Welcome to the very first Suburb Data podcast. In this episode, hosts Damien and Jeremy introduce themselves, share how they met, and take listeners through their personal property investment journeys, including the mistakes that shaped their thinking. They also cover the origin story of the Demand to Supply Ratio (DSR) and the new suburbdata.com.au platform.
How Jeremy and Damien Met
Jeremy is a property investor who built the Demand to Supply Ratio algorithm and the original website, dsrdata.com.au. Damien first reached out to Jeremy through the DSR Data support desk, hoping to save his search criteria on the site. While that feature wasn't available at the time (and still isn't, Jeremy jokes), Jeremy responded within 24 hours, which left a strong impression on Damien.
The two officially connected shortly after, sitting next to each other by chance on a flight from Sydney to Melbourne. Damien recognised Jeremy, was a little starstruck at first, and from there the pair built a genuine friendship.
Damien's own interest in property began around 2015, during what he describes as a Sydney property boom. He immersed himself in books, seminars, and research, and came across one of Jeremy's podcast appearances. He was drawn to Jeremy's direct, data-focused approach, in contrast to what he saw as a lot of "fluff" elsewhere in the industry.
Damien's Investment Journey
Damien's first property purchase was in 2009, in a gated estate in Queensland. He was convinced by a real estate agent's claim that the area would grow due to the Commonwealth Games. Roughly a decade later, he sold that property for close to what he paid, after accounting for high body corporate fees, achieving barely any growth and, by his own account, a poor result once opportunity cost was factored in.
That experience led him to question why the property wasn't growing while Sydney boomed around him, and prompted him to look for a second investment. It was around this time that he discovered DSR Data. He went on to join a buyers' agency as a property investment advisor for more than seven years, building over 500 client plans and working closely with mortgage brokers and financial planners. During this period, he and Jeremy regularly discussed the industry, which Jeremy jokes eventually pushed Damien from reading books, to writing one, to now hosting a podcast.
Jeremy's Investment Challenges
Jeremy's start in property investing was rockier. His first tenant caused damage and didn't pay rent, yet he remained optimistic. After that tenant moved out, he invited local agents to estimate the property's value a year on, and the timing (during a Sydney boom) gave him early confidence. He went on to purchase aggressively, acquiring 16 investment properties across multiple states and countries within about seven years, using what he describes as "creative financing techniques."
Much of that came undone during the Global Financial Crisis. Jeremy credits those mistakes with teaching him that capital growth, not cash flow alone, is the most important factor in property investing. That realisation led him to think seriously about how to maximise capital growth, which ultimately gave rise to the Demand to Supply Ratio and a fully data-driven approach to investing, in place of what he calls his earlier "guesswork."
Cash Flow vs. Capital Growth
Damien raises the question of balance between growth and yield, noting some firms focus purely on major capital cities like Sydney, Melbourne, Brisbane, and Adelaide, chasing high growth but accepting lower yields. Jeremy points out that cash flow still matters for funding lifestyles, and that regional markets can perform just as well as the major cities over the long term. He notes that more than 30 years of data analysis supports this.
Jeremy admits he had no clear investment plan starting out, describing his early approach as "I hope this works," and learning gradually through books, webinars, and seminars, though often feeling under-informed given how much unreliable information is published. Damien, drawing on his advisory experience with clients, stresses the importance of understanding lifestyle needs and financial buffers before buying, and notes that even a single property purchase can be split into smaller, diversified investments depending on the client's circumstances.
Learning From Mistakes
Damien and Jeremy share further stories of setbacks. Jeremy dealt with a difficult tenant, insurers reluctant to pay out on claims, and lenders who took advantage of limited options. In one case, a property manager withheld information about a property falling into disrepair, though strong capital growth in the area masked the issue at the time.
Damien recalls his own early hurdle was uncertainty over where to invest, given his accounting and finance background led him to focus heavily on numbers without a clear method. Over time, he developed an approach of first shortlisting suburbs using the DSR, ensuring financial buffers are in place, and only then narrowing down to a specific property.
Both agree that many so-called experts in the industry are well-meaning but often misinformed themselves, having absorbed poor information rather than acting in bad faith.
Who the DSR Was Built For
Jeremy explains that higher household incomes don't necessarily mean lower risk, since higher earners often carry higher expenses as well. Damien, drawing on his advisory work, recalls seeing this pattern even among highly qualified professionals, and stresses the importance of balancing financial discipline with enjoying life along the way.
The Origin of DSR Data
Jeremy shares how the idea for the DSR emerged from studying property data published in magazines, where he found only a handful of available metrics. The key insight was that capital growth occurs when demand exceeds supply, and that both could be measured and combined into a single, consistent score for every suburb in Australia.
In January 2010, Jeremy calculated the first DSR scores and tested the concept by contacting agents in Airlie Beach, one of the poorest-performing locations at the time, and Heathcote, a strong performer. The contrast in how eagerly agents responded (enthusiastic in Airlie Beach, largely indifferent in Heathcote) reinforced his confidence that the score reflected real market conditions.
The original DSR used eight variables. A second version, DSR Plus, introduced in late 2014, added nine additional metrics for a total of 17. Jeremy and the team have since been developing a third version in collaboration with data scientist Luke Metcalfe of Microburbs, which Jeremy is looking forward to using for his own next purchase.
The Role of Data in Decision-Making
Jeremy describes the DSR as primarily a tool for suburb selection rather than individual asset selection. Once a suburb is chosen using the data, he says the choice of specific property carries far less risk. He notes that his own reliance on data has grown over time, moving from filtering suburbs based on personal judgement to trusting the algorithm's output almost implicitly, particularly with DSR version 3 approaching.
Damien shares an example of using the DSR to shortlist local government areas for a couple with a set budget, which allowed the clients to see multiple viable options broken down by metrics such as average block size.
Who the Tool Is For
The DSR is a subscription-based service aimed primarily at property investors, but Jeremy notes it also serves professionals working with investors, including buyers' agents, property managers, real estate agents, and valuers. He sees the greatest benefit for buyers' agents seeking a data-driven approach for their clients, alongside individual investors.
Damien adds that reviewing a client's existing portfolio against national growth benchmarks is one of the most valuable exercises an investor can do, since holding an underperforming asset for years can carry a significant opportunity cost.
Building Confidence in a New Approach
Jeremy reflects on the early skepticism the DSR faced when it launched in 2010, a time before data-driven tools were widely trusted. He recalls one earlier attempt at a similar algorithm, published by a property magazine in partnership with Domain, which performed poorly and was never repeated. Over time, as the DSR's track record grew, that skepticism gradually gave way to broader acceptance, though Jeremy maintains it remains an imperfect tool.
Damien notes that many buyers' agent firms specialise in a single city or region, whereas a truly data-driven, borderless approach allows for filtering opportunities across the whole of Australia based on specific criteria such as yield and DSR score.
Looking Ahead: The Expert Busting Series
Jeremy previews an upcoming series aimed at testing common property investing claims against historical data, covering more than 30 topics such as proximity to train stations, beachside locations, shopping centres, and income growth. The goal, he explains, is to separate genuine insight from unsubstantiated claims often repeated across the industry, and to let the data determine what gets built into the algorithm going forward.
Both hosts agree they welcome scrutiny of their own analysis, provided any pushback is backed by data rather than opinion.
Final Thoughts
Asked what advice they'd give a first-time investor, Jeremy suggests remaining skeptical of everyone and everything as a starting point, while Damien emphasises getting money management in order and understanding long-term financial goals before making an investment decision.
The episode closes with a preview of future content focused on data-driven insights and the upcoming Expert Busting series.