The Elephant In The Room Property Podcast | Inside Australian Real Estate

The Dangerous Property Advice Emerging After the Budget

Within 72 hours of the federal budget announcement, the property narrative flipped. Buyer’s agents who once championed established homes began pushing new builds. SMSF strategies resurfaced. High-yield “manufactured” deals came back into focus. The question is—did the fundamentals change… or just the incentives? In this episode, we break down what’s really driving this sudden shift in property advice. From the two-speed market created by negative gearing changes to the re-emergence of developer-led stock, we unpack how quickly “strategy” can become sales when business models are under pressure. More importantly, we challenge whether investors are being guided toward better outcomes—or simply redirected toward whatever still pays. We also dig into the hidden risks behind today’s most heavily marketed plays: new builds with impaired resale markets, SMSF property strategies being pushed without proper advice, and high-yield assets that sacrifice long-term growth for short-term numbers. These aren’t new ideas—they’re recycled playbooks dressed up for a new policy environment. If you’re feeling the pressure to act post-budget, this episode is your reset. Because when incentives change, behaviour follows—but that doesn’t mean you should. The smartest move right now? Understand what’s really driving the advice before you follow it. EPISODE HIGHLIGHTS 02:05 – The Two-Speed Market Explained 04:04 – When Buyer’s Agents Follow the Money 09:29 – The Resale Trap No One’s Talking About 12:16 – Does Negative Gearing Actually Work? 18:44 – The Rise of Dangerous Tax Advice Online 21:37 – The Hidden Risk of One-Stop Property Shops 23:18 – SMSF Property: Lessons from Past Disasters 24:45 – The Mortgage Prisoner Risk Explained 27:42 – The Comeback of “Manufactured Yield” 31:50 – When Investor Demand Becomes a Trap 34:16 – The Push Into Commercial & Regional Plays 36:50 – Who Really Wins This “Fairness” Budget? 41:35 – First Home Buyer Schemes: Hidden Downsides 44:25 – The Upgrade Loophole Most Buyers Miss 46:13 – What Smart Investors Do Next ABOUT THE HOST Veronica Morgan is one of Australia’s most respected property experts, with decades of experience across property investment, buyer advocacy, and market analysis. As co-host of The Elephant in the Room and co-founder of Homebuyer Academy, she’s known for cutting through industry hype with clear, evidence-based insights. Veronica specialises in helping buyers understand long-term capital growth, asset selection, and risk in an increasingly complex market. Chris Bates is the founder and CEO of Alcove, an award-winning mortgage broking and property advisory firm. With deep expertise in lending strategy, borrowing capacity, and cash flow management, he helps Australians make smarter property and finance decisions. Chris is known for his analytical approach and his willingness to challenge conventional, hype-driven narratives. Together, Veronica and Chris combine property expertise with real-world lending insight—breaking down what’s happening in the market, why it matters, and how to respond with clarity and confidence. RESOURCES * Visit our website: https://www.theelephantintheroom.com.au [https://www.theelephantintheroom.com.au] * If you have any questions or would like to be featured on our show, contact us at: * The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au [questions@theelephantintheroom.com.au] * Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au [http://www.gooddeeds.com.au/] * Work with Veronica: https://www.veronicamorgan.com.au [http://www.veronicamorgan.com.au] * Looking for a Mortgage Broker? alcove.com.au [http://alcove.com.au] * Work with Chris: chrisbates@alcove.com.au [chrisbates@alcove.com.au] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now! * Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast [https://www.youtube.com/@theelephantintheroom-podcast] * Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 [https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719] * Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E [https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E] If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey! See you on the inside, Veronica & Chris

Can Housing Be Fixed Without Hurting Investors?

