1 00:00:00,720 --> 00:00:03,200 Speaker 1: Three sixty with Katie Wolf on Mix one oh four 2 00:00:03,200 --> 00:00:05,840 Speaker 1: point nine thanks to Joyce Main Darwin. 3 00:00:05,640 --> 00:00:08,400 Speaker 2: Matt Hepworth filling in for Katie Wolf this morning. Well, 4 00:00:08,800 --> 00:00:10,920 Speaker 2: new data or a new report, I should say Revell's 5 00:00:11,000 --> 00:00:14,040 Speaker 2: Darwin has the lowest rental vacancy rate in the nation. 6 00:00:14,680 --> 00:00:16,360 Speaker 1: But is that the case? 7 00:00:16,640 --> 00:00:19,160 Speaker 2: Well, to tell us more is the Real Estate Institute 8 00:00:19,200 --> 00:00:22,720 Speaker 2: of the Northern Territory CEO Quentin Killian Quentin, good morning. 9 00:00:24,760 --> 00:00:26,560 Speaker 2: Oh sorry, Quentin, I'll press the right buttons. 10 00:00:26,600 --> 00:00:27,920 Speaker 1: There, there we go. Try you again. 11 00:00:27,960 --> 00:00:31,560 Speaker 3: Get at Quentin the magic of technology morning, Matte. 12 00:00:31,920 --> 00:00:33,760 Speaker 2: I know I've seen Katie Wolf do that and I'm like, 13 00:00:33,800 --> 00:00:35,400 Speaker 2: well You've got to do is press one button and 14 00:00:35,440 --> 00:00:37,440 Speaker 2: now I'm on the other side and I didn't do it. 15 00:00:37,600 --> 00:00:40,800 Speaker 1: You got one job and I didn't do it. 16 00:00:40,920 --> 00:00:43,000 Speaker 2: Hey, Quentin, we read this report in the Anten News 17 00:00:43,040 --> 00:00:46,360 Speaker 2: on Saturday with reports that the Darwin has the lowest 18 00:00:46,360 --> 00:00:49,520 Speaker 2: rental vacancy rate in the nation. But you don't reckon 19 00:00:49,520 --> 00:00:50,440 Speaker 2: that might be the case. 20 00:00:51,240 --> 00:00:54,560 Speaker 3: Nah. Look, I struggle a little bit with the figures 21 00:00:54,560 --> 00:00:58,560 Speaker 3: that SQM Data have put forward, only because I don't 22 00:00:58,600 --> 00:01:01,080 Speaker 3: know how they gather their data. Are in the territory. 23 00:01:01,120 --> 00:01:06,080 Speaker 3: They don't have representatives actually based here, so I'm assuming 24 00:01:06,120 --> 00:01:09,320 Speaker 3: that they would scrape other data sites and so forth, 25 00:01:09,319 --> 00:01:13,640 Speaker 3: whereas our data is actually taken directly from our members 26 00:01:13,720 --> 00:01:17,680 Speaker 3: with their properties under management, those available and in at 27 00:01:17,680 --> 00:01:21,759 Speaker 3: the end of the March quarter, so basically the start 28 00:01:21,800 --> 00:01:24,120 Speaker 3: of April, we had it at one point eight percent 29 00:01:24,880 --> 00:01:28,560 Speaker 3: as a vacancy rate. Now, even with tightening in the market, 30 00:01:28,600 --> 00:01:30,880 Speaker 3: which I know has been occurring over the last month, 31 00:01:30,959 --> 00:01:34,200 Speaker 3: I can't honestly see it dropping from one point eight 32 00:01:34,240 --> 00:01:38,000 Speaker 3: to zero point five percent in that quicker time. I 33 00:01:38,040 --> 00:01:40,959 Speaker 3: would suspect that we're probably sitting around the one point 34 00:01:41,000 --> 00:01:46,959 Speaker 3: five closer to one percent vacancy rate, which doesn't then 35 00:01:47,080 --> 00:01:49,680 Speaker 3: put us as the tightest market in Australia. 36 00:01:50,360 --> 00:01:52,600 Speaker 1: Where who would have that title? 