At its core, jumping into the property investment game requires two things: education and money. If you have both, then investing is a straightforward process, but when should you consider investing?
According to Simon Pressley of Propertyology, the magic number is 60 years old.
“I don’t think it’s ever too late [to invest], however it might be too late to invest in property for some people,” Mr Pressley said to Smart Property Investment.
“So, if you’re 60 years of age, and you only want to stay in the workforce for an extra couple of years, property might not be the asset class for you, but that doesn’t mean it’s too late to invest.
“You just probably need to be investing in something that’s more liquid, like shares.”
If 60 is too late, then when should people be investing? Kellie Landrey, buyer’s agent at Scoutable, said that there is not a wrong time to be investing, but a wrong time to sell.
“My advice is … always never … overextend yourself to be in a position where you have to sell, as long as you can hold a property,” she said at a panel hosted by financial planner Fox & Hare Financial Advice.
“Then over time, you’re going to come back into that position where the property is increasing in value and then it’s a good time to sell.
“So, you can get a good deal now, and hold it for enough time; even if it plateaus for the next four years, it’s going to start jumping again eventually.”
Glen Hare, co-founder of Fox & Hare, said there are a myriad of variables to consider as well.
“Are we buying in Sydney? Are we buying in Melbourne? Are we buying in Brisbane? Are we buying a house? Are we buying an apartment? Are we buying to live in it? Are we buying purely to invest? I think these are all the considerations that need to be taken into account when investing in anything, let alone property,” he said.