October 23, 2024 • 33 mins
Curious about which suburbs in Australia are thriving and why? Join us on The Finance Show with Joe as we explore the incredible growth of areas like Gables and Lismore in New South Wales, where family-friendly environments and innovative social housing initiatives have sparked impressive property value increases. We break down the factors making these suburbs attractive, from desirable schools to resilient rental markets, even in the face of natural challenges like flooding.
Despite the downturn in Melbourne, the Victorian capital still has property hotspots, where a buyer's market is flourishing despite legislative hurdles.
We explore everything from cyclical market patterns to the political ideologies shaping economic climates.
Follow us for more property news and mortgage advice!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
So what are the top performing suburbs across
Australia?
Tune into this episode so youcan find out which suburbs
actually ranked best, with a fewsurprises in between.
Speaker 2 (00:15):
Welcome to the Finance Show with Joe.
He's Joe, I'm Jess, I'm Shmo.
We're going to be talking aboutthe top performing suburbs in
the last 12 months in each state, which is funny because
recently I think it wassomething like two thirds of all
suburbs in Sydney not even inSydney in Australia are
declining in value, but thathasn't stopped others from
absolutely booming.
Let's start with New SouthWales, our home, because it's
(00:38):
simply familiar to us.
Speaker 1 (00:40):
Guess who's back?
Sydney's back, tell two friends, but no more than that.
No, sydney's back.
Speaker 2 (00:44):
Tell two friends, but no more than that.
No, sydney's booming like crazy.
It is Particular suburbs.
Speaker 1 (00:50):
Yeah.
Speaker 2 (00:50):
And for particular reasons.
Speaker 1 (00:52):
So at the moment, we've got Gables, yeah, which
has 33% growth, we've gotLismore at 23.1% growth, yeah,
and then Chester Hill at 22.4%growth.
Speaker 2 (01:03):
The gun capital of Sydney.
Speaker 1 (01:05):
Okay, explain that one for a second.
Speaker 2 (01:07):
I have no explanation .
It was just a thing I saw onthe Wikipedia page.
I don't know why that'shappening, but it is a thing.
These are registered guns aswell.
Speaker 1 (01:15):
So, as mentioned, top three suburbs in Australia
Gables Sorry, not in AustraliaTop three suburbs currently in
Sydney In.
Speaker 2 (01:20):
This is for houses.
Speaker 1 (01:21):
Okay for houses, gables, lismore.
So Gables at one, lismore attwo, chester Hill at three.
Yeah, okay Now.
Speaker 2 (01:30):
Gables.
Where is that?
So?
Gables is actually where myparents used to live.
It's up in the hills.
It's one of those plannedsuburbs, okay, and allegedly it
is so good that it's setting thestandard for other planned
suburbs.
So, is it like near Rouse Hill?
Yeah, it seems to be up in andaround Rouse Hill, Kellyville,
that sort of stuff.
Speaker 1 (01:50):
Why has this suburb in particular been outperforming
the rest of the hills, Like?
Why is this one, you know, atthe 33%?
Is it because of the townplanning?
Is it because of the dwellingsthat are going up?
Is everything brand new cableson the ground?
Speaker 2 (02:03):
Yeah, okay, so up is everything.
Brand new cables on the ground.
Yeah, okay, so it's.
It's because it's all newthat's, that's the big one.
It's family focused, so a bunchof new families are moving in
there there.
There's like 4 000 dwellingsthere, so there's like options
as well and the school is a bigdraw.
There's a private school there,the santa sofia catholic
college.
Okay, apparently that's highlydesirable okay as are most
schools in in the hills.
(02:23):
But that's a new one, thatisn't that, I assume costs less
than something like Oak Hill orsomething like that.
Speaker 1 (02:29):
And that suburb in itself like being in the hills
as well.
For some reason, sydney seemsto be sprawling more that way
than the southwest way.
Speaker 2 (02:38):
Yeah, I would assume, because the hills, frankly, a
lot of people are just movingthere for money, like they've
got money, there's money there.
And there's big, big lots ofland.
Like I said, I grew up in andaround there.
It's really nice, it's quiteidyllic.
It kind of looks like the Shirefrom Lord of the Rings in
certain areas, the lessdeveloped ones.
A lot of it now is like youknow how?
Like if you go southwest Sydneyand you go to one of those new
(03:00):
pop-up suburbs, the houses arelike really close together.
Yeah, that's not happening inGables you get like an actual
backyard as far as I'm aware.
So the zoning and how theproperties and stuff are built
out, they're really nice.
They are expensive.
This is not a budget suburb butit's doing very well.
Speaker 1 (03:17):
So you're seeing 33% growth on expensive suburbs as
well.
On the opposite end of that isLismore.
I don purpose as well.
On the opposite end of that islismore, so I don't know much
about lismore.
Uh, lismore has never beenconsidered like a you know,
super desirable, highly soughtafter area.
But 23.1 percent growth meansthere's some serious business
happening there up near theborder, queensland.
(03:39):
So, funnily enough, I don't knowanything about lismore, though
funnily enough, you mentionedlismore actually refinanced the
property there recently andclient had purchased for 300
grand and it is now worth like560, so that client's got like
70 growth.
Speaker 2 (03:53):
Obviously he bought it ages ago and you know it's
grown a long-term investment itwas a long-term investment.
Speaker 1 (03:57):
but this recent 23 boom we refinanced that at the
start of the year, yeah, so he'sprobably feeling the boom now
and the reason why Lismore isperforming so well is they
actually help with a lot ofsocial housing out that way.
So there's a lot of good rentalyield to be made from the
government.
You're seeing a lot of NDISproviders go out that way.
(04:19):
The rental yield there for thisparticular property I'm just
going to point it out hepurchased it originally for
$300,000.
It's worth $560,000.
He was getting $1,200 a week.
He was making an 11% rentalyield.
He originally purchased for$300,000.
So it's got 11% yield Now ifyou take the yield from what he
originally purchased.
(04:39):
So let's say he bought it for$300,000 originally and he was
making that $56,000 in rentalincome.
That's about 17%, 16% somewherearound that.
So he's done remarkably well.
That also surprised me, though,because they got hit with
floods a couple of years ago, ifyou remember.
So there is flood zoning andthat's what restricts the
postcode, so it does limitpeople from investing there.
(05:01):
But I want to talk about thethird one in particular.
Yeah, Chester Hill.
Chester Hill is booming likecrazy Now.
We spoke about it on the lastepisode of the day.
Yeah, we mentioned it, thereason Chester Hill is booming
so much is because of the newCDC laws that are out as part of
their council.
Essentially and I'm going tore-explain this for all of our
(05:22):
listeners If you purchase aproperty and you want to build
dwellings on it, you want to dotownhouses or duplexes or
anything like that, essentially,what happens is you have to
well, you used to just submit aDA get the development approval
and then you could startconstruction.
This was taking far too longand it leaves the door open for
NIMBYs and protests.
Speaker 2 (05:42):
Correct, because once you submit a development
application taking far too longand it leaves, it leaves the
door open for nimbies andprotests correct, because once
you submit a developmentapplication, what ends up
happening is all your buildingplans.
Speaker 1 (05:51):
Everything goes up online, it's all public.
It's all public and people havethe right to protest.
Okay, I don't like the heightlimit, I don't like this, I
don't like that oh, this isgoing to block my facade or I'm
not going to be able to seethose sorts of things and that's
why it's taking so long.
It could take 12 to 18 monthsto just get a da approved now,
especially because councildoesn't have enough employees
(06:11):
working and, you know, churningout and making sure that these
things are actually approved.
Speaker 2 (06:14):
So is that actually why things are taking a little
longer to get approved?
It's more like they're justunderstaffed like councils.
Speaker 1 (06:20):
Oh, yes, they're understaffed and councils are
lazy in general.
Speaker 2 (06:24):
Okay, yeah, we all know it.
I thought it was a bureaucracything, like just too much
paperwork type of thing.
Speaker 1 (06:29):
They've introduced a lot more paperwork.
Council workers have to do alot more paperwork and I've been
told by certain individualsthat have worked within council
that it's a 9.30 to 4 pm job.
Man, that'd be sweet Shut up to4 pm job, and that'd be sweet
shut up, um.
But if, essentially, if you,you finish up at 4 pm, yeah,
nobody works overtime.
(06:50):
And if you do work overtime,someone will pull you aside and
say, hey, making everyone elselook bad.
You can't be doing that anymore.
And because they've added theextra layers of paperwork and
all the bureaucracy and all theextra certificates that you need
to get a da approved.
That's why it's taking 12 to 18months, as opposed to a process
that used to take 6 to 9 monthsto get an approval right.
(07:11):
Cdc bypasses all of that.
So a CDC is a ComplyingDevelopment Certificate.
Essentially, if you adhere tothe rules of the council.
So let's say you've got landlot size of this big, you can
use a floor space ratio of 0.45%.
You have this much of a heightlimit.
You have this much of a setbackfrom the boundary.
(07:32):
You have this much frontage.
Each house needs to be thiswide you are then applicable to
go for a CDC and essentially youhave an approval in about eight
weeks and you'll be able tostart your construction
literally eight weeks afterlodgement.
So it's a much faster process.
And what happened in ChesterHill is they started to allow
duplexes to be a part of theirCDC.
