seven really aiming 368 00:18:02,160 --> 00:18:05,080 Speaker 1: high but really an important one to finish on better 369 00:18:05,240 --> 00:18:09,080 Speaker 1: financial literacy for young Australians. Well said Alice. That's a 370 00:18:09,080 --> 00:18:09,639 Speaker 1: great list. 371 00:18:10,040 --> 00:18:10,800 Speaker 2: Well, thanks, Michael. 372 00:18:11,160 --> 00:18:13,600 Speaker 3: When we should touch base again and see where how 373 00:18:13,640 --> 00:18:16,439 Speaker 3: it's going, shouldn't we? Because I've I mean, look, I 374 00:18:16,480 --> 00:18:18,639 Speaker 3: think what we're saying is not rocket science, is it? 375 00:18:18,680 --> 00:18:21,280 Speaker 3: But I think unless we sort of really approach this 376 00:18:21,359 --> 00:18:23,840 Speaker 3: in a broad Way. We're not going to ever move 377 00:18:23,920 --> 00:18:26,480 Speaker 3: forward and out of this hole that many people are 378 00:18:26,480 --> 00:18:27,359 Speaker 3: finding themselves in. 379 00:18:27,520 --> 00:18:28,560 Speaker 1: Yeah, could not agree more. 380 00:18:28,600 --> 00:18:30,359 Speaker 2: Thanks very much, Alie, Thanks Michael. 381 00:18:30,640 --> 00:18:33,600 Speaker 1: That was real estate expert Alice Staltz, National Property editor 382 00:18:33,640 --> 00:18:36,440 Speaker 1: at Domain, and I'm Michael Thompson. Make sure you're following 383 00:18:36,440 --> 00:18:39,080 Speaker 1: the podcast and you can enjoy the full twelve episode 384 00:18:39,080 --> 00:18:41,639 Speaker 1: season of The Property Pendulum, brought to you by Domain 385 00:18:41,760 --> 00:18:43,760 Speaker 1: and Fear and Greed, the podcast that tells you which 386 00:18:43,800 --> 00:18:46,119 Speaker 1: way the property marketer is going to swing, how to 387 00:18:46,119 --> 00:18:51,600 Speaker 1: make the most of it.