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

The government has framed its proposed capital gains tax changes as a way to tackle intergenerational unfairness.
But what happens when the same reforms make it harder for younger Australians to build wealth, save a deposit, invest in businesses and diversify beyond property?
Chris Brycki, founder and CEO of Stockspot, joins Veronica and Chris to unpack what the Treasury modelling may be missing. With Stockspot clients collectively withdrawing $37 million last year to buy property, he explains how diversified ETFs have become a deposit-building strategy — and why the new tax treatment could make that pathway less attractive.
We also examine the hidden problem of taxing inflation-adjusted gains while failing to provide the same treatment for real losses, the potential impact on small-cap companies and startups, and why the changes could encourage businesses to pay out more dividends rather than reinvest in growth and innovation.
From first-home buyers and entrepreneurs to downsizers and long-term investors, this conversation explores the behavioural consequences of tax policy — and whether a reform designed to improve affordability could ultimately distort investment decisions in ways the government did not intend.
Episode Highlights
01:40 – Chris Brycki on the CGT Changes
05:16 – Should You Invest Your House Deposit?
07:53 – Where the Budget Got CGT Reform Wrong
10:14 – The CGT Trap: Gains Indexed, Losses Aren’t
15:08 – Why the New CGT Rules Could Crush Startups
21:25 – Should Capital Gains Be Taxed Like Income?
27:49 – Will CGT Changes Push Companies to Pay Dividends?
33:06 – How the New CGT Rules Affect ETFs
37:19 – When Tax Starts Driving Investment Decisions
43:08 – Could CGT Changes Push Money Back Into Property?
48:52 – Is Negative Gearing Really Only for the Wealthy?
51:44 – Why 1 July Valuations Could Cost You Thousands
55:06 – Could CGT Changes Discourage Downsizing?
58:18 – The Bigger Economic Consequences of CGT Reform
About the Guest
Chris Brycki is the founder and CEO of Stockspot, described as Australia’s first and largest digital investment adviser. Stockspot manages more than $1.5 billion for around 21,000 clients, many of whom are young professionals and families investing through diversified ETFs for goals including buying a home.
Chris brings a direct view of how Australians are actually using investment markets to build wealth. He has been particularly vocal about the proposed CGT changes and their potential impact on investors, entrepreneurs, housing affordability and Australia’s economy.
In this episode, he draws on his experience working with investors to challenge assumptions behind the proposed reforms, including Treasury’s modelling of share-market returns, the treatment of investment losses, and the incentives the new system could create for companies, investors and aspiring homeowners.
Connect with Chris
LinkedIn | Chris Brycki
Website | Stockspot
LinkedIn | Stockspot
X | Stockspot
Facebook | Stockspot
Instagram | Stockspot

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? alcove.com.au
Work with Chris: 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!
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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

Australia knows it needs to build more homes. But if construction is already operating close to capacity, where will the extra housing actually come from?
HIA senior economist Tom Devitt joins Veronica and Chris to unpack the constraints holding the industry back and why simply calling for more supply misses the complexity of getting homes built. The conversation covers skilled labour shortages, planning and approvals, land and infrastructure costs, construction productivity, prefab housing and the shift towards medium-density development. Tom also explains why Sydney and Melbourne have struggled to recover, while WA, Queensland and South Australia have performed more strongly.
They also examine the fallout from changes to negative gearing and SMSF borrowing, including the risk that relatively small numbers of affected apartment sales could have a much larger impact on project financing. And with rental vacancy rates around 1%, Tom challenges the idea that investors are the problem, arguing that Australia needs more rental accommodation, not less.
From stamp duty and development feasibility to the difference between the real estate market and the underlying housing market, this conversation gets into the structural issues that will determine whether Australia can actually close its housing supply gap.
Episode Highlights
01:39 – Meet HIA Economist Tom Devitt
02:14 – Why Australia Still Can’t Build Enough Homes
04:13 – The Skilled Trades Shortage Holding Housing Back
07:01 – Why Construction Workers Are Being Pulled Elsewhere
10:35 – Prefab Won’t Solve the Housing Shortage Alone
13:08 – How the SMSF Ban Could Sink Entire Projects
17:03 – The Housing Finance Fallout From the SMSF Ban
19:36 – Are Buyers Losing Confidence in New Housing?
22:44 – Why Sydney and Melbourne Are Falling Behind
25:32 – Are We Really Measuring Construction Productivity?
30:46 – Why Builders Are Going Under Despite Strong Demand
34:17 – Why Some New Housing Simply Doesn’t Stack Up
36:59 – Why Medium-Density Housing Could Be the Sweet Spot
39:58 – The Housing Fundamentals That Eventually Win
41:44 – The Rental Crisis Needs More Investors, Not Fewer
About the Guest
Tom Devitt is a senior economist at the Housing Industry Association (HIA), where he works on the economic conditions shaping Australia’s residential construction industry. His work includes analysing housing construction forecasts, industry capacity, labour shortages, planning constraints and the impact of government policy on new housing.
Tom brings an industry-focused economic perspective to the housing supply debate, looking beyond headline targets to examine what actually determines whether a home gets built. In this episode, he discusses construction capacity, skilled trades shortages, development feasibility, planning reform, rental supply and the effects of recent policy changes affecting property investment and housing finance.
Connect with Tom
LinkedIn | Tom Devitt
LinkedIn | HIA

