Rents will skyrocket if the Government intervenes with Capital Gains Tax 😡 Real Estate Market Wrap

• 01:32 – The ‘Name & Shame List’ in NSW
• 02:39 – Rosy Sullivan from ACOP will be speaking at KickStart26, 10 Feb, Sydney Olympic Park
• 03:55 – See you in Europe in June & July for real estate conferences and training events
• 04:40 – Each state has its own governing rules for real estate compliance 

My Clearance Rate: 75%

Transcript

Tax Changes And Rental Supply

SPEAKER_00 0:00

I am super, super, super concerned about capital gains tax. Super concerned. I'm letting you know it's very simple. If you take the attractiveness away to invest in property, there is less investment property. Less investment property, less investment property. I've got to tell you that's a bad thing because it means there are less rentals. Less rentals, guess what actually happens? Rates go up, uh rents go up. Rents go up. Who pays for the pain? The tenants do. Right? So it's basic common sense. You don't use the tax lever to increase supply to stop the real estate problem Australia has. You do other things, like build more properties, like make it more attractive. Like there's a million things, and I can tell you what's going to end up happening. I can tell you what's going to end up happening. They'll swing in this capital gains tax thing in

Predicting Rent Caps And Band-Aids

SPEAKER_00 1:03

the budget. And then what they'll do is they'll realize in six months, a year's time, hey, what's going on here? Why have rents gone up $200, $300 a property? Then they're going to come in and bring in some band-aid solution where they'll try and cap rents from going up, right? Listen, stop throwing band-aids. Stop throwing band-aids. Actually, solve the problem. What is the problem? There's got to be more properties built. It's as simple as that, right?

NSW Shame List And Enforcement

SPEAKER_00 1:33

The shameless, the shameless, which I knew was coming because John McGrara and I had been uh called in and had a meeting with Angus Aberdee, the commissioner. Uh, and he's not a bad guy. And I've got to tell you, they are going to do whatever they can to clean up real estate. They only look after New South Wales. They've started with the shameless. And I can tell you, I already know real estate agents that are doing it. They're going to listing presentations. And if they've got a competitor that's on the shame list, right, they're basically saying, hey, here's a URL. This is uh got all the people that are in the dodgy list. Make sure uh you have a look at that before you make a decision. There are real estate agents that have started to do that in their listing presentation, right? Um and I have to say, from our conversations that we had with the Office of Fair Trading, uh, there's more to come. That is just the start. That is just the start.

Training Event And New Rules

SPEAKER_00 2:32

Uh by the way, on Tuesday at Sydney Olympic Park, the real estate gym has its kickstart, and we actually have Rosie, who is the uh principal of the Australian College of Professionals, and she has been liaising with the Office of Fair Trading, head of investigations, and she'll be delivering the latest information for all my gym members that are coming to the event to know uh rules, laws, what to watch out for, what you can, what you can't do, and what proposed changes. I will be including as much as I can education to make sure that real estate agents are equipped with all the information that they've got to be uh understanding, particularly those that are auction agents, on how they should be working with the current laws and also working with the new laws that are going to be coming in, which we don't know what they all are. Um that event at Sydney Olympic Park is close to being sold out. We're probably gonna have nearly 500

Tours, Coaches, And Growth

SPEAKER_00 3:29

people there on Tuesday. Uh, Marty Fox, uh, Dib Chiriak, Oliver Lavers, John McGrath. Uh, we've got a panel of four people writing over a million dollars each that are, I think, under 30 years of age. We've got Bailey from 23rd Street that's gonna be talking about the best social media content and strategies you've got to have to crush it and be an attraction agent. And of course, I'll be delivering a prospecting and business plan. I also want to let you know that uh I am going overseas to Dublin, to London, to Greece, conferences in all those areas. I'll be doing conferences in the Philippines, I'll be doing conferences in Dubai. Um, the three coaches that I've brought on, all three females, Angie Dunn, Phoebe Cook, and Nicole Goldsmith, they're cracking away doing heaps and heaps of coaching under the real estate

State Rules And Bad Practices

SPEAKER_00 4:25

gym banner, and we're so excited. Guys and girls, I'm letting you know uh David has asked me a question, better question. Why don't you do more about the shady shifty givings of agents in WA? Well, look, I've got to say, David, I'm not quite sure what you're talking about, but uh uh the way it works is each state has its own governing rules. There is not one set of auction rules or any sorts of real estate rules that are uniform around the country. David is sort of saying Dutch auctions, withholding information, misrepresenting

Humiliation As Deterrent

SPEAKER_00 5:02

properties, and also underwriting massively. Well, that's that's poor. That's poor behaviour. And I have to say, I think the rest of the country should start following what New South Wales has done because if you're not gonna actually do the right thing and not be concerned about fines, and people have been prepared to pay the fines and keep doing the wrong thing, humiliation is the next form of control that Office Affair Trading and Consumer Affairs are gonna

Most Agents Do The Right Thing

SPEAKER_00 5:33

be using. But let's be very clear the majority of real estate agents do the right thing.