37 00:01:54,560 --> 00:01:58,200 Speaker 3: Look, I honestly don't know. You know, again, there are 38 00:01:58,520 --> 00:02:01,200 Speaker 3: four or five different sets of data that go into 39 00:02:01,200 --> 00:02:05,200 Speaker 3: the marketplace. The core Logic does data, real Estate dot 40 00:02:05,200 --> 00:02:09,000 Speaker 3: Com do data, sqmdo data, and each one of them 41 00:02:09,080 --> 00:02:13,520 Speaker 3: varies depending on how and where they collect their data from. Generally, 42 00:02:13,560 --> 00:02:17,560 Speaker 3: I find that the best data sources are those produced 43 00:02:17,600 --> 00:02:20,720 Speaker 3: by the institutes because they have direct access to their members. 44 00:02:21,040 --> 00:02:23,000 Speaker 1: Yeah of course, is that part of the problem. 45 00:02:23,080 --> 00:02:25,600 Speaker 2: I mean, we've got four or five different data sets 46 00:02:25,639 --> 00:02:27,880 Speaker 2: coming out at different times, and each one of them 47 00:02:28,040 --> 00:02:32,520 Speaker 2: use a different data So obviously, like I said, I 48 00:02:32,520 --> 00:02:35,600 Speaker 2: thinker point oh five they're reporting you've got one point eight. 49 00:02:35,639 --> 00:02:37,960 Speaker 2: I mean that is a big difference. Is it information 50 00:02:38,080 --> 00:02:40,280 Speaker 2: and data overload? Is it too much and not enough 51 00:02:40,320 --> 00:02:41,239 Speaker 2: reliable sources? 52 00:02:42,200 --> 00:02:45,360 Speaker 3: Well, that is always a problem. Is that you've got 53 00:02:45,480 --> 00:02:48,839 Speaker 3: competing interests in the marketplace that are looking to get 54 00:02:48,880 --> 00:02:52,200 Speaker 3: some attention because they have products to selve, so they 55 00:02:52,200 --> 00:02:54,440 Speaker 3: want people to buy their data, so they need to 56 00:02:54,440 --> 00:02:57,160 Speaker 3: get press and they need to go to market with 57 00:02:57,320 --> 00:03:01,080 Speaker 3: their data. And each one has a different way of 58 00:03:01,080 --> 00:03:06,960 Speaker 3: collecting and analyzing and disseminating their data. You know, we 59 00:03:07,080 --> 00:03:09,520 Speaker 3: have data that comes out on a quarterly basis. We 60 00:03:09,560 --> 00:03:12,000 Speaker 3: also have data comes out on a monthly basis, and 61 00:03:12,840 --> 00:03:15,399 Speaker 3: you know, I dare say soon it won't be long 62 00:03:15,480 --> 00:03:17,320 Speaker 3: before two or three of these are trying to bring 63 00:03:17,320 --> 00:03:21,560 Speaker 3: it out on a weekly basis. So yes, you've got 64 00:03:21,639 --> 00:03:24,960 Speaker 3: to look at it not as an absolute but perhaps 65 00:03:25,000 --> 00:03:27,960 Speaker 3: as a guide and use all the different data sets 66 00:03:27,960 --> 00:03:31,920 Speaker 3: and say somewhere in there is the truth. You know, 67 00:03:31,960 --> 00:03:34,240 Speaker 3: we would like to believe that our data sets are 68 00:03:34,240 --> 00:03:38,280 Speaker 3: more comprehensive because they generally are closer to our membership 69 00:03:38,320 --> 00:03:42,960 Speaker 3: base and therefore are relevant. But they'll pick a point 70 00:03:43,000 --> 00:03:48,320 Speaker 3: in time, So we generally look at data that is gone. 71 00:03:48,440 --> 00:03:50,680 Speaker 3: So when we look at our quarterly reports, we're looking 72 00:03:50,720 --> 00:03:54,920 Speaker 3: at the previous quarter. All I can do is analyze 73 00:03:54,960 --> 00:03:57,960 Speaker 3: anecdotally what is happening at that point in time. Now, 74 00:03:58,640 --> 00:04:03,280 Speaker 3: perhaps you know, people like real estate dot Com and 75 00:04:03,320 --> 00:04:06,960 Speaker 3: core Logic may be able to analyze again a point 76 00:04:07,000 --> 00:04:10,160 Speaker 3: in time, but it's always going to be past data. 77 00:04:11,600 --> 00:04:12,080 Speaker 1: I guess. 