Australians are obsessed with real estate.
Owning property is “The Australian Dream” and just about everything Real Estate has become a national past time.
Whether it is drooling over design magazines and perfectly planned living rooms, or examining how much our house is worth, we can’t get enough. Australia is one of the ten most property obsessed nations in the world. We are watching renovation shows on the television, even when we’re not in the market to buy a new home.
In fact, according to research, Australians spend an average of 2.5 hours a week preoccupied with the property market. This obsession is more than twice the time we spend at the gym (1.08 hours) or speaking to parents (0.88 hours). Some people (6 per cent) have taken their fascination one step further, spending more than seven hours observing the property market each week.
Apart from the glamour of renovation shows, one reason for this interest is straightforward. Investing in property can be an excellent, exciting and active way of investing and securing in your financial future.
Residential housing, for instance, is a secure, passive asset class that requires little management, unlike many other investment options. Property is a basic human need. Everyone needs a place to live, and while our population grows, the demand for property will continue along with it.
Owning real estate in Australia gives you a lot of flexibility. You could occupy the premises as your home or principal place of residence (PPR), or you can use the property as a rental, attracting an income, claiming the tax-deductible expenses that come with it and possibly reducing your taxable income at the same time.
We ensure that you are not buying property based on first impressions, voodoo or the toss of a coin.
Property is often the most significant purchase made in a lifetime. But it some home buyers are taking their search for the perfect home to the extreme. With the availability of property magazines, TV programmes and websites all dedicated to our love for property, it is harder than ever to have realistic expectations about what you can afford. Many Australians are delaying critical life stages, like having children, in the quest to afford the perfect property.
Despite the availability of news and data, the decision to buy is often impulsive, with 38% of people globally deciding on a property based solely on their first impressions.
Many people understand that property is an excellent investment; historically, the median house price in Australia has doubled every seven to ten years. As the Australian population continues to increase, the demand for housing will also continue to grow, which, in turn, ensures capital growth in Australia.
However, people often don’t know how to get started with property investing. Or if they should get started in the first place. Precision is here to help.
We ensure that you are not buying property based on first impressions, voodoo or the toss of a coin. We meet with you to discuss why you are considering buying property and what you might be able to afford. We explain how to do it by working with you during the process. We create a strategy into how this prospective purchase will impact your tax position now and into the future.
At Precision, we don’t sugar coat it, and we Tell it Like it is. This style of open communication works both ways. So while getting off the starting blocks is sometimes harder than it seems, we are open to the “silly questions” or the “basic questions” because, with all our extensive experience in property advice, it turns out there are no “silly” or “basic” questions.
If you would like to know how we could tailor our services to make sure you can succeed in the world of property, don’t hesitate, Join the conversation… and let us help you.