What if the real driver behind Australia’s property obsession isn’t logic, but human behaviour?

In this episode, we’re joined by behavioural economist Evan Lucas, and let’s just say… this one’s a thinker. We talk about how our attitudes toward property have shifted since the pandemic; what’s stuck, what’s changed, and why the DIY mindset, generational habits, and even the Bunnings effect all feed into the way we view real estate. It’s not just about shelter. It’s about control. Identity. Security. And that deeply emotional idea of “home.”

Evan pulls back the curtain on how we’re wired to respond to urgency, pressure, and even shiny marketing tactics, and how those biases can lead us straight into the wrong property decisions (even when we think we’re being smart about it). We get into pain points like home bias, dopamine hits, and the big one: why losing money on property feels so personal, because for many of us, it is.

There’s so much in here for buyers, sellers, and anyone trying to make sense of today’s market. If you’ve ever wondered why the numbers don’t always add up to the decisions people make, this episode explains a lot.

Episode Highlights:

00:00 - Introduction

01:06 - Who is Evan Lucas?

02:44 - Why Australians are so obsessed with property

06:07 - The real consequences of a property-driven culture

09:17 - Why does behavioural economics matter so much when you’re investing?

13:31 - When did Evan realise behaviour was driving investment outcomes 

22:38 - The behavioural biases that quietly sabotage property buyers

29:31 - The big differences in beliefs and behaviours around property across generations

34:38 - Why housing has become a generational and cultural tug-of-war

38:28 - What COVID changed and what it didn’t

42:29 - Will the regional shift last now that offices are calling people back?

46:29 - Work-life tug-of-war: Who’s really in control now?

51:13 - Evan's thoughts on allowing first home buyers to access their super

57:12 - What Evan thinks about value and what it really means in the context of property

1:03:16 - Evan Lucas’ property dumbo

About Our Guest:

Evan Lucas is a leading behavioural economist, author, and financial commentator known for making complex money matters relatable and human. With a background in global finance and a passion for understanding how emotions and biases shape financial decisions, Evan helps Australians rethink the way they engage with money, investing, and property. He regularly appears in national media and is the author of Mind Over Money, where he explores why logic often takes a back seat when it comes to personal finance.

Connect with Evan Lucas:
LinkedIn https://au.linkedin.com/in/evan-lucas-44a25316
Website https://evanlucas.com.au/
Listen to Evan’s podcast https://podcasts.apple.com/au/podcast/exchanges-with-evan-lucas/id1796919532

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

What if the real driver behind Australia&rsquo;s property obsession isn&rsquo;t logic, but human behaviour?
In this episode, we&rsquo;re joined by behavioural economist Evan Lucas, and let&rsquo;s just say&hellip; this one&rsquo;s a thinker. We talk about how our attitudes toward property have shifted since the pandemic; what&rsquo;s stuck, what&rsquo;s changed, and why the DIY mindset, generational habits, and even the Bunnings effect all feed into the way we view real estate. It&rsquo;s not just about shelter. It&rsquo;s about control. Identity. Security. And that deeply emotional idea of &ldquo;home.&rdquo;
Evan pulls back the curtain on how we&rsquo;re wired to respond to urgency, pressure, and even shiny marketing tactics, and how those biases can lead us straight into the wrong property decisions (even when we think we&rsquo;re being smart about it). We get into pain points like home bias, dopamine hits, and the big one: why losing money on property feels so personal, because for many of us, it is.
There&rsquo;s so much in here for buyers, sellers, and anyone trying to make sense of today&rsquo;s market. If you&rsquo;ve ever wondered why the numbers don&rsquo;t always add up to the decisions people make, this episode explains a lot.
Episode Highlights:
00:00 - Introduction
01:06 - Who is Evan Lucas?
02:44 - Why Australians are so obsessed with property
06:07 - The real consequences of a property-driven culture
09:17 - Why does behavioural economics matter so much when you&rsquo;re investing?
13:31 - When did Evan realise behaviour was driving investment outcomes&nbsp;
22:38 - The behavioural biases that quietly sabotage property buyers
29:31 - The big differences in beliefs and behaviours around property across generations
34:38 - Why housing has become a generational and cultural tug-of-war
38:28 - What COVID changed and what it didn&rsquo;t
42:29 - Will the regional shift last now that offices are calling people back?
46:29 - Work-life tug-of-war: Who&rsquo;s really in control now?
51:13 - Evan's thoughts on allowing first home buyers to access their super
57:12 - What Evan thinks about value and what it really means in the context of property
1:03:16 - Evan Lucas&rsquo; property dumbo
About Our Guest:
Evan Lucas is a leading behavioural economist, author, and financial commentator known for making complex money matters relatable and human. With a background in global finance and a passion for understanding how emotions and biases shape financial decisions, Evan helps Australians rethink the way they engage with money, investing, and property. He regularly appears in national media and is the author of Mind Over Money, where he explores why logic often takes a back seat when it comes to personal finance.
Connect with Evan Lucas:
<ul>
<li aria-level="1">LinkedIn <a href="https://au.linkedin.com/in/evan-lucas-44a25316">https://au.linkedin.com/in/evan-lucas-44a25316</a></li>
<li aria-level="1">Website <a href="https://evanlucas.com.au/">https://evanlucas.com.au/</a></li>
<li aria-level="1">Listen to Evan&rsquo;s podcast <a href="https://podcasts.apple.com/au/podcast/exchanges-with-evan-lucas/id1796919532">https://podcasts.apple.com/au/podcast/exchanges-with-evan-lucas/id1796919532</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:&nbsp;The Elephant in the Room Property Podcast <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a></li>
<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

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