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

I think they said elsewhere in the thread these particular family members have been investing for many years and have several properties each (so aren't simply the "crash coming don't buy" types). It's possible they're telling the OP not to buy because they actually do see the market entering a slowdown, or they see North Queensland as a poor investment option, or perhaps know more about the OP's financial position than we do.

 

Well. If they're got investment props and are active investors I think theyve got every right to give them advice.

I judt can't stand people. With no experience or track record give their opinions

It's harder when it's your family.

 

Good advice..... .....however, Perth.... our economy is stuffed, Australia's worst economy... is that bad English. Anyway... where there is real value in this market is $1M+..... but clearly this wont work for investors.

Everyone is waiting for this market to turn, but no jobs means property prices wont be turning the corner any time soon.

MTR

 

Family can be the worst. Ugh my parents in Dublin sold such a great house - barely dipped in the end and is worth a lot more now than it was before the recession. And my sister almost refused to buy in the middle of an estate that tanked only months later. Sometimes you can't win, whether you're convincing them to buy or not buy.

 

On Perth though I'd be surprised if a significant recovery doesn't follow within the next few years. Most cities that correct do experience a pick up, because when prices go down, people have more money to spend. Bit of a swings and roundabouts thing. Knowing whether Perth has bottomed or when recovery will start is a tough call, but it'll happen. At the least I think it's closer to recovery and growth than Sydney right now.

 

That's where you and I may be on a different page my good sir, agree 100% with what you are saying however in my opinion the best way to learn albeit an expensive way is to do. Again just my opinion, Theory and practice are in my opinion not always in the same basket.
I've always found I learn best when I do, you can read till the cows come home but untill you actually take the plunge....
Agree 100% with an inexperienced investor buying regional but op wasn't asking for specifics on where to buy more so should they buy.
For me it's always buy as close to cbd as possible and buy land (townhouse/unit over an apartment) and if buying in cbd and apartment, buy in a heritage building as they are generally bigger and like land they're not building 100year buildings anymore

 

Its has bottomed, but still oversupply/price sensitive.

Tough call when it will recover

High end properties $1.M++ have not recovered since 2007, that is 10 years no growth.... fingers crossed

 

@Achimy have you been investing in any other asset classes? You mention that you're frustrated with your job and not getting closer to the lifestyle you want. Obviously if you do nothing then the results are fairly predictable.

And while the apparent lack of constructive family support isn't helpful, there could be something else about property investment that isn't sitting well with you at the moment?

I do think a buyers agent could be a good idea to ensure you get a quicker result, but you also need to get educated to get clearer about which market will work best for you.

 

Yes I've recently put some money in ETFs (long term hold as I'm in my mid 20s).

I'm worried that if I don't experience growth in property my retirement will have to wait even more. I would like to retire in 10 years but it seems unlikely given how the property market has panned oout recently and me kind of missing the boat.

I've decently educated in property and ive scouted a buyer's agent that aligns with my strategy of not having to pay out of pocket to hold the property hence why I was thinking north Brisbane. Not sure why a lot of people are saying to not go there since a lot of users have bought their recently with good results...for me i feel it's the best way to enter as they'll have access to off Market deals and negotiating power it'd take a year for me to build up

 

Well no, but it's had good development prospects, and it's good value I believe because yields are decent in this environment (I don't want to be paying out of pocket to hold the property).

I realise why people are freaking out over north qld....I meant north BRISBANE

 

Sorry all to clarify where i wanted to buy was north Brisbane, not QLD...

 

You have any figures to back up this 10 year thing?

 

Ok. That's a different kettle of fish to North Qld...
Not advice.

 

North Brisbane I like. And not a bad time to get in.
I guess if it's family money then you have to convince the olds. Otherwise, don't say anything else until you have taken some action.
If it's your own hard-earned cash then I agree with the poster who said that they unconsciously don't want you to achieve more than them, I got this a bit too - as well as the idea that they want to wrap you in cotton wool.
I also agree that action and research go hand in hand. Start looking at houses like get out there.

 

The property market is not a boat you can miss. It's more like a tide. It goes up, it goes down, but when it's going down you need to approach things differently as the risk can be higher to inexperienced newcomers. I think people assumed regional because you said North Qld, which wouldn't be Brisbane. It's about as South Qld as you can get. It's a good market, not too pricey, if you choose the right asset.

 

North Queensland will have its day. I'l be buying up a few in the next year
People were laughing at Tasmania until a couple of years ago
Brisbane is still a goer. I have had decent growth there in the last 5 years but I think its not too late to make decent gains

If you want to retire in 10 years you will need a proactive straegy that includes sibdividing/ renovating - make some cash and then you can develop. I don' think you can do it with just buy and hold - particularly seeing as you missed melb and Sydney and APRA have now made multi property portfolios difficult

 

North Qld is very different to North Brisbane. There is likely growth to come from North Brisbane. It is a different market to Sydney though. Although there may be growth, I don't think it will be as large as we've experienced, although I would be extremely happy if it was.

Not to burst your bubble, but ten years is a very small window to make enough to retire on. I'm not saying it can't/won't happen, but you do need to realise that you would need to be quite aggressive in whatever approach you take. I know a few that have retired from their investment income, and they have all taken more than ten years, myself included.

 

That may well be the problem with the time frame 10 years,it breaks down too 521.428571 weeks and the economic cycle in--between you will experience..But what you first have to overcome is the mindset of missing the boat ..Would be interested in what EFT,s you purchased and not direct asx top 20 listed as most are down now above 20% ,well most of the units I control are..
The link below outlines the downside..
Apartment glut prompts massive discounting in Brisbane, research reveals

 

I know they might make it more difficult, but your family members aren't preventing you from buying. Only you are doing that (unless they've got you chained to a bed somewhere).

 

@Achimy being in your mid 20's, you might be putting yourself under some undue stress with the 10 year retirement goal. However, I think it's great that you have an investment mindset at a relatively young age.

Take heart, many of us would love to have the investment timeline that you have...