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Speaker 1: It does feel like our picture of property as a

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Speaker 1: crucial part of your investment strategy is changing. What is

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Speaker 1: it just literally down to it, it's a generational it's

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Speaker 1: overpriced to get into were there are other complicating factors?

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Speaker 1: Or is it just a it's a more of a vibe.

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Speaker 2: There's a long list, I have a list. Okay, what

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Speaker 2: have we got something? There's no longer interest rates falling

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Speaker 2: for three decades as happened from nineteen ninety two three

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Speaker 2: to twenty twenty one. That's over So that was a

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Speaker 2: special thing in there. We had a structural lift in

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Speaker 2: population growth courtesy of a lift in migration in the

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Speaker 2: mid nineteen nineties, while we're not seeing that any longer.

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Speaker 2: The tax rules have changehow at least the ring fencing,

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Speaker 2: you know, losses on rental against salary work wage and

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Speaker 2: salary income, et cetera. Legislation more in favor of the

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Speaker 2: tenants are going out there, Greater supply coming forward as

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Speaker 2: well because of changes and land use rules, et cetera,

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Speaker 2: land z owning. It's all very different in that regard.

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Speaker 2: We've got deet to income ratio rules applied now by

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Speaker 2: the Reserve Bank for the banks to impose. So that

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Speaker 2: makes a change out there, and we'll also god for

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Speaker 2: people facing retirement who maybe already have a property, the

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Speaker 2: retirement is going to be a lot more expensive than

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Speaker 2: they anticipated with hikes and insurance costs and local authority rates,

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Speaker 2: meat butter, scones down at their cafe, et cetera, and

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Speaker 2: so that means an extra selling. So one of my

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Speaker 2: stronger themes is this is a structural shift in the

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Speaker 2: proportion of the population who will invest in residential property.

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Speaker 2: You're still going to have many people doing it, okay,

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Speaker 2: but you're not going to have shall we say, the

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Speaker 2: great unwashed doing it because I think it seems like

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Speaker 2: an easy thing to do, and I think I'm missing out.

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Speaker 2: That's gone. It means residential property is still a good,

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Speaker 2: viable investment for many people treating it as a business,

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Speaker 2: but there's just not going to be as many people

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Speaker 2: looking at doing that as was the case previously. They're

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Speaker 2: going to be looking for other assets to park savings

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Speaker 2: and for their retirement.

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Speaker 1: Tony Alexandi, you're telling us the foam is gone in

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Speaker 1: real estate investing FOMO.

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Speaker 2: In fact, in my recent survey, I had only eighteen

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Speaker 2: percent of agents saying they see FOMO and that was

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Speaker 2: what as of about five or so days ago, two

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Speaker 2: months ago, my previous survey at the start of December,

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Speaker 2: that was about twenty six percent of agents seeing FOMO.

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Speaker 2: Most of the two or three years before that it

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Speaker 2: was two to seven percent. So there is slight fear

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Speaker 2: of missing out out there, but it's not going up

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Speaker 2: all that much. I'd say it's going to remain relatively

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Speaker 2: low as we go through twenty six twenty seven because

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Speaker 2: the price movement just isn't going to make people think

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Speaker 2: I'll bet a hurry or we're going to run out

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Speaker 2: of stuff to buy, not with so much extra supply

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Speaker 2: still coming into the market. So for young home buyers,

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Speaker 2: this is what they've been waiting for. And for three

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Speaker 2: years now exactly, the young buyers have been driving the

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Speaker 2: residential real estate market, and we get an indication of

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Speaker 2: that from Totality who note that on average twenty one

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Speaker 2: percent of house sales go to first home buyers. It's

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Speaker 2: now almost twenty nine percent. So we're going to see

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Speaker 2: continuation of the part three years with the key drivers

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Speaker 2: in the market remain young buyers securing their first home

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Speaker 2: and hopefully at a time when Australia is becoming less

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Speaker 2: and less affordable in the housing market. It may encourage some,

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Speaker 2: in fact, to buy their first home here instead