People were seeing the lots ofland for $600,000, $700,000,
(07:56):
older houses, because if haveyou ever driven through Chester
Hill, yeah yeah, I catch a trainthrough it.
Okay, you got the oldweatherboard houses.
You know it was a very lowsocioeconomic area.
There was a lot of housingcommission there.
There was a lot of I'm tryingto frame this nicely Dero's.
Speaker 2 (08:14):
Look, it is what it is.
It just wasn't a very desirableplace in Sydney to live it
wasn't.
Speaker 1 (08:19):
But now, because of the CDC laws, essentially people
are looking, they go okay, it'sgot 16 meters of frontage, I
could buy that house.
I can get it for 1.2 mil.
I can go get a CDC.
It's a two-month wait.
I'm going to have the propertytenanted.
In that time I'm still going tobe able to cover my home loan
repayments and a little bit more.
Fantastic, I get my CDCapproved.
(08:41):
What happens after that?
I can go build the duplexes.
I can build the duplex One andtwo go up side by side.
Let's say each dwelling costsyou anywhere between $250,000 to
$300,000 to build.
All of a sudden you don't haveone dwelling.
That's worth $1.5 million afterconstruction and everything.
You've got two dwellings thatare now worth $1.5 million.
So essentially you might spend$1.8 million to get everything
(09:04):
off the ground, plus interestcosts.
Let's call it, let's round itoff.
Let's go to two mil.
Okay, if you sold each of thoseproperties for 1.5 mil each,
you're still making a milliondollars.
You're still making a 33%profit on your original
investment.
Speaker 2 (09:17):
Yeah, it's pretty great.
I mean it's, it's right thereyou know, the land is right
there.
It's what we were saying before.
The land is what's valuable.
It doesn't matter that there'sa weatherboard house.
Speaker 1 (09:24):
Sorry, correction, you're actually making a 50%
profit on what you did.
So because of that and becauseof the proximity to Bankstown,
punchbowl, greenacre,strathfield, the M5 is there,
george's Hall is right there.
You saw a lot of Lebanesepeople who are blue collar.
You saw a lot of Lebanesepeople who are blue collar.
You saw a lot of Iraqis.
(09:45):
You saw a lot of my people.
Speaker 2 (09:50):
I was going to ask you are the ones putting the?
Speaker 1 (09:51):
duplexes up the labs.
It's my nationality and they'reblue collar.
Speaker 2 (09:55):
They're tradies, they know how to build.
They have the constructionbusinesses on their own.
Speaker 1 (09:59):
That's what they know .
I guarantee you 80% of Lebanesemales are tradies of some-.
Speaker 2 (10:05):
Some description, yeah.
Speaker 1 (10:06):
In some capacity.
Essentially, what ends uphappening?
Okay, perfect, I can go buythis.
I do want to.
This is how I'm going to make amillion dollars in a year.
And they just kept buying andrecycling, buying and recycling.
So now, when you drive throughChester Hill, there's an auction
on every street every weekendand you're seeing these old
weatherboard properties.
You're seeing these old,non-complying properties selling
(10:29):
not because of the house that'son it, but because of the
potential.
Yeah, because they can see thevision they can see.
If I do this, I'm going to makea 50% return on my money.
I'm going to make a 60% return.
I'm going to be able to setmyself up for the future.
Speaker 2 (10:48):
And even if they're not selling to people who maybe
don't like outside of theCanterbury Bankstown area, it
doesn't really matter becauseit's desirable for those people
who live in that area and, likeyou said, people who live in
those areas are the ones thatare building this stuff and
seeing this opportunity.
So if you're close to the majorhubs of Bankstown, liverpool
and all that sort of stuff,you're close to family, you're
close to, obviously, a lot ofinfrastructure and stuff and
train stations.
Speaker 1 (11:08):
What's not to like and also still more desirable
than an apartment.
Speaker 2 (11:12):
Yeah, Speaking of apartments, the three leading
unit growths in New South Wales.
God, that was a good sentence.
Anyway, Linfield's the top ofthe list 33.7%.
Do you know what's going onwith Linfield?
Speaker 1 (11:22):
Jesus.
33.7% on a unit yeah, that'samazing.
And then we've got Queen Bayand East.
I don't know where that is.
Speaker 2 (11:30):
It is a country town 23.4%.
My guess I don't know what'sgoing on there Some country town
near the ACT.
Speaker 1 (11:36):
Okay, and the last one, we all know, elizabeth Bay.
That just sort of makes sense20.2%.
But that's still a huge growth,especially for apartments.
Now, the reason why we bringthat up is a lot of first home
buyers.
Their first purchase is usuallyan apartment.
Yeah, it's what's way moreaffordable.
It's more affordable.
It complies with all theschemes.
You know, the first homeguarantee, the first home
(11:57):
owner's grant.
You know, because they've gotcertain price brackets, you
can't go buy a house in NewSouth Wales and expect to be
able to get a step dutyexemptions and be able to apply
for the first time guarantee.
Speaker 2 (12:08):
You're just not going to be able to afford it.
You might even have a good job70 to 100K still nothing.
Speaker 1 (12:15):
But an apartment you can afford, yeah, it's
reasonable and you're more thanlikely still going to be
applicable for their schemes.
But the thing is withapartments is, once an apartment
is built, it's built.
You can't go make structuralrenovations.
You can't go install a pool.
You can't go and install asauna or another bedroom.
There's no extensions that youcould do to it.
The apartment's the apartment.
(12:35):
Yeah, got neighbors everythingso they don't grow as rapidly as
anything.
That's a freestanding home.
Speaker 2 (12:42):
No, I feel like the only reason they would grow is
if the suburb or location isdesirable.
Speaker 1 (12:48):
Well Elizabeth Bay.
Yeah, the suburb or location isdesirable, well Elizabeth Bay.
So that's what I kind of wantto bring up.
Elizabeth Bay not a lot ofdevelopment is happening that
way and, as we know, in Sydneyin particular, they're
restricting the amount of DAsthat are being worked on,
especially in those affluentareas.
Why?
Because people can't bebothered to listen to cranes or
they don't want the trafficstops.
Speaker 2 (13:06):
Again, a lot of it's a bit of NIMBYs as well, and
they want to preserve thecharacter of the sub.
There's a few different reasons, but I agree.
Yeah, you don't want to put upwith all that stuff.
Speaker 1 (13:15):
But that is exactly why 20.2%, like it's gone up,
it's spiked up.
So if you purchased anapartment there for $600,000
last year which was verypossible it's gone up to
$720,000.
Now people think to themselves,oh, my property's gone up in
value.
What does that mean?
That's usable equity.
So let's say I bought somethingfor 600K and then it's gone up
(13:36):
to $720,000.
That $120,000 gap that is moneythat I can potentially tap into
if I could service it and thenpurchase another investment, and
then purchase anotherinvestment.
Speaker 2 (13:48):
And so it goes.
Speaker 1 (13:49):
But that's how Australia is.
I've said it multiple times onthis podcast we're not a
tech-based country, we're not aservice-based country, we're a
property-based country.
Speaker 2 (13:56):
Oh, boy Real estate.
That is the big thing here.
Speaker 1 (14:00):
Do you know what?
When I've traveled and I'vespoken to Americans don't get it
, it depends where.
So I was in Michigan, detroit,detroit and my cousin was like
how much are you guys buyingproperties for?
I'm like they're about amillion dollars, yeah, I was
like what?
And he goes how much rentalincome are you making off them?
And I'm like about $800.
He's like how do you guys makemoney?
And I'm like what do you mean?
(14:21):
And he's like I'm buying thingshere for like $250k and I like
500 bucks.
Okay, still not making money.
It's actually pretty good.
Speaker 2 (14:29):
I was going to say that sounds good.
Yeah, no, no, no.
Speaker 1 (14:31):
The property doesn't grow.
Speaker 2 (14:33):
Yeah, it's not growing up in value, it's just
the rental income.
Speaker 1 (14:35):
So they're cash flow based apartments.
Yeah, oh, okay.
So I've bought this apartment,I laid down some capital and the
rental yield covers themortgage, and then I make a
certain percentage on top ofthat, and that's my growth.
Speaker 2 (14:47):
Yeah, okay, but it's not the property value.
Speaker 1 (14:50):
It's not the property value.
Yeah, that's the difference.
New York sparks up in value.
There's only so much New York,there's only so much California,
there's only so much Florida,miami, right, but there's a lot
of the middle bit.
The middle bit that you canfind properties in America, good
suburbs.
Speaker 2 (15:07):
Ridiculously cheap 400K.
Yeah, Ridiculous, which is whatlike 800 here.
Speaker 1 (15:12):
But they don't go up.
No, they don't grow in value.
So, explaining that toindividuals here, you can make
money faster and a lot of it anda lot of it, and the negative
gearing laws allow you to be aprofessional investor.
This country is actually set upfor you to succeed as a
property investor.
Speaker 2 (15:31):
I mean it's almost a slam dunk, obviously still to do
your research, but like ifyou're on the property ladder
and you're just smart with whatyou do.
Speaker 1 (15:39):
Yeah, let's go to the next state, victoria.
Speaker 2 (15:41):
This is an interesting one because there
was some growth, but it isnowhere near compared to what
Sydney was.
So top three for house pricegrowth leaders Ivano 17.3%,
diamond Creek 13.2% and thenCoburg North 12.8% In comparison
to Sydney's, which is alreadylike a lot of suburbs in Sydney
(16:03):
are going down, but 33% was thetop one in Sydney and it's only
17 in Victoriaoria victoriaactually has suburbs in
melbourne, melbourne, cbd.
