Property Investors are Fleeing the Melbourne Market, with Mike Mortlock
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- Опубликовано: 9 сен 2024
- Today, I look into an issue that's causing ripples across the Victorian rental market and beyond. It's the exodus of landlords.
Joining me today is Mike Mortlock, Managing Director of MCG Quantity Surveyors, who recently wrote a detailed report about this. Not surprisingly, the problem isn't just confined to Victoria.
In general, many property investors are getting nervous and they're selling up. I also plan to ask him about another issue that could blow up and isn't just confined to Victoria. That's the fact that many are underinsured.
Links and Resources:
Michael Yardney
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Mike Mortlock - MCG Quantity Surveyors
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Shownotes plus more here: Property Investors are Fleeing the Melbourne Market, with Mike Mortlock
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"I've never seen a problem the government can't make worse" Anon.
Yep..they stuff it up.. Everytime..
@emp731 yet you still can't see
The cerveza sickness
@robbieblackburn2880 Well said 🤓
@@robguz1007a blind man can see better than you
We are selling 3 rental properties in Victoria previously held long term. The land tax was the trigger but we get the message we are not wanted. Our homes would be good for first home buyers so tax, rates, unrealistic minimum standards, tenancy rights, unlikely capital growth all add up to we are out.
The other thing is we wonder about is potential changed capital gains tax and negative gearing law specifically on residential property at the national level.
Good to time to get in now in Victoria when people selling. Can buy big block in outer suburbs for under $400k.
12:24 I know someone selling out of the middle suburbs after the agent closed after decades of business. Rumour has it the agent closed because its rent roll got too small to be viable.
@markwng agents make the most of their money through transaction income - selling properties so they probably were other reasons behind them closing down, but most agents report that their rent role is shrinking by around 15% pa
I listened to this twice. This is the first year I paid land tax on my 2 brm villa unit in outer Melbourne (I’ve held it only 7 years now) and I was questioning selling it in spring because of the added tax and other costs to hold in Victoria. I’ve decided to give it another year based on your assessment of the Melbourne market being positive in the coming years.
@iof1 Thanks for listening - remember that Land Tax is the only tax that's a tax deduction :-)
Melbourne has had very low rental yields for some time.
A typical house in Hoppers Crossing could cost $800K, yet rent for $550 a week. In fact, the rent would likely be lower.
That's deeply negative geared. It's pretty hard to own TBH. No wonder investors aren't buying. In theory, the market should balance out, but it seems investors are still paying too much! Or someone is anyway.
@williamcrossan9333 thanks for listening to our podcast
Hoppers crossing can get for 550 close to train.
Don't buy new stock on small blocks
Indeed, on Reddit, this was mentioned.
Many on Reddit considered this to be a good thing.
And many suggested the narrative that property investors don't push prices, was well and truly debunked.
Many also suggested that house prices NOT rising was a good thing, as housing is really designed to be shelter, and not an investment class.
@williamcrossan9333 I wouldn't be getting my financial education from Reddit
Michaels says ''Don't time the Market''
Michael says ''It's just another cycle'' -------a cycle has a time period...But don't try time it..Michael said so.ok????
🤔
they are pulling down the house without realise they are in the house. You can tell them to stop, but they won't listen. 97% of rental are private. good luck to the tenants if the 97% rental are gone.
@binxu38 Well said 🤓
The market will simply balance out. It's likely the prices will stop increasing, and at some point, the yields will match up, and it will be worth investing again.
Australia has had 50 years or more of incentive after incentive for property investors. Yet here we are, with one of the greatest housing crisis's in history, amongst the most expensive housing in the world, and rents very unaffordable!
@@williamcrossan9333 yeah nah..this mammoth of a debacle is not just simply "balancing out"
@@emp731 Indeed, its not!
I guess the point I'm trying to make, is Melbourne is no screaming bargain.
@@williamcrossan9333 Fair dinkum the little tin shed this side of the black stump is no screaming bargain either...The only scream we'll be hearing is the Missus on mortgage pay day..That's once a month also and you know what that means
Area specific breakdown would be interesting.
Where i live in Rockbank most brand new townhouses, once settled are up for lease. In the most recent release 6 of the 8 TH are up for lease.
And it takes many weeks to get a tenant
@lengerer That's not the investment-grade location in my opinion - definitely not on my radar
It’s a cerveza sickness tax
@globalroamer1900 ????
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I know Ana Graciela Blackwelder, and I have also had success...
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💰💰💰💰💰💰💰
Doesn't mind talking himself up..Pride before a fall
Bahahaha Rob guz is the worlds biggest kook 😂😂😂😂
He has small man’s disease and has to try and brag because he knows he’s POOR babahahahahaja
@emp731 Pride is God given.
Don't to be ruled over by a lack of money. Get rich. Get out of the 2020s mentality
work for assets.
@@emp731 💰💰💰💰 Always happy to tell you I'm up! never down like you.
Fantastic Michael simply fantastic 🍪🧱
Which part? Your piggy bank 🐖
Yeah haha what part?
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@MR-hu1bx all of it if you would bother listening
You can't get to the Top just by thinking positive...
@emp731 so true, actions speak louder than words
@@MichaelYardney Actions speak louder than thinking too
Today, we look into an issue that's causing ripples across the Victorian rental market and beyond. It's the exodus of landlords.
Joining me today is Mike Mortlock, Managing Director of MCG Quantity Surveyors, who recently wrote a detailed report about this.
You can read more here: propertyupdate.com.au/podcast-property-investors-are-fleeing-the-melbourne-market-with-mike-mortlock/