Present Inflation Charges in Australia & Property Funding

The media is awash with discuss of a 40-year excessive in inflation, rising rates of interest, a possible property market crash, and our financial system falling into recession.

To not point out Russia’s struggle with Ukraine inflicting a spike in power costs and fuelling provide chain points.

In the meantime, the Covid-19 pandemic noticed our authorities overspend to maintain our financial system afloat – a stimulus that has shortly reversed and seen Australia’s inflation and price of residing skyrocket as soon as we exited the lockdown interval of 2020-21.


However am I apprehensive about inflation?

Probably not, and also you shouldn’t be both.

Under, I’ll clarify what inflation means, what causes inflation, and focus on whether or not inflation is nice or unhealthy, and what it means for home costs.

However earlier than I do, I’ve one clear message:

Take a look at the large image.

After we’re confronted with financial issues (or any drawback), there are two methods to view issues:

  • The up-close perspective: Taking a look at inflation, rates of interest, debt, client spending, joblessness, and so forth.
  • The broader massive image perspective: Taking a look at long-term tendencies and historic patterns.

You may get tunnel imaginative and prescient in periods of excessive stress, so I all the time counsel taking a step again for a broader view.

Keep in mind, our property market and the financial system transfer in cycles and there have all the time been durations of excessive progress and low progress.

Because the platitude goes:

Historical past doesn’t repeat. It rhymes.

So to begin… let’s return…

Australian inflation price historical past

By taking a look at Australia’s CPI over the previous 70 years, we are able to see that Australia has skilled lengthy durations of excessive inflation, disinflation, and till just lately, lengthy durations of low and secure inflation.

The CPI displays the affect on the Australian financial system of worldwide influences, akin to oil worth shocks, in addition to home results, akin to insurance policies that affect the labour market and wage progress.

Annual CPI motion

Australian inflation rate history

And whereas the CPI hovered across the RBA’s goal vary of 2-3% for a while the chart beneath reveals how Australia’s CPI has surged previously 2 years.

Annual CPI Inflation in Australia

ABS data reveals that Australia’s inflation price peaked at 8.4% in December 2022, and remained excessive at 7.8% in early 2023 and though it has barely dropped, nonetheless sits uncomfortably greater than the RBA would really like.

And it seems like, regardless of the Reserve Financial institution’s efforts to dampen inflation ranges, we’re going to have considerably greater inflation for fairly a while partly attributable to abroad influences akin to the continuing issues with the Russian and Ukrainian struggle and provide chain points associated to the Chinese language lockdown.

Actually, the Reserve Financial institution has now revised its prediction on headline inflation, stating that there must be a gradual easing within the June quarter, with inflation declining to 4.75% by the tip of 2023 with the three% inflation objective being additional off sooner or later round mid-2025.

Within the meantime, it’s doubtless that the Reserve Financial institution will proceed to try to management inflation by elevating rates of interest and stifling demand.

The issue is, if it raises charges too quick or too excessive it can suppress demand an excessive amount of and we may fall right into a interval of recession.

And after 12 rate of interest hikes in 13 months – to 4.1% – many are already fearful that the Reserve Financial institution has pushed the financial system to a knife edge.

However, even when it happens this recession is prone to be short-lived because the Reserve Financial institution will decrease rates of interest once more to grease the wheels of the financial system.

Fortuitously, Australia’s financial system is in good situation at current, rising nicely and with sturdy job progress, low unemployment, sturdy exports, and a optimistic stability of commerce.

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Word: Curbing consumption isn’t all that straightforward.

The RBA’s objective of lowering consumption to curb inflation is a fancy subject.

Australians are recognized for his or her excessive consumption habits, notably the older era who’ve collected substantial financial savings.

The present high-interest-rate setting solely amplifies this development, because it will increase the worth of those financial savings.

Then again, rising rates of interest have a disproportionate affect on low-income and younger Australians, who typically have unfavorable financial savings attributable to latest house purchases.

Regardless of this, the gradual wealth switch from older Australians to youthful generations is preserving consumption ranges excessive.

Inflation vs home costs in 2023

So what has occurred to Australia’s home costs throughout this inflation surge?

Dwelling values in Australia are -5.3% decrease over the previous 12 months.


The mixed capital cities dwelling market worth rose 1.1% in June, following an increase of 1.4% in Might and a 0.7% raise in April.