Speaker 1 (16:13):
Oh yeah, okay, where it's cheaper to buy a property
than it is to rent one so Ithink I was.
I think I was looking at thestatistics.
It's the average mortgage inmelbourne north was like 2800,
and then the average rent forthat suburb was $3,000, which is
$200 more expensive.
(16:33):
So you're actually better offbuying a house if you have the
capacity to obviously inMelbourne North than compared to
renting.
Speaker 2 (16:42):
Yeah, I've heard that .
So both Diamond Creek andCoburg North.
The reason they've been seeingsuch strong growth is because of
first home buyers specifically.
They've been catering towardsthem.
Those areas are not actuallywell, they weren't highly
desirable, but because investorsare basically selling out of
Melbourne, it's great for buyersin Melbourne.
Speaker 1 (17:00):
But gentrification, you have to look at property
always in the short andlong-term gain that can be made.
Melbourne right now, everyone'ssaying the investors are
leaving the market.
Property is so cheap.
It's doom and gloom.
As someone that's bought andsold a lot of property in his
time, I'm looking at this andI'm like where are the bargains?
And everyone's like, oh, butyou're going to lose money.
(17:22):
Well, I'm going to lose apercent, 2%.
It's already at the bottom ofthe market.
I understand the investor sideof it.
You're a little bit wearyMelbourne, Victoria, those sorts
of areas.
It might not be a good idea foryou for your first investment,
because you're going to besitting there You're stressing
oh my gosh, why isn't this thingmaking money?
(17:42):
I'm going to give you theperfect example.
We had a client purchase lastyear in Perth.
We've spoken about thiscountless times.
Speaker 2 (17:48):
A million times.
Speaker 1 (17:49):
They purchased a dual key.
Okay, so they had a house andhad a granny flat Four bedroom
on the front, three bedroom onthe back, three car spots, three
bathrooms in the front one andI think it was two bathrooms in
the other.
They bought it for like 550K.
Okay, they bought it for 550and three months later he was
sitting there and he's goingit's a lemon.
Speaker 2 (18:14):
It hasn't made money.
All this kind of stuff.
One year later it is worth 1.1million dollars.
Speaker 1 (18:16):
I was gonna say that just sounds like it's gonna make
money, yeah, okay.
And he's like oh, yeah, thanks,thanks for organizing the
finance for that for us guys.
We really appreciate that andI'm like yeah, you just like,
you just made 550 000 okay, it'snot.
It's not in your back pocket.
If you do sell, you do have topay a 30% capital gains tax.
You do have to worry aboutthose things.
But if you decide to refinanceremortgage and then tap it to
(18:37):
other markets and such, that'swhere you're going to find the
advantage.
Now that property is worth $1.1million.
If he taps it to equity andbuys another property in Perth
worth $1.1 million, is thatgoing to grow by 100% again?
No, we're seeing interest ratescome down.
The market's going to be lesscompetitive over there and it's
going to be more competitive inareas like Sydney and Melbourne.
So what are we going to see?
(18:58):
Melbourne is cheap right now.
Melbourne is probably going togo on another run.
Speaker 2 (19:02):
Yeah, why wouldn't it ?
People want to live in.
Speaker 1 (19:04):
Melbourne.
They want to live there.
Speaker 2 (19:06):
Okay, and invest where people actually want to
live, it will go up, even ifit's not within the next three
years.
Speaker 1 (19:12):
Because people want to live there.
Exactly.
Okay you mentioned itpreviously with Gables and now
look at this.
Speaker 2 (19:17):
okay, so we're looking at Ivanhoe, diamond
Creek and Coburg North Coburg'snice okay, yeah, I don't know
anything about Melbourne, so Ican't work for it.
Speaker 1 (19:27):
I'm running the lead here, Okay, but Ivanhoe and
Diamond Creek if they'recatering to first-home buyers
and they're catering to earlyfamily, a lot of first-home
buyers because of the borrowingcapacity, a lot of first-home
buyers right now are actuallyearning high five figures, low
six figures.
They're earning good coin.
So you're going to get a lot ofaffluent, smart individuals,
Especially yuppies, except thekids.
Speaker 2 (19:48):
What's a yuppie?
Well, yuppie is like a youngprofessional right High salary,
low expenses, Kids and theirlingo, yuppies ain't old.
I learned what Riz was theother day.
Well, yeah, okay, that one'snewer, A yuppie.
I learned that in school inlike demographics.
Yeah, no, that's a bit of adifferent one.
(20:10):
But yeah.
Speaker 1 (20:10):
So, looking at these opportunities, there are parts
of Victoria that are doingreally well and then we've got
some units as well.
So the top three units,location for units in Victoria
over the last 12 months we'vegot Blackburn at 22.1%, box Hill
at 11.1% yes, they have a boxhill in Melbourne too and Surrey
Hills they have one of thosetoo at 11%, surrey Hills in
(20:31):
particular.
But each one of these they'veall seen significant overseas
interest since COVID.
Speaker 2 (20:39):
Yeah, a lot of skilled migrants are moving
towards there and going into theunits because I would assume
you know you've already spentthe significant amount to get to
Australia, establish yourselfin Australia.
You can't be spending over amillion dollars on a house.
Speaker 1 (20:50):
This is my favorite thing that you've added here
there's more sales thanpurchases by investors in
Melbourne.
Speaker 2 (20:55):
Yeah, they're fleeing essentially the analyst that I
drew this data from.
They believe that that'shappening because of unfavorable
investment taxation and changesto tenancy laws that are then
making this less attractive.
Basically, it means there'smore work involved and it's not
like the investors are likethere'll be no investors in
Melbourne.
(21:15):
That's not the case, of coursenot.
Speaker 1 (21:16):
No, I'm about to go buy a few of these things,
exactly, yeah exactly.
Speaker 2 (21:20):
It's just there, it's just a bit more effort.
Well, I mean, just get aproperty manager, you don't have
to worry, I went on my rant.
Speaker 1 (21:26):
The last episode.
Okay, we've got Queensland aswell, so the top performing
houses are in Kingston.
I know Kingston quite wellCallum Vale and Coongal.
So Kingston 29.2% growth,callum Vale 26.2% growth and
Coongal 26% growth.
I have literally been to Ottawa, canada, more times than I've
been to Queensland, so I can'tcomment too much on this.
(21:49):
All right, I don't know wherethese suburbs are, I don't know
how they're performing, wherethey're performing and stuff,
but I'm definitely going to lookinto each one of them because
they're doing quite fantastic.
It always seems like Queenslandhas different random pockets
that are beginning to boom.
Speaker 2 (22:02):
Yeah, these pockets are allegedly booming because
they are riverfront properties.
Already nice because you getwater views, brown views, but
whatever.
But there's that cross-riverrail project, so basically you
can cross the river easily viapublic transport instead of
buses and stuff like that.
So that's jumped these valuesup tremendously because now it's
(22:23):
not an isolated thing on theopposite side of the river.
Speaker 1 (22:26):
Then we've got for the units.
We've got Annerley at 31.3%,woodridge at 29.4% and Main
Beach 28.3%, and then we'restill seeing Southeast
Queensland land remain highlyvaluable, especially in suburbs
with older homes andgenerational wealth.
Yeah, it's pretty crazy.
It does make sense.
It's probably the coolest partof Queensland.
(22:47):
Not cool as in like oh no, no,like temperature cool
Temperature cool like southeastanything further north.
Speaker 2 (22:52):
It's also where most people are in Queensland.
Speaker 1 (22:54):
So South Australia has got some significant growth.
So for the houses, jesus fuckme All right.
So at number one we've gotDaverin Park at 37.9% growth,
mano Parra at 33.7% andElizabeth North at 31.3%.
Speaker 2 (23:11):
Big growth.
Big growth in South Australia,almost as big as Western
Australia.
We never talk about it.
Speaker 1 (23:17):
And then for units, we've got Mawson Lakes at 46.7%
and then Mount Gambier 48.8%.
So I have a feeling theseproperties are booming and I'm
probably right, because whoevercan't afford WA is now looking
at South Australia.
In Davenport Park, homes areavailable under $500,000 still.
(23:40):
So, as I mentioned previously,if you're earning 80K a year,
your maximum borrowing capacityis probably around that
500,00050,000 mark somewherearound there.
So properties at $500,000 aresuper affordable for you and
there's probably more buyers inthat market.
Speaker 2 (23:59):
Yeah.
Speaker 1 (23:59):
There's a lot more people earning an average salary
or the median salary, that's bydefinition by definition.
Then there is people earning thetop 1%.
Where does the top 1% live?
They live in the most affluentsuburbs in New South Wales.
They live in the most affluentsuburbs in Victoria, Queensland.
All the above, They've gottheir spots.
They've got their spots, buttheir homes are worth the $8
million to $10 million range,those sorts of things.
(24:20):
When you have properties thatare available under $500,000,
that means there's going to be alot more buyers in the market
because there's a lot morepeople at the media.
Speaker 2 (24:29):
Yeah, first-time buyers are the big reason these
prices are going up in SouthAustralia.
I would assume most of themwould be locals and stuff like
that.
It's the same thing with theunits.
The units are seeing massivegrowth, almost 50% growth in
South Australia.
