http://propertyplannerbuyerandprofessor.com.au/ In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into the common property myths that lead property purchasers down the path of making bad property decisions. First, they share their market insights, as Dave, Cate and Pete take you through: 1. Market update - rate cuts and consumer sentiment The trio share their thoughts on the whispers of upcoming RBA rate cuts tipped to occur over the Melbourne Cup weekend, the downward pressure on the 3 year bond rate and how long into the future low rates will stay in place. Plus, the recent surge in consumer sentiment, despite being in the thick of a global pandemic. 2. Myth 1: Property prices always go up What goes up, must always come down and property markets are no exception, (but they rarely bottom out at the same level that they started). Like any market, property prices will fluctuate on the basis of supply and demand and the institutional intervention that influences these factors. Beware of one trick ponies and cities that are heavily reliant on the success of only one particular industry. 3. Myth 2: Property values double every 7 to 10 years This may have been true once upon a time, in a land of high interest rates and strong inflation. But the property landscape is vastly different now. For property to double every 7 years, you'd need annual capital growth of 10.28%. So, how long will it really take for values to double? The trio share their insights. 4. Myth 3: Picking a good suburb is the key to property success There is much more to selecting a great asset than simply picking a good suburb and buying whatever you can get your hands on. There are markets within markets, and compromising on quality to get into that blue-chip suburb can lead you astray. Not all property is created equal and that means that not all property in the same suburb increases at the same rate of capital growth. 5. Myth 4: Housing is unaffordable nowadays Calling all millennials - put the avocado down and listen up! Housing affordability is more than just looking at current property prices and lamenting that the aspirational, forever-house of your dreams is out of reach. Affordability comes down to the percentage of your wage that goes towards your loan repayments, but what is the hardest part? Getting the money together for a deposit, in order to get your foot on the first rung of the property ladder. Choose wisely and you can leap frog into your ideal home. 6. Myth 5: All good property opportunities are taken From capital cities, 'huburbs' and regional centres, there are hidden gems everywhere. The location may not be glamourous right now, but that's the point, each swan started out as an ugly duckling. The Planner, Buyer and Professor share the signs to look out for on the hunt for gentrification. 7. Myth 6: Big land is more important than location of land Unless you have a goal of subdividing, this belief is a furphy. Location is the most critical factor that influences capital growth, and a smaller block of land in a great location will often outstrip a full block of land on the fringes of the capital city. Land to asset ratio is key! 8. And of course, our 'gold nuggets'