Australia’s housing crisis is no longer just affecting low-income households — as rents rise faster than wages and affordability declines, more middle-income earners and essential workers are being pushed into housing stress. In this episode, we sit down with Maiy Azize from Anglicare Australia and Everybody’s Home to unpack why this shift is happening and what it reveals about the structure of Australia’s housing system. We challenge some of the biggest assumptions shaping today’s housing debate — from whether supply alone can solve affordability, to the role of property investors, and how tax settings like negative gearing and capital gains tax may be influencing the market. The conversation explores how investor behaviour has evolved, why rental pressure has intensified, and whether Australia has become too reliant on private investors to deliver housing outcomes. We also explore the unintended consequences of investor-driven markets, the rise of borderless investing into regional towns, the growing divide between homeowners and renters, and why more Australians are feeling locked out of stable housing—even when they’re earning decent incomes. Along the way, the conversation tackles negative gearing, capital gains tax, public housing, Airbnb, rental affordability, and the growing pressure facing communities across both capital cities and regional Australia. This is not a simple “investors vs renters” conversation. It’s a nuanced debate about what happens when housing becomes both a human need and a financial asset—and whether Australia can realistically fix affordability without rethinking the role of government, investors, and the private market altogether. EPISODE HIGHLIGHTS 02:40 – What Rental Stress Really Means Today 07:52 – How Tax Settings Reshaped Landlords 09:12 – Budget Night: What Tax Changes Really Mean 15:53 – Credit Cycles Driving the Property Market 26:09 – Buyer’s Agents and the Investor Boom 34:05 – More Homes, But Less Fair Housing Outcomes 40:00 – Zoning, Incentives, and Developer Reality 45:22 – Why Selling Public Housing Made It Worse 48:44 – The Banking System’s Role in Housing 51:38 – Budget Changes: What Happens Next? 53:20 – Build-to-Rent Under the Microscope 55:12 – Final Thoughts and Listener Q&A LINKS * Written Off: The high cost of Australia’s unfair tax system - Everybody's Home [https://everybodyshome.com.au/resources/written-off/] * Priced Out: An Index of Affordable Rentals for Australian Voters - Everybody's Home [https://everybodyshome.com.au/resources/priced-out-priced-out-an-index-of-affordable-rentals-for-australian-voters/] * RENTAL AFFORDABILITY SNAPSHOT PDF [https://www.anglicare.asn.au/wp-content/uploads/2026/04/Rental-Affordability-Snapshot-2026-National-Report.pdf] ABOUT THE GUEST Maiy Azize is the Deputy Director of Anglicare Australia and the national spokesperson for Everybody’s Home, a national campaign focused on housing affordability and ending Australia’s housing crisis. Through her work, Maiy advocates for policies aimed at improving rental affordability, expanding public and social housing, and addressing the growing number of Australians experiencing housing stress and insecurity. She is also closely involved in research and policy analysis surrounding housing affordability, including Anglicare Australia’s annual Rental Affordability Snapshot and Everybody’s Home housing reports, which examine how rising rents and housing costs are affecting low-income workers, essential workers, and middle-income Australians across the country. Known for her direct and evidence-based approach, Maiy regularly contributes to national discussions around housing policy, inequality, renting, homelessness, and the long-term social impacts of Australia’s housing system. CONNECT WITH MAIY * LinkedIn - Maiy Azize [https://www.linkedin.com/in/maiyazize/] * LinkedIn - Anglicare Australia [https://www.linkedin.com/company/anglicare-australia/] * Website - Anglicare Australia [https://www.anglicare.asn.au/] * Facebook Page - Anglicare Australia [https://www.facebook.com/anglicareaustralia/] RESOURCES * Visit our website: https://www.theelephantintheroom.com.au [https://www.theelephantintheroom.com.au] * If you have any questions or would like to be featured on our show, contact us at: * The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au [questions@theelephantintheroom.com.au] * Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au [http://www.gooddeeds.com.au/] * Work with Veronica: https://www.veronicamorgan.com.au [http://www.veronicamorgan.com.au] * Looking for a Mortgage Broker? alcove.com.au [http://alcove.com.au] * Work with Chris: chrisbates@alcove.com.au [chrisbates@alcove.com.au] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now! * Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast [https://www.youtube.com/@theelephantintheroom-podcast] * Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 [https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719] * Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E [https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E] If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey! See you on the inside, Veronica & Chris

Negative Gearing Is Changing: What Happens Next?