Mawson Lakes 46.7%.
Mount Gambier 48.8%.
That's huge growth.
This has got to be first-timebuyers.
Speaker 1 (24:49):
It is, A lot of people do relocate to Adelaide.
There's a lot of work there.
Oh well, there you go.
It makes sense.
But another portion of it iswe're actually seeing some parts
of Northern Adelaide becomeunaffordable for people too.
Speaker 2 (24:59):
Yeah, yeah.
Speaker 1 (25:00):
So it's just actually fantastic for anyone that's
invested there before.
I actually helped a friend whenI first first started getting
into property.
This was 2015.
So nine years ago I am old hepurchased a property in the
Northern part of Adelaide for$300,000.
And that is now worth like 1.8mil.
Speaker 2 (25:19):
It's insane.
And we, you know, like we said,we've been talking about
Western Australia and Perth somuch.
Here we go and we're, we're, weare up to it, Okay, and the
Perth house prices are doingremarkably well.
Speaker 1 (25:31):
So Armadale's up 42.9%, yeah, camillo's up 41.7%,
and then Parmelia's up 39.7%.
This is for houses.
Speaker 2 (25:40):
Yes, this is for houses.
Speaker 1 (25:41):
For units.
We've got Gosnell's at 38.9%,Armadale again at 33.2% and then
Rockingham at 28.9%.
Speaker 2 (25:49):
What's going on in Armidale?
People really want to live inthere, regardless of what it is.
Speaker 1 (25:55):
It just seems like it's a booming area, so overall
prices have surged 23% in thelast year, driven by relative
affordability and constraintsupply.
Population growth and rentalavailability in Sydney and
Melbourne has driven people outof these cities and sent them to
WA.
Speaker 2 (26:09):
We've been talking about this for months.
This is exactly what's going on.
Speaker 1 (26:12):
Inner city areas have become unaffordable, so
developing areas like Armadaleare going up and lots of young
professionals with high salaries, so we've got some digital
nomads out there.
Speaker 2 (26:20):
I would assume so, or at least like professionals who
are looking to invest.
Speaker 1 (26:25):
It's going to start just being a little bit more
steady now with the growth andthen, once interest rates cut
start occurring, people aregoing to start investing locally
.
Speaker 2 (26:34):
Yeah, well, that'll make sense, unless I have a…
Unless everyone starts moving toAdelaide in South Australia.
No, no, and that's the next bigone, I think Darwin.
Speaker 1 (26:46):
It's too hot, too hot and too many sharks.
Sharks or crocodiles, what's upthere?
Both?
Speaker 2 (26:51):
Ah, I'm pretty sure it's both Michael Haldi, I am 28
.
Speaker 1 (26:56):
Okay, I'm 33, turning 34.
So I would have been 23.
I would have been 22 years oldwhen perth went on its last,
last run, oh, when, after itcollapsed, right?
No, this is before it collapsedso there was a massive mining
boom between 2011 to 2014, yeah,and what occurred was we had a
(27:18):
lot of individuals, we had a lotof fifo yeah, it in fly out in
WA and property was booming.
Yeah, okay, perth propertymarket, perth property market
China said we don't want anymore iron ore.
Speaker 2 (27:32):
Yeah, we got into a trade tiff with China.
Speaker 1 (27:35):
So iron ore at the time was priced at around $113
and then it crashed to like 56bucks, something like that.
Speaker 2 (27:42):
So like over half its value.
Speaker 1 (27:44):
So we saw a lot of the FIFO workers the fly in, fly
out lose their jobs and becauseof that, rental demand started
to decrease, and that's bad newsfor investors.
We saw individuals when I firstgot into banking, so this is
three years after the propertystarted to crash.
We saw $2 million mortgages onproperties that were now worth
(28:04):
$500,000.
Jesus.
So we saw properties thatdeclined that heavily in value
because they didn't have enoughbuyers there.
They didn't have enough peopleactually wanting to live in
Perth.
It was all dependent on theinvestment market.
Speaker 2 (28:19):
And now you're suggesting that things are
different now.
Speaker 1 (28:22):
I've mentioned it many times.
They've invested in sporting,they've invested in the city,
they've invested ininfrastructure.
They've got luxury boutiques inPerth now.
Speaker 2 (28:31):
I've heard that you get all the benefits.
I've heard about Perth, thatyou get all the benefits of
living in a major city, but it'squieter, it's a bit more
relaxed, like Sydney.
At this point it's go, go, go.
Yeah, I imagine Melbourne's nottoo different.
Speaker 1 (28:47):
No, Melbourne, they're a little bit more
kickbacked.
Speaker 2 (28:49):
But you know what I mean.
Like it's still like go, yeah,yeah.
Like it's a major city, there'sa lot of people, there's a lot
of noise, whereas Perth isn'tlike that.
There it's quite good thequality of life is what I'm
trying to say.
Speaker 1 (29:03):
If you remember, when Manny was on this episode, we
keep referencing all the olderguests, but when Manny was on
here he even mentioned it.
He goes they're trying toinvest in the unoccupied market.
Speaker 2 (29:12):
Yeah, they limit investors, right they?
Speaker 1 (29:14):
don't want people coming in short-term rentals.
They don't want the market tocrash again, because we saw a
lot of bankruptcy, we saw a lotof people get into trouble.
Speaker 2 (29:24):
Well, 2 million to 500,000, that tells you
everything.
Yeah, no, no, that was a very,very strange situation.
Speaker 1 (29:31):
That's insane.
But they've invested insporting, they've invested in
all these things, and China isalso investing in Perth as a
tourist destination.
Now.
Speaker 2 (29:39):
Yeah, same time zone, because we're not currently
fighting a trade war with Chinaright now.
They lifted all the tariffs,including on the wine.
Speaker 1 (29:47):
So there you go, yeah , so we've got a lot of freedom
In saying that, though I don'tthink it'll crash, but I do
agree, it'll steady off now,it'll grow.
It'll steady off, it'll grow,it's just not going to grow 45%
every year.
Speaker 2 (30:02):
It'll steady off, it'll grow.
It's just not going to grow 45%every year.
No, it's not going to be crazygrowth.
It'll be far more sustainablegrowth, sustainable.
Speaker 1 (30:07):
But that also all depends on if they do start
cutting the interest rates.
Speaker 2 (30:16):
Yeah, look, people seem very confident that
interest rates are set to tipvery soon.
Like the specific when no onequite knows, it's either as
early as next month or as lateas the beginning of next year.
Speaker 1 (30:24):
Please, God be soon.
Speaker 2 (30:26):
Well, you were saying on the last episode that you
reckon they'll drop the rates intime for Christmas, so people
have actual money to spend forChristmas, because that again
contributes to the economy.
Speaker 1 (30:35):
There's an election coming up.
Speaker 2 (30:36):
There's an election coming up.
How's inflation doing?
Is that under control?
Speaker 1 (30:40):
That'll be the big thing.
So inflation is down to 2.7%.
Speaker 2 (30:44):
It has to be like 2.5 or something to be sustainable.
Is that what the goal is.
Speaker 1 (30:48):
The issue is inflation.
All these statistics lag yeah,okay.
So consumer confidence, peoplespending, it's not high, right?
Speaker 2 (30:56):
now.
No, it's way low.
Speaker 1 (30:58):
A lot of the inflation is because of imported
things, household things,electricity, groceries, bloody
Colesworth out there jacking upthe prices for everything.
In saying that, though, thingsare still not quite where they
were, and I'm not going to saypre-COVID, I'm going to say like
pre-2016.
Yeah, yeah, okay, pre-covid.
(31:19):
We had a lot of back and forthbetween Liberal and Labour.
Everyone thought Labour wasgoing to win, so people weren't-
.
Speaker 2 (31:26):
Oh, this is like the Bill Shorten election, yeah, and
people weren't overly excitedabout the economy.
Speaker 1 (31:30):
They weren't investing in it.
Scomo got back in somehow Likeit was a literal no.
Speaker 2 (31:35):
No, because he wasn't the Prime Minister, because he
got-.
Scomo jumped in like a couplemonths before the election and
everyone's like I don't reallyknow who he is, but we're gonna
vote for him anyway no, no, thatwas long before that scum scum
was around for a while no, Iknow he was around, but he
wasn't the prime minister and hewasn't up for election until
that election and.
But he wasn't and he didn'tbecome prime minister only until
, like, yeah, like six monthsbefore the actual election I
(31:55):
want everybody to fact checkmichael.
I'm 100 sure he's wrong okay butanyways, what year was this
election?
Speaker 1 (32:01):
2019, 2018 I'm pretty sure it was a 20 2019 election.
Because of all that, that wedidn't get a really good run and
understand whether we couldn'tpredict the market.
We couldn't predict the economy.
You know, because if laborcomes in as we know labor
they're left-leaning, they're alittle bit more based on
socialism.
They spend a lot more money, aswe've seen.
(32:21):
Um, they don't focus so much onbig business.
They focus more on unemployedbenefits and those sorts of
things.
So it's two very, verydifferent ideologies between the
political parties.
And so, when it comes toinflation, we haven't really
seen people be confident in themarket in a long, long time.
It was like Harambe got shotand everything changed in the
world.
Like that was it.
(32:42):
Look, we know this.
Speaker 2 (32:45):
This is fact, all right.
Speaker 1 (32:47):
I want to thank you all for listening to this
episode of the Finance Show withJoe.
