Should investors get worried about 'property bubbles'?

He said: "[When] there is a small bubble about to do a pop, I don't think that's such a bad thing to be honest with you. I think correction prices... [will] bring some balance back to the market. When we say bubble, it's an overinflated term. Does it mean your property's going to be worth half when the bubble actually pops? I don't think so. I think we're talking a correction of maybe five per cent or 10 per cent."

For Phil, who continues to engage actively in the property market after building an impressive portfolio, believes that there is actually no "bad time" to invest in real estate whether there are areas in property bubbles or otherwise. 

"Whether it's today, whether it's six months ago, whether it's five years ago... it's a good time to invest... It's always a good time to invest. There is always an opportunity in a market somewhere," Phil said.

Instead of worrying about property bubbles in certain areas, he spends time doing research to find the next best place to take his business of creating wealth through property.

"When I'm investing myself I look at the numbers, I rationalise my investment as part of my overall strategy... Am I concerned about property bubbles? [There are] parts of the Sydney market, there [are] parts of the Melbourne market where are they overinflated... Am I investing in those areas? No, I'm not," Phil said.

"For me it comes down to good old-fashioned research, grunt work, understanding what I'm trying to achieve and finding those locations that provide the best investment opportunity for me... When it comes to property bubbles, we go through these cycles time and time again.

"Sometimes a property is underpriced and it's a great opportunity, other times it overpriced, [but] it's always a good time to get into property."

While it's advisable to steer clear of areas in property bubbles, investors must continue moving their property investment journeys further forward by finding better opportunities in vast markets across the country.

Tune in to Sam Saggers' episode on The Smart Property Investment Show to know more about some lemons he bought when he first started investing that nearly stopped his journey before it began and how he worked to rise above these unfortunate circumstances.