Month-to-month will increase throughout the mixed capitals surpassed a 0.5% raise within the mixed regional market over the month.

Changes in dwelling valuas in Australia

Supply: CoreLogic 

So how do the property worth adjustments match with the speed of inflation?

Do home costs typically fall throughout inflation, or rise?

Housing costs vs inflation chart Australia

This chart by Lindeman Reports tracks this gradual fall in mortgage charges since 1990 and reveals that it has been accompanied by a gradual rise in Australian median home costs over the identical time.

Home loan rates and Australian house prices since 1990

Supply: Lindeman Reviews

Because the report factors out, there does seem like a powerful correlation between falling rates of interest and rising property costs, however does this imply that the reverse can be true?

Because the beneath graph reveals, home costs since 1990 haven’t fallen on account of rate of interest rises.

Certain,  property costs may need elevated extra shortly if rates of interest hadn’t risen however it is very important notice that they didn’t fall.

Home loan rate hikes in Australia since 1990

Supply: Lindeman Reviews


As I typically say, most property house owners, notably refined traders, are resistant to the affect of rate of interest rises.

I’ll clarify this additional beneath.

What occurs to accommodate costs throughout inflation?

I do know many traders are questioning what hovering inflation means for Australian property costs, so beneath I’ve answered among the key questions you in all probability need a solution to.

So what’s inflation?

“Inflation is a persistent substantial rise within the common stage of costs associated to a rise within the quantity of cash ensuing within the lack of the worth of the foreign money.”

In different phrases, inflation is the results of an imbalance within the provide and demand of cash.

It’s an increase in the price of items and a devaluation of your cash and buying energy.

There are a lot of various things that may have an effect on the value of sure gadgets within the brief time period – akin to when widespread flooding in 2011 ruined banana crops and despatched the value of any remaining bunches up 470% for the season – or the long run – akin to provide chain points attributable to the struggle in Ukraine or the worldwide lockdowns.

However the one factor that impacts the value of all items, constantly, and over a protracted time period is the quantity of cash.

Some inflation is regular, and it’s wholesome for the financial system.

However hyperinflation, or a surge in inflation like we’re experiencing now, is dangerous to on a regular basis folks, staff, and shoppers.

That’s as a result of, as I discussed above if the price of residing rises significantly greater than wages, the usual of residing declines.

And nobody needs to see the worth of their asset, the worth of their cash, or their buying energy goes down.

What causes inflation?

As I discussed above, it is very doable, and customary, for the price of sure gadgets to endure short-term inflation.

Drought, flooding, or perhaps a bumper crop have a direct affect on the quantity of the crop, for instance, which might affect whether or not the value of the produce is excessive or low.

A rise in the price of oil would make transportation costlier, whereas provide chain points would limit the quantity of provide – every of those additionally affect the value that the tip consumer will probably be required to pay.

However on a macro stage, inflation is attributable to 1 of two issues: stress on the availability aspect of the financial system, or on the demand aspect.

  • Price-push inflation: That is when costs enhance attributable to will increase in manufacturing prices, akin to uncooked supplies and wages.
  • Demand-pull inflation: That is when there’s sturdy client demand for services or products.

Right now’s excessive price of inflation was brought on, partly, by elements associated to the coronavirus pandemic.

Through the peak lockdown years of 2020-21, the federal government crafted quite a lot of stimulus to stop a recession and excessive unemployment by getting into a quantitative easing program – diminished rates of interest, elevated cash provide, and extra lending.

What resulted was a interval of excessive financial savings instantly adopted by a interval of excessive client confidence with low unemployment and rising wages… which led to extra spending.

The issue is, as life returned to regular, this spending surge brought on an uptick in demand for merchandise (and property), which then pushed costs greater and better, inflicting extreme inflation.

So in essence, inflation was attributable to the federal government, after which they handed it over to the Reserve Financial institution with the duty to get it beneath management.

Inflation 2

Why increase rates of interest?

Rates of interest are the RBA’s major device for controlling Australia’s inflation stage.

And it has many Aussies apprehensive.

They’re asking questions like:

  • What do rising rates of interest imply?
  • Why does elevating rates of interest gradual inflation?
  • What’s the cause for rising rates of interest?
  • Does elevating rates of interest actually assist inflation?

