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Team building is something we do on a regular basis here at Blue Wealth. Some may see this as a chance to build relationships and have a few laughs with their colleagues. I see it as a chance to win!
Our most recent team building outing was no different. The destination? Sydney Escape Rooms. The goal? Destroy my opponents at all costs. Five teams, one winner. After an hour of clue searching, code cracking (and possibly a bit of swearing) we came out in first place… okay, second if you include the boss’s team who I’m confident cheated. It’s taken me the weekend, but I’m finally getting over the stolen victory.
So, what does all this have to do with the property investing? When investing it’s important to:
Follow The Clues
One of the escape room tasks involved collecting post cards, sorting them based on a travel itinerary and using the first letter of each postcard as a code to crack a lock. If that sounds difficult, it was.
When assessing property assets, some of the ‘clues’ we look for include:
When it comes to property, these clues can have a significant impact on investment success. Click here.
Avoid The Red Herring
A slick sales and marketing campaign is no substitute for research. In some cases, it can act as a property red herring, leading you to focus too little attention on what matters. If Charlize Theron is the focal point of a property, you can bet that you’re not only paying too much but likely distracted away from the detail by all the glitz.
Look For The Detail
There’s a lot of information out there and sorting fact from fiction can be a full-time job. What we glean from media reports is often general, too simplistic and lacks balance. Headlines like the one below (Financial Review, 4 Nov. 2016) are a dime a dozen.
There’s little doubt that Australian capital cities hit a development approval peak in 2015. Here’s what reports often neglect to ask:
Q: Are all those approvals being built?
A: No. Up to 40% of approvals are being deferred or cancelled as construction costs rise
Q: How is demand reacting to new supply?
A: Population growth remains strong in our capital cities. Melbourne leads the way based on total numbers (close to 100,000 people each year), Brisbane in terms of annual percentage increase in the ten years to 2027
Q: how quickly is supply absorbed?
A: Here’s an example: In January 2017, the vacancy rate in Melbourne’s CBD was 4.5%. Three months later, that figure is 1.8% highlighting the strong reaction of demand
Making broad assessments often leads us to overlook important clues. Worse yet, we become vulnerable to leaving potential opportunities by the wayside.
Property investing isn’t a game, but if it were, play to win.