What do you think about the topperforming suburbs all across
Australia?
Let us know your thoughts inthe comments below.
As always, I'm Joe, that's, I'mShmo.
If you need any assistance withyour finance, hit us up at
wwwitsimplecomau.
Speaker 2 (33:05):
PS, I was right about the election, were you actually
?
So what are the top performing suburbs across
Australia?
Tune into this episode so youcan find out which suburbs
actually ranked best, with a fewsurprises in between.
Speaker 2 (00:15):
Welcome to the Finance Show with Joe.
He's Joe, I'm Jess, I'm Shmo.
We're going to be talking aboutthe top performing suburbs in
the last 12 months in each state, which is funny because
recently I think it wassomething like two thirds of all
suburbs in Sydney not even inSydney in Australia are
declining in value, but thathasn't stopped others from
absolutely booming.
Let's start with New SouthWales, our home, because it's
(00:38):
simply familiar to us.
Speaker 1 (00:40):
Guess who's back?
Sydney's back, tell two friends, but no more than that.
No, sydney's back.
Speaker 2 (00:44):
Tell two friends, but no more than that.
No, sydney's booming like crazy.
It is Particular suburbs.
Speaker 1 (00:50):
Yeah.
Speaker 2 (00:50):
And for particular reasons.
Speaker 1 (00:52):
So at the moment, we've got Gables, yeah, which
has 33% growth, we've gotLismore at 23.1% growth, yeah,
and then Chester Hill at 22.4%growth.
Speaker 2 (01:03):
The gun capital of Sydney.
Speaker 1 (01:05):
Okay, explain that one for a second.
Speaker 2 (01:07):
I have no explanation .
It was just a thing I saw onthe Wikipedia page.
I don't know why that'shappening, but it is a thing.
These are registered guns aswell.
Speaker 1 (01:15):
So, as mentioned, top three suburbs in Australia
Gables Sorry, not in AustraliaTop three suburbs currently in
Sydney In.
Speaker 2 (01:20):
This is for houses.
Speaker 1 (01:21):
Okay for houses, gables, lismore.
So Gables at one, lismore attwo, chester Hill at three.
Yeah, okay Now.
Speaker 2 (01:30):
Gables.
Where is that?
So?
Gables is actually where myparents used to live.
It's up in the hills.
It's one of those plannedsuburbs, okay, and allegedly it
is so good that it's setting thestandard for other planned
suburbs.
So, is it like near Rouse Hill?
Yeah, it seems to be up in andaround Rouse Hill, Kellyville,
that sort of stuff.
Speaker 1 (01:50):
Why has this suburb in particular been outperforming
the rest of the hills, Like?
Why is this one, you know, atthe 33%?
Is it because of the townplanning?
Is it because of the dwellingsthat are going up?
Is everything brand new cableson the ground?
Speaker 2 (02:03):
Yeah, okay, so up is everything.
Brand new cables on the ground.
Yeah, okay, so it's.
It's because it's all newthat's, that's the big one.
It's family focused, so a bunchof new families are moving in
there there.
There's like 4 000 dwellingsthere, so there's like options
as well and the school is a bigdraw.
There's a private school there,the santa sofia catholic
college.
Okay, apparently that's highlydesirable okay as are most
schools in in the hills.
(02:23):
But that's a new one, thatisn't that, I assume costs less
than something like Oak Hill orsomething like that.
Speaker 1 (02:29):
And that suburb in itself like being in the hills
as well.
For some reason, sydney seemsto be sprawling more that way
than the southwest way.
Speaker 2 (02:38):
Yeah, I would assume, because the hills, frankly, a
lot of people are just movingthere for money, like they've
got money, there's money there.
And there's big, big lots ofland.
Like I said, I grew up in andaround there.
It's really nice, it's quiteidyllic.
It kind of looks like the Shirefrom Lord of the Rings in
certain areas, the lessdeveloped ones.
A lot of it now is like youknow how?
Like if you go southwest Sydneyand you go to one of those new
(03:00):
pop-up suburbs, the houses arelike really close together.
Yeah, that's not happening inGables you get like an actual
backyard as far as I'm aware.
So the zoning and how theproperties and stuff are built
out, they're really nice.
They are expensive.
This is not a budget suburb butit's doing very well.
Speaker 1 (03:17):
So you're seeing 33% growth on expensive suburbs as
well.
On the opposite end of that isLismore.
I don purpose as well.
On the opposite end of that islismore, so I don't know much
about lismore.
Uh, lismore has never beenconsidered like a you know,
super desirable, highly soughtafter area.
But 23.1 percent growth meansthere's some serious business
happening there up near theborder, queensland.
(03:39):
So, funnily enough, I don't knowanything about lismore, though
funnily enough, you mentionedlismore actually refinanced the
property there recently andclient had purchased for 300
grand and it is now worth like560, so that client's got like
70 growth.
Speaker 2 (03:53):
Obviously he bought it ages ago and you know it's
grown a long-term investment itwas a long-term investment.
Speaker 1 (03:57):
but this recent 23 boom we refinanced that at the
start of the year, yeah, so he'sprobably feeling the boom now
and the reason why Lismore isperforming so well is they
actually help with a lot ofsocial housing out that way.
So there's a lot of good rentalyield to be made from the
government.
You're seeing a lot of NDISproviders go out that way.
(04:19):
The rental yield there for thisparticular property I'm just
going to point it out hepurchased it originally for
$300,000.
It's worth $560,000.
He was getting $1,200 a week.
He was making an 11% rentalyield.
He originally purchased for$300,000.
So it's got 11% yield Now ifyou take the yield from what he
originally purchased.
(04:39):
So let's say he bought it for$300,000 originally and he was
making that $56,000 in rentalincome.
That's about 17%, 16% somewherearound that.
So he's done remarkably well.
That also surprised me, though,because they got hit with
floods a couple of years ago, ifyou remember.
So there is flood zoning andthat's what restricts the
postcode, so it does limitpeople from investing there.
(05:01):
But I want to talk about thethird one in particular.
Yeah, Chester Hill.
Chester Hill is booming likecrazy Now.
We spoke about it on the lastepisode of the day.
Yeah, we mentioned it, thereason Chester Hill is booming
so much is because of the newCDC laws that are out as part of
their council.
Essentially and I'm going tore-explain this for all of our
(05:22):
listeners If you purchase aproperty and you want to build
dwellings on it, you want to dotownhouses or duplexes or
anything like that, essentially,what happens is you have to
well, you used to just submit aDA get the development approval
and then you could startconstruction.
This was taking far too longand it leaves the door open for
NIMBYs and protests.
Speaker 2 (05:42):
Correct, because once you submit a development
application taking far too longand it leaves, it leaves the
door open for nimbies andprotests correct, because once
you submit a developmentapplication, what ends up
happening is all your buildingplans.
Speaker 1 (05:51):
Everything goes up online, it's all public.
It's all public and people havethe right to protest.
Okay, I don't like the heightlimit, I don't like this, I
don't like that oh, this isgoing to block my facade or I'm
not going to be able to seethose sorts of things and that's
why it's taking so long.
It could take 12 to 18 monthsto just get a da approved now,
especially because councildoesn't have enough employees
(06:11):
working and, you know, churningout and making sure that these
things are actually approved.
Speaker 2 (06:14):
So is that actually why things are taking a little
longer to get approved?
It's more like they're justunderstaffed like councils.
Speaker 1 (06:20):
Oh, yes, they're understaffed and councils are
lazy in general.
Speaker 2 (06:24):
Okay, yeah, we all know it.
I thought it was a bureaucracything, like just too much
paperwork type of thing.
Speaker 1 (06:29):
They've introduced a lot more paperwork.
Council workers have to do alot more paperwork and I've been
told by certain individualsthat have worked within council
that it's a 9.30 to 4 pm job.
Man, that'd be sweet Shut up to4 pm job, and that'd be sweet
shut up, um.
But if, essentially, if you,you finish up at 4 pm, yeah,
nobody works overtime.
(06:50):
And if you do work overtime,someone will pull you aside and
say, hey, making everyone elselook bad.
You can't be doing that anymore.
And because they've added theextra layers of paperwork and
all the bureaucracy and all theextra certificates that you need
to get a da approved.
That's why it's taking 12 to 18months, as opposed to a process
that used to take 6 to 9 monthsto get an approval right.
(07:11):
Cdc bypasses all of that.
So a CDC is a ComplyingDevelopment Certificate.
Essentially, if you adhere tothe rules of the council.
So let's say you've got landlot size of this big, you can
use a floor space ratio of 0.45%.
You have this much of a heightlimit.
You have this much of a setbackfrom the boundary.
(07:32):
You have this much frontage.
Each house needs to be thiswide you are then applicable to
go for a CDC and essentially youhave an approval in about eight
weeks and you'll be able tostart your construction
literally eight weeks afterlodgement.
So it's a much faster process.
And what happened in ChesterHill is they started to allow
duplexes to be a part of theirCDC.
People were seeing the lots ofland for $600,000, $700,000,
(07:56):
older houses, because if haveyou ever driven through Chester
Hill, yeah yeah, I catch a trainthrough it.
Okay, you got the oldweatherboard houses.
You know it was a very lowsocioeconomic area.
There was a lot of housingcommission there.
There was a lot of I'm tryingto frame this nicely Dero's.
Speaker 2 (08:14):
Look, it is what it is.
