The majority of Australian’s have considered property investment at one point or another and many have taken the leap and jumped right in. However, getting yourself into the market is only half the battle. The ‘investing’ part comes later, when you discover that along with all the money you have invested into the property, you also have to invest a big chunk of time.
On average, Australian property owners will hold onto an investment property for 8 – 10 years. This tends to allow the market to cycle and settle, leaving you with a tidy little profit to pocket when you sell up about a decade later. Of course, the other thing you need to invest in your property is patience.
If the average is 8 – 10 years this doesn’t dictate when YOU should sell up. If the market strengthens 5 years into your investment and you have other, stronger investment opportunities or goals in mind, then jump on your potential profit while it’s there and continue up the property ladder.
Conversely, if 10, 12 – even 15 years passes and not much has changed, reset your goals and exercise patience until things start to look better. There are no hard and fast rules, the important thing is that you understand your individual circumstances, pay close attention to the market your property is in and keep in touch with your real estate agent for any inside word they can offer you on changes in the market. They may have a random buyer who has specific needs that they’re willing to pay for, and your property ticks all their boxes. Property investment is a slow race but a rewarding one if you can maintain a steadfast commitment to your investment and remain cautiously optimistic throughout market cycles and as different opportunities present themselves.
The key point is that the Australian market is relatively stable, so if you invest well, set yourself a reasonable time period to watch your investment grow and exercise patience through the turbulent times, you can ride out the rough patches and reap rewards. More often than not, investors come out with a nice profit at the other end, to then spend as they wish or better yet - invest in their next property goal!
Talk to us about your investment property and when may be the right time to sell!