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

For decades, the assumption was simple: by the time Australians reached retirement, the mortgage was gone. But that reality is changing fast.
Today, more than half of Australians approaching retirement still carry housing debt—and it’s reshaping how households think about superannuation, the Age Pension, and the role of the family home.
In this episode, Veronica and Chris sit down with retirement specialist Harry Chemay to unpack the growing debt burden among pre-retirees and what it means for the next generation of retirees. They explore why the traditional “pay off the home before retirement” rule is breaking down, how rising property prices and refinancing behaviour have changed the way Australians use housing equity, and why more people are drawing down their super simply to clear their mortgage.
Harry explains the financial trade-offs between paying off your mortgage versus preserving superannuation, and why this decision can dramatically affect long-term retirement cash flow. The conversation also dives into reverse mortgages, equity release strategies, the Age Pension means test, and why downsizing isn’t always the straightforward solution many assume it to be.
This episode challenges long-held assumptions about debt in retirement and highlights the need for better coordination between financial advisers, mortgage brokers, and retirement planners. Because in today’s housing market, the biggest asset most Australians own—the family home—may also be the key to making retirement work.
Episode Highlights
01:13 – Meet Harry Chemay: Retirement and Wealth Strategy Expert
01:55 – From Robo Advice Startup to Retirement Strategy Specialist
03:33 – Why More Australians Are Reaching Retirement With Mortgages
08:46 – Generational Shifts, Lifestyle Choices and Mortgage Refinancing
10:36 – Why Retirees Are Using Super Withdrawals to Clear Housing Debt
25:14 – The Trade-Off: Paying Off Your Mortgage vs Preserving Super
26:22 – A Simple Cashflow Test for Retirees Carrying Mortgage Debt
27:17 – Case Study: Super Withdrawal vs Equity Release Outcomes
29:17 – Will Banks Start Lending More to Retirees and Older Borrowers?
32:07 – Australia’s $12 Trillion Housing Wealth Reality Explained
38:55 – Downsizing vs Aging in Place: The Retirement Housing Debate
42:04 – The Rise of New Retirement Living and Lifestyle Developments
43:31 – Rising Homeownership Costs and Why Early Planning Matters
46:20 – Rethinking Retirement Living: Building Your Own Community
47:37 – A Real Family Story of Moving Parents Later in Life
49:08 – Why Retirement Planning Needs a Holistic Advice Team
52:12 – Final Takeaways on Retirement Debt, Super and Housing
Links
The growing debt burden of retiring Australians

About the Guest
Harry Chemay is a retirement and wealth specialist with nearly three decades of experience across financial planning, wealth management, asset consulting, fintech, and superannuation product design. His work focuses on the decumulation phase of retirement, helping individuals and institutions design strategies that turn accumulated wealth into sustainable retirement income.
Throughout his career, Harry has worked with major financial institutions including KPMG Financial Services, Colonial (State Bank of NSW / CBA), Mercer, and Howarth Financial Services. He was also a co-founder of the fintech platform Clover, one of Australia’s early robo-advice ventures designed to help younger Australians build wealth and save for their first home.
Harry holds a Bachelor of Business in Banking and Finance from Monash University, a Graduate Diploma in Applied Finance and Investments (FINSIA), and a Graduate Certificate in Self-Managed Super Funds from the University of Adelaide. He has also previously held the Certified Financial Planner (CFP) and Certified Investment Management Analyst (CIMA) designations.
His current work focuses on retirement income strategies and the evolving role of housing wealth in Australia’s retirement system.

Connect with Harry
LinkedIn
Lumisara (website)

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 - [email protected]
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: [email protected]

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/3Ge1626dgnmK0RyKPcXHarry0?si=26cde394fa854765

