{"id":2950,"date":"2022-07-02T00:41:48","date_gmt":"2022-07-02T00:41:48","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/guess-what-the-median-australian-house-price-was-in-1976\/"},"modified":"2022-07-02T00:41:48","modified_gmt":"2022-07-02T00:41:48","slug":"guess-what-the-median-australian-house-price-was-in-1976","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/guess-what-the-median-australian-house-price-was-in-1976\/","title":{"rendered":"Guess what the median Australian house price was in 1976?"},"content":{"rendered":"

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We all have one of these stories.<\/p>\n

I\u2019m referring, of course, to the \u2018one that got away’ in the property market.<\/p>\n

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If we haven\u2019t personally looked back on a property that, in retrospect, we could have bought for next to nix, then we know someone who does.<\/p>\n

This was the case with a Sydney investor I met recently, who lamented the fact that his grandma sold her prime piece of real estate for a song in 1985.<\/p>\n

The family was given the opportunity to buy the apartment, perched on Sydney\u2019s harbour \u2013 quite literally on the waterfront, overlooking the Harbour Bridge and Opera House \u2013 for around $180,000, but no one was interested.<\/p>\n

So some lucky buyer picked up the two-bedroom apartment, which would currently be worth well over $2.5 million.<\/strong><\/p>\n

In these situations, investors can often become annoyed or frustrated over their \u2018lost opportunities\u2019, but not much can be gained from that mindset.<\/p>\n

After all, it\u2019s not exactly news that property prices increase significantly over time.<\/span><\/h2>\n

Most people are fairly clued up to the fact that the price and value of real estate generally grow as each decade ticks over.<\/p>\n

That\u2019s why it\u2019s often said that time in the market<\/em><\/strong>, rather than timing the market, is the safest way to invest in property.<\/p>\n

That\u2019s one of the reasons I\u2019ve always encouraged young home buyers and investors to get into the property market because I believe that the earlier you start, the better off you\u2019ll be in the long run as compounding (of property price growth) and time work their magic.<\/p>\n

The proof of this philosophy is pretty much in the pudding, as property values have grown exponentially over the years.<\/p>\n

Let\u2019s assume that you bought your first home or investment property just over 40 years ago, in 1976.<\/p>\n