The Shocking Survey Results

First of all a sincere thanks to all the people that answered the “Property Insights” questions I posed last week.

Some of the answers were incredibly thought out and extremely insightful.

So let’s take a look at what we learned:

Note also that you could respond to multiple categories of ownership (for example you could say you own your own property AND own investment property), so here’s a breakdown of people who owned investment property versus those who did not:

As you can see, almost 80% of respondents were investment property owners, so it’s important to understand this when viewing the rest of the results.

Also quite curious is that we didn’t get a single response from someone who said they currently did not own any property. I had to double check this was still an option in the survey!

It’s easy to hypothesise as to why non property owners did not respond, though the purpose of this email is to simply share the results, so I’ll leave that thought up to you.

There’s never any surprises as to the main results every time I ask this question.

An almost unanimous theme is about “getting started” and just buying.

Note that there were ZERO responses about “best decisions” having anything to do with NOT buying property. Funny that.

Here are a few of the best responses to the question, “What was the best decision you ever made about buying (or not buying) property?”

Once again, no real surprises here. Yet no matter how many times I ask this question and share the answers, people still do nothing. They have excuses.

Then guess what they say in 10 years time when I ask again?

Effectively, many of the answers mention something to the effect of:

  • I wish I had purchased more when I had the chance
  • I wish I had purchased sooner

Though there are also some interesting ones that spell caution for potential buyers everywhere. Here’s a few of the responses to the question, “What is your biggest regret about buying (or not buying) property?”

And finally, now that we know all the survey respondents were property owners and a vast majority investors, what advice would they give themselves 20 years ago?

You can likely guess this one as well, though have you ever heard me say:

Well over 90% of responses included at least one of those themes…

Buy:

  • More
  • Sooner
  • As much as you can afford
  • When you can

Then:

  • Never sell

However, there was also some suggestions that appeared multiple times through the responses. These included (but were not limited to):

  1. Don’t buy mining towns
  2. Get professional advice
  3. Invest in yourself
  4. Buy in proven areas over the long term
  5. Follow a checklist
  6. Never buy off the plan
  7. Don’t buy into hype of hot spots

However my personal favourite response:

They sure did.

Once again, a huge thanks to all those who took part and submitted their responses. There’s always some fantastic gems to be found among the answers.

The one thing I did notice in these results compared to previous questions we have put to our community, was the amount of answers that talked about a “buyer’s agent” (and getting advice in general).

Almost 15% of respondents mentioned either a buyer’s agents or other professional advice and I’m certain this is significantly more than I have seen previously.

So with that snapshot of the results, I’d love to hear what your thoughts are, or if you’d like to share some of your own information or stories. Just reply to the email as I read all the responses.

For now though, if it’s time you had a conversation about buying property too, then click here to book a time to have a chat.

Compare listings

Compare
Search