Family members' keep preventing me from moving forward (by suggesting to wait for the market)

What's the hurry to buy in North QLD? You want to catch the next cyclone?

 

Just a minute.....you've been ready to buy for three years & they've both told you to wait, yet........

So, they can buy property, but you can't? Is that what I'm hearing? OK, fine, now really isn't a great time to be buying in Sydney & Melbourne, but three years ago you might have done OK.

Do your own research, don't listen to people who want to pull you down, or those close to you who don't really have much experience themselves. Sydney & Melbourne aren't the only places to invest.

I'd say that's a NO! It sounds like they only have 5 properties each, & they've only had them for a few years. Best bet is to come here & get a feel from those on the ground currently investing.

Yep! I'm an expert! I bought a couple of properties a few years ago & they all increased in value.

 

I'm no expert in North Qld......but it's not somewhere I'd look personally.

 

Why not? the $3,000 pa insurance premiums will see you hit financial independence in no time!

 

No you're not!
You are ready to be talked out of doing anything by family members. And now you are asking for confirmation of this 'do nothing', 'not yet', 'talk me out of it.....before I pick up the phone and use a BA', by a bunch of strangers on the internet.
You don't even know where you want to buy.......North Queensland? really?
Toughen up Princess or you'll get nowhere......and stop talking about it, just do it.

 

Okay, so, I am definitely not trying to sound critical here (and certainly not of you personally), but your post betrays a few concerning themes.

Firstly, you are blaming your family for your own financial malaise. Your future financial position isn't on them. You are the one who earns and controls your money.

Secondly, you sound like your expectations are unrealistic. Early retirement is a nice goal to have but you're certainly not going to get there by just buying a property in FNQ. Property isn't an automatic road to riches and you absolutely can go broke buying one property. Buying a property is also not going to assuage job frustration. FIRE is a long, arduous slog for almost everyone.

Thirdly, yes the market is going down in many areas. A lot of seasoned investors are going to tell you to be realistic about your growth prospects when buying at inflated principals with extremely low yields. Right now, other investment avenues might be better choices, particularly if you have little market experience. Property can be a risky investment to start with. Do you have very substantial savings? A track record of growth through other investment types?

Of all the places to want to buy, FNQ is potentially risky. One of the reasons investment properties in big cities do well (in the long run) is large cities tend to be their own engines of diverse economic growth. For many regional areas, property may seem cheap, but you've also got to factor in that a lot of small towns are dependent on relatively few industries or external drivers. Tourism, old people retiring to a location, farming, mining etc. Small regional towns and centres are micro markets, and are more prone to macro movements in the wrong direction.

It is never a good idea to start this sort of journey from a position of frustration and impatience. You need to engage in a journey of some serious research and learning before you take this sort of plunge. In the meantime, I'd start with a diverse stock portfolio you can regularly save into, to start growing your money. And stop comparing yourself to other people. "I want what they have" and "I hate my job" is not the headspace you need to be in to become a good investor.

Once you do have substantial savings (you are going to struggle to borrow if you don't) start looking into a capital city. Don't look for growth, look for one where principals aren't ludicrously inflated (e.g. Perth, Adelaide) and buy quality assets for which you can prioritise positive cash flow. Good assets and cash flow is the foundation from which you should build, not "I'm sick of waiting to buy and just want to buy anything because I've been waiting three years".

 

This may be the most nonsensical advice I've ever heard! Presenting investment plans to family for their approval? What a crock of BS.

 

Just dont tell anyone and just do it. If you immediately start thinking ‘but...’ then your not ready. Keep saving and work on the mental game. Maybe start small with a few thousand in shares. Not everyone can handle property.

 

That is the family business / family money approach - good if you have it.

The majority, unfortunately, have to make it on there own.

 

No question about your expert credentials.

Buying multiple properties that go up is rarely just luck.

 

My dad, bless him, is a great man in my eyes, but a financially poor man. I listen to him about most things. But that doesn't include money. Mainly because i don't want the same financial position he has.

Follow and listen to people who have demonstrated success in the area you're looking to improve on. They may be right, it could be the worst time in recent history to buy. But the value of their opinion should be weighted by their own success in what your looking to do. Sounding out advice from the right people and blocking it from the wrong people is a key part of achieving success. As a first step, focus on educating yourself as much as possible. It'll make it easier to stop those 'voices' of fear and help you take action (if thats what you think is the best thing for you).

 

The deep down real truth is, your family doesn’t want you to become more successful than them, so they’re trying to discourage you.

 

Mate From my experiences, you'll always regret the things you don't do more than the things you do (and I've done a lot of stupid stupid things)
If you bought three years ago and prices tanked would you be feeling as frustrated as you are now? Or would you be happy that your making and taking steps towards your own financial independence even if they're not playing out the way you wish?

 

LOL! That was a tongue in cheek comment about the op's family that bought a few properties.

 

The lessons not learned in the past few years from lack of action/experience, are very likely more valuable than any profits that may have been made.
Not much point in learning how to become rich when you’re too old to enjoy the riches.

 

Absolutely no rush to get into debt, time is on your side.

I don't see any of these markets booming any time soon, we are at correction in markets you mentioned and North QLD, show me volume shrinking??? You go backwards when you buy in markets that are doing zip....A paper loss is not OK, in a dead market

wait, be patient, start doing your own research on volume, market conditions, sales per month, product that is selling.... and most important network with re agents on the ground.... many.... keep the buzzards honest

 

I had a parent like that.

It's been 18 yrs and theyre still waiting for the 30% crash.

Ask yourself "how many properties do they have?

 

I can think of a few regionals threads (e.g. Gladstone) where people have had first hand experience of this, and I'm not sure they'd consider their stressful outcomes as having been steps towards their financial independence. This sort of advice (just "take the plunge", "buy something" what have you) is not necessarily what the OP needs. They sound very inexperienced and have a lot of learning to do before they just jump in blind, particularly if they're proposing to buy in a regional town.