I just want to share with you my views on the importance of one particular quality that I feel investors should have which is the quality of being adaptable.
I was talking with a client earlier this week who is very concerned around why a strategy that he’s been using for the last 15 years is suddenly not working for him anymore. I guess my view is that the economics within the Australian market are quite unique right now. There’s a lot of government tinkering and intervention going on to try and minimize the capital growth happening in various markets. So that from an affordability point-of-view, younger homeowners can still access the market.
I completely understand why that’s happening but what that means is as a property investor sticking with traditional strategies which may have worked in the past may not necessarily continue to give you the same results. What that means is that if you consider the buffet of strategies that are available to all investors here in Australia, and there are so many different ways to approach property investing, it’s really going to be very important that over the coming years that you’re looking at what’s happening economically and adapt to your strategy accordingly.
So things that you may have had great success with in the past may not work in the years to come. It’s about looking for opportunities to manufacture profit, to get gains in the yield that you achieve, and to generally approach your investing from a very flexible viewpoint.
I hope that was helpful. Look forward to connecting with you all in the future.
Salena Kulkarni, Phoenix Wealth Group.