The end of negative gearing for established property could become one of the biggest turning points in Australia’s housing market—not just because investors may lose tax deductions, but because of the ripple effects it could create across buyer behaviour, borrowing capacity, property values, and the types of housing that get built in the future. But if these changes are designed to improve affordability, who actually benefits—and what could break in the process? In this episode, Veronica and Chris unpack the federal government’s proposed changes to negative gearing and capital gains tax, exploring why the real risks may lie in the unintended consequences. From investor pullback in regional markets and apartment-heavy precincts to the growing pressure on first-home buyers and developers, they examine how markets driven by investor demand could respond if the economics of property investing fundamentally change. They also dive into what they call the “secondary market problem” —the possibility that properties built to attract tax-incentivised investors today could struggle to attract buyers once those incentives no longer apply to future owners. The conversation also explores the broader forces already weighing on the market, including inflation, interest rates, lending conditions, and weak consumer confidence. Rather than reacting emotionally to the policy changes, they challenge listeners to think more strategically about asset quality, long-term demand, and what sustainable investing could look like in a post-negative gearing environment. EPISODE HIGHLIGHTS 01:57 – The Negative Gearing Changes Explained 04:19 – Why Chris Says “Everything Gets Repriced” 06:37 – Who Wins From the Grandfathering Rules? 10:40 – The Borrowing Capacity Squeeze Ahead 12:21 – Which Regional Markets Are Most at Risk? 17:39 – The Mining Boom Mistakes Repeating Again 21:22 – Property Changes Meet Economic Headwinds 26:04 – Could Investor Sell-Offs Accelerate? 28:02 – Why Negative Gearing Created Scarcity 32:04 – Could Investors Need Another Bailout? 33:27 – The Owner-Occupier Data Nobody Sees 37:41 – Rental Demand, Bonds & Market Pressure 38:56 – Will First Home Buyers Finally Benefit? 41:35 – Why Australians May Need New Wealth Strategies 44:22 – Which Property Segments Get Hit Hardest? 46:17 – The Tax Structure Problem Few Discuss 48:04 – How the Property Industry Will Pivot Next 50:37 – Final Warnings for Buyers and Investors MENTIONS * Investopoly (Podcast) with Stuart Wemyss & Campbell Wallace [https://podcasts.apple.com/au/podcast/investopoly/id1348458167] ABOUT THE HOST Veronica Morgan is one of Australia’s most respected property experts, with decades of experience spanning property investment, buyer advocacy, market analysis, and consumer education. As the co-host of The Elephant in the Room and co-founder of Homebuyer Academy, Veronica is known for her evidence-based approach to property investing and her ability to cut through industry hype with clear, strategic insights. Having worked through multiple property cycles, she specialises in helping buyers understand the long-term drivers of capital growth, asset selection, and risk management in an increasingly complex housing market. Chris Bates is the founder and CEO of Alcove, an award-winning mortgage broking and property advisory firm that helps Australians make smarter financial and property decisions. With deep expertise in lending strategy, borrowing capacity, debt structuring, and cash flow management, Chris works closely with first-home buyers, owner-occupiers, and investors navigating changing market conditions. He is widely recognised for his analytical approach to property and finance, as well as his willingness to challenge conventional wisdom and hype-driven investment narratives. Together, Veronica and Chris bring a rare combination of on-the-ground property expertise and real-world lending insight. Their conversations blend macroeconomic analysis with practical strategy, helping listeners better understand not just what is happening in the Australian property market—but why it matters and how to respond intelligently. RESOURCES * Visit our website: https://www.theelephantintheroom.com.au [https://www.theelephantintheroom.com.au] * If you have any questions or would like to be featured on our show, contact us at: * The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au [questions@theelephantintheroom.com.au] * Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au [http://www.gooddeeds.com.au/] * Work with Veronica: https://www.veronicamorgan.com.au [http://www.veronicamorgan.com.au] * Looking for a Mortgage Broker? alcove.com.au [http://alcove.com.au] * Work with Chris: chrisbates@alcove.com.au [chrisbates@alcove.com.au] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now! * Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast [https://www.youtube.com/@theelephantintheroom-podcast] * Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 [https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719] * Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E [https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E] If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey! See you on the inside, Veronica & Chris

Melbourne Property in 2026: Opportunity or Overhyped?