78 00:04:12,360 --> 00:04:14,520 Speaker 2: Regardless of where the data is coming from, it it 79 00:04:14,560 --> 00:04:18,840 Speaker 2: all does point to a low rental vacancy rate in 80 00:04:18,960 --> 00:04:20,160 Speaker 2: Darwin at the moment. 81 00:04:20,279 --> 00:04:22,880 Speaker 3: Absolutely. Yes, Yeah, it's a very tight market. 82 00:04:23,200 --> 00:04:26,520 Speaker 2: Yeah. Is there any chance of that changing anytime soon? 83 00:04:26,560 --> 00:04:28,880 Speaker 2: I mean there's reports that you know, people are struggling 84 00:04:28,960 --> 00:04:31,160 Speaker 2: to move to Darwin at the moment because they can't 85 00:04:31,520 --> 00:04:33,760 Speaker 2: get a rental property. I mean some would argue, you know, 86 00:04:33,800 --> 00:04:35,560 Speaker 2: for us here in the territory, it's a good problem 87 00:04:35,600 --> 00:04:38,119 Speaker 2: to have, but it is probably a problem that needs 88 00:04:38,160 --> 00:04:38,839 Speaker 2: to be addressed. 89 00:04:39,960 --> 00:04:43,160 Speaker 3: Look, one of the easiest ways I guess to try 90 00:04:43,200 --> 00:04:47,320 Speaker 3: and ease the rental situation is to try and bring 91 00:04:47,360 --> 00:04:50,320 Speaker 3: more investors into the market, because theres more investors come 92 00:04:50,360 --> 00:04:54,599 Speaker 3: in and buy up stock that is particularly in the 93 00:04:54,720 --> 00:04:58,000 Speaker 3: unit market and turn that back into rental stock, that 94 00:04:58,080 --> 00:05:03,880 Speaker 3: creates more of a rental stock availability and that will 95 00:05:04,120 --> 00:05:07,359 Speaker 3: start to ease the market pressures. And one of the 96 00:05:07,400 --> 00:05:10,480 Speaker 3: things standing in the way of investors or blocking them 97 00:05:10,480 --> 00:05:12,560 Speaker 3: at the moment is the fact that the Attorney General 98 00:05:13,320 --> 00:05:18,000 Speaker 3: still refuses to remove the modification notice on the Tenancy Act, 99 00:05:18,080 --> 00:05:23,320 Speaker 3: the Residential Tenancy Act, which means that under the emergency legislation, 100 00:05:24,120 --> 00:05:26,200 Speaker 3: it can take up to one hundred and twenty days 101 00:05:26,240 --> 00:05:30,360 Speaker 3: for a landlord to remove a recouncil tenant from their property. Now, 102 00:05:30,400 --> 00:05:32,200 Speaker 3: most landlords are going to look at something like that 103 00:05:32,279 --> 00:05:35,000 Speaker 3: and say, well, I don't get that in Western Australia, 104 00:05:35,000 --> 00:05:37,720 Speaker 3: and I don't get that in Queensland. In fact, I 105 00:05:37,760 --> 00:05:40,120 Speaker 3: don't get it in any other state or territory in 106 00:05:40,160 --> 00:05:44,200 Speaker 3: Australia because none of them have emergency legislation on their tenancies. 107 00:05:44,800 --> 00:05:48,640 Speaker 3: So why would I go to a jurisdiction where there 108 00:05:48,680 --> 00:05:53,680 Speaker 3: are roadblocks to me investing. So we need to bring 109 00:05:53,720 --> 00:05:55,720 Speaker 3: investors into the market. We need to find ways to 110 00:05:55,839 --> 00:05:58,000 Speaker 3: encourage them to come in here so that they buy 111 00:05:58,040 --> 00:06:00,720 Speaker 3: that stock and turn it straight back into rent properties 112 00:06:01,080 --> 00:06:05,599 Speaker 3: and create the opportunities for a greater broader stock availability. 113 00:06:06,000 --> 00:06:07,680 Speaker 2: Quentin is one of the other issue has been that 114 00:06:07,720 --> 00:06:11,800 Speaker 2: the government's been too slow in bringing forward land releases 115 00:06:11,920 --> 00:06:13,960 Speaker 2: to fill this now shortage. 