Episode Transcript
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Speaker 1 (00:01):
Camon Rene's real estate show on Mix one oh six
point three be the envy of camera Live in de Burgert,
Northorne Village by JW.
Speaker 2 (00:09):
Land now selling.
Speaker 3 (00:11):
All right, cam Well the ACTU and Greens apportioning to
cap negative gearing and capital gains tax discounts to just
one investment property phased in over five years, and so
what is this going to mean for rentals?
Speaker 2 (00:24):
And could it do more harm than good?
Speaker 3 (00:27):
Well, of course the man who can answer that for
us this morning is Bushy Martin from No How Property Finance.
Speaker 2 (00:33):
Bushy, good morning, Hey Renee.
Speaker 4 (00:35):
How are you?
Speaker 2 (00:35):
Yes, I'm going to thank you. Yes, good sare he
can hear you?
Speaker 5 (00:39):
Bushy?
Speaker 3 (00:40):
Can you give us the thirty second explanation of negative
gearing just to refresh it for people?
Speaker 6 (00:44):
Yeah, well, negative gearing negative shmearing. Not again, guys, seriously. Yeah,
it's like that bad karaoke song that just keeps popping
up at every party and just won't go away. And
it feels like trying to fix the leaky roofs by
buying a bigger buck up. Yeah, it looks busy but
still going to get wet. And I've got to be honest,
I've had to have my electo shop therapy this morning,
(01:05):
so I stopped championing a bit and I pomised if
you've been and keep utual and explain it simply so
negative gearing think of it like a bit of a
side hustle.
Speaker 7 (01:12):
If you have.
Speaker 6 (01:14):
Something that costs you six hundred bucks a week, so
you only earn five hundred bucks a week, it's burning
one hundred dollars a hole in your pocket every week,
year after year. So negative gearing just says, yet for
losing money by earning a much need of that'set, we're
going to soften the pain and let you claim it
against your work income at tax time, which is the
same idea as any small business. Actually and quickly the
(01:34):
CGT discount, that's all the couple games discount as attachment.
If you sell that or a profit, about half that
tax is gained. So, given we're way short on the
number of houses and mentals, we need negative gearing and
the CGT discount just provide little carrots for mum and
dad and investors to provide the much needed helding stock.
And they act a little bit like panelt ale to
help us survive the pain of losses. Every year with
(01:57):
the hope of the game in the future. So it's
not a handouts, not a raw it's just softening the
blow so that we are appeared to lose money year
on a year on the potential promise of growth labor
down track.
Speaker 5 (02:08):
Okay, so what are the proposed changes then?
Speaker 6 (02:11):
Yeah, really simply and re explained to pretty well the
ACTU and the Greens that are currently proposing caps. So
keep negative gearing in the CGT discount, but only on
your first investment property and phase it in over five years.
But for property number two and beyond, no tax berks.
So on the whiteboarder reads yet cool investor demand, help
first time buyers and save the budget. But unfortunately housing
(02:34):
isn't the spreadsheets we know, it's actually the supply chain.
Speaker 2 (02:37):
Yeah for sure.
Speaker 3 (02:38):
And why are people opposed to these changes pushing Yeah.
Speaker 6 (02:42):
Well simply it's risks actually cutting up our nose to
spite our facemen a. Because most rentals aren't owned by
bond villains. They're actually mum and dad investors like all
of us, that own a couple of properties. So if
we split them further, they will sell them, won't buy. Result,
pure rentals helps to find a place to live, and
rents go up, and higher rents mean less savings for
(03:02):
aspiring first home buyers, and affordability just gets worse. So
it's like inviting us to a sausage, says, and then
confiscating the tongs. And it's everywhere. It's been tried. New
Zealand tried it, they pulled it, and then now bringing
back the same thing.
Speaker 2 (03:15):
In Ireland.
Speaker 6 (03:17):
We've seen them try to institute these things and things
just get worse. So we need to stop killing the
corks when we need more sausages.
