I was going through some of my old “property tips” videos from the days when I was working at channel nine and came across this one about what was more important…
Time in the market
Timing the market
What struck me was that this tip was from 10 years ago… and it’s a great reflection of what actually happened to property prices since.
A period of low (and in some cases negative) growth and a period of large growth.
Overall though in blue chip locations, prices of properties in my portfolio have at least doubled in this time.
Yet still, I hear the same comments I heard 10 years ago…
“Now’s not the best time to invest.”
“I’m waiting for the market to fall a bit.”
As I say all the time, I don’t think I was smart enough to try timing the market. I just purchased property whenever I could afford to. I was confident long term that prices would increase and that’s exactly what happened.
I know a lot of people much smarter than me who told me the GFC was a terrible time to buy. I bought anyway.
Today, some of those people are still waiting for “the perfect time to buy” and many of them are only now realising it just doesn’t exist.
I didn’t care if prices went down in the short term. I wasn’t “speculating” or “gambling”. I was in it for the long term.
I feel sorry for people who spend so much time waiting, that they never make a decision to act at all. It doesn’t matter if it’s property, or anything else important in life. Make a decision and act, or someone else makes the decisions for you.
I’m so glad I invested when I did… and I’m sure our kids are too.
What’s your strategy? Are you trying to time the market? What if you could go back 10 years and invest in property? Would you do it?
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