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

By: Veronica Morgan & Chris Bates
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  • Summary

  • Who's really in control when you buy a property? The Elephant In The Room is where the things that no one wants to talk about, actually get talked about. Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate. Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property. In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session. The plan? This property podcast has been created to help us all make better property decisions!
    2025 Veronica Morgan & Chris Bates
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Business & Careers Economics Personal Finance Politics & Government
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Episodes
  • What Are the 12 Behavioural Biases at Auctions? A Look Back at Our First Episode

    What Are the 12 Behavioural Biases at Auctions? A Look Back at Our First Episode
    Jan 5 2025
    What drives us to bid at auctions? In this episode, we throw it back to where it all began, revisiting our very first episode that set the stage for everything we’ve explored since. Behavioural biases—those sneaky little tricks your brain plays—are at the heart of this conversation, and we talk about all 12 of them, plus a few extras that make auctions the fascinating psychological arenas they are. Simon Russell, a behavioural scientist, joins us to break down the surprising ways our subconscious minds react under pressure. From something as simple as a free coffee outside an auction to the auctioneer’s clever use of anchoring, scarcity, and loss aversion, Simon explains how these cues shape our decisions. The reciprocity effect alone—a cup of coffee making you feel like you owe the auctioneer something—might have you rethinking the next time you pick up a bidder’s paddle. We also get into the emotional rollercoaster that happens when the stakes are high. The auctioneer’s job as a kind of circus master becomes clear when Simon talks about their subtle tactics, like smiling and nodding to encourage bids or creating a sense of urgency with phrases like, “First, second, third…” It’s all designed to keep you—and your wallet—engaged. Looking back, this conversation with Simon didn’t just lay the foundation for the podcast; it opened our eyes to how much of our behaviour at auctions (and in life) is guided by things we don’t even notice. And while the episode may be nearly seven years old, these lessons are just as relevant today. So, if you’re a seasoned bidder or just curious about what’s going on in your own head, this is one you’ll want to hear—or hear again. Episode Highlights: 00:00 - Introduction 01:43 - How the podcast came about 05:36 - Who is Simon Russell? 06:30 - What behavioural patterns did you observe at the auction? 07:24 - First bias: Reciprocity effect 10:43 - Does awareness of these biases help mitigate their impact? 11:45 - Second bias: Scarcity effect 16:24 - Third bias: Anchoring 24:46 - Fourth bias: Loss aversion 29:22 - Fifth bias: Framing effect 32:22 - Sixth bias: Sunk cost fallacy 33:36 - Seventh bias: Commitment and consistency effect 39:01 - Eighth bias: Social proof: Herd mentality 43:54 - Ninth bias: Recency effect 48:17 - Tenth bias: Mental accounting 51:31 - Eleventh bias: Overconfidence 54:45 - Twelfth bias: Disposition effect About Our Guest: Simon Russell is the founder and Director of Behavioural Finance Australia (BFA). At BFA he provides specialist behavioural finance training & consulting. His services are designed to improve financial decision-making, communication and engagement. He mostly works with fund managers, major super funds, financial advisers and other financial services professionals. Connect with Simon Russell: Website https://www.behaviouralfinanceaustralia.com.au/ LinkedIn https://au.linkedin.com/in/simonrussellaustralia Resources: Visit our website 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 Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au Work with Veronica: https://www.veronicamorgan.com.au Looking for a Mortgage Broker? https://www.flintgroup.au Work with Chris: chrisbates@flintgroup.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 Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765 See omnystudio.com/listener for privacy information.
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    58 mins
  • The Property Market in 2025: What Could Be on the Horizon?

