A Monthly Success Video from Australia’s Leading Property Market Analyst, John Lindeman.
Hi, it’s John here. I’m currently in Yarrawonga Mulwala, twin towns which are at the New South Wales-Victoria border. It’s situated about 3 hours north of Melbourne, on the beautiful Lake Mulwala behind me. What happened in this area?
This area, before Victoria introduced poker machines, was a popular area for people to come and play the pokies from Victoria. It resulted in a number of big clubs being built, such as Club Mulwala, the ski resort, and the golf resort which contains 45 holes—the largest open-access golf resort in Australia.
Since poker machines were legalised in Victoria, the people that come here come for other reasons such as recreation, relaxation, and a lot of people come here as retirees as well. But, poker machines are still fundamentally important to the economy. That brings me to the point of this video.
You see, it’s okay to put a dollar into a poker machine, but it’s not okay to gamble with property investment. Property investment is the biggest single investment you’d ever likely to make in your lifetime. Therefore, it’s essential that before you buy, you make sure that you’re buying in an area that has growth potential—that there’s high rent demand, and that you’re buying the right type of property and paying the right price. It’s also essential that you rely only on proven experts with real track records behind them. Property investment is far too important to be a gamble.