Have you noticed how some people seem to rise to the top of their chosen field, or journey ever higher up the property ladder, while others consistently achieve the same “average” results? Michael Yardney helps us reflect on the 7 significant traits Dr. Stephen Covey says successful people habitually exhibit. We have called it the 7 habits of Highly Effective Property Investors.

Speaking of success, we catch up with a young WA property investor who started her portfolio when she was 18 and has grown it to be worth in excess of $2M today. Nadia Hana tells us about her journey, the lessons along the way and what she has to say to any young investor wanting to follow her lead.

Dr Andrew Wilson takes a look at the suggestion that property prices always go up. Well we know from recent times that is not always the case, so how can you pick the cycle?

Where does the real value sit in a property? Many believe that it is in the land and that is why they invest in houses. Is that your belief? Well property valuer Gavin Hulcombe says you might want to re-think that.

Recently we heard in the show that investing in property is not all about cash flow. Rather we should be looking at it as a high growth low yield investment strategy. But is it possible to get both cash flow and capital growth in one property. Josh Masters says yes and he tells us how.

OK, so if Gavin Hulcombe says houses do not necessarily make better investments than units because they have land, we find out from Ken Raiss if new houses make better investments than established ones because of depreciation.

We also hear that there has been a call to tighten home purchase rules after reports that criminals use remittances of foreign buyers and we find out which 2 capital cities will benefit from the slowdown in the Sydney market.

 
Transcripts:
Michael Yardney
Kevin:  I wonder if, like me, you’ve noticed that some people seem to rise to the top of their chosen field or journey, even higher up the property ladder, while others consistently achieve the same average results.

In the 1990s, you might recall management guru Dr. Steven Covey explained what he believed to be the defining characteristics that distinguish highly effective people in his book “The Seven Habits of Highly Effective People.” I’ve read the book. I’m sure you probably have, too.

I want to find out if there are any similarities here between those habits and the habits of top achievers in property.

Michael Yardney from Metropole Property Strategists, I know you have a view on this. What are your thoughts, Michael?

Michael:  Hi, Kevin. Yes, I think there are some similar traits between successful businesspeople, entrepreneurs, and property investors. You’re right, Kevin; they have similar traits. How about let’s go through what Steven Covey had to say, and I’ll give you my take of it in property investors.

Kevin:  Okay, you swing it that way. Habit one, of course, was be proactive.

Michael:  Kevin, you’re right. What he was saying was that life isn’t just a series of events; in every moment, you actually have a choice. You can either move forward and take the opportunities or you can be the passenger of your life.

As a property investor, I’d suggest you be proactive like Steven Covey suggested. Be the pilot of your life, not the passenger. You are where you are today because of all the things you’ve chosen to do, Kevin, and all the things you’ve chosen not to do. Either way, you’re going to either have to run the day or you’re going to let the day run you.

Kevin:  Habit number two was begin with the end in mind.

Michael:  I liked that one when I first heard it years ago, Kevin. It means that you have to focus on your desired outcomes and then do what you need to do to achieve that. The key, I think, for property investors is to block out a lot of the distractions that can inhibit you moving forward because there’s always these things,