    The Property Market in 2025: What Could Be on the Horizon?
    Dec 29 2024
    In this episode, we’re taking a look ahead at what might shape the property market in 2025. No, we’re not here to predict the future or pull out a crystal ball, but we are diving into the key factors that could have an impact—things like interest rates, immigration, intergenerational wealth, and stock levels. Whether you’re planning to buy or sell, we’ve got some thoughts on what you might want to keep in mind. We kick things off by reflecting on what’s surprised us in 2024. For Veronica, it’s been Sydney’s stability—a balanced market for the first time in over a decade. For Chris, it’s been the sheer scale of intergenerational wealth propping up buyers. We chat about how that’s shaping the market and what it means for affordability, especially as borrowing capacities remain constrained. There’s also a lot to unpack when it comes to investors. Some are still bailing out of the market, while others—especially first-time investors—are jumping in. And with zoning changes, rising rental pressures, and even some quirky local issues like mozzie-prone suburbs, buying property isn’t as straightforward as it used to be. It’s a reminder that doing your homework (or working with someone who really knows the area) is more important than ever. As we look ahead, the upcoming federal election and potential shifts in policy—like APRA changing serviceability buffers—are going to play a huge role. We talk about how these kinds of changes could inject urgency into the market, especially as buyers try to get ahead of the herd. But as always, we caution against trying to time the market and instead focus on making decisions based on your own goals and readiness. And yes, we touch on climate change too, because the landscape there is evolving. New flood maps, shifting risks—these are things we’ll all need to consider going forward. If 2025 brings anything, it’ll be the unexpected, but don’t worry—we’ll be here to help you make sense of it all. So tune in and get a clearer picture of what might be on the horizon. Episode Highlights: 00:00 - Introduction 01:04 - What was surprising about the property market in 2024 04:56 - Regional market dynamics 07:46 - Investor behaviour and market inequalities 12:54 - Will interest rates be the biggest driver of prices? 13:55 - Urban planning and zoning issues 20:20 - How market cycles, interest rates & consumer confidence shape investment decisions 26:29 - How regional moves and remote work trends are changing this coming year 33:18 - How rental pressures are evolving, and what they mean for 2025 40:00 - What might the upcoming federal election mean for the property market in 2025? 44:42 - Consumer sentiment 51:07 - What role will climate change and new flood maps play in property decisions? Resources: Visit our website 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 Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au Work with Veronica: https://www.veronicamorgan.com.au Looking for a Mortgage Broker? https://www.flintgroup.au Work with Chris: chrisbates@flintgroup.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 Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765 See omnystudio.com/listener for privacy information.
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    56 mins
  • What Investors Need to Know About Perth’s Economic and Housing Future with Damian Collins

    What Investors Need to Know About Perth’s Economic and Housing Future with Damian Collins
    Dec 22 2024
    In this episode, we dive deep into the Perth property market with Damian Collins, who knows the ins and outs of this unique city. Exploring the cycles that define the city’s real estate, the hotspots and danger zones investors should consider, and the key drivers behind its growth. With over three decades of experience, Damian shares invaluable insights, and together, we unpack what’s shaping Perth’s property landscape. We break down Perth’s strong ties to the mining industry, its growing population, and how infrastructure development is influencing property values. Together, we highlight suburbs that might look promising but come with hidden risks, especially in areas with high concentrations of investors. For those thinking long-term, we discuss the potential for gentrification and pinpoint areas where future opportunities could emerge. The conversation also covers strategies for building wealth through property. We examine the pros and cons of commercial investments, how to identify properties with future development potential, and the importance of sticking to solid fundamentals. Plus, we talk about avoiding FOMO and making smarter decisions. If you’re curious about what makes Perth’s property market tick or want a fresh perspective on making the most of this region’s opportunities, this episode is for you. With Damian’s expertise and our shared insights, we deliver a straightforward guide to better property decisions. Don’t miss it! Episode Highlights: 00:00 - Introduction 01:05 - Who is Damian Collins? 02:12 - How has the Perth property market changed since 2020, and what’s next? 04:10 - How do locals feel about property prices, and are they facing affordability restraints? 05:56 - Have any parts of Perth surprised you with their growth over the last few years? 09:41 - What areas of Perth would you caution against, and what are some danger zones? 12:53 - Lessons from Perth’s 12-year flat property market that investors should consider now 16:09 - How have rents and yields shifted in response to the changing market dynamics? 22:00 - What dynamics influence homeowners’ decisions to upgrade? 29:13 - Is Perth’s commercial property still locally preferred or attracting outsiders? 32:09 - What risks and opportunities exist for small-scale commercial investors? 35:16 - What’s the best long-term growth asset for Perth property investors? 38:07 - What Perth people value most in their homes and their deal-breakers 41:08 - Is Perth’s population growth driven by interstate or international migration? 42:52 - Is Perth’s economy still vulnerable to mining industry shifts, or has it diversified? 47:01 - What are the best residential investment strategies for Perth right now? 50:06 - Are investors likely to sell underperforming assets if the property market slows? 53:37 - Damian Collins’ property dumbo About Our Guest: Damian Collins is the founder and Managing Director of residential property advisory, Momentum Wealth, and Chairman of Australian property funds management company, Westbridge Funds Management. Damian is the author of the Amazon Number 1 Best Seller, Property Investing Roadmap: How to Build an Income from Property for Life and is a well-known advocate across Australia’s real estate industry. He served as President of the Real Estate Institute of WA (REIWA) from 2018 to 2022 and as a Director of the Real Estate Institute of Australia. Having been an active property investor himself for over 30 years, Damian continues to apply his extensive experience to help fellow investors grow wealth through direct and syndicated property investments. Connect with Damian Collins: Website (Damian Collins) https://damiancollins.com.au/ Website (Momentum Wealth) https://momentumwealth.com.au/ Website (Westbridge Funds Management) https://westbridgefunds.com.au/ LinkedIn https://au.linkedin.com/in/audamiancollins Resources: Visit our website 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 Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au Work with Veronica: https://www.veronicamorgan.com.au Looking for a Mortgage Broker? https://www.flintgroup.au Work with Chris: chrisbates@flintgroup.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 Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719 Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765 See omnystudio.com/listener for privacy information.
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    57 mins

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