Why Behavioural Economics Matters in Real Estate with Evan Lucas

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

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