Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode Dave, Cate and Pete take you through: Market update 1. RBA lifts the cash rate Breaking news! The cash rate was lifted last week by 0.25%, taking the cash rate to 0.35%. This is a change of tune for the RBA governor, who was predicting that rates wouldn't rise until 2024. The move came as a result of rising inflation pressures, but the inflation Genie might not be that easy to put back in the bottle. Stay tuned to next week's market update episode for more on inflation. 2. Riding the market cycle wave Property prices are certainly slowing and may well start to decline, but this is no cause for panic. Pete shares his research on the property downturns over the last 25 years and in the end, you need to be prepared to take the good with the bad. If you're in it for the long-term, just sit tight and ride out the wave. 3. Late bids and auction rules Cate shares a recent auction experience that had hearts stopping and blood pressure rising. It was bad luck for a bidder that jumped in too late, because when the hammer falls, the game is over. Top 10 tips for first time buyers and investors 1. Educate yourself A sure fire way to get started on the property journey is to take the time to educate yourself. The trio take our listeners through the wealth of resources that are available to build a solid foundation of property knowledge. 2. Mix with like-minded people Or should we say, avoid naysayers? Negative Nancy's can quickly unravel a smart strategy and plant seeds of doubt, causing inaction, which can often be worse than taking half-good action. Mixing with like-minded people provides an environment where ideas are exchanged and much needed support is provided for what can be a stressful decision. 3. Set your goals Dave shares with our listeners 10 tips on how to create goals and stick to them. For further insights, take a listen to episode 82, "Goal Setting fundamentals for property success". 4. Select where and what to buy The trio discuss the critical elements of selecting a location and property to purchase. But don't forget to look ahead and think how the first property could impact future long-term plans. 5. Visit your areas and do your research The trio share the best data sources for doing research from the comfort of a laptop at home or in the office. However, that does not negate the need to get out and about and take a stroll through the area you're interested in purchasing in, particularly if you haven't lived there before. Yes, property investors, this applies to you too! 6. Find out how much you can borrow & if there is any assistance A critical step here is sorting out a budget, taking into account existing cash flow, desired cash flow and available funds post-purchase. Dave shares with our listeners why the lowest interest rate is in fact not the key to success. Ask yourself - is the property or the rate more important? 7. Save money for a deposit, consider shared equity, joint ownership Money management! It may seem easy to a first home buyer as often they don't have children, and/or might not be partnered yet with mortgages and credit cards to juggle. But the sooner you can set up an effective money management system, (and get your partner on the same page) the better! The trio discuss the basics of shared equity schemes and join...