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? alcove.com.au
Work with Chris: 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
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/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

The latest PIPA Annual Investor Survey reveals a significant shift in investor sentiment, with more investors considering selling amid changing tax settings, rising holding costs, interest rates and concerns about property values.
Chris Bates and buyer’s agent Cate Bakos unpack what the survey reveals about investor behaviour and why grandfathering existing tax arrangements may not be enough to keep investors in the market. They explore what happens when established rental properties are sold to owner-occupiers, and why replacing that stock with new investment properties isn’t as straightforward as policymakers might assume.
The conversation also examines rentvesting, the growing appeal of higher-yielding property, the risks of investors pivoting into commercial property without sufficient expertise, and whether build-to-rent can realistically address the gaps in Australia’s rental supply.
With investor behaviour changing and rental demand remaining strong, Chris and Cate question whether housing policy is accounting for the full consequences of pushing private investors out of the market.
Episode Highlights
01:28 – PIPA Survey: The Investor Shift Nobody Can Ignore
04:20 – Why Investors Are Selling Despite Being Grandfathered
08:38 – Why Investors Aren’t Switching to New Builds
13:00 – Why Long-Term Investors Are Reconsidering Property
18:53 – Where Investors Are Selling and Why
20:52 – Who Pays When Investors Leave the Market?
22:32 – Why Qualified Property Advice Matters More Than Ever
27:09 – Are Property Falls as Bad as the Headlines Suggest?
30:58 – The Borrowing Capacity Squeeze on Investors
35:12 – Why Build-to-Rent Won’t Solve the Rental Shortage
38:07 – Chasing Yield: The Risk of Pivoting to Commercial
42:19 – PIPA’s Push for Better Investor Advice and Standards
44:41 – Outro: Submit Your Questions
About the Guest
Cate Bakos is a former President of the Real Estate Buyers Agents Association of Australia (REBAA) and is closely involved with the Property Investment Professionals of Australia (PIPA), where she advocates for investor education, consumer awareness and qualified property investment advice.
She is also the Owner and Buyer’s Agent at Cate Bakos Property, bringing extensive experience working directly with property buyers and investors across the Australian market. Her frontline perspective gives her a practical understanding of how investors respond to changing market conditions, tax settings and property values.
In this episode, Cate draws on that experience to unpack the latest PIPA Investor Survey, including why investors are selling, what happens to established rental stock when they exit, and why some investors are looking towards higher-yielding residential and commercial property. She also discusses the importance of qualified advice as investors navigate an increasingly complex property environment.
Connect with Cate
Website | Cate Bakos Property
Phone - 03 7000 6026
Mobile - 0422 638 362
Email - cate@catebakos.com.au
Socials:
LinkedIn | Catherine Bakos
Instagram | Cate Bakos
Facebook | Cate Bakos

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? alcove.com.au
Work with Chris: 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
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/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

