Most Property Investors Don’t Know Why They’re Buying

Most property investors can tell you what they want to buy.

Very few can explain why.

They talk about suburbs, price points, and whether a property “feels right,” but struggle to articulate how that purchase fits into a broader plan. Over time, that lack of clarity compounds — not always in obvious ways, but in missed opportunities, tighter borrowing capacity, and unnecessary stress.

It’s a pattern Nick Voegt, founder of Smash Property Investing, sees repeatedly.

After years working with investors across different stages, Voegt has formed a clear view: most people don’t fail at property because they pick the wrong location — they fail because they never defined the job the property was meant to do.

The Australian property market doesn’t suffer from a lack of information. It suffers from too much of the wrong kind.

Developers promote stock they need to sell.
Selling agents represent vendors.
Online advice is often generic, outdated, or incentive-driven.

Investors, meanwhile, carry all the downside risk.

The result is well-meaning buyers making decisions based on surface-level logic — choosing properties that look safe but quietly restrict their future options.

“A property can perform ‘fine’ and still hold you back,” Voegt explains. “That’s the part most people don’t realise until it’s already happened.”

Through Smash Property Investing, Voegt works from a simple principle: every property must earn its place in the portfolio.

Before any locations are discussed, clients are taken through a strategic process that clarifies income and lifestyle priorities, risk tolerance and buffers, borrowing capacity constraints, portfolio sequencing, and what the next move actually needs to unlock.

Only then does the search begin.

That often leads to decisions that challenge common assumptions — buying assets that aren’t visually appealing, walking away from popular markets, or prioritising structure over aesthetics.

“These aren’t emotional decisions,” Voegt says. “They’re functional ones.”

Many investors assume due diligence starts and ends with a building and pest inspection.

In practice, that’s just one layer.

Voegt’s approach places equal weight on factors most buyers never think to examine. Physical condition is assessed beyond formal reports using walkthroughs, current photos, and repair reviews, with realistic cost ranges considered before an offer is even discussed.

Street-level and neighbourhood checks look at density, upkeep, noise, neighbouring uses, and overall tenant appeal — factors that rarely appear in listing data but materially affect performance.

Ownership records and sale history are verified to understand how long the asset has been held and how that impacts pricing pressure and negotiation strategy.

Planning controls, zoning, land-use restrictions, easements, and council approvals are reviewed to identify any hidden constraints that could limit future use, renovations, or resale.

Environmental and insurance exposure is assessed through detailed flood and bushfire overlays, including how those risks are classified and viewed by insurers, lenders, and future buyers.

As well as each property being tested against a cash-flow model and the client’s original briefing to ensure it aligns with their risk tolerance, timeline, and broader portfolio strategy.

“The aim isn’t to prove a deal works,” Voegt explains. “It’s to identify what could go wrong — and decide whether that risk makes sense before the client commits.”

One of the biggest structural problems in property is misaligned incentives.

Smash Property Investing does not sell off-the-plan stock, accept kickbacks, or promote locations based on relationships. That independence allows Voegt and his team to say no — often — and to prioritise decisions that serve the investor, not the transaction.

It also explains why not every client is accepted.

“This only works if we’re aligned,” Voegt says. “Otherwise, we move on.”

Voegt was recently named a Buyer’s Agent of the Year 2026 finalist, a recognition based on process, ethics, and client outcomes rather than volume.

For him, it reflects a broader shift in investor mindset. As property becomes more expensive and lending more complex, clarity is replacing confidence as the most valuable asset.

Property investing isn’t about being bold or decisive.

It’s about being deliberate.

For investors willing to step back, define the purpose of each decision, and remove conflicts from the process, property becomes less about guesswork — and more about control.