The total value of Australia's residential dwellings has passed $10 trillion for the first time.
The latest figures from the Australian Bureau of Statistics show the value of 10.8 million dwellings rose by $221.2 billion in the March quarter, meaning average values now stand at $941,900 - up from $925,300 in the December 2021 quarter.
But when it comes to investing in property successfully, it isn’t as simple as just going out and buying that property down the road or around the corner!
So what does it take to become a successful property investor?
Here at The Property Mentors we’ve identified three fundamental areas that any investor needs to master before they are truly ready to invest in property, successfully: Emotional readinessFinancial readinessEducational readiness
Given the potential challenges facing the property market, we’ll take a good look at what investors need to become educationally confident and ready to invest. Because when it comes to investing, education always comes before results. Why? Because most investors will fall into three main traps.
Which investor type do you identify with most closely?To avoid these pitfalls, your education must relate directly back to the specific goals you want to achieve. In the words of Luke Harris, CEO and founder of The Property Mentors:How can defining your goals and focusing your education help?
The good news is, focusing and refining your knowledge not only means there’s no need to be an expert on all things property, it saves you time on background research so you don’t chase down tactics irrelevant to your circumstances. This allows you to reach your goals efficiently, and without unecessary distractions.
After all, no one can ever get to the point where they know absolutely everything there is to know about property! And with an unlimited amount of ever-changing information out there, and with laws and legislation being updated regularly across states and councils, knowing as much as possible isn’t necessarily as helpful as it sounds! In fact, the more you learn, the more you realise you don’t know.That’s why surrounding yourself with a team of industry experts is vital. Combining relevant information with the right advice, at the right time, means you can create an informed and educated plan of investment attack, while preventing you from making expensive mistakes.
Happily, as your education and experience increases, so should your investment results, and with each purchase you’ll become a better investor.
In Luke’s practical words and down to earth advice:To get started on your property journey today – or to grow your portfolio faster – book in a discovery call with one of our mentors today!
