[Podcast] Property Investors are Fleeing the Melbourne Market, with Mike Mortlock

Today, I look into an issue that's causing ripples across the Victorian rental market and beyond.

It's the exodus of landlords.

Joining me today is Mike Mortlock, Managing Director of MCG Quantity Surveyors, who recently wrote a detailed report about this.

Not surprisingly, the problem isn't just confined to Victoria.

In general, many property investors are getting nervous and they're selling up.

I also plan to ask him about another issue that could blow up and isn't just confined to Victoria. That's the fact that many are underinsured.

Understanding the Investor Retreat

Despite a significant increase in investor finance, Victoria is experiencing a net loss of rental properties.

Mike and I explore the factors driving this trend and its broader implications for tenants, investors, and the overall housing market.

Additionally, we cover crucial issues such as rising insurance premiums and underinsurance in the Australian property market.

• Key findings of Mike’s recent analysis about the exodus of landlords from Victoria and elsewhere
  • Victoria had 46,000 ex-rental properties for sale
  • Landlords are leaving Victoria's rental market despite a 31% increase in investor finance
• The effects of the minimum standards legislation
• The impact of recent land tax announcements on investor confidence and activity in Victoria
• Broader challenges in the property investment landscape, focusing on newer and outer suburbs
• Increased interest rates, rising living costs, and inflation compel investors to sell properties under duress
• Comparison of Victoria's rental market dynamics with those of Queensland and Western Australia
• Insights into Brisbane's relatively stable housing market and its implications for Victoria
• The alarming rise in insurance premiums and the issue of underinsurance among Australian properties
• Risks of relying on inaccurate online insurance calculators for property insurance estimates
• How MCG Quantity Surveyors can assist property investors with precise insurance replacement cost estimates
• Importance of body corporate managers obtaining updated replacement cost reports to ensure adequate coverage

This episode will help you gain a comprehensive understanding of the factors driving the exodus of landlords in Victoria and the broader implications for the state's rental market.

This episode is essential for property investors, tenants, and anyone interested in the dynamics of Australia's housing markets.

Links and Resources:

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Mike Mortlock – MCG Quantity Surveyors

Get a bundle of eBooks and reports = www.PodcastBonus.com.au

Some of our favorite quotes from the show:

“Now we've spoken about it before. Investors should have a long-term focus, and it's understandable that the negative media makes it hard for some people, but I see that as a window of opportunity for those staying in Victoria.” – Michael Yardney

“We therefore see a current window of opportunity for those who hang in there, if they currently have investments or are wanting to focus in the medium-to-long term.” – Michael Yardney

“Eventually, prices will increase of established properties enough to make new properties financially viable, and at that stage, new developments will start coming out of the ground. But they're going to take three or four years to get there.” – Michael Yardney

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