005: The biggest changes I've seen in property in the last decade | What would I do differently if I started over again? | 9 predictions for property in the next decade

Everybody wants to know what is ahead in the world of real estate, but I was recently asked about the biggest changes I have seen looking back over the last decade.

Today I share these, and then I look forward to my 9 property predictions for the next decade.

In my mindset minute, I talk about what I would do differently if I started over again and ways to learn smarter and faster and "getting a bigger cup".

Today's discussion includes:

• In 2007, Sydney was the most expensive city with a median price of $500,000
• Perth was the second most expensive capital city
• About 70% of new buildings were being built on the fringes of capital cities rather than in the CBD
• I had just written my first book which became a classic - How To Grow A Multi-Million Dollar Property Portfolio - in your spare time
• We were on the cusp of the biggest economic downturn in almost a century and nobody realized.
• Yet strategic investors stayed the course, didn't panic and look how well they've done
• Back then I spoke about holding residential real estate for the long term and nothing has really changed
• No one foresaw the 3 big drivers of the property markets over the next decade:
• • Significantly lower interest rates
  • Strong population growth
  • Our mining boom led by the surging Chinese economy.

9 predictions for property in the next decade:

1. We're in for a period of lower capital growth
2. We're also in an era of lower interest rates
3. There will be significant growth in our service industries
4. Our property markets will become more fragmented
5. More people are going to live in apartments
6. There will be a bust in the inner city apartment markets in some areas
7. We'll have significant population growth
8. There will be a lot more white noise
9. Always expect the unexpected

Mindset Message: What would I do differently if I started investing all over again?

• I would spend more time educating myself.
• I would learn from others by modeling the most successful people and upgrading my "programming."

Links and resources:

• Michael Yardney
• Metropole
• How To Grow A Multi-Million Dollar Property Portfolio - in your spare time
• Unlimited Power by Tony Robbins
• Rich Habits Poor Habits

Quotes:

"You can't predict the future by looking at the past." Michael Yardney

"I now look into the future not the past. I focus on where future growth is likely to occur." Michael Yardney

"Learn from mentors and others because learning from your mistakes can be slow and demoralizing." Michael Yardney

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