Speaker 8 (03:24):
Guy, Okay, Well, I feel as though, judging from the
tone in your voice, this next answer is going to
come through gritted teeth.
Speaker 5 (03:32):
Why is there some support for the changes?
Speaker 6 (03:36):
Well, the two big misconceptions really fairness and frustration.
Speaker 7 (03:39):
People misread that investors.
Speaker 6 (03:41):
Are out muscling first home buyers and say why should
investors get experts? And the ACTU, which is a bit
of a thingly disguised agent for the Labor Party, wants
some budget savings for housing programs so they can actually
rob Peter to pay poorer, which on the surface looks
like fair goals. But my concern is the unintended consequences
(04:02):
because if the rule says only one gets the carrots,
lots of small landlords stop planting less planting pure crops,
high prices, and it's the same in housing pure rentals.
It's equals worse supportability. So I think we need to
actually re aim the incident. It's not blunk them. How
about bigger carrots for new builds and the right locations
with the right type of rules where people actually want
(04:23):
to live and adding faster approval was a lower holding
costs incentives, so they're actually improving the situation and adding
to supply and not trying to reduce it.
Speaker 2 (04:31):
Yeah, makes sense, Bushy. Well, we love your analogies.
Speaker 3 (04:34):
It's like having a sausage sizzle and confiscating the tongue.
Speaker 2 (04:36):
So good.
Speaker 8 (04:39):
And there's a karaake reference there as well. Wasn't there
a Bushy on a Saturday night? Yes, no doubt doing
dancing Queen or something like that.
Speaker 5 (04:47):
It's one of Bushy's favorites.
Speaker 9 (04:50):
Too.
Speaker 3 (04:50):
Well care Yeah, Bushy, thank you so much for your
time as always, will speak to you again soon.
Speaker 9 (04:56):
Thank you guys, to do later.
Speaker 3 (04:58):
That's a Bushy Martin from No How Property finance, and
you can hear and see more from bushymutin on the
Property Hub YouTube channel or bushymuton dot com dot are
you forward?
Speaker 2 (05:06):
Slash podcasts all Right Camwell.
Speaker 3 (05:09):
On Tuesday, through the week of the National Press Club,
Minister Chris Steele delivered a keynote address on building the
Missing Middle. We've heard about this in the news and
various avenues recently and he did outline how the government's
Missing Middle planning reforms will be delivered. So let's find
out more about what happened at that event and say
good morning to Frank Preka, our president of Master Builders
(05:31):
Act and director at Benchmark Projects.
Speaker 2 (05:33):
Frank, good morning, good morning, how are we going good?
Speaker 3 (05:36):
Thank you Now you're out at kid Sport this morning,
which is fantastic.
Speaker 2 (05:39):
That's what we like to hear. That's great.
Speaker 3 (05:41):
Give us the thirty second definition of the Missing Middle
for those who may have not heard of it.
Speaker 5 (05:47):
Yeahs.
Speaker 9 (05:48):
Missing Nele provides really the kind of dwelling options that
we haven't seen in the market for a long time.
We've moved away from being able to sort of redevelop
and look at you know, staying in the older suburbs,
your typical three bedroom, four bedroom style.
Speaker 7 (06:05):
Dwellings, that's not an apartment that's.
Speaker 9 (06:07):
Not in greenfields and really just opens up and unlocks
a few more opportunities for a lot of different age
groups as well, young families right up to retirees.
Speaker 8 (06:16):
Okay, mate, what was the number one thing to come
out of the minister's presentation on Tuesday for you?
Speaker 9 (06:23):
Look, I think for me it was probably two points.
Cam It was firstly the fact that he's identified and
Government's identified that this is there is a missing segment
of offering to the market. There really is for our community,
not a great level of choice there. But I think
secondly was the importance that the industry such as MBA
and its members playing trying to really consult and help
(06:46):
guide government in what will become hopefully a very good outcome.
Speaker 3 (06:50):
Okay, and if you are Frank, we love asking this question.
If you were a minister for a day, what's the
first thing you would do to improve the construction of
missing middle properties?