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

Many investors see property development as the natural “next step” — a faster way to manufacture growth and build equity. The reality is far less straightforward: most development sites that can be built on simply don’t make money.
Rob Flux, founder of the Property Development Network, joins us to break down what really changes when you move from buy-and-hold to small-scale development. We explore why 90% of developable sites aren’t profitable, how feasibility is often misunderstood, and why “profit on cost” — not hype — should drive your decisions. Rob explains the importance of site selection, overlays and constraints, demographic targeting, and why solving the right problems is what developers actually get paid for.
We also dive into the practical realities: commercial vs residential funding, entity structuring mistakes, contingency planning, holding costs, and the psychological traps that come with early success. Is development just leveraged investing — or is it an entirely different career path? And in a market facing a 1.2 million home shortfall, does that make development easier… or just more competitive?
If you’ve ever considered “graduating” into development, this episode is your reality check. Development can accelerate wealth — but only if you treat it with the seriousness it demands. Otherwise, it’s just an expensive lesson.
Episode Highlights
01:15 – Meet Rob Flux: From Investor to Developer
02:04 – Why Most Developers Fail (And Don’t See It Coming)
04:10 – The 10-Minute Site Test: Kill Bad Deals Fast
05:00 – Overlays, Constraints & Building What Sells
07:24 – The Development Sweet Spot (Before the Crowd)
14:59 – Funding Models & Why Time Is Your Enemy
21:14 – Market Cycles & Getting Product Fit Right
27:15 – Luxury vs Volume: Two Paths to Profit
28:47 – Where Population Growth Drives Real Demand
32:05 – Who Actually Makes It in Development?
33:44 – Feasibility 101: Profit on Cost Explained
38:24 – Contingency Buffers: Protecting Your Margin
39:31 – From Duplex to Six-Pack: Scaling Smart
47:52 – Real-World Mistakes & Final Takeaways
About the Guest
Rob Flux is a property developer, mentor, and founder of the Property Development Network (PDN), Australia’s largest community of active small-to-medium developers. With monthly meetups across Brisbane, Sydney, Melbourne, Adelaide, and Perth, PDN has become a leading education and mastermind platform for aspiring and experienced developers alike.
Rob began investing at 18 and achieved financial independence by 38 — before a divorce forced him to rebuild from scratch. His first development deal delivered $1 million in profit, allowing him to leave his IT career and focus on development full time. Since then, he has refined his approach into a structured 7 Step Property Development Formula and continues to complete six- and seven-figure projects using creative acquisition and funding strategies.
Beyond education, Rob serves on government advisory panels contributing to housing policy and planning reform across Australia. His mission is clear: to help 1,000 people achieve financial freedom by 2030 through smarter, more strategic property development.

Connect with Rob
LinkedIn
Website
Facebook

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 - [email protected]
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: [email protected]

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/3Ge1626dgnmK0RyKPcXRob0?si=26cde394fa854765

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

Granny flats are being sold as the answer to everything—housing affordability, rental yield, multigenerational living, even retirement planning.
But once you get past the glossy numbers and council checklists, the reality is far more nuanced.
In this episode, we sit down with Wally Gebrael, Co-Director at Granny Flat Solutions, to unpack what actually determines whether a granny flat works — and why so many builds quietly underperform. We break down the planning pathways (CDC vs DA), site constraints that kill feasibility, design mistakes that slash rental appeal, and the hidden costs investors rarely factor in.
We also explore the bigger picture: how granny flats fit into Australia’s housing crisis, why quality and layout directly impact yield, and when a granny flat can genuinely improve cash flow, versus when it simply ties up capital. Wally shares real-world examples from thousands of builds, including what separates high-performing granny flats from regret purchases.
If you’re considering building one — whether for family, flexibility, or investment — this episode will help you decide with clarity, not hype.
Episode Highlights
00:20 — Meet the Expert: Wally Gebrael
03:12 — Financial Considerations and Value Addition
06:18 — Challenges in Building Granny Flats
08:44 — Council Regulations and Approval Process
12:56 — Cost and Budgeting for Granny Flats
23:59 — Designing Functional Spaces with a Wow Factor
24:22 — Balancing Cost and Value for Investors and Homeowners
25:37 — Optimal Granny Flat Designs
29:52 — Impact of Interest Rates on Investments
32:03 — Financial Considerations and Tax Implications
37:57 — Common Mistakes in Granny Flat Projects
43:43 — Final Thoughts and Listener Questions
About the Guest
Wally Gebrael is the Co-Director at Granny Flat Solutions, one of Australia’s leading specialists in secondary dwellings. Since establishing the business in 2011, Wally and his team have delivered more than 2,500 granny flats across NSW, navigating everything from straightforward CDC approvals to complex council applications involving flood zones, heritage overlays, and high-constraint sites.
With over a decade at the coalface of design, approvals, and construction, Wally brings a grounded, practical perspective to the granny flat conversation. His insights aren’t theoretical—they’re based on real budgets, real rental outcomes, and the recurring mistakes homeowners and investors make when chasing “easy yield.”
In a market saturated with oversimplified advice, Wally focuses on feasibility, function, and long-term performance—not sales-driven optimism.

Connect with Wally
Wally’s LinkedIn
Granny Flat Solutions’ LinkedIn
Granny Flat Solutions’ Website
Granny Flat Solutions’ Instagram
Granny Flat Solutions’ Facebook
Granny Flat Solutions’ YouTube

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 - [email protected]
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: [email protected]

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/3Ge1626dgnmK0RyKPcXCathy0?si=26cde394fa854765

