Property Investors are Fleeing the Melbourne Market, with Mike Mortlock
3,155
Published 2024-07-15
Joining me today is Mike Mortlock, Managing Director of MCG Quantity Surveyors, who recently wrote a detailed report about this. Not surprisingly, the problem isn't just confined to Victoria.
In general, many property investors are getting nervous and they're selling up. I also plan to ask him about another issue that could blow up and isn't just confined to Victoria. That's the fact that many are underinsured.
Links and Resources:
Michael Yardney
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Mike Mortlock – MCG Quantity Surveyors
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Shownotes plus more here: Property Investors are Fleeing the Melbourne Market, with Mike Mortlock
All Comments (15)
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"I've never seen a problem the government can't make worse" Anon.
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Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
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12:24 I know someone selling out of the middle suburbs after the agent closed after decades of business. Rumour has it the agent closed because its rent roll got too small to be viable.
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Melbourne has had very low rental yields for some time. A typical house in Hoppers Crossing could cost $800K, yet rent for $550 a week. In fact, the rent would likely be lower. That's deeply negative geared. It's pretty hard to own TBH. No wonder investors aren't buying. In theory, the market should balance out, but it seems investors are still paying too much! Or someone is anyway.
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I listened to this twice. This is the first year I paid land tax on my 2 brm villa unit in outer Melbourne (I’ve held it only 7 years now) and I was questioning selling it in spring because of the added tax and other costs to hold in Victoria. I’ve decided to give it another year based on your assessment of the Melbourne market being positive in the coming years.
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Area specific breakdown would be interesting. Where i live in Rockbank most brand new townhouses, once settled are up for lease. In the most recent release 6 of the 8 TH are up for lease. And it takes many weeks to get a tenant
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Indeed, on Reddit, this was mentioned. Many on Reddit considered this to be a good thing. And many suggested the narrative that property investors don't push prices, was well and truly debunked. Many also suggested that house prices NOT rising was a good thing, as housing is really designed to be shelter, and not an investment class.
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Today, we look into an issue that's causing ripples across the Victorian rental market and beyond. It's the exodus of landlords. Joining me today is Mike Mortlock, Managing Director of MCG Quantity Surveyors, who recently wrote a detailed report about this. You can read more here: propertyupdate.com.au/podcast-property-investors-a…
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they are pulling down the house without realise they are in the house. You can tell them to stop, but they won't listen. 97% of rental are private. good luck to the tenants if the 97% rental are gone.
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It’s a cerveza sickness tax
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Fantastic Michael simply fantastic 🍪🧱
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It's so easy to be a winner 💰💰💰 Imagine how hard it is to not be. 💰💰💰💰💰💰💰
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Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
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You can't get to the Top just by thinking positive...
