Is all this property wealth we talk about actually real—or is it just theoretical? That’s what we unpack in this episode with our guest Martin North, founder of Digital Finance Analytics and someone who’s been watching the numbers and the story behind them for years. We ask him: is Australia’s $11 trillion property market built on something solid, or are we clinging to an illusion that’s quietly reshaping the country?

Martin walks us through what he calls a “Python swallowing an elephant” moment; the massive bulge of intergenerational wealth that’s moving slowly through the system. We get into what’s really happening with downsizing, why reverse mortgages might not be the win they’re often sold as, and what happens when kids start relying too heavily on the Bank of Mum and Dad. Spoiler: it’s not as simple or as safe as people think.

We also look at what governments are doing, policies around death tax fears, proposed taxes on unrealized gains in super, and the broader impact of kicking the can down the road. Martin doesn’t hold back when it comes to calling out flawed thinking or dangerous policy decisions, and it makes for a really thoughtful, at times surprising, conversation.

If you’re trying to make sense of where the market’s heading or what might be brewing beneath all this apparent prosperity, you’ll want to sit with this one. It’s not about panic—it’s about facing the bigger picture and asking the harder questions most people still avoid.

Episode Highlights:

00:00 - Introduction

01:26 - Who is Martin North?

02:20 - Why is intergenerational wealth transfer such a big issue today?

07:38 - Are we double counting superannuation totals when comparing asset classes?

11:29 - Why can’t many older Australians downsize, even if they want to?

13:04 - Financial traps hidden in retirement villages and reverse mortgages

18:31 - How wealth and mortgage debt are distributed across generations, and why it matters

23:21 - Cultural shift in how families are handling financial support across generations?

28:05 - Are younger generations developing a sense of entitlement toward parental financial support?

33:52 - Martin's thoughts on the proposed policy to tax unrealized gains in superannuation

39:01 - Did tax reforms under Howard trigger Australia’s property boom?

41:57 - Why has Australia’s property market outpaced the UK since 2000?

45:00 - Will Australia’s $11 trillion in property wealth ever truly change hands?

48:48 - What happens when the property wealth wave finally hits the end of the line?

52:56 - Are Australians starting to see the deeper layers behind the housing crisis?

57:19 - Martin North’s property dumbo

About Our Guest:

Martin North is the founder of Digital Finance Analytics, a boutique research and analytics firm focused on the intersection of finance, property, and consumer behavior in Australia. With a background in banking, data science, and strategic consulting, Martin is known for his in-depth housing market surveys and independent commentary on financial systems. He regularly appears in media and podcasts to share insights grounded in data, particularly on topics like intergenerational wealth, mortgage stress, and housing affordability. His work combines macroeconomic analysis with real-world household data, making him a respected voice in Australian property and finance conversations.

Connect with Martin North:
LinkedIn https://au.linkedin.com/in/martin-north-6a799182
Website https://www.digitalfinanceanalytics.com/
X (formerly Twitter) https://x.com/DFA_Analyst

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.alcove.au
Work with Chris: chrisbates@alcove.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

Is all this property wealth we talk about actually real&mdash;or is it just theoretical? That&rsquo;s what we unpack in this episode with our guest Martin North, founder of Digital Finance Analytics and someone who&rsquo;s been watching the numbers and the story behind them for years. We ask him: is Australia&rsquo;s $11 trillion property market built on something solid, or are we clinging to an illusion that&rsquo;s quietly reshaping the country?
Martin walks us through what he calls a &ldquo;Python swallowing an elephant&rdquo; moment; the massive bulge of intergenerational wealth that&rsquo;s moving slowly through the system. We get into what&rsquo;s really happening with downsizing, why reverse mortgages might not be the win they&rsquo;re often sold as, and what happens when kids start relying too heavily on the Bank of Mum and Dad. Spoiler: it&rsquo;s not as simple or as safe as people think.
We also look at what governments are doing, policies around death tax fears, proposed taxes on unrealized gains in super, and the broader impact of kicking the can down the road. Martin doesn&rsquo;t hold back when it comes to calling out flawed thinking or dangerous policy decisions, and it makes for a really thoughtful, at times surprising, conversation.
If you&rsquo;re trying to make sense of where the market&rsquo;s heading or what might be brewing beneath all this apparent prosperity, you&rsquo;ll want to sit with this one. It&rsquo;s not about panic&mdash;it&rsquo;s about facing the bigger picture and asking the harder questions most people still avoid.
Episode Highlights:
00:00 - Introduction
01:26 - Who is Martin North?
02:20 - Why is intergenerational wealth transfer such a big issue today?
07:38 - Are we double counting superannuation totals when comparing asset classes?
11:29 - Why can&rsquo;t many older Australians downsize, even if they want to?
13:04 - Financial traps hidden in retirement villages and reverse mortgages
18:31 - How wealth and mortgage debt are distributed across generations, and why it matters
23:21 - Cultural shift in how families are handling financial support across generations?
28:05 - Are younger generations developing a sense of entitlement toward parental financial support?
33:52 - Martin's thoughts on the proposed policy to tax unrealized gains in superannuation
39:01 - Did tax reforms under Howard trigger Australia&rsquo;s property boom?
41:57 - Why has Australia&rsquo;s property market outpaced the UK since 2000?
45:00 - Will Australia&rsquo;s $11 trillion in property wealth ever truly change hands?
48:48 - What happens when the property wealth wave finally hits the end of the line?
52:56 - Are Australians starting to see the deeper layers behind the housing crisis?
57:19 - Martin North&rsquo;s property dumbo
About Our Guest:
Martin North is the founder of Digital Finance Analytics, a boutique research and analytics firm focused on the intersection of finance, property, and consumer behavior in Australia. With a background in banking, data science, and strategic consulting, Martin is known for his in-depth housing market surveys and independent commentary on financial systems. He regularly appears in media and podcasts to share insights grounded in data, particularly on topics like intergenerational wealth, mortgage stress, and housing affordability. His work combines macroeconomic analysis with real-world household data, making him a respected voice in Australian property and finance conversations.
Connect with Martin North:
<ul>
<li aria-level="1">LinkedIn <a href="https://au.linkedin.com/in/martin-north-6a799182">https://au.linkedin.com/in/martin-north-6a799182</a></li>
<li aria-level="1">Website <a href="https://www.digitalfinanceanalytics.com/">https://www.digitalfinanceanalytics.com/</a></li>
<li aria-level="1">X (formerly Twitter) <a href="https://x.com/DFA_Analyst">https://x.com/DFA_Analyst</a></li>
</ul>
Resources:
<ul>
<li aria-level="1">Visit our website <a href="https://www.theelephantintheroom.com.au">https://www.theelephantintheroom.com.au</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at:</li>
<ul>
<li aria-level="2">The Elephant in the Room Property Podcast - <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a></li>
</ul>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au/">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Mortgage Broker? <a href="https://www.alcove.au">https://www.alcove.au</a></li>
<li aria-level="1">Work with Chris: <a href="mailto:chrisbates@alcove.au">chrisbates@alcove.au</a></li>
</ul>
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!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@theelephantintheroom-podcast">https://www.youtube.com/@theelephantintheroom-podcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="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</a></li>
<li aria-level="1">Subscribe on Spotify:&nbsp;<a href="https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765">https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765</a></li>
</ul>

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!

We talk about the things no one wants to talk about in the Property Market