You're considering buying property, but the market seems to be in turmoil. Property prices are plummeting, and you're wondering whether it's a good time to jump in. You're not alone. Many people are worried about the future of the property market, and some are even selling their homes due to concerns about declining values.

According to Paridhi Jain, a money and mindset coach, the idea that all property always goes up in value is a myth. 'This cultural obsession with owning a property has led many people to jumping into property preemptively, before they really understand what they're signing up for,' she says.

The problem is that many people don't realize that property values can fluctuate wildly, and if you buy a property at the wrong time, you might end up losing money. 'The idea that all properties will suddenly become a bad investment is not true,' says Paridhi. 'But people will now have to work harder to assess whether a specific property is, in fact, a good long-term investment.'

So, what should you do? Paridhi recommends a simple three-step plan to build wealth: optimize your superannuation, create a low-maintenance investment portfolio, and aim to have a fully paid-off home by the time you retire.

'Optimise your superannuation, create a low-maintenance portfolio, and aim to have a fully paid-off home by the time you retire,' advises Paridhi.

Here are the details of each step:

1. Optimise your superannuation: Make the most of your superannuation by investing in low-fee index funds and tax-advantaged options.

2. Create a low-maintenance portfolio: Build a diversified portfolio of index funds and ETFs to complement your superannuation.

3. Aim to have a fully paid-off home: Work towards owning a home free of mortgage debt, which will reduce your living expenses in retirement.

If you follow this plan, you'll be on your way to financial security. And if you're not sure where to start, Paridhi's free resources on her website can help you get started.

Key Facts

  • Property prices are dropping in Australia, but it's not a market crash.
  • The idea that all property always goes up in value is a myth.
  • Building wealth through tax-advantaged investments is a key strategy for long-term success.
  • Optimizing your superannuation is a critical first step in building wealth.
  • Creating a low-maintenance investment portfolio can help you achieve your financial goals.
  • Aim to have a fully paid-off home by the time you retire to reduce your living expenses.