You might have been following the reality show ‘The Block’ in which the participants renovate the old properties and some of them make decent profits in a very short time frame. Is it renovation as easy as it looks? We will explore both sides of the renovation this week.
We all accept that such a thing as a property cycle exists. Most of us have seen at least one cycle, some of us two and a few of us six or seven. The typical cycle involves rising interest rates, stagnating property values followed by falling interest rates, and rising property values, the whole cycle lasting about 7 years, more or less.
My philosophy has always been to buy property at any time I can afford to and hang on for the long term. In other words, waiting for the right time to buy property is not nearly as important as keeping for a long time.