It just wasn't a very desirableplace in Sydney to live it
wasn't.
Speaker 1 (08:19):
But now, because of the CDC laws, essentially people
are looking, they go okay, it'sgot 16 meters of frontage, I
could buy that house.
I can get it for 1.2 mil.
I can go get a CDC.
It's a two-month wait.
I'm going to have the propertytenanted.
In that time I'm still going tobe able to cover my home loan
repayments and a little bit more.
Fantastic, I get my CDCapproved.
(08:41):
What happens after that?
I can go build the duplexes.
I can build the duplex One andtwo go up side by side.
Let's say each dwelling costsyou anywhere between $250,000 to
$300,000 to build.
All of a sudden you don't haveone dwelling.
That's worth $1.5 million afterconstruction and everything.
You've got two dwellings thatare now worth $1.5 million.
So essentially you might spend$1.8 million to get everything
(09:04):
off the ground, plus interestcosts.
Let's call it, let's round itoff.
Let's go to two mil.
Okay, if you sold each of thoseproperties for 1.5 mil each,
you're still making a milliondollars.
You're still making a 33%profit on your original
investment.
Speaker 2 (09:17):
Yeah, it's pretty great.
I mean it's, it's right thereyou know, the land is right
there.
It's what we were saying before.
The land is what's valuable.
It doesn't matter that there'sa weatherboard house.
Speaker 1 (09:24):
Sorry, correction, you're actually making a 50%
profit on what you did.
So because of that and becauseof the proximity to Bankstown,
punchbowl, greenacre,strathfield, the M5 is there,
george's Hall is right there.
You saw a lot of Lebanesepeople who are blue collar.
You saw a lot of Lebanesepeople who are blue collar.
You saw a lot of Iraqis.
(09:45):
You saw a lot of my people.
Speaker 2 (09:50):
I was going to ask you are the ones putting the?
Speaker 1 (09:51):
duplexes up the labs.
It's my nationality and they'reblue collar.
Speaker 2 (09:55):
They're tradies, they know how to build.
They have the constructionbusinesses on their own.
Speaker 1 (09:59):
That's what they know .
I guarantee you 80% of Lebanesemales are tradies of some-.
Speaker 2 (10:05):
Some description, yeah.
Speaker 1 (10:06):
In some capacity.
Essentially, what ends uphappening?
Okay, perfect, I can go buythis.
I do want to.
This is how I'm going to make amillion dollars in a year.
And they just kept buying andrecycling, buying and recycling.
So now, when you drive throughChester Hill, there's an auction
on every street every weekendand you're seeing these old
weatherboard properties.
You're seeing these old,non-complying properties selling
(10:29):
not because of the house that'son it, but because of the
potential.
Yeah, because they can see thevision they can see.
If I do this, I'm going to makea 50% return on my money.
I'm going to make a 60% return.
I'm going to be able to setmyself up for the future.
Speaker 2 (10:48):
And even if they're not selling to people who maybe
don't like outside of theCanterbury Bankstown area, it
doesn't really matter becauseit's desirable for those people
who live in that area and, likeyou said, people who live in
those areas are the ones thatare building this stuff and
seeing this opportunity.
So if you're close to the majorhubs of Bankstown, liverpool
and all that sort of stuff,you're close to family, you're
close to, obviously, a lot ofinfrastructure and stuff and
train stations.
Speaker 1 (11:08):
What's not to like and also still more desirable
than an apartment.
Speaker 2 (11:12):
Yeah, Speaking of apartments, the three leading
unit growths in New South Wales.
God, that was a good sentence.
Anyway, Linfield's the top ofthe list 33.7%.
Do you know what's going onwith Linfield?
Speaker 1 (11:22):
Jesus.
33.7% on a unit yeah, that'samazing.
And then we've got Queen Bayand East.
I don't know where that is.
Speaker 2 (11:30):
It is a country town 23.4%.
My guess I don't know what'sgoing on there Some country town
near the ACT.
Speaker 1 (11:36):
Okay, and the last one, we all know, elizabeth Bay.
That just sort of makes sense20.2%.
But that's still a huge growth,especially for apartments.
Now, the reason why we bringthat up is a lot of first home
buyers.
Their first purchase is usuallyan apartment.
Yeah, it's what's way moreaffordable.
It's more affordable.
It complies with all theschemes.
You know, the first homeguarantee, the first home
(11:57):
owner's grant.
You know, because they've gotcertain price brackets, you
can't go buy a house in NewSouth Wales and expect to be
able to get a step dutyexemptions and be able to apply
for the first time guarantee.
Speaker 2 (12:08):
You're just not going to be able to afford it.
You might even have a good job70 to 100K still nothing.
Speaker 1 (12:15):
But an apartment you can afford, yeah, it's
reasonable and you're more thanlikely still going to be
applicable for their schemes.
But the thing is withapartments is, once an apartment
is built, it's built.
You can't go make structuralrenovations.
You can't go install a pool.
You can't go and install asauna or another bedroom.
There's no extensions that youcould do to it.
The apartment's the apartment.
(12:35):
Yeah, got neighbors everythingso they don't grow as rapidly as
anything.
That's a freestanding home.
Speaker 2 (12:42):
No, I feel like the only reason they would grow is
if the suburb or location isdesirable.
Speaker 1 (12:48):
Well Elizabeth Bay.
Yeah, the suburb or location isdesirable, well Elizabeth Bay.
So that's what I kind of wantto bring up.
Elizabeth Bay not a lot ofdevelopment is happening that
way and, as we know, in Sydneyin particular, they're
restricting the amount of DAsthat are being worked on,
especially in those affluentareas.
Why?
Because people can't bebothered to listen to cranes or
they don't want the trafficstops.
Speaker 2 (13:06):
Again, a lot of it's a bit of NIMBYs as well, and
they want to preserve thecharacter of the sub.
There's a few different reasons, but I agree.
Yeah, you don't want to put upwith all that stuff.
Speaker 1 (13:15):
But that is exactly why 20.2%, like it's gone up,
it's spiked up.
So if you purchased anapartment there for $600,000
last year which was verypossible it's gone up to
$720,000.
Now people think to themselves,oh, my property's gone up in
value.
What does that mean?
That's usable equity.
So let's say I bought somethingfor 600K and then it's gone up
(13:36):
to $720,000.
That $120,000 gap that is moneythat I can potentially tap into
if I could service it and thenpurchase another investment, and
then purchase anotherinvestment.
Speaker 2 (13:48):
And so it goes.
Speaker 1 (13:49):
But that's how Australia is.
I've said it multiple times onthis podcast we're not a
tech-based country, we're not aservice-based country, we're a
property-based country.
Speaker 2 (13:56):
Oh, boy Real estate.
That is the big thing here.
Speaker 1 (14:00):
Do you know what?
When I've traveled and I'vespoken to Americans don't get it
, it depends where.
So I was in Michigan, detroit,detroit and my cousin was like
how much are you guys buyingproperties for?
I'm like they're about amillion dollars, yeah, I was
like what?
And he goes how much rentalincome are you making off them?
And I'm like about $800.
He's like how do you guys makemoney?
And I'm like what do you mean?
(14:21):
And he's like I'm buying thingshere for like $250k and I like
500 bucks.
Okay, still not making money.
It's actually pretty good.
Speaker 2 (14:29):
I was going to say that sounds good.
Yeah, no, no, no.
Speaker 1 (14:31):
The property doesn't grow.
Speaker 2 (14:33):
Yeah, it's not growing up in value, it's just
the rental income.
Speaker 1 (14:35):
So they're cash flow based apartments.
Yeah, oh, okay.
So I've bought this apartment,I laid down some capital and the
rental yield covers themortgage, and then I make a
certain percentage on top ofthat, and that's my growth.
Speaker 2 (14:47):
Yeah, okay, but it's not the property value.
Speaker 1 (14:50):
It's not the property value.
Yeah, that's the difference.
New York sparks up in value.
There's only so much New York,there's only so much California,
there's only so much Florida,miami, right, but there's a lot
of the middle bit.
The middle bit that you canfind properties in America, good
suburbs.
Speaker 2 (15:07):
Ridiculously cheap 400K.
Yeah, Ridiculous, which is whatlike 800 here.
Speaker 1 (15:12):
But they don't go up.
No, they don't grow in value.
So, explaining that toindividuals here, you can make
money faster and a lot of it anda lot of it, and the negative
gearing laws allow you to be aprofessional investor.
This country is actually set upfor you to succeed as a
property investor.
Speaker 2 (15:31):
I mean it's almost a slam dunk, obviously still to do
your research, but like ifyou're on the property ladder
and you're just smart with whatyou do.
Speaker 1 (15:39):
Yeah, let's go to the next state, victoria.
Speaker 2 (15:41):
This is an interesting one because there
was some growth, but it isnowhere near compared to what
Sydney was.
So top three for house pricegrowth leaders Ivano 17.3%,
diamond Creek 13.2% and thenCoburg North 12.8% In comparison
to Sydney's, which is alreadylike a lot of suburbs in Sydney
(16:03):
are going down, but 33% was thetop one in Sydney and it's only
17 in Victoriaoria victoriaactually has suburbs in
melbourne, melbourne, cbd.
Speaker 1 (16:13):
Oh yeah, okay, where it's cheaper to buy a property
than it is to rent one so Ithink I was.
I think I was looking at thestatistics.
