Recently the team and I attended a Michael Sheargold training seminar, and Michael said that according to the experts, of the Rich 200 list in Australia recently, 75% had accumulated their wealth through property.
It tends to put things into perspective as buyers continue to “wait and see” in some cases before they commit.
If you look at property as a medium to long term hold, property will always be an outstanding investment and wealth creating proposition, and is superior to other investments for many reasons, especially to us Aussies that have a love affair with bricks and mortar.
1) You can see it, touch it, walk past it every day
2) You can live in it
3) You can add value to it
4) You can sell it anytime that you choose to
5) You can borrow against it as the value increases
6) You can put a tenant in it
7) You can demolish and rebuild
8) You can differentiate it to your neighbour, increasing its value if desired.
There is still a undersupply of housing in Australia for our medium term needs, net migration to Australia, a strong economy, relative low interest rates (historical 30 years averages), and low unemployment.
Really for buyers, there is not going to be a better time to “jump in” as the value is high.
Remember buyers, if you buy and sell in the same market, the market is irrelevant in most instances.
See you in the market….. Ian B (Ed)