Australia’s housing reforms aim to improve affordability and help more Australians buy homes. But could they unintentionally make it harder to build new housing?
In this episode, Richard Temlett, National Executive Director of Research at Charter Keck Cramer, explains the risks facing Australia’s property market. We discuss investor and SMSF changes, development feasibility, construction costs, planning delays and why approved projects don’t always become completed homes.
Richard also explores the potential impact on Melbourne and Brisbane apartments, the rise of build-to-rent and social housing, and why reducing investor demand doesn’t automatically create more affordable housing.
With Australia’s housing crisis driven by population growth, planning restrictions, taxation and limited social housing, Richard argues that there is no single solution. Addressing the crisis will require long-term coordination between governments, developers, financiers and the broader industry.
Episode Highlights
01:41 – Meet Richard Temlett: Inside Australia’s Housing Crisis
05:17 – Why SMSF Changes Could Hit New Housing Supply
08:18 – Why Housing Uncertainty Is Freezing Buyers
11:13 – Why Build-to-Rent Could Be a Housing Winner
18:11 –The Hidden Risks Developers Are Carrying
25:30 – Can Australia Actually Fix Its Housing Crisis?
27:03 – Why More Housing Supply Is So Hard to Deliver
31:50 – How Politics Is Reshaping Australia’s Housing Supply
37:12 – Why Investor Changes Could Reshape the Rental Market
39:31 – Why Australia’s Construction Industry Is So Unproductive
44:43 – Why Property Needs More Policy Certainty
48:02 – Why Politics and Property Run on Different Timelines
51:26 – The Case for a National Housing Reset
54:16 – The Housing Crisis: What Needs to Change Next?
About the Guest
Richard Temlett is the National Executive Director of Research at Charter Keck Cramer, where he specialises in data-driven, evidence-based research to guide property development and investment decisions across Australia.
With extensive experience analysing residential property markets, Richard works closely with developers, financiers and government to understand the economic, planning and market forces shaping Australia’s housing supply. His work focuses on turning complex market data into practical insights about development feasibility, housing demand and the factors influencing where and what gets built.
Richard is also the host of Precisely Property and a regular industry speaker, sharing his research and perspective on the challenges facing Australia’s property market. A former lawyer, he holds a Bachelor of Laws from Flinders University and a Master of Business from RMIT.
In this episode, Richard brings that research-driven perspective to one of Australia’s biggest challenges: how to increase housing supply without creating policies that unintentionally make new development harder to deliver.
Connect with Richard
LinkedIn | Richard Temlett
LinkedIn | Charter Keck Cramer
Website | Charter Keck Cramer

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? alcove.com.au
Work with Chris: 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
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/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

For decades, the path to building wealth in Australia seemed relatively straightforward: buy your home, purchase an investment property, use negative gearing to help manage the cost, and eventually focus more heavily on superannuation.
But with changes to negative gearing, capital gains tax and investment structures on the horizon, that traditional strategy is becoming much harder to follow—especially for Australians starting from scratch. So what does financial advice look like now?
In this episode, James Wrigley from First Financial joins Veronica and Chris to unpack how the new tax environment is changing the way Australians build wealth. James explains why some clients in their 40s are now being encouraged to put substantially more money into superannuation than they would have previously, while still maintaining money outside super for flexibility.
The conversation goes well beyond property. We explore what higher capital gains tax means for shares and ETFs, why automatically rebalancing funds can create additional capital gains, how the proposed changes could affect family trusts and bucket companies, and why some investors may eventually move towards investment company structures instead. We also look at whether property still makes sense when negative gearing becomes less attractive—and why upgrading or renovating your own home could become a more compelling alternative.
For younger Australians, James also discusses the First Home Super Saver Scheme and why it could receive more attention as the investment landscape changes. For older Australians, the conversation turns to retirement, investment property sell-down strategies and the growing trend towards "giving while living" as wealth transfers between generations earlier. The message throughout is clear: higher taxes may change the maths, but they shouldn't become an excuse to stop investing altogether.
Episode Highlights
01:49 – How the Budget Changes Financial Advice
05:19 – Why Super Has Become Plan A
07:33 – Why Trusts Are Losing Their Appeal
10:09 – Division 296: What the $3M Super Rule Means
15:15 – Why CGT Makes Investing More Complicated
19:44 – Will Higher CGT Kill Investment Aspiration?
24:24 – Why Property Still Has a Contrarian Case
28:09 – Could Upgrading Your Home Beat Buying Property?
31:13 – Why Fear Could Keep Sellers Off the Market
36:24 – When Should Investors Sell Before Retirement?
38:08 – Why the First Home Super Saver Scheme Matters
44:38 – Why Parents Are Choosing to Give Wealth Earlier
46:58 – Are Trusts and Bucket Companies Dead?
48:13 – Why Investment Companies Could Replace Trusts
About the Guest
James Wrigley is a financial adviser at First Financial and the author of Retire Life Ready. He has worked in the superannuation and financial advice industry for more than 20 years, including more than a decade as a financial adviser. James is known for breaking down complex financial concepts into practical insights, with hundreds of thousands of Australians following his educational content online.
In this episode, James brings a practitioner's perspective to the latest tax changes, drawing on the real conversations he is having with clients across different stages of wealth creation—from people in their 40s who had planned to buy investment properties, to retirees reconsidering their property holdings and families looking at how to transfer wealth to the next generation.
Connect with James
LinkedIn | James Wrigley
LinkedIn | First Financial
Website| First Financial

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? alcove.com.au
Work with Chris: 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
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/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