We are of the opinion that investment property in Perth is about to enter a period of unprecedented growth. Perth and Western Australia have been the beneficiaries of the mining boom, and it has helped insulate us from the worst effects of the GFC, as suffered by other parts of Australia.
We see a “perfect storm” for the market to rise. Employment is high, and consumers are finally beginning to have money to spend again. Every economic indicator except property prices is high right now. History has taught us that the real estate market has to rise when other economic indicators do.
The year 2013 could turn out to be a historic year for real estate, both in Perth and in WA. Those who have been waiting for prices to attain former levels will finally be able to sell properties they have been holding on to for the last 5-10 years. Those who want to start investing will have unprecedented opportunity to build wealth and grow their portfolios.
The time is right now.
This year represents a great chance to start building wealth for your future. We should see a sharp rise in the market as early as the end of the year, as low interest rates and pent-up demand inspire a buying frenzy. In our opinion, those who get in right now are going to benefit greatly when the market starts to rise.
The best way to succeed is to take real steps toward building wealth. We prefer building a property portfolio as the best vehicle toward building wealth. To do that, you need a wealth strategy. For most of us, that means understanding your mindset and whatever fears are keeping you from getting started.
If a survey was done of pretty much any group of people who are afraid of doing anything, fear of failure would come up #1 on the list. We recommend surrounding yourself with the best people to leverage on their knowledge.
Another common fear is the fear of making mistakes. Mistakes are how we learn. The trick is to lean on experts who can keep you from making really bad mistakes, and soften the blow of your mistakes when they do happen.
Trading Security for Uncertainty
We all possess a comfort zone, and we are all afraid to go past it. Sadly, if we never go outside of our comfort zone, we never really better ourselves. If you want to transcend mediocrity, you must venture outside of your comfort zone.
Another common fear is that we could run out of money if we encounter a bump in the road. We always recommend running the numbers, and preparing for the worst-case scenario. It is wise to build a few months of “wiggle room” into any investment plan.
The Pessimistic Words of Others
Many of us take the words of the negative or pessimistic to heart. Ultimately, if you listen to negative people, you will attain exactly what they do: negative results.
Many of us fear alienation from our relatives or close friends if we become too wealthy. Wealth actually gives us the ability to influence and help those we care about.
FEAR: False Evidence Appearing Real
Think of your worst fears. How many of them actually came true? None.
If you allow fear to run your life, you aren’t really living.
Jarrad Mahon currently serves as the Director at Investors Edge Real Estate. They specialise in investment property in Perth and suburbs. For more information, call 1300 472 427 or check out their website: https://www.investorsedge.com.au/