For those of you pondering over the state of the Sydney property market and where to buy, the question on your mind shouldn't be when to buy, but why says Peter Koulizos, The Property School.
Koulizos says that, historically, property values double every seven to 10 years - making the decision to buy for a long-term benefit or a quick buck an easy choice.
"The longer you hold onto that property, the more the capital growth, generally speaking, but it depends on where you buy and what you buy. Not everything doubles in value - some things may only go up 25% while other things may go up six times in value," he explains.
Koulizos recommends people looking to hold onto their properties purchase a property which is close to the city, the ocean or "if you want to take a punt", Koulizos says, nearby to new infrastructure.
"This means infrastructure such as new freeways, motorways and new train stations. If you've got that seven-year timeframe in mind, one would imagine that if these new infrastructures were announced last year that they'd certainly be up and running within seven years' time," he continues.
For those of you out there who appreciate the quick thrills, renovating is the traditional way to make some money fast, but making sure you buy at below market value is the key, says Koulizos.
"If you wanted to buy a terrace home in Paddington, do your research and see how much other terrace homes in Paddington were sold for, and if you can buy yours for less than the average that terrace homes are selling for, then you've just bought under market value," he says.
"The opportunities to buy below market value are from those desperate to sell - ask the agents why they're selling," Koulizos advises.
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