116 00:06:14,839 --> 00:06:18,240 Speaker 3: Well, not necessarily, and I wouldn't like to target them 117 00:06:18,279 --> 00:06:21,480 Speaker 3: and say that's true, because we do have land availability. 118 00:06:21,520 --> 00:06:25,320 Speaker 3: We have land availability, particularly at North Crest. Whether that's 119 00:06:25,360 --> 00:06:29,080 Speaker 3: been brought on in a timely fashion really depends on 120 00:06:29,120 --> 00:06:32,240 Speaker 3: the developer. We do have new stock that is coming 121 00:06:32,320 --> 00:06:35,839 Speaker 3: through in Zuccoli, so there is stock out there, it's 122 00:06:35,920 --> 00:06:38,520 Speaker 3: just it's not quite ready to come to market. But 123 00:06:38,600 --> 00:06:42,160 Speaker 3: even when it does, that doesn't necessarily fix the rental 124 00:06:42,160 --> 00:06:45,719 Speaker 3: issue because the majority of the stock that's going to 125 00:06:45,760 --> 00:06:49,159 Speaker 3: come to market for land is going to be for 126 00:06:49,240 --> 00:06:53,240 Speaker 3: house and land packages, which is generally going to be 127 00:06:53,279 --> 00:06:59,360 Speaker 3: in the norm first home buyers or owner occupiers that 128 00:07:00,640 --> 00:07:03,400 Speaker 3: and you're looking at construction times as well, so it's 129 00:07:03,400 --> 00:07:08,000 Speaker 3: not like an instant fixed situation where you can say, 130 00:07:08,320 --> 00:07:10,600 Speaker 3: let's turn off and title a block of land and 131 00:07:10,640 --> 00:07:13,120 Speaker 3: suddenly we fixed the problem. You've still got to build 132 00:07:13,160 --> 00:07:18,160 Speaker 3: something before you can rent it out. So that is 133 00:07:18,320 --> 00:07:22,880 Speaker 3: not generally the fix issue here. We've got to keep 134 00:07:22,880 --> 00:07:26,200 Speaker 3: in mind that the turnaround of the marketplace has come 135 00:07:26,400 --> 00:07:28,920 Speaker 3: a heck of a lot quicker than any of us 136 00:07:28,960 --> 00:07:32,320 Speaker 3: really expected, and in the middle of a pandemic which 137 00:07:32,560 --> 00:07:36,560 Speaker 3: nobody foresaw. You know, it was pretty much June last 138 00:07:36,640 --> 00:07:39,480 Speaker 3: year when we opened up the borders that we suddenly 139 00:07:39,520 --> 00:07:43,040 Speaker 3: saw a flutter of people coming in and pretty much 140 00:07:43,040 --> 00:07:46,320 Speaker 3: that took everybody on the hop and went, wow, Okay, 141 00:07:46,400 --> 00:07:50,040 Speaker 3: we didn't expect this. I know. 142 00:07:50,160 --> 00:07:53,840 Speaker 2: We've heard from some hospital and tourism businesses that say, 143 00:07:54,080 --> 00:07:56,640 Speaker 2: all these people come into town at the moment, it's 144 00:07:56,680 --> 00:07:59,480 Speaker 2: to fill the gap in the workforce shortage that we've 145 00:07:59,480 --> 00:08:02,280 Speaker 2: got in it's it's seasonal as well, and there's reports 146 00:08:02,280 --> 00:08:04,600 Speaker 2: that some of those people then might migrate down south 147 00:08:04,680 --> 00:08:07,400 Speaker 2: over the summer. Do you think that could then alleviate 148 00:08:07,440 --> 00:08:09,960 Speaker 2: some of the pressure. If we see those workers chasing 149 00:08:10,400 --> 00:08:13,480 Speaker 2: the winter tourism jobs up here and then move east 150 00:08:13,480 --> 00:08:16,200 Speaker 2: in the summer, that'll alleviate some of the pressure. 