Top story for 2017 proves Australian property investors’ priority

According to Phil: “This story here shows me that a lot of [Australian property investors] are very analytical … People want information.”

“This is the backbone of the industry—research,” Tim added.

Education is one of the most important keys to success in property investment, especially considering the fact that many factors that contribute to an investment’s growth are constantly changing. Property investors will never be able to truly understand the industry through a one-time discussion.

They need to be willing to exert effort and invest time in continuous education through different resources and mentorship by a dependable financial team in order to navigate their way through their wealth-creation journey,

Phil said: “[You need an] understanding [of] what's going on, understanding [of] what you need to know in order to make smarter investment decisions, and what tools are available out there to help you do that.”

Analysis paralysis

Despite the constant need for education, it’s also important to remember that processing too much data and information could be anything but helpful. Due to being “data-obsessed”, many people just end up with “analysis paralysis” instead of actually making smart investment decisions.

According to Phil: “They get absolutely obsessed by data to a point where they never, ever buy property because they overthink, over-rationalize, over-research, or whatever.”

“You've got to be careful—you need to be educated, informed … to make property-buying decisions but not so much so that you can never make a decision because you're always questioning the data around,” he added.

Understandably, as property investment is never a cheap venture, budding investors will want as much information as they could get. In fact, some people go as far as wanting a “fifth opinion” before entering a particular property market, according to Smart Property Investor journalist Sasha Karen.

However, you have to be careful about whose opinions you actually take into consideration. Instead of listening to random people’s “bits of advice” at a weekend gathering, take time to find reliable property professionals who can guide you through your journey with your best interest at heart.

Property investment, after all, is a dynamic industry, so you need to be careful about the people you consult and the resources you use to help you with your decisions.

“Things change all the time … You can't have a look at it today and then put it on the shelf for a week and then come back. It's something you want to keep abreast of all the time,” Tim concluded.

Tune in to The Smart Property Investment’s Show special "Top 10 articles of 2017" episode to know more about foreign investment, crowdfunding, the threat of the bursting bubble, and the many reasons why you should invest in property.

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