The Reserve Financial institution plans that by elevating mortgage repayments so excessive that households are cash-strapped, they’ll be compelled to chop again on spending on non-essential gadgets, which is able to in flip decrease demand, and due to this fact inflation will fall as companies must compete for enterprise by decreasing costs.

In different phrases, the RBA is attempting to halt spending.

The best manner to do that is to hike up mortgage prices, which is able to imply the common client may have much less cash of their pocket to spend after forking out extra on their month-to-month mortgage funds.

Consider it like a pay minimize, which ought to assist to decelerate spending and financial progress and due to this fact inflation.

Shopper confidence will play an enormous half – all of the unfavorable messages within the media and tales about property values falling will imply householders will really feel much less safe and curb their spending, as soon as once more reducing financial exercise and inflationary pressures.

After all, elevating rates of interest solely tends to affect the demand aspect of the inflation equation, not the availability aspect, and provide constraints from the geo-political issues are prone to stay for a while.

All of it comes right down to the financial regulation of provide and demand.

Many economists say that inflation – at present working on the highest price in 4 many years – is principally an issue of “an excessive amount of cash chasing too few items.

The pandemic, the Russian invasion of Ukraine, and a persistent labour scarcity have all been disrupting regular commerce.

And for the reason that RBA is unable to create extra items (or providers) to satisfy the demand, its solely choice is to deal with the “cash” a part of the equation by crimping its provide.

The issue with the RBA’s plan to power shoppers to devour much less is that it comes with a critical danger of slowing the financial system down a lot that it causes a recession.

And after 12 rate of interest hikes in 13 months – to 4.1%, which is the very best stage since 2012 – some are involved that rate of interest will increase have pushed Australia to its “weakest rate of economic growth” outdoors the pandemic for the reason that recession within the early Nineties.

Many are fearful that the Reserve Financial institution has pushed the financial system to a knife edge after mountain climbing charges more durable and for longer than anticipated after inflation remained stubbornly excessive for the primary half of 2023.

Does inflation enhance home costs?

I do know many property traders are questioning what occurs to accommodate costs throughout inflation.

Does inflation enhance home costs? Sure and no.

Excessive inflation does not essentially imply property costs will drop or the property market will crash.

Inflation does erode the borrowing energy of property consumers, and make possession costlier for mortgage holders, so technically it does have the ability to dampen the worth of the property.

However, as we all know, the property market in Australia will all the time be supported by sturdy demand and low provide.

In early 2023 we noticed worth declines shortly stabilise because of constantly low marketed provide ranges and an increase in public sale clearance charges, preserving a flooring beneath costs.

And once more, it will depend on the RBA’s major device to curb inflation: elevating rates of interest.

Economist Stephen Koukoulous wrote an insightful piece for Yahoo Finance explaining that it is truly fairly uncommon for rate-hiking cycles to coincide with falling or rising home costs.

He defined that not counting the present rate of interest cycle, there have been 4 situations previously 30 years the place the RBA has applied an interest-rate-hiking cycle:

  • August 1994 to December 1994 – Money price up 275 foundation factors.
  • November 1999 to August 2000 – Money price up 250 foundation factors.
  • Might 2002 to March 2008 – Money price up 300 foundation factors.
  • October 2009 to November 2010 – Money price up 175 foundation factors.

In every one among these 4 cycles, home costs have been flat or greater – each 1 and a pair of years after the primary price hike.

5 years after the primary price hike in every cycle, home costs have been on common round 40% greater.

Taking a look at home costs 5 years after the final hike within the cycle, they have been all the time greater, with a mean acquire of round 30%.

It’s also noteworthy that home costs recovered after the flat patch within the wake of the 2009-2010 cycle, to be 26.1% greater 5 years after the final hike in that cycle.

Inflation 3

Is inflation good for property house owners?

Inflation may be each good and unhealthy for property house owners and traders relying on their monetary and private state of affairs, their property kind, location and stage of excellent debt.

Negatives of inflation for property house owners embody money price rises (elevated price of servicing a mortgage), and bigger disparity between rental earnings and mortgage repayments.

Positives of inflation for property house owners embody elevated rental earnings (because of a rise in rental demand), tight provide places a flooring beneath costs, and for these with fixed-rate mortgages repayments are decrease.

How apprehensive ought to property traders be about inflation?

Australia’s housing market continues to defy expectations, we are actually at the start of a property new cycle.