151 00:08:17,080 --> 00:08:20,760 Speaker 3: Look, it's possible, but you also got a factor in, 152 00:08:20,920 --> 00:08:25,200 Speaker 3: are we creating permanent work jobs or permanent work jobs? 153 00:08:25,200 --> 00:08:29,360 Speaker 3: That's a bit of an oxymoron, but permanent work in 154 00:08:29,480 --> 00:08:34,880 Speaker 3: things like gas mining or soul or energy. You know, 155 00:08:34,920 --> 00:08:37,440 Speaker 3: are we looking at a permanent workforce that we need 156 00:08:37,520 --> 00:08:41,760 Speaker 3: and want in the territory, in which case, as we 157 00:08:41,920 --> 00:08:45,600 Speaker 3: sort of maybe see seasonal workers leaving, we might be 158 00:08:45,679 --> 00:08:50,560 Speaker 3: backselling it with more permanent workforce, which is something that 159 00:08:50,640 --> 00:08:52,320 Speaker 3: I'd like to see. I'd like to see a lot 160 00:08:52,400 --> 00:08:57,480 Speaker 3: more permanent workforce coming to town because we hopefully can 161 00:08:57,520 --> 00:09:02,000 Speaker 3: then convert those people across the purchasing Yeah, Quentin. 162 00:09:01,679 --> 00:09:02,360 Speaker 1: I hope you don't mind. 163 00:09:02,360 --> 00:09:05,000 Speaker 2: I've got a question here for you on the text 164 00:09:05,120 --> 00:09:08,040 Speaker 2: line that says, Hi, Matt, can you ask Quentin why 165 00:09:08,080 --> 00:09:11,080 Speaker 2: real estate agents in some cases force people to do 166 00:09:11,160 --> 00:09:15,240 Speaker 2: bond cleans for their properties when NTCAT have ruled property 167 00:09:15,280 --> 00:09:18,880 Speaker 2: does not require a clean to satisfying landlord for the 168 00:09:18,920 --> 00:09:23,480 Speaker 2: purpose of reletting, selling, or residing there themselves. So I 169 00:09:23,480 --> 00:09:28,680 Speaker 2: guess the question is, are bond cleans professionally one's mandatory. 170 00:09:27,640 --> 00:09:31,560 Speaker 3: But it's a lovely question, But I really don't get 171 00:09:31,559 --> 00:09:37,280 Speaker 3: into answering individual situations because that's very unwise. Apart from 172 00:09:37,280 --> 00:09:40,480 Speaker 3: the fact that I'm not a lawyer, I really don't 173 00:09:40,520 --> 00:09:43,320 Speaker 3: want to be in a position where I'm trying to 174 00:09:43,360 --> 00:09:48,120 Speaker 3: address individual cases, which is obviously what's occurred here. Something's 175 00:09:48,160 --> 00:09:53,439 Speaker 3: occurred here, and that's what it's about. I would recommend 176 00:09:53,720 --> 00:09:56,280 Speaker 3: that if a person does have a question or a 177 00:09:56,360 --> 00:09:59,560 Speaker 3: query of that nature, that the first instance they take 178 00:09:59,600 --> 00:10:04,120 Speaker 3: it up with the consumer affairs. Consumer affairs can help 179 00:10:04,360 --> 00:10:06,840 Speaker 3: to guide them and advise them on their next steps. 180 00:10:07,640 --> 00:10:12,760 Speaker 3: And of course in teacat is there for relevant and 181 00:10:12,840 --> 00:10:20,439 Speaker 3: appropriate action between parties that can't that have disputes of 182 00:10:20,760 --> 00:10:21,360 Speaker 3: any nature. 183 00:10:22,240 --> 00:10:23,959 Speaker 2: Now that's all right, that was a great answer. Then 184 00:10:24,000 --> 00:10:27,160 Speaker 2: we completely understand that. Quentin, We'll have to leave it there. 185 00:10:27,800 --> 00:10:29,400 Speaker 2: Thank you so much for your time this morning. 186 00:10:29,800 --> 00:10:30,560 Speaker 3: Thank you very much. 187 00:10:30,600 --> 00:10:33,959 Speaker 1: Bratt, that is Quentin Keeley and CEO of RII in 188 00:10:34,200 --> 00:10:34,240 Speaker 1: t