It's the average mortgage inmelbourne north was like 2800,
and then the average rent forthat suburb was $3,000, which is
$200 more expensive.
(16:33):
So you're actually better offbuying a house if you have the
capacity to obviously inMelbourne North than compared to
renting.
Speaker 2 (16:42):
Yeah, I've heard that .
So both Diamond Creek andCoburg North.
The reason they've been seeingsuch strong growth is because of
first home buyers specifically.
They've been catering towardsthem.
Those areas are not actuallywell, they weren't highly
desirable, but because investorsare basically selling out of
Melbourne, it's great for buyersin Melbourne.
Speaker 1 (17:00):
But gentrification, you have to look at property
always in the short andlong-term gain that can be made.
Melbourne right now, everyone'ssaying the investors are
leaving the market.
Property is so cheap.
It's doom and gloom.
As someone that's bought andsold a lot of property in his
time, I'm looking at this andI'm like where are the bargains?
And everyone's like, oh, butyou're going to lose money.
(17:22):
Well, I'm going to lose apercent, 2%.
It's already at the bottom ofthe market.
I understand the investor sideof it.
You're a little bit wearyMelbourne, Victoria, those sorts
of areas.
It might not be a good idea foryou for your first investment,
because you're going to besitting there You're stressing
oh my gosh, why isn't this thingmaking money?
(17:42):
I'm going to give you theperfect example.
We had a client purchase lastyear in Perth.
We've spoken about thiscountless times.
Speaker 2 (17:48):
A million times.
Speaker 1 (17:49):
They purchased a dual key.
Okay, so they had a house andhad a granny flat Four bedroom
on the front, three bedroom onthe back, three car spots, three
bathrooms in the front one andI think it was two bathrooms in
the other.
They bought it for like 550K.
Okay, they bought it for 550and three months later he was
sitting there and he's goingit's a lemon.
Speaker 2 (18:14):
It hasn't made money.
All this kind of stuff.
One year later it is worth 1.1million dollars.
Speaker 1 (18:16):
I was gonna say that just sounds like it's gonna make
money, yeah, okay.
And he's like oh, yeah, thanks,thanks for organizing the
finance for that for us guys.
We really appreciate that andI'm like yeah, you just like,
you just made 550 000 okay, it'snot.
It's not in your back pocket.
If you do sell, you do have topay a 30% capital gains tax.
You do have to worry aboutthose things.
But if you decide to refinanceremortgage and then tap it to
(18:37):
other markets and such, that'swhere you're going to find the
advantage.
Now that property is worth $1.1million.
If he taps it to equity andbuys another property in Perth
worth $1.1 million, is thatgoing to grow by 100% again?
No, we're seeing interest ratescome down.
The market's going to be lesscompetitive over there and it's
going to be more competitive inareas like Sydney and Melbourne.
So what are we going to see?
(18:58):
Melbourne is cheap right now.
Melbourne is probably going togo on another run.
Speaker 2 (19:02):
Yeah, why wouldn't it ?
People want to live in.
Speaker 1 (19:04):
Melbourne.
They want to live there.
Speaker 2 (19:06):
Okay, and invest where people actually want to
live, it will go up, even ifit's not within the next three
years.
Speaker 1 (19:12):
Because people want to live there.
Exactly.
Okay you mentioned itpreviously with Gables and now
look at this.
Speaker 2 (19:17):
okay, so we're looking at Ivanhoe, diamond
Creek and Coburg North Coburg'snice okay, yeah, I don't know
anything about Melbourne, so Ican't work for it.
Speaker 1 (19:27):
I'm running the lead here, Okay, but Ivanhoe and
Diamond Creek if they'recatering to first-home buyers
and they're catering to earlyfamily, a lot of first-home
buyers because of the borrowingcapacity, a lot of first-home
buyers right now are actuallyearning high five figures, low
six figures.
They're earning good coin.
So you're going to get a lot ofaffluent, smart individuals,
Especially yuppies, except thekids.
Speaker 2 (19:48):
What's a yuppie?
Well, yuppie is like a youngprofessional right High salary,
low expenses, Kids and theirlingo, yuppies ain't old.
I learned what Riz was theother day.
Well, yeah, okay, that one'snewer, A yuppie.
I learned that in school inlike demographics.
Yeah, no, that's a bit of adifferent one.
(20:10):
But yeah.
Speaker 1 (20:10):
So, looking at these opportunities, there are parts
of Victoria that are doingreally well and then we've got
some units as well.
So the top three units,location for units in Victoria
over the last 12 months we'vegot Blackburn at 22.1%, box Hill
at 11.1% yes, they have a boxhill in Melbourne too and Surrey
Hills they have one of thosetoo at 11%, surrey Hills in
(20:31):
particular.
But each one of these they'veall seen significant overseas
interest since COVID.
Speaker 2 (20:39):
Yeah, a lot of skilled migrants are moving
towards there and going into theunits because I would assume
you know you've already spentthe significant amount to get to
Australia, establish yourselfin Australia.
You can't be spending over amillion dollars on a house.
Speaker 1 (20:50):
This is my favorite thing that you've added here
there's more sales thanpurchases by investors in
Melbourne.
Speaker 2 (20:55):
Yeah, they're fleeing essentially the analyst that I
drew this data from.
They believe that that'shappening because of unfavorable
investment taxation and changesto tenancy laws that are then
making this less attractive.
Basically, it means there'smore work involved and it's not
like the investors are likethere'll be no investors in
Melbourne.
(21:15):
That's not the case, of coursenot.
Speaker 1 (21:16):
No, I'm about to go buy a few of these things,
exactly, yeah exactly.
Speaker 2 (21:20):
It's just there, it's just a bit more effort.
Well, I mean, just get aproperty manager, you don't have
to worry, I went on my rant.
Speaker 1 (21:26):
The last episode.
Okay, we've got Queensland aswell, so the top performing
houses are in Kingston.
I know Kingston quite wellCallum Vale and Coongal.
So Kingston 29.2% growth,callum Vale 26.2% growth and
Coongal 26% growth.
I have literally been to Ottawa, canada, more times than I've
been to Queensland, so I can'tcomment too much on this.
(21:49):
All right, I don't know wherethese suburbs are, I don't know
how they're performing, wherethey're performing and stuff,
but I'm definitely going to lookinto each one of them because
they're doing quite fantastic.
It always seems like Queenslandhas different random pockets
that are beginning to boom.
Speaker 2 (22:02):
Yeah, these pockets are allegedly booming because
they are riverfront properties.
Already nice because you getwater views, brown views, but
whatever.
But there's that cross-riverrail project, so basically you
can cross the river easily viapublic transport instead of
buses and stuff like that.
So that's jumped these valuesup tremendously because now it's
(22:23):
not an isolated thing on theopposite side of the river.
Speaker 1 (22:26):
Then we've got for the units.
We've got Annerley at 31.3%,woodridge at 29.4% and Main
Beach 28.3%, and then we'restill seeing Southeast
Queensland land remain highlyvaluable, especially in suburbs
with older homes andgenerational wealth.
Yeah, it's pretty crazy.
It does make sense.
It's probably the coolest partof Queensland.
(22:47):
Not cool as in like oh no, no,like temperature cool
Temperature cool like southeastanything further north.
Speaker 2 (22:52):
It's also where most people are in Queensland.
Speaker 1 (22:54):
So South Australia has got some significant growth.
So for the houses, jesus fuckme All right.
So at number one we've gotDaverin Park at 37.9% growth,
mano Parra at 33.7% andElizabeth North at 31.3%.
Speaker 2 (23:11):
Big growth.
Big growth in South Australia,almost as big as Western
Australia.
We never talk about it.
Speaker 1 (23:17):
And then for units, we've got Mawson Lakes at 46.7%
and then Mount Gambier 48.8%.
So I have a feeling theseproperties are booming and I'm
probably right, because whoevercan't afford WA is now looking
at South Australia.
In Davenport Park, homes areavailable under $500,000 still.
(23:40):
So, as I mentioned previously,if you're earning 80K a year,
your maximum borrowing capacityis probably around that
500,00050,000 mark somewherearound there.
So properties at $500,000 aresuper affordable for you and
there's probably more buyers inthat market.
Speaker 2 (23:59):
Yeah.
Speaker 1 (23:59):
There's a lot more people earning an average salary
or the median salary, that's bydefinition by definition.
Then there is people earning thetop 1%.
Where does the top 1% live?
They live in the most affluentsuburbs in New South Wales.
They live in the most affluentsuburbs in Victoria, Queensland.
All the above, They've gottheir spots.
They've got their spots, buttheir homes are worth the $8
million to $10 million range,those sorts of things.
(24:20):
When you have properties thatare available under $500,000,
that means there's going to be alot more buyers in the market
because there's a lot morepeople at the media.
Speaker 2 (24:29):
Yeah, first-time buyers are the big reason these
prices are going up in SouthAustralia.
I would assume most of themwould be locals and stuff like
that.
It's the same thing with theunits.
The units are seeing massivegrowth, almost 50% growth in
South Australia.
Mawson Lakes 46.7%.
Mount Gambier 48.8%.
That's huge growth.
This has got to be first-timebuyers.
Speaker 1 (24:49):
It is, A lot of people do relocate to Adelaide.
There's a lot of work there.
Oh well, there you go.
It makes sense.
But another portion of it iswe're actually seeing some parts
of Northern Adelaide becomeunaffordable for people too.
