Busselton, Broome lead regional WA price growth
Western Australia’s regional centres continued to deliver solid growth during the latest three-month period, as data f...
Most business leaders understand that to find success, and remain at the top of their game, learning from other experts is important. So why don’t business leaders take the same approach to their own wealth? Most people are not taking the same consultative approach to their own personal investments.
They’re relying on the treadmill of life – hard work, sweat and superannuation – to eventually fund retirement.
But if they asked any credible investment experts, they would know this model doesn’t work. Just look at the latest ABS statistics, revealing that more than 73 per cent of retirees over the age of 65 are relying on $15,300 a year – just $295 a week!
So, while putting all of your eggs in the super basket is not recommended, most experts agree that the long-term growth rates, power of finance leverage and strong depreciation incentives make Australian property the safest and most reliable investment option.
But to have the best chance of investing in property successfully, and avoiding costly mistakes, you’ll need to learn from the best in the game.
From hours of interviews and conversations, I’ve found the broader principles used by property experts are amazingly consistent, as captured in their SMART insights:
Pete Wargent recommends “beginning with a clear vision of exactly how you want to live and how much that lifestyle costs”.
If your “why” is big and clear enough, it will act as both a magnet and a compass to attract, guide and maintain your property “how”.
Property is an elite team sport in a game of finance, where you are not a player but the owner of your expert team of independent professional specialists.
Australian property commentator Kevin Turner said, “Successful property investors surround themselves with a proven property strategy advisor, investment-savvy mortgage broker, property accountant, buyer’s agent, project manager and property manager.”
Building, renting out and holding affordable, high-growth properties is a proven safe and sustainable way to build wealth.
Property expert and media personality Chris Gray believes, “You need to follow the areas that attract high-paying jobs, as 80 per cent of growth comes from the location, not the property.” Successful property experts don’t sell their properties – they go for growth and then convert to cash flow.
The property itself is the last thing you look at. It is all about adopting the right principles, processes and people as the precursor.
Property Investory founder Tyrone Shum confirms: “Successful property investment is about employing the right ownership entities, financing structure and accounting treatment before you go to market.”
The laws of nature, science and the evidence of history repeatedly demonstrate that sustainable success in any endeavour takes a minimum of 10 to 15 years. The “Property Professor” Peter Koulizos agrees ,“There is no ‘get rich quick’, there is only ‘get rich slow’ by adopting a wealth by stealth approach.”
You need to make the time now to invest for the time you have left so that you can get your time back. Invest every time you can afford to. It is never too late to start, but it is always too late to wait.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.