"The property bears are too general in their condemnation of property. Like any investment you need to consider the future of the area you are buying into. If the area is moving ahead with hospitals, shopping centres, property development in the next ten years this will value add."
The problem is that a property rout like many are starting to expect will mean capital losses Australia wide. Sure, some places will suffer more than others, but there's no point in buying anywhere if you're going to lose money either way (or save money by waiting). This is what happens when the market gets that so far ahead of itself. You may think that house x has a good yield. But if the market as a whole is due for a correction then that yield is only going to get better. There's no point in chasing a small positive yield if you're losing 5x that in capital. If you want yield with no regard for capital, buy TLS.
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