MCG in the Media
Q1 2024
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Mike Mortlock and Cate Bakos join PIPA board
Elite Agent, Smart Property Investment - March 19, 2024
The Property Investment Professionals of Australia (PIPA) have elected two new board directors.
Newcastle-based MCG Quantity Surveyors Managing Director, Mike Mortlock, and Melbourne-based buyers advocate, Cate Bakos, were unanimously elected to the board recently.
The two new board appointments followed the resignation of former board directors Steve Waters, from Right Property Group, after a decade as a voluntary board member, and Paul Glossop, from Pure Property Investment, after serving six years.
Where the gap between house and unit rents has all but disappeared
Juliet Helmke - Smart Property Investment - March 12, 2024
According to a new report by MCG Quantity Surveyors, the cost differential between houses and rents is in a state of rapid change in Australia’s three largest cities: Greater Sydney, Greater Melbourne and Greater Brisbane.
The firm found that in Greater Sydney, house rents rose from $650 per week in February 2023 to $700 by February 2024, while unit rents jumped from $540 to $650 over the same period.
Greater Melbourne and Greater Brisbane recorded similar jumps, with Melbourne unit rents rising from $430 to $520, and Brisbane’s from $470 to $550.
Rising tide of unit rents closes gap with houses in major capitals
The National Tribune, The Mirage - March 11, 2024
MCG Quantity Surveyors is proud to announce the release of its landmark report, ‘Rising Tide of Unit Rents Closes Gap with Houses in Major Capitals,’ shedding light on trans-formative trends in Australia’s rental market over the past year.
This in-depth analysis underscores a narrowing affordability gap between house and unit rents in Australia’s leading capital cities: Greater Sydney, Greater Melbourne, and Greater Brisbane, highlighting significant implications for renters and investors alike.
Mapped: where property investors are getting ‘enormous’ tax breaks
Aidan Devine - Daily Telegraph, Courier Mail, Herald Sun, The Mercury, Gold Coast Bulletin
February 24, 2024
Tax expert Mike Mortlock of MCG Quantity Surveyors said it was likely Sydney investors were remaining negatively geared for well beyond five years.
“It depends on the property, but I’d say most investors are negatively geared until about 10-12 years after purchase,” he said.
600k landlords on notice after woman charged in fire tragedy
Elizabeth Tilley, Shayla Bulloch & Sophie Foster - Courier Mail, Herald Sun - February 22, 2024
MCG Quantity Surveyors managing director Mike Mortlock said the charge laid against Ms Beadel was a “wake-up call” for all landlords.
“I expect anyone in breach of this legislation will be very quickly moving to ensure they’re on the right side of things,” he said.
Ms Mercorella said the REIQ had been committed to educating and training property managers about smoke alarm compliance.
“The majority of rental properties in Queensland are managed by property managers who recognise the importance of complying with the legislation and engage expert services to give lessors and tenants peace of mind.
“We strongly recommend that lessors seek a professional smoke alarm installer who understands the intricacies of the legislation to ensure their smoke alarm upgrade and maintenance is indeed compliant.”
Should the Federal Government dump negative gearing and CGT discounts? Expert says, “Not so fast.”
Thierry Ng - The Property Tribune - February 16, 2024
MCG Quantity Surveyors’ managing director, Mike Mortlock, told The Property Tribune that these criticisms of negative gearing and CGT discounts are misguided.
“The private market has been doing what it does for a long time, and demonising investors trying to remove themselves from the $50 billion a year, aged pension cost to the budget has led to the situation we’re in now,” he said.
Mortlock slammed the framing of negative gearing and CGT concessions as “handouts”, contending that it is a tax deduction applying to all asset classes.
“Negative gearing is a deduction for losses made during the course of owning an asset. These don’t apply to just property, but every asset class."
[Podcast] Stop picking on property investors with Mike Mortlock
Michael Yardney - PropertyUpdate.com.au - February 15, 2024
In today’s show, I'll discuss the complexities of Australia's housing market with my guest Mike Mortlock, the director of MCG Quantity Surveys.
In our conversation today, we spoke about lots of interesting things that will give you some insights into our housing market.
In particular, we explore a disturbing “tall poppy syndrome” narrative that’s taken place over the last little while. It puts property investors in the role of villains who are against the Australian dream of home ownership, and we believe this is an unfair and inaccurate portrayal.
We explain why that’s inaccurate and tell politicians it’s time to stop picking on property investors.