Speaker 2 (24:59):
Yeah, yeah.
Speaker 1 (25:00):
So it's just actually fantastic for anyone that's
invested there before.
I actually helped a friend whenI first first started getting
into property.
This was 2015.
So nine years ago I am old hepurchased a property in the
Northern part of Adelaide for$300,000.
And that is now worth like 1.8mil.
Speaker 2 (25:19):
It's insane.
And we, you know, like we said,we've been talking about
Western Australia and Perth somuch.
Here we go and we're, we're, weare up to it, Okay, and the
Perth house prices are doingremarkably well.
Speaker 1 (25:31):
So Armadale's up 42.9%, yeah, camillo's up 41.7%,
and then Parmelia's up 39.7%.
This is for houses.
Speaker 2 (25:40):
Yes, this is for houses.
Speaker 1 (25:41):
For units.
We've got Gosnell's at 38.9%,Armadale again at 33.2% and then
Rockingham at 28.9%.
Speaker 2 (25:49):
What's going on in Armidale?
People really want to live inthere, regardless of what it is.
Speaker 1 (25:55):
It just seems like it's a booming area, so overall
prices have surged 23% in thelast year, driven by relative
affordability and constraintsupply.
Population growth and rentalavailability in Sydney and
Melbourne has driven people outof these cities and sent them to
WA.
Speaker 2 (26:09):
We've been talking about this for months.
This is exactly what's going on.
Speaker 1 (26:12):
Inner city areas have become unaffordable, so
developing areas like Armadaleare going up and lots of young
professionals with high salaries, so we've got some digital
nomads out there.
Speaker 2 (26:20):
I would assume so, or at least like professionals who
are looking to invest.
Speaker 1 (26:25):
It's going to start just being a little bit more
steady now with the growth andthen, once interest rates cut
start occurring, people aregoing to start investing locally
.
Speaker 2 (26:34):
Yeah, well, that'll make sense, unless I have a…
Unless everyone starts moving toAdelaide in South Australia.
No, no, and that's the next bigone, I think Darwin.
Speaker 1 (26:46):
It's too hot, too hot and too many sharks.
Sharks or crocodiles, what's upthere?
Both?
Speaker 2 (26:51):
Ah, I'm pretty sure it's both Michael Haldi, I am 28
.
Speaker 1 (26:56):
Okay, I'm 33, turning 34.
So I would have been 23.
I would have been 22 years oldwhen perth went on its last,
last run, oh, when, after itcollapsed, right?
No, this is before it collapsedso there was a massive mining
boom between 2011 to 2014, yeah,and what occurred was we had a
(27:18):
lot of individuals, we had a lotof fifo yeah, it in fly out in
WA and property was booming.
Yeah, okay, perth propertymarket, perth property market
China said we don't want anymore iron ore.
Speaker 2 (27:32):
Yeah, we got into a trade tiff with China.
Speaker 1 (27:35):
So iron ore at the time was priced at around $113
and then it crashed to like 56bucks, something like that.
Speaker 2 (27:42):
So like over half its value.
Speaker 1 (27:44):
So we saw a lot of the FIFO workers the fly in, fly
out lose their jobs and becauseof that, rental demand started
to decrease, and that's bad newsfor investors.
We saw individuals when I firstgot into banking, so this is
three years after the propertystarted to crash.
We saw $2 million mortgages onproperties that were now worth
(28:04):
$500,000.
Jesus.
So we saw properties thatdeclined that heavily in value
because they didn't have enoughbuyers there.
They didn't have enough peopleactually wanting to live in
Perth.
It was all dependent on theinvestment market.
Speaker 2 (28:19):
And now you're suggesting that things are
different now.
Speaker 1 (28:22):
I've mentioned it many times.
They've invested in sporting,they've invested in the city,
they've invested ininfrastructure.
They've got luxury boutiques inPerth now.
Speaker 2 (28:31):
I've heard that you get all the benefits.
I've heard about Perth, thatyou get all the benefits of
living in a major city, but it'squieter, it's a bit more
relaxed, like Sydney.
At this point it's go, go, go.
Yeah, I imagine Melbourne's nottoo different.
Speaker 1 (28:47):
No, Melbourne, they're a little bit more
kickbacked.
Speaker 2 (28:49):
But you know what I mean.
Like it's still like go, yeah,yeah.
Like it's a major city, there'sa lot of people, there's a lot
of noise, whereas Perth isn'tlike that.
There it's quite good thequality of life is what I'm
trying to say.
Speaker 1 (29:03):
If you remember, when Manny was on this episode, we
keep referencing all the olderguests, but when Manny was on
here he even mentioned it.
He goes they're trying toinvest in the unoccupied market.
Speaker 2 (29:12):
Yeah, they limit investors, right they?
Speaker 1 (29:14):
don't want people coming in short-term rentals.
They don't want the market tocrash again, because we saw a
lot of bankruptcy, we saw a lotof people get into trouble.
Speaker 2 (29:24):
Well, 2 million to 500,000, that tells you
everything.
Yeah, no, no, that was a very,very strange situation.
Speaker 1 (29:31):
That's insane.
But they've invested insporting, they've invested in
all these things, and China isalso investing in Perth as a
tourist destination.
Now.
Speaker 2 (29:39):
Yeah, same time zone, because we're not currently
fighting a trade war with Chinaright now.
They lifted all the tariffs,including on the wine.
Speaker 1 (29:47):
So there you go, yeah , so we've got a lot of freedom
In saying that, though I don'tthink it'll crash, but I do
agree, it'll steady off now,it'll grow.
It'll steady off, it'll grow,it's just not going to grow 45%
every year.
Speaker 2 (30:02):
It'll steady off, it'll grow.
It's just not going to grow 45%every year.
No, it's not going to be crazygrowth.
It'll be far more sustainablegrowth, sustainable.
Speaker 1 (30:07):
But that also all depends on if they do start
cutting the interest rates.
Speaker 2 (30:16):
Yeah, look, people seem very confident that
interest rates are set to tipvery soon.
Like the specific when no onequite knows, it's either as
early as next month or as lateas the beginning of next year.
Speaker 1 (30:24):
Please, God be soon.
Speaker 2 (30:26):
Well, you were saying on the last episode that you
reckon they'll drop the rates intime for Christmas, so people
have actual money to spend forChristmas, because that again
contributes to the economy.
Speaker 1 (30:35):
There's an election coming up.
Speaker 2 (30:36):
There's an election coming up.
How's inflation doing?
Is that under control?
Speaker 1 (30:40):
That'll be the big thing.
So inflation is down to 2.7%.
Speaker 2 (30:44):
It has to be like 2.5 or something to be sustainable.
Is that what the goal is.
Speaker 1 (30:48):
The issue is inflation.
All these statistics lag yeah,okay.
So consumer confidence, peoplespending, it's not high, right?
Speaker 2 (30:56):
now.
No, it's way low.
Speaker 1 (30:58):
A lot of the inflation is because of imported
things, household things,electricity, groceries, bloody
Colesworth out there jacking upthe prices for everything.
In saying that, though, thingsare still not quite where they
were, and I'm not going to saypre-COVID, I'm going to say like
pre-2016.
Yeah, yeah, okay, pre-covid.
(31:19):
We had a lot of back and forthbetween Liberal and Labour.
Everyone thought Labour wasgoing to win, so people weren't-
.
Speaker 2 (31:26):
Oh, this is like the Bill Shorten election, yeah, and
people weren't overly excitedabout the economy.
Speaker 1 (31:30):
They weren't investing in it.
Scomo got back in somehow Likeit was a literal no.
Speaker 2 (31:35):
No, because he wasn't the Prime Minister, because he
got-.
Scomo jumped in like a couplemonths before the election and
everyone's like I don't reallyknow who he is, but we're gonna
vote for him anyway no, no, thatwas long before that scum scum
was around for a while no, Iknow he was around, but he
wasn't the prime minister and hewasn't up for election until
that election and.
But he wasn't and he didn'tbecome prime minister only until
, like, yeah, like six monthsbefore the actual election I
(31:55):
want everybody to fact checkmichael.
I'm 100 sure he's wrong okay butanyways, what year was this
election?
Speaker 1 (32:01):
2019, 2018 I'm pretty sure it was a 20 2019 election.
Because of all that, that wedidn't get a really good run and
understand whether we couldn'tpredict the market.
We couldn't predict the economy.
You know, because if laborcomes in as we know labor
they're left-leaning, they're alittle bit more based on
socialism.
They spend a lot more money, aswe've seen.
(32:21):
Um, they don't focus so much onbig business.
They focus more on unemployedbenefits and those sorts of
things.
So it's two very, verydifferent ideologies between the
political parties.
And so, when it comes toinflation, we haven't really
seen people be confident in themarket in a long, long time.
It was like Harambe got shotand everything changed in the
world.
Like that was it.
(32:42):
Look, we know this.
Speaker 2 (32:45):
This is fact, all right.
Speaker 1 (32:47):
I want to thank you all for listening to this
episode of the Finance Show withJoe.
What do you think about the topperforming suburbs all across
Australia?
Let us know your thoughts inthe comments below.
As always, I'm Joe, that's, I'mShmo.
If you need any assistance withyour finance, hit us up at
wwwitsimplecomau.
Speaker 2 (33:05):
PS, I was right about the election, were you actually
?
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Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.