OPINION: I’ve been an investor for more than 30 years now and house prices are something I’ve never been interested in, or paid much attention to.
I’ve never thought “should I buy now?” because I just read a headline to say that prices in my area are soaring.
So many people ask me: “What do you think the market is going to do?”
My answer for the last 30 years has been fairly consistent: I don’t know. I don’t care. Hopefully prices will drop. Why does it concern you? If you did know what was going to happen, what would you do and why?
The idea that you can predict what house prices will do at any point in the “cycle” is one of the myths that catches property investors out.
Here are a few others.
Myth Number One.
Generally, investors think that the big cities such as Auckland, Wellington, Hamilton and Christchurch will be better to invest in because they falsely believe that...