We also talk about the rental crisis, what's ahead for our property markets, and Mike’s views on what will happen with AI and the property markets.
Regional areas emerge as sanctuaries from the rental crisis
Rowan Crosby - Elite Agent - February 14, 2024
MCG Quantity Surveyors found that there is a growing trend among Australians to reassess their living arrangements amidst the tough housing conditions in the capital cities.
Renters are currently drawn to regions like Armidale in NSW and Churchill in Victoria, which offer more rental options and a better lifestyle.
MCG Quantity Surveyors Managing Director, Mike Mortlock, said the regions were appealing to a lot more renters.
“The allure of regional living is becoming increasingly irresistible, especially as urban centres continue to tighten their hold on renters,” Mr Mortlock said.
Rental hunger games: Where QLD tenants should look now
Samantha Healy - Courier Mail - February 12, 2024
A report by MCG Quantity Surveyors looked at over 70 suburbs outside of the major capital cities nationally, identifying “welcoming rental markets” in each state. It was a task that managing director Mike Mortlock said spotlighted “the acute scarcity impacting broader regions”.
But it was slim pickings in Queensland, with just 12 SA2 areas making the cut compared to 26 each in NSW and Victoria, both of which have seen substantial migration to the Sunshine State since the start of the pandemic in 2020.
“While the list may be smaller than desired, it underscores the reality of Australia’s tight rental market,” the report said.
Why investors are rushing back to buy real estate again
John McGrath - Daily Telegraph, Courier Mail - February 9, 2024
Investors are opening their minds to opportunities in different markets, and this is motivating them to consider new options. As discussed in this year’s McGrath Report, ‘remote investing’ is a trend on the rise.
Research by MCG Quantity Surveyors shows the average distance between landlords’ homes and their investment properties is growing rapidly. It surged to 1,502 km in the year to November 2023 – almost double the 857 km recorded in the year to November 2022 and an enormous change compared to the 294 km average before the pandemic.
Will 2024 be 'the year of the property investor'?
Mike Mortlock - Smart Property Investment - January 24, 2024
Market experts are predicting the national property market to grow anywhere between 1.5 per cent and 8 per cent. It’s a wide range, but then that is across multiple opinions. Meanwhile, there are bank economists expecting some locations (i.e. Perth and Brisbane) will come close to, or even exceed, double-digit capital gains in 2024.
I tend to agree with these assessments. The fundamental supply/demand imbalance across capital city markets will continue to bolster the chance of capital gains. I wouldn’t be surprised to see properties achieve more than 10 per cent over the next 12 months in some instances.
Revealed: The hardest suburbs in Australia to find a rental in
Miriah Davis - 9News - January 11, 2024
As Australia's rental crisis drags on, new data from MCG Quantity Surveyors' has revealed the postcodes with the lowest rental listings in December.
"In areas like Greater Sydney and Regional NSW, we're seeing a significant crunch in available rentals, putting immense pressure on renters," said Mike Mortlock, Managing Director of MCG Quantity Surveyors.
"Regions like Greater Melbourne and Greater Brisbane, which traditionally have robust rental markets, are showing an alarming decrease in rental listings."
MCG Quantity Surveyors data reveals hardest Australian postcodes in which to find a rental property
Molly Magennis - 7NEWS - January 11, 2024
MCG said these figures collectively indicate “severe shortages” of rental properties in various regions, with “some postcodes exhibiting extremely low numbers of rental listings despite having substantial rental markets”.
The company’s managing director Mike Mortlock said the decrease in rental listings in Victoria and Queensland in particular was “alarming”.
“Regions like Greater Melbourne and Greater Brisbane, which traditionally have robust rental markets, are showing an alarming decrease in rental listings,” he said.
Key Australian property market trends of 2024
Ryan Johnson - Broker News - January 6, 2024
MCG Quantity Surveyors managing director Mike Mortlock told The Sunday Times it was the first time WA had recorded double digit share of the investor pool.
Mortlock, however, offers a contrarian view, anticipating an upper limit of 8% growth due to ongoing supply shortages.
“The pace of construction cost growth will slow since supply chain pressures we saw during COVID have returned to normal,” Mortlock said. “However, there is still a significant shortage of construction labour, exacerbated by the pipeline of government infrastructure projects.”
Mortlock called the target of building 1.2 million homes over five years from July 1, 2024 “fanciful at best, but nigh on impossible” given the current labour shortages among construction companies.