Melbourne is back in the spotlight, with many buyers and investors asking whether the city now offers one of the best opportunities in the country. But broad market narratives can be misleading—especially in a city where different segments are moving for very different reasons. In this episode, Jarrod McCabe joins us to unpack what’s really happening across Melbourne in 2026. From first home buyers re-entering the market to local investors stepping back and interstate buyers stepping in, the city is being shaped by multiple forces moving in different directions. We explore why Melbourne is no longer a market that can be understood through broad averages alone. Jarrod explains the growing importance of asset selection, why some properties may outperform while others stagnate, and how taxes, policy changes, apartment oversupply, and shifting buyer behaviour are reshaping the investment landscape. If you’re considering Melbourne property, this episode offers a grounded look at where the risks are, where the opportunities may lie, and why buying based on simple narratives could be an expensive mistake. EPISODE HIGHLIGHTS 02:43 — Costly Melbourne Mistakes Interstate Buyers are Making 05:36 — Why Melbourne Moves in Different Price Quartiles 08:52 — Outer Suburbs Face Major Supply Risks 10:20 — Developer Hotspots, Strata and Hidden Risks 13:16 — What Properties Still Outperform in Melbourne 17:37 — Is There Real Pent-Up Demand in Melbourne? 19:45 — Confidence, Rate Cuts and Buyer Hesitation 22:06 — Taxes, Investor Sentiment and Market Exits 25:25 — Rental Rules and Unintended Consequences 28:47 — Are First Home Buyers Getting Stitched Up? 33:45 — Infrastructure Booms and Buyer Beware Zones 35:48 — Melbourne Livability vs Victoria’s Debt Problem 37:43 — Geelong Hype vs Property Price Reality 40:42 — Regional Markets and Investor Herding Risks 47:30 — Timing the Bottom: Psychology vs Reality 50:51 — Upgrade Opportunities vs Job Uncertainty 53:48 — Final Thoughts and Listener Questions ABOUT THE GUEST Jarrod McCabe is Director of Wakelin Property Advisory, one of Melbourne’s most respected independent buyer advocacy firms. With more than two decades of experience in Melbourne’s inner and middle-ring markets, Jarrod has helped clients navigate multiple market cycles through a disciplined, research-driven approach focused on long-term asset selection. Known for combining valuation expertise with on-the-ground buyer insights, Jarrod brings a practical view of Melbourne property—cutting through hype to focus on what actually drives performance. CONNECT WITH JARROD * Website | Wakelin Property Advisory [https://wakelin.com.au/] * LinkedIn | Wakelin Property Advisory [https://www.linkedin.com/company/wakelin-property-advisory/] * Facebook Page | Wakelin Property Advisory [https://www.facebook.com/WakelinPropertyAdvisory/] * LinkedIn | Jarrod McCabe - Wakelin Property Advisory [https://www.linkedin.com/in/jarrod-mccabe-81333034/] RESOURCES * Visit our website: https://www.theelephantintheroom.com.au [https://www.theelephantintheroom.com.au] * If you have any questions or would like to be featured on our show, contact us at: * The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au [questions@theelephantintheroom.com.au] * Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au [http://www.gooddeeds.com.au/] * Work with Veronica: https://www.veronicamorgan.com.au [http://www.veronicamorgan.com.au] * Looking for a Mortgage Broker? alcove.com.au [http://alcove.com.au] * Work with Chris: chrisbates@alcove.com.au [chrisbates@alcove.com.au] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now! * Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast [https://www.youtube.com/@theelephantintheroom-podcast] * Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 [https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719] * Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E [https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E] If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey! See you on the inside, Veronica & Chris