Speaker 9 (07:01):
Once again, probably two things. Firstly, I'd look back in
time and say what did.
Speaker 7 (07:04):
We do really well out of the past.
Speaker 9 (07:06):
Twenty thirty forty years and try and mimic that bring
some of the old ways of approvals back through to
streamline it and really fundamentally start with a solution based approach,
which for me, you know, is what are the KPIs,
what are the things that we want to achieve, who
are we trying to target, and let's actually work backwards
(07:27):
to make sure that we achieve those by a particular date.
Speaker 8 (07:31):
Speaking to some of the NBA members following the presentation
and in the days after it, Frank what was everyone's
sort of take on the presentation?
Speaker 5 (07:39):
Were they happy with what they heard?
Speaker 7 (07:41):
Look, I think generally they are.
Speaker 9 (07:43):
It's great to be in a situation where we're looking
to change and better the community. I think everyone sees
and identifies that over the last fifteen years there's been
a drastic change in sort of the way that we've
developed the capital. It's good to go back and have
that mixture and look at that.
Speaker 7 (08:03):
And so I think generally.
Speaker 9 (08:04):
People, the pro people I spoke to were very happy.
They want to make sure and see that there's more
industry consultation because obviously, you know, between our members there's
over a thousand who build thousands of properties and do
all the sibols and infrastructure and commercial in Canberra. They
can probably best place to help guide some really good outcomes.
Speaker 3 (08:25):
Okay, and Frank, the NBA is celebrating one hundred years
of existence, which is fantastic. Why is an organization like
the NBA is so important to the Canbra community.
Speaker 9 (08:36):
Look, I think that's pretty pretty easy for me.
Speaker 7 (08:38):
It's we are community.
Speaker 9 (08:41):
I'm second generation builder, born and bred here.
Speaker 7 (08:45):
That goes a long way. With a lot of the members.
Speaker 9 (08:47):
That we have, I think we deliver and we think
about what community needs on the basis of you know,
not just housing, not just civil projects and instruction types.
But then we also get involved in things that are
really community based. So if we think back to the
Canberra bush fires, it was NBA members who were doing
(09:10):
their bit for the community in helping protect homes with
water tankers, with creators, with bulldozers and alike. So it's
really the community aspect for me that really means a lot.
Speaker 8 (09:21):
Yeah, yeah, And there's normal more to be said about
the one hundred years of the NBA in the Act
as well, a lot lot more, and between now and
the end of the year we will certainly be speaking
about it. I know you've got celebrations coming up very
very soon as well, So congratulations to you.
Speaker 5 (09:39):
It's a great story.
Speaker 8 (09:40):
If you go away and read the story behind the NBA,
that's incredible as well.
Speaker 5 (09:45):
So mat, thank you so much.
Speaker 8 (09:46):
I went along to that event at the Press Club
on Tuesday as well. Very very interesting to sit there
on the sidelines and just watch reactions and watch the
minister speak and then look at the people in the
audience and see their body tone and or their body
language and their and then the tone of conversations afterwards.
So thank you for having me. This is the way
that we know this is on. And congratulations for putting
(10:07):
that event on.
Speaker 5 (10:09):
Thank you guys.
Speaker 7 (10:09):
Very proud to be associated with it all. And prayer cam.
Speaker 3 (10:12):
Baron absolutely all right, Frank, well, thank you so much,
and all the best for the rest of the kids
sport whatever it.
Speaker 9 (10:17):
Is home Mabe I just started, Raymie actually excellent.
Speaker 5 (10:21):
That's exactly what you need, Friting Action. Thank you guys,
Thanks a lot.
Speaker 2 (10:26):
Frank Corrector, Thank you.
Speaker 3 (10:28):
Frank Corrector, who's president of Master Builders Act and director
at Benchmark Projects.
Speaker 2 (10:32):
Cam Or.
