Does the property market always go up? Some seminars and salespeople will claim it does, and produce graphs of property over the last 100 years to demonstrate. As a general trend, it does. But so does any other prices due to the force of inflation in modern economics. It also fluxuates, and this is normal. You can't have a 'general trend' if it only trends in one direction.
Wellington house prices are not currently continuing to climb, and depending on what you read, is actually dropping, which is a perfectly normal part of the cycle and not a cause for panic, but it is cause for strategic planning. There is some very good buying out there right now should you want to expand your empire further. My money is currently on 2013 being the turn-around year (the year I kick myself for not buying more property now). Last year I was saying 2012, so I reserve the right to change my mind!
Having a strategy is important, because it is a plan that overrides current market forces and fears. It is the motivation to ride out rough patches, and to act contrary to the crowd to see your plan through to fruition. If you change your mind every five minutes because of whatever the latest news article you heard said, you will not get very far because fear will rule your decision making.
The best investors don't plan for this year, they plan for the next 5, 10, 20 or even 50 years. You know the saying, 'will this be important in 100 years time?' to put your everyday faux pas into perspective? Imagine how powerful that would be applied to your property portfolio. Will the latest crisis actually matter a jot in 43 years time? Probably not. That is the power of a strategy and foresight.
Residential property management service looking after your properties in Wellington, Porirua, and Hutt Valley. Property experts you can trust to optimise your investment, we free you from the hassles of being a landlord and let you get on with the things you want to do. Claim back your time and your weekends!
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