Celebrity real estate mogul’s Aussie housing crisis fix
An international real estate mogul has weighed in on the debate over solutions to Australia’s housing crisis, slamming a ‘mansion tax’ and calling for interest rates to be slashed.
Speaking from Los Angeles ahead of his visit Downunder to headline this year’s Australasian Real Estate Conference (AREC), Mauricio Umansky also said government incentives for private sector developers would help boost housing supply.
“Governments need to subsidise the private sector,” he said. “In LA, for example, the government is wanting to control housing for the homeless because they don’t want the private sector to make money off it.
Mauricio Umansky is coming to Australia for the Australasian Real Estate Conference in May. Image supplied.
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“The government is more worried about the private sector profiting from the homeless than giving them housing.”
The founder and CEO of The Agency — a billion-dollar real estate brokerage based in the United States — will speak to thousands of real estate professionals at the two-day conference, from May 25 to 26.
Umansky’s visit Downunder comes during a “perfect storm” of housing unaffordability — high mortgage rates, high prices, and low supply, which he says is being felt all over the world.
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Mauricio Umansky is the founder of US real estate brokerage, The Agency. Image supplied.
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“I think governments need to lower interest rates, period,” he said. “If you lower interest rates, you end up with higher supply and unlock inventory owned by people who are holding on to their properties.
“Two things will occur — lower interest rates will make (housing) more affordable, and higher inventory will lower prices.”
But while policymakers in Australia have floated similar ideas to Los Angeles’ ‘mansion tax’, in a bid to tackle housing affordability, Umansky says that’s not the answer.
“(The mansion tax) has reduced transactions so much,” he said. “We’re ending up with a much lower amount of … revenue. Instead of raising revenue, it is lowering it. It’s an absolute disaster.”
Mauricio Umansky will speak to a crowd at the Australasian Real Estate Conference on the Gold Coast this year.
The reality TV star said he was “super excited” to visit the Gold Coast and share his strategies on high-end deal-making, branding in a digital age, and the evolving expectations of property buyers and sellers at AREC.
“I’ve been to Sydney, but not the Gold Coast,” he said. “I’ve heard it’s very California-esque. I think it’s an exciting market.”
Renowned for his role on Netflix’s Buying Beverly Hills and frequent appearances on The Real Housewives of Beverly Hills, Umansky has built a formidable reputation in luxury real estate, with clients ranging from celebrities to Fortune 500 executives — and even Hugh Hefner.
He cites selling the Playboy mansion for $100m in 2016 as his most defining deal to date.
The Playboy Mansion in Los Angeles sold for US$100 million in 2016.
(L to R) Playboy bunny Sheila Levell, Playboy founder Hugh Hefner and Playboy bunny Holly Madison perform a scene during the filming of a commercial for “X Games IX” at the Playboy Mansion in 2003 in Holmby Hills, California. Photo: Robert Mora/Getty Images.
While he has no plans to expand The Agency downunder just yet, he hasn’t written off a Buying Sydney spin-off.
“I wouldn’t say no,” he said. “I’m giving you a one-year plan right now, so in the next year, no.”
Umansky’s personal life has been a hot topic in the tabloids in recent months — being snapped in public with a number of women since his high-profile split from “Real Housewives of Beverly Hills” star Kyle Richards, but he doesn’t let the gossip get to him.
“I ignore the drama of the TV world and basically concentrate on my job,” Umansky said. “There are so many phallacies out there. Unfortunately tabloids and magazines only sell on stories that are destroying people.”
Real Housewives of Beverly Hills star Kyle Richards with her estranged husband, Mauricio Umansky. Photo: Phillip Faraone/Getty Images.
But maintaining a global brand digitally and running his own social media accounts are important to him.
“I definitely use (Instagram) — it’s my voice. I just ignore the noise. It’s a wonderful thing (for agents to use) to grow your persona and brand.
“When you’re talking about how do I deal with TV and the tabloids and the BS, Instagram is where I get to have my say.”
The 54-year-old has been hitting the gym to get his shoulder strength back more than two months after breaking his clavicle in an Aspen skiing accident.
“I love sports,” he said. “Skiing is my favourite thing to do, but I’d love to learn how to surf. Teach me how to surf!”
And, if you’re wondering what the secret is to his stamina:
“I sleep with the drapes open, so I wake up with the sun. I’ve never put on an alarm clock, even for an airplane.”
AREC founder and director John McGrath.
In a statement, AREC founder John McGrath said Umansky’s attendance reflected the event’s growing global appeal.
“Mauricio is a powerhouse in the industry — not just for the deals he’s done, but for how he’s transformed real estate into a lifestyle brand,” McGrath said.
“He’s redefining what it means to be a modern agent, and we’re thrilled to bring his insights to the Australian and New Zealand markets.”
Alongside Umansky, this year’s AREC lineup includes a mix of local and international speakers including US presidential candidate, Kamala Harris.
Now in its 26th year, AREC continues to draw real estate professionals from across Australasia, offering sessions on sales tactics, marketing innovation, prop tech trends, and personal development.