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

NSW has moved fast to reform its planning system, promising to unlock housing supply through sweeping state-led controls. But zoning uplift alone doesn’t build homes.
In this episode, we ask the harder question many in property are thinking but few say out loud: is the system genuinely delivering housing, or quietly choking supply through feasibility constraints, delays, and unintended consequences?
Joining us is James Oldknow, Special Counsel at Mills Oakley, who works daily at the sharp end of planning approvals, appeals, and the NSW Land & Environment Court. James breaks down why Transport Oriented Development (TOD) has produced little real-world uptake, while the Low-to-Mid Rise (LMR) policy is driving a surge of applications—particularly in Sydney’s most expensive, tightly held suburbs.
We unpack how affordable housing incentives are being used to make projects stack up, why premium locations like Mosman, Waverley, and Woollahra are seeing the most change, and how the new Housing Delivery Authority is fast-tracking large projects while sidelining local controls. Along the way, we tackle design quality, heritage, infrastructure strain, and the emotional toll these changes are having on established communities.
For investors, homeowners, and anyone exposed to property in NSW, this episode is a reality check. And if you’re wondering what could be coming in other states, this could be the canary in the coalmine. The reforms aren’t a silver bullet—but they are already reshaping values, neighbourhoods, and long-term decisions for those paying attention.
Episode Highlights
00:00 — Introduction to NSW Planning System
01:33 — Meet the Expert: James Oldknow
04:41 — Challenges in TOD Applications
08:33 — LMR Policy and Its Impact
10:52 — Affordable Housing and Feasibility
16:42 — Community Concerns and Planning Rigors
26:53 — Development Typologies Across New South Wales
28:59 — Concerns About Centralized Authority
30:43 — Affordable Housing and Contribution Funds
32:17 — Infrastructure and Traffic Concerns
34:33 — Heritage and Environmental Considerations
43:29 — Navigating Development Consents and Modifications
45:29 — Final Thoughts and Advice
About the Guest
James Oldknow is Special Counsel in Mills Oakley’s Planning and Environment team, specialising in planning and development law across New South Wales. He advises landowners and developers on projects of all sizes and regularly appears before councils, planning panels, and the NSW Land & Environment Court.
Working daily within the approvals and appeals system, James sees firsthand where projects stall, why others succeed, and how state policies like LMR, TOD, and the Housing Delivery Authority operate in practice—not theory. His perspective is grounded in real projects, real constraints, and real outcomes, making him uniquely placed to cut through the policy noise and explain what NSW’s planning reforms are actually delivering on the ground.
Connect with James
James’ LinkedIn
Mills Oakley Website
Mills Oakley LinkedIn

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 - [email protected]
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: [email protected]

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/3Ge1626dgnmK0RyKPcXJames0?si=26cde394fa854765

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

Most Australians assume they’ll deal with retirement living and aged care when the time comes. The problem? By the time it does, the system has already made many of the decisions for you. In this episode, we unpack why delaying retirement and home care planning is one of the most expensive mistakes people make—not just financially, but emotionally and structurally.
Veronica Morgan and Chris Bates are joined by Mitch Hiam, COO of Balance Financial Group, to explain how Australia’s aged care and home care systems really work—and why recent reforms are quietly changing the rules. They explore how “Support at Home,” means testing, maintenance costs, and wait times are pushing retirees into decisions earlier than expected, often under crisis conditions.
The conversation challenges deeply held assumptions about staying in the family home, downsizing, retirement villages, and intergenerational living. Mitch breaks down when home care works, when it doesn’t, and why time—not money—is the real currency in preserving choice and independence later in life.
This episode is essential listening for Gen X, older Millennials, investors, and anyone with ageing parents, offering a clear warning: if you don’t plan your retirement living early, the system will plan it for you.
Episode Highlights
00:00 — Introduction to Retirement Living Decisions
01:08 — Guest Introduction: Mitch Home from Balance Financial Group
01:48 — Challenges Faced by Retired Homeowners
04:05 — Importance of Early Planning for Home Care
09:07 — Government Policy Changes and Their Impact
16:00 — Financial Trade-offs and Family Dynamics
24:21 — Granny Flat Agreements and Multigenerational Living
26:31 — Inheritance and Financial Planning for Retirees
29:52 — Planning for Future Care Needs
30:29 — Making Better Property Decisions
31:37 — Understanding Retirement Villages
40:10 — Costs and Contracts in Retirement Villages
52:26 — Final Thoughts and Advice
About the Guest
Mitch Hiam is the Chief Operating Officer of Balance Financial Group, a specialist advisory firm focused on retirement planning, aged care strategy, and later-life financial decision-making. His work sits at the intersection of pensions, home care funding, residential aged care, downsizing, retirement villages, and intergenerational arrangements.
Mitch works closely with individuals and families navigating some of the most complex—and emotionally charged—decisions they will ever face. From proactive planning to crisis-driven aged care transitions, he brings frontline insight into how Australia’s systems actually operate, where people get caught out, and which decisions permanently limit future options.
Known for his plain-spoken, practical approach, Mitch helps Australians understand the financial reality behind retirement living—so they can make informed decisions early, rather than forced ones later.
Connect with Mitch
Mitch’s LinkedIn
Balance Retirement & Aged Care Specialists’ LinkedIn
Balance Retirement & Aged Care Specialists’ Website

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 - [email protected]
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: [email protected]

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/3Ge1626dgnmK0RyKPcXMitch0?si=26cde394fa854765

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