Property costs have been on the rise for quite a lot of months now.

The height-to-trough change in Australian home costs was 9 per cent based on CoreLogic, and solely 4 per cent based on PropTrack, which is complicated these analysts who have been on the lookout for costs to drop by 15, 20, and even 30 per cent on the again of rate of interest will increase.

There could also be extra price hikes forward, however our evaluation suggests there’s gentle on the finish of the tunnel and as soon as rates of interest peak (and that might not be that far off), and now that inflation has peaked, client confidence will return and the market will reset as a brand new property cycle begins.

However do not count on a fast restoration – the following stage of the cycle is the stabilisation part.

And there’s no finish in sight for our rental disaster and rents will proceed skyrocketing this 12 months.

And regardless of what the perpetual property pessimists inform us, there won’t be a property “crash” forward.

For home costs to “crash”, we have to have compelled sellers and no one there to purchase their properties so values free fall.

That is extra prone to occur at a time of excessive unemployment, however at present, anyone who needs a job can get a job, and with wages rising it’s unlikely that we’ll see many distressed compelled sellers.

Certain some latest consumers will discover excessive mortgage prices a monetary problem, however there’s prone to be little mortgage stress in Australia.

Those that bought just lately would have gone by stringent lending hurdles from the financial institution to make sure they might deal with rising rates of interest.

If you consider it, 50% of householders haven’t any mortgage in any respect on their houses, and a lot of the different householders – those that purchased greater than a 12 months or two in the past – may have substantial fairness of their properties and are months upfront of their mortgage funds, or have money stashed of their offset accounts.

And over the ultra-low money price interval amid the pandemic, many debtors took benefit of the low mounted mortgage price loans, with many attributable to transfer onto a variable price later this 12 months or early in 2024.

And whereas many are involved a few so-called ‘fixed-rate-cliff’ the truth is many of those debtors will be capable of renegotiate an reasonably priced price.

Some who just lately bought a property within the ultra-low rate of interest interval and haven’t skilled market cycles will discover the present market circumstances regarding.

However they need to take consolation in the truth that property corrections are usually short-lived, and the Reserve Financial institution doesn’t need the housing market to crash – it needs that about as a lot because it needs one other pressure of Coronavirus.

These property house owners ought to do not forget that all declines in property values are non permanent whereas the long-term enhance in property values is everlasting.

Over the long-term property values will proceed to rise considerably, underpinned by our rising inhabitants at a time of serious undersupply of properties and the growing wealth of our nation, that means we’ll be capable of pay extra for our houses.

It is doubtless that the present state of affairs of excessive inflation and rising rates of interest goes to be short-lived, and the Reserve Financial institution has already hinted that it could start to decrease rates of interest in 2024 as inflation comes beneath management.

This implies there’s a brief window of alternative for property traders who’ve a long-term focus to benefit from the present markets.

This can be a nice time to get all of your geese in a row, enable our staff at Metropole to construct you a personalised Strategic Property Plan, after which so that you can take acceptable motion relying in your circumstances and never be dictated to by the market.

Inflation 4

The 7 greatest influencers of our property markets

Rates of interest are an essential affect over the trajectory of Australia’s property market, however there are a lot of extra issues that have an effect on property costs.

Property costs are inextricably linked to a myriad of different monetary, social, and political elements, all of which affect what your loved ones house, or your subsequent funding property, may be value.

So, what are these elements?

1. Family formation

This often-overlooked issue of family formation is definitely extra essential than general inhabitants progress as a result of what will increase the demand for housing isn’t the variety of folks residing in a metropolis (or nation), however the variety of dwellings wanted to accommodate them.

This works in quite a lot of methods…

With extra younger adults staying house longer to save lots of hefty home deposits, and the development to extra multi-generational households, or extra family and friends members pooling their assets and shopping for a property to share, it is doable the variety of dwellings required could lower a bit.

Then again, there are extra older Australians residing in a single and two-person households to even out the numbers.

2. Demographics

Projections from the Australian Bureau of Statistics estimate that over the following decade, our inhabitants will probably be approaching 29 million, and there will probably be nearly 50 million Australians by the 2060s.

That’s a rise of practically 400,000 folks yearly, all of whom will want someplace to dwell.

Immigration numbers stalled whereas borders have been closed however since reopening there was a surge in newcomers.

