The more you know about the most common mistakes that investors make, the better your likelihood of building lasting wealth.
In this series of short videos, we discuss the common mistakes we’ve seen investors make.
Today we debunk the myth that all properties double in value every 7-10 years and we discuss why some locations are worth more than others.
Watch as Michael explains:
- The annual percentage change in property values over the last 25 years according to Corelogic was 6.8% nationally - so the average property doubled in around 10 years
- But averages mean some properties outperformed this figure while others underperformed
- Melbourne and Sydney properties grew at an average of 8% over the last 25 years – this means the average property doubled in value every 7 years.
- But the myth that you can just buy any property and it will double every 7 to 10 years is just that – a myth
- Location does 80% of the heavy lifting in your property’s performance so ensure you buy the right property in the right location.
- You can speed things up capital growth by adding value
With thanks to Michael Yardney's PropertyUpdate.com.au