Mark McCrindle: The Demographic Shifts Breaking Australia's Housing System

Australia’s housing challenges are often reduced to a question of supply, but the reality is far more complex. In this episode, we step back to examine the broader forces reshaping housing demand—from rapid population growth and an ageing society to changing household structures. The result is not just a shortage of homes, but a system struggling to keep pace with how Australians live today. We unpack the key forces driving this shift, from record migration levels and declining birth rates to the rise of multi-generational living and internal migration across states. These aren’t short-term trends—they’re structural changes that are already influencing where people live, how they live, and who gets access to housing. Along the way, we also explore the growing divide between those who benefit from family support and those who don’t, and how that’s quietly accelerating inequality. The conversation also touches on the pressure facing key workers, the limits of current housing policies, and why simply building more homes may not be enough to solve the problem. There’s also a broader discussion around education trends, workforce changes, and how technology—particularly AI—is adding another layer of disruption to an already complex system. This episode isn’t about quick fixes. It’s about understanding the underlying drivers so you can make better, more informed decisions in a rapidly changing environment. Because if you’re still looking at housing through a narrow lens, you’re likely missing what’s actually shaping the market. EPISODE HIGHLIGHTS 02:44 — Australia’s Record Population Growth Explained 03:47 — The Pressure of an Ageing Population at Home 06:35 — Why Australians Are Moving More Than Ever 07:58 — Hybrid Work and the Key Worker Housing Gap 12:46 — Why Private School Enrolments Keep Rising 16:14 — Fewer People Per Home, More Housing Needed 18:41 — The Aussie Dream Is Changing Fast 20:30 — The Rise of “Giving While Living” Wealth 24:30 — The Growing Divide Between Generations 26:07 — Retirement Risks Without Financial Buffers 26:44 — Why Australians Are Working Longer 27:25 — Census Night: What It Reveals About Australia 30:42 — What the Census Gets Right (and What It Misses) 32:40 — AI Hype vs Reality: Why Sentiment Is Shifting 34:54 — The Skills That Will Matter in an AI World 37:36 — Living in an Era of Constant Disruption 42:04 — Misinformation, Trust, and Modern Democracy 44:34 — A More Fragmented Australia Emerges 47:01 — What It All Means for Property ABOUT THE GUEST Mark McCrindle is a leading Australian social researcher and demographer, and the founder of McCrindle Research. He specialises in analysing population trends, generational shifts, and the social forces shaping modern Australia. With decades of experience working across government, corporate, and media sectors, Mark is known for translating complex data into clear, actionable insights. His work draws on census data, longitudinal research, and behavioural analysis to help organisations and individuals understand how demographic change impacts everything from housing and education to workforce trends. In this episode, Mark brings a macro lens to the housing conversation—connecting the dots between population growth, aging, migration, and the structural challenges facing Australia today. CONNECT WITH MARK * LinkedIn - Mark McCrindle [https://www.linkedin.com/in/mccrindle/] * Website - McCrindle Research [https://mccrindle.com.au/] * Instagram - Mark McCrindle [https://www.instagram.com/markmccrindle/] RESOURCES * Visit our website: https://www.theelephantintheroom.com.au [https://www.theelephantintheroom.com.au] * If you have any questions or would like to be featured on our show, contact us at: * The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au [questions@theelephantintheroom.com.au] * Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au [http://www.gooddeeds.com.au/] * Work with Veronica: https://www.veronicamorgan.com.au [http://www.veronicamorgan.com.au] * Looking for a Mortgage Broker? alcove.com.au [http://alcove.com.au] * Work with Chris: chrisbates@alcove.com.au [chrisbates@alcove.com.au] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now! * Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast [https://www.youtube.com/@theelephantintheroom-podcast] * Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 [https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719] * Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E [https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E] If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey! See you on the inside, Veronica & Chris