Consider our present inhabitants’s penchant for flattening current dwellings and rebuilding, and it seems like we’ll require round 200,000 new dwellings each single 12 months.

The query many traders ask themselves is, the place will these new dwellings and the related inhabitants progress and infrastructure spending be?

That is not essentially the precise query.

The inhabitants progress corridors of our cities are usually poor capital progress places.

Ample new provide is the enemy of capital progress.

On the similar time these places are usually the place new households and migrants transfer, and this demographic, which tends to have a bit spare money left on the finish of the month, are areas the place there’s little skill to push up the worth of properties – these aren’t excessive wage-earning areas.

Inflation 5

3. Affordability

Affordability encompasses dwelling costs, together with employment charges, rates of interest, credit score provide, GDP progress, and inflation – whether or not or not somebody can afford to purchase a property is rarely simply in regards to the price ticket connected to the house itself.

We’re at present in a interval of low unemployment and decade-high rates of interest so the month-to-month mortgage repayments for many properties are greater than they’ve ever been.

Wage progress is vital right here as elevated earnings is required to beat back the price of residing stress.

Buyers ought to keep away from areas of blue-collar areas or young-family suburbs and hunt down suburbs the place wage progress is greater than the state averages.

These are places the place folks can afford to and will probably be ready to pay a premium to dwell.

These are sometimes the gentrifying middle-ring suburbs of our capital cities.

4. Credit score coverage

Property funding is a recreation of finance, with some homes thrown within the center.

Over the previous few years, we’ve seen how adjustments in credit score coverage can have a big affect on our property markets.

Tighter lending standards and better rates of interest in 2023 imply debtors are actually assessed at a better buffer price, which suggests it’s more durable than ever for consumers to get mortgages.

And the very fact is, folks merely can’t purchase properties if they’ll’t entry the money.

5. Nationwide wealth, wage progress, and job creation

Synthetic intelligence specialists have estimated that wherever from 20-40% of all jobs may very well be taken over by robots sooner or later, that means there will probably be fewer employment alternatives for unskilled staff or those that carry out repetitive duties.

Of the roles that stay, many may very well be moved offshore to benefit from cheaper labour prices, additional slashing native jobs.

This implies we may have fewer folks doing extra productive work.

All of this might affect consumers’ skills to save lots of deposits, safe finance, and pay mortgages and in flip, affect home costs.

Nonetheless different jobs will take their place.

Demographer Bernard Salt forecasts 1 million new jobs will probably be created subsequent 5 years, and clearly, many of those locations will probably be crammed by expert immigrants to Australia.

6. Provide of dwellings

Rising the availability of dwellings goes to be paramount as our inhabitants will increase, and to take action will contain massive tasks akin to high-rise condo towers and new suburb creation on the outskirts of our cities.

However clearing the land and knocking up some homes will depend on council zoning, density laws, transport hyperlinks, and different important infrastructure – folks gained’t purchase a home and land package deal 40km from the CBD if they’ll’t get to work, or if native colleges, retailers and medical amenities are missing.

7. Shopper confidence

The 6 elements I’ve talked about thus far solely inform half the story.

No matter how available credit score is, or how briskly the inhabitants is definitely rising, folks’s notion of those elements is simply as essential.

If shoppers imagine the market is heading downward, whether or not that is mirrored by the statistics or not, it can affect their behaviour.

And naturally, at occasions of monetary uncertainty, akin to excessive inflation and hovering rates of interest, folks will maintain off making vital buying choices like a brand new house or funding property.

Shopping for property is an emotion-heavy course of, and consumers – each owner-occupiers and traders – typically let their heartstrings pull them in instructions their heads may not.

That is the one issue you might have some private management over, and, for those who’re savvy, you may use it to your benefit to get forward of the sport.

When some are paralysed by concern and bargains abound, your confidence within the recommendation you’ve obtained out of your purchaser’s agent or different skilled may see you snap up a implausible property – with out even breaking a sweat.

Conversely, when others are stricken with FOMO and bidding up a storm for less-than-perfect properties, your analysis may provide help to keep calm and keep away from shopping for into the hype.

Inflation 6

Why is the rental provide so restricted?

Briefly, an ideal storm has created a pointy discount within the variety of rental properties.

It began in 2016-17 when APRA restricted funding to traders, that means the variety of traders offering rental lodging decreased.