Speaker 3 (10:33):
I can well, we just want to give people heads
up about an event happening in Bungandor next weekend. So Saturday,
the twenty third of August, which is called Meet the Makers,
and so without us, without further ado, let's find out
what that is all about and say good morning to
Ava Merriman sales consultant Ray White, Bungandoor.
Speaker 2 (10:50):
Ava, good morning, good morning, Thank you so much for
having us. Yeah, thanks for coming on. Look, tell us
what have you got planned for next Saturday?
Speaker 9 (10:58):
Yeah?
Speaker 4 (10:58):
Next Saturday, Group Residential and Rewhite Bugandor are hosting an
event called Meet the Makers. It's an open day to
showcase the brand new building via Group one Residential, which
has as the house and land package achieved the highest
sales price in elm Grover State so far. That will
be a great opportunity for the community to see a
project like this before the excited new owners movee in
in a few weeks, as well as meeting the people
(11:20):
behind a build like.
Speaker 8 (11:21):
This one amazing and who are some of the people
that you're going to have there?
Speaker 5 (11:26):
Like, what can people expect when they come along?
Speaker 4 (11:29):
Yes, Well, we're hoping to see a great turnout of
future residents and Bugandoor locals that we're interested specifically in
the Elmgrove state, but in Bugandoor as a whole as well.
We'll be hosting the team who put the home together,
so you'll have the opportunity to meet the builder, the
trades and the professional services like brokers and conveyances who
work together to put a project like this together.
Speaker 8 (11:50):
Okay, And so we know lots of people who work
in Camera live in Bugandor they make the trip in.
What's it like for you to, you know, find people
places to live and bring them into the community.
Speaker 5 (12:04):
That must be pretty special.
Speaker 4 (12:06):
Yeah, so amazing. I've been lucky enough to grow up
in the Bungandor area myself, and it's so wonderful meeting
families who are taking a step out of Canberra and
moving to Bangyandor. Most of our residents or many of
our residents commute into Canberra all the time, and it's
so wonderful seeing people accessing the services, the schools and
the work opportunities in Canberra while getting to really enjoy
(12:27):
the community aspects that Bugandoor has to offer.
Speaker 2 (12:29):
Yeah, for sure.
Speaker 3 (12:30):
I've got some family who live in Bugandor through the
in laws, and they just love it out there.
Speaker 2 (12:34):
We love going to visit, that's for sure. Ava. Why
is an event like this important in a town like Bungandor.
Speaker 4 (12:40):
Yeah, I guess as we've spoken about like Bugandor a
beautiful place to live. In fact, just recently it was
recognized as the top tourist town in the canber region,
which is so exciting. This event will be an opportunity
for current and future locals to network, to ask questions,
and also to have an inside scoop into what our
town's development might look like moving forward for the next
few years. And we'll be showcasing two Witten Rise from
(13:02):
one thirty to three thirty pm. There's lots of street parking,
there's going to be some snacks provided, and we'll have
lots of information available on the day.
Speaker 2 (13:10):
Perfect and so can people just rock up? What time
do they come?
Speaker 4 (13:13):
Absolutely so. We'll be opening the doors from one thirty pm.
Rfvps are appreciated, but they're not required. We'll have plenty
of information for people who would like to learn more
about Elmgrove, like to talk about building, or even talk
about Bungador in general.
Speaker 2 (13:28):
Absolutely all right, Aver, well, that's excellent.
Speaker 3 (13:30):
People should definitely register their interest to come along next Saturday.
Speaker 2 (13:33):
Thank you so much for your time this morning.
Speaker 4 (13:35):
No Bob, thanks guys, have a great day you too.
Speaker 2 (13:38):
Cheers.
Speaker 3 (13:38):
That's a Ava Merriman, sales consultant at Ray White in Bundador.
Speaker 8 (13:42):
Well, those are the interviews we most enjoyed in last
week's Mix one O six point three real Estate Show.
If you love hearing about the latest trends, or you're
just up for sticky beek, be sure to drop by
for a listen this Saturday between nine and ten Keim
and
Speaker 1 (13:55):
Renee's Real Estate Show on Mix one oh six point
three