Everybody wants to know what is ahead in the world of real estate, but I was recently asked about the biggest changes I have seen looking back over the last decade.
Today I share these, and then I look forward to my 9 property predictions for the next decade.
In my mindset minute, I talk about what I would do differently if I started over again and ways to learn smarter and faster and “getting a bigger cup”.
Today’s discussion includes:
- In 2007, Sydney was the most expensive city with a median price of $500,000
- Perth was the second most expensive capital city
- About 70% of new buildings were being built on the fringes of capital cities rather than in the CBD
- I had just written my first book which became a classic – How To Grow A Multi-Million Dollar Property Portfolio – in your spare time
- We were on the cusp of the biggest economic downturn in almost a century and nobody realized.
- Yet strategic investors stayed the course, didn’t panic and look how well they’ve done
- Back then I spoke about holding residential real estate for the long term and nothing has really changed
- No one foresaw the 3 big drivers of the property markets over the next decade:
- Significantly lower interest rates
- Strong population growth
- Our mining boom led by the surging Chinese economy.
9 predictions for property in the next decade:
- We’re in for a period of lower capital growth
- We’re also in an era of lower interest rates
- There will be significant growth in our service industries
- Our property markets will become more fragmented
- More people are going to live in apartments
- There will be a bust in the inner city apartment markets in some areas
- We’ll have significant population growth
- There will be a lot more white noise
- Always expect the unexpected
Mindset Message: What would I do differently if I started investing all over again?
- I would spend more time educating myself.
- I would learn from others by modeling the most successful people and upgrading my “programming.”
Links and resources:
- Michael Yardney
- How To Grow A Multi-Million Dollar Property Portfolio – in your spare time
- Unlimited Power by Tony Robbins
- Rich Habits Poor Habits
“You can’t predict the future by looking at the past.” Michael Yardney
“I now look into the future not the past. I focus on where future growth is likely to occur.” Michael Yardney
“Learn from mentors and others because learning from your mistakes can be slow and demoralizing.” Michael Yardney
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