Then in the course of the pandemic period of 2020 and 2021, and exacerbated by onerous adjustments to residential tenancies acts in a few states, many traders bought their funding properties which have been, typically, then purchased by owner-occupiers.

Nonetheless, throughout this time the common family measurement bought smaller as many younger renters fled share homes for the “security” of 1 or two-bedroom flats.

And extra just lately, with our borders reopening and tourism growing, many properties that had been put into the long-term rental pool are actually again on Airbnb, and filling once-vacant CBD flats, thereby additional decreasing the variety of properties accessible for long-term tenants.

Robust demand for rental properties doesn’t look set to ease or reverse any time quickly.

Of the estimated 9.8 million households in Australia, 31% are renters – that’s an enormous quantity of renters needing or on the lookout for a rental property.

Presently, 91% of Australia’s 3.2 million rental properties are funded by on a regular basis Aussie traders.

Over the past 30 years regardless of Australia’s inhabitants growing by 8.4 million folks, state governments have bought off greater than 100,000 publicly owned rental properties.

Whereas there are about 3.3 million properties round Australia that can be utilized for rental functions, at present solely round 1% of those are marketed as accessible for hire.

Actually, at present, there are simply over 33,000 properties marketed for hire, about half the quantity they have been a 12 months in the past.

The difficulty of brief rental property provide is regarding, and it’s getting worse by the day.

And it’s evident in our record-low emptiness charges additionally.

Australia’s most main capital cities have seen the most important drops in rental provide over the previous 12 months, with declines of 32.8% in Melbourne, 24.2% in Sydney, and 22.7% in Brisbane.

So what must you do now about inflation?

It’s doubtless that the media will preserve feeding us headlines of concern for a lot of the 12 months, so listed here are some issues you are able to do.

Initially, regardless of your state of affairs, you need to deal with training and mindfulness.

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Ideas: Keep in mind, the financial system is affected by numerous elements, that are largely out of our management, and somewhat than letting that fear you, take a long-term view and deal with issues you possibly can management.

Whether or not it is property, shares, or bitcoins — booms simply do not final perpetually, and neither do downturns.

So, assume long-term and don’t search fast wins, and don’t take heed to all these unfavorable messages within the media.

It actually doesn’t matter what the markets do within the brief time period so long as you might have ample monetary buffers to trip out the storm.

And do not let feelings drive your funding choices as a result of as I defined, it’s doubtless it can take some time for inflation to return beneath management after which the Reserve Financial institution will once more begin decreasing rates of interest as a result of they all the time appear to overshoot the mark.

And take consolation by wanting again to early 2020, in the course of the peak of the scare concerning Covid-19, when the concern began to rear its head.

Look how improper all of the predictions have been then!

The factor is, downturns are only one a part of a cycle, so they are going to all the time finish in some unspecified time in the future.

You’ve in all probability heard me say earlier than that I’m a believer in planning for the worst and hoping for the very best, so figuring out that rates of interest will rise additional, what you have to to do subsequent will rely on your individual private state of affairs.


If you’re a home-owner on a variable mortgage, discover out what the elevated rates of interest have and can do to your mortgage funds so that you just perceive how you can funds for them.

Additionally, attempt to preserve forward of your mortgage funds or have a wholesome buffer in an offset account.

It’s additionally value talking along with your dealer concerning the potential of refinancing to a better-rate mortgage – the chance for a low fixed-rate mortgage has now handed.

Inflation 7

Property sellers

Do not be spooked by the present market circumstances and allow them to change your long-term plan and promote up due to all of the unfavorable media.

Do not make 30-year funding choices based mostly on the final half-hour and even 30 days of stories.

However for those who should promote, there are many consumers on the market on the lookout for good properties.

Then again, for those who’re trying to improve or downgrade your private home, bear in mind you are shopping for in the identical market that you just’re promoting in, so even for those who get rather less to your house than you hoped for, your new house will doubtless price rather less than it will have a number of months in the past.


Buyers ought to recognise that occasions like this create large alternatives, a window of alternative is at present accessible that good property consumers are making the most of.

Now’s the time to purchase high quality belongings and bear in mind there are markets inside markets – “A-grade” properties in investment-grade places are prone to maintain their values nicely.

Be ready to take a borderless method to seek out high quality properties and don’t do it alone.