Wednesday, October 16, 2013
Property Market Is HOT
Property market in Sydney is crazy and burning hot right now. I wrote about some friends speculating about the property market back in December 2011 and that they were going to hold off on buying. Other friends have been steadily building their property portfolio.
Anyone with the doomsday 'property market will crash' mentality has lost out big time. Since December 2011 when I wrote about property speculation, the market has grown so strongly by $100k to $200k plus per property (this is the ball park figure for houses and semi detached etc, not apartments). Either way, property of all type and in all locations have appreciated in value.
The more property you own, the more your net wealth has increased. Simple as that. Time to get revaluations on all our properties and refinance to buy more for more rental income.
The house that we bought in April 2013 earlier this year has already appreciated in value by $100k. Recent local sales for similar sized house and land have been really strong. The real estate agent told us, "Lucky you bought a few months ago because if you had waited to buy now, you'd be paying $100k extra for the house that you bought."
Is it luck? Or is it just consistent planning and effort?