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Ben Kingsley Blog post by Ben Kingsley

Want Advice or an Opinion?

When it comes to property investing, everyone has an opinion on what makes a good property investment. I’m not exactly sure why, but I think it has a lot to do with the fact that we know so many people who have made a property purchase and I suppose it’s the fact that once they have experienced it, they know a bit about the topic and are happy to pass on their opinion.

No different than maybe getting someone sharing their opinion about anything they have experienced. The only difference is that it is a massive financial decision which has the potential to change your whole financial world for the better or worse into the future.

Let me share with you the following example.

In 1974 the median house price in Cranbourne was $22,000. In South Melbourne it was $18,700. At the end of 2009, Cranbourne median house price was $262,500. In South Melbourne it was $906,300. That’s a difference of $643,800 in 35 years.

For those of you who have been reading my articles for many years you know that I have been using this example, because it clearly articulates the importance of asset selection. Yet there are literally thousands of examples I could use to demonstrate the important of picking the right suburb to buy in and then the localised neighbourhood within that suburb and ultimately the right property to get an outperform result like the example noted.

So, like I do when someone shares their opinion about the best place to buy—ask them to give you 5 reasons why they believe this location is going to outperform the overall market and ask them to be specific about that particular location and not property in general, because not every property performs like the median, some outperform but most don’t.

Then ask yourself, why wouldn’t I get advice from a professional who does this for a living? What have I got to lose—potentially over half a million dollars? It might just be best money advice you’ll ever get…..

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