Did you know that the 2016 BRW Rich List show's that more than a quarter of the individuals on the list accumulated their wealth through property? This includes Meriton Group Owner Harry Triguboof who claimed the top spot with a personal wealth of $10.62b!
Frank Lowy, John Gandel and Hui Wing Mai were also featured in the top 10 thanks their smart property decisions.
In total, 54 people on the list generated their wealth through property and in 2015 a total of 31 people (out of 50) on WA's Rich List invested in property. Check out the graphic below to read more.
While not everybone will reach the financial heights of those featured on these lists, it's inspiring to see what kind of wealth property can achieve.
Everyone building a property portfolio is doing so for a reason, whether it's to set up for retirement, leave a legacy for their children or to reduce their taxable income. Whilst these types of internal drivers are a vital component of our emotional buying cycle, there is something else that helps people achieve success, like those featured on these lists... and that's knowledge!
When it comes to investing in property, understanding the market and how it works is vital.
Successful investors think and act differently because they know it's important to understand the market they're in and the only way to understand it is by talking to those that are doing it...not just talking about it. More often than not, people are afraid to invest because they don't know what drives the market or they fear failure and as a result they never get started.
Smart investors don't fall victim to their fears, they don't let their emotions drive their investment decisions and they don't let naysayers stifle their ambitions.
If your property investment journey has stalled or possibly failed to start, watch this presentation from one of Australia's most respected Independent Analysts and property commentators, Gavin Hegney. Gavin recently presented at the Investor Assist Investment Insiders event and talked about the importance of understanding market cycles and how fears can influence our decisions and investment success. Watch it here