Episode 004 | Understanding Demand And Supply Drivers To Find The Best Investment Locations
When investing in property, it is important you understand how the balance between supply and demand drives house prices. In this episode, Damian and Arin explore both macro and micro demand and supply drivers and how you can use that to find the best locations.
Welcome to episode 4 of our property investing masterclass
Last episode we had a look at the pros and cons of established property versus new builds and came to some important conclusions about property management.
With our first chapter on investment strategies and key fundamentals now concluded, we turn our attention to what makes a location investment grade. We discuss in detail the macro and micro supply and demand drivers of the property market, with a goal to understand the future growth potential of an area.
Tune in and Learn:
- What role does demand and supply play in property markets?
- Why investors need consider both sides of the equation – demand and supply
- On the demand side, what are some of the macro and micro demand factors that investors need to be mindful of?
- Generally, what areas should investors target?
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Further Reading: For a case study of our own research diligence and how we helped our clients make thousands of dollars by researching supply and demand factors to determine a location’s future growth, check out our “Investment Strategies in Practice” case study here.
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Property Investing Masterclass
Arin Di Camillo, Momentum Wealth: Welcome and thanks for tuning in to the Momentum Wealth podcast series. My name is Arin Di Camillo and I manage the property wealth consultants of Momentum Wealth. With me is our founder and Managing Director, Damian Collins. Thanks for being with us, Damian.
Damian: Nice to be here, Arin.
Arin: So into the fourth episode today. We’ve done three episodes already, covered a lot of content, but today we’re looking at supply and demand factors. Most importantly what investors need to know about supply and demand when making investment decisions.
Damian: Absolutely, Arin. That’s the important part because people often focus on demand and that’s how a lot of, I guess, property brokers sell their properties, but whether you’re going to make money also as a supplier is really important.
Arin: Sure. So as mentioned, this is number four in a 10-part podcast series. If you haven’t seen the first three episodes, please go and check out the website and have a look. A lot of great content on there for investors. As I say, fundamentals of property investing, but it’s not just about buying the right property, we cover a lot more than that.
Damian: Definitely. If you’re going to build a large property portfolio, there’s a lot more to it. Buying the properties is obviously fundamental, getting the right one, but we’re really going to be focused on getting the right strategy in place for us which may change over time. Regularly reviewing that plan, getting our finances right and also looking outside of just residential passive investment. Value adding to properties, developing and as you get to a certain stage in your life and your journey, looking at commercial investment as well. So there’s a lot more to it than just buying a single residential property.
Arin: Sure, okay. We’ll be offering a bonus at the end of this episode. So please stay tuned and we’ll fill you in more about the details at the very end. Okay, let’s get stuck into it. Supply and demand. Damian, what role does demand and supply play on the property market?
Damian: Well, Arin, property is like any other asset class. We often, in Australia, follow commodity prices and even the dollar and they all really come down to demand and supply. How much demand is there, but also how much supply is available? And economics 101 says if there’s strong demand but there’s also lots of supply, then price rises are limited. If there’s strong demand but limited supply then price rises are much greater. So whenever we’re buying property, we really focus on making sure that we’ve got really areas and cities that have got great demand and fundamentals, but also have limited supply. Particularly when it comes down to the suburb level as well.
Arin: Sure, so the supply and demand can create a property cycle in itself?
Damian: Well, absolutely yes. So what happens particularly in most markets is that if there starts to be strong demand, developers are obviously in the business of producing more stock to meet that demand and they run to the market, produce as much as they possibly can. And that’s what happens in most cycles, they overshoot and provide too much stock and property prices then end up stagnating or declining. But, again, in areas it’s quite different so in a low supply area, you’ll find even if the market itself turns down it may not come off. But areas like apartments and others, land on the urban fringes might come off even more.
Arin: Just going back to developers for a second. Obviously, they try and manage the release of their projects to control that supply. But having multiple developers in an area has essentially the same effect.
Damian: Yeah, exactly. So a developer who controlled the whole market I guess could limit that supply that they release, but of course, it’s not often that there’s just one developer, there are generally lots of developers releasing land or apartments and so that competitive nature…. They’ll want to bring their supply onto the market and get there first. So that’s what brings out additional supply.
Arin: Talking to a lot of our investors, one of the common mistakes we see is that they’ve already purchased property in an area of high supply or an area that’s going to have future supply. People need to be really conscious of what’s coming down the line as well, don’t they?
Damian: Well, that’s it, it’s not just about the supply that’s here today it’s the supply that’s there in the future as well. And we often find the marketers and the project’s spruikers are very good at selling to people. Well, “Oh look this is a great area. This is…” But that’s because that’s where they’re bringing the supply on and they overlook some of the important factors. They talk about population growth in a suburb. And that’s good but that also means there’s lots of supply. So you’ve just got to be very careful, do your research, look at the demand fundamentals and target those areas that have got good long-term demand but limited long-term supply.
Arin: Without going into the specifics, are there any giveaways of an area that is high in supply? Any typical things that we’d look at and find that an area has got future supply coming on?
Damian: Well, certainly the zoning is a giveaway. So what you find is in the major capital cities around Australia, that’s where a lot of the apartment development will be. And so if you’ve got a unique apartment, perhaps it’s waterfront or something like that, that’s a different story. There’s… that might well be unique within that capital city context. But if it’s just another box and there’s going to be another one and another one, there’s nothing unique about it, then you’re going to just become more commoditized and compared against those others. So inner-city apartments and also land on the urban fringes. So the new subdivisions and in most of our capital cities now they’re 40-plus kilometers out from the CBD.
Again, there’s a lot more land coming and the next when that subdivision is done there’s another one coming after that. So they’re the areas that we’re really cautious about and don’t too often go into those areas to buy.
Arin: So typically we’re avoiding the fringe developments and then high population in the city apartments for example?
Damian: Yeah, and that’s the thing in that there is demand for more people to live in the city but the issue is that when you can build on a 2,000-metre site, you can build 150 apartments. That’s very easy to concentrate a lot of supply in a small area. If an area was reasonably zoned but only could build say 2 or 3 stories, that would constrain the supply for that sort of product. And you say the same on the land on the urban fringe. Again, there’s lots of land on most of these urban fringes in the big cities and that’ll just keep being released. And so if you’re going to be 40 kilometers out versus 42, it’s just still a lot of supply. People are comparing the new stuff to yours. It might be only four or five years old.
Arin: Yeah, sure. So what if I’m one of those people who has bought in a new development on the fringes or even an apartment in the CBD? What should I be doing now?
Damian: Well, I guess that you need to go back to your original strategy and talk with your property investment advisor about, “Well, this is what I’ve currently got.” And a good property investment advisor will look at your current portfolio, see how it sits with where you’re at and then recommend either hold or sell on those particular properties. And so I wouldn’t’ just rush out and sell. You need to talk about in the context. Perhaps it might be that it isn’t, you know, the growth might be less on that inner-city apartment but you might get better rents and better depreciation and that might be the right one for your portfolio at that particular time. But if you’re looking for growth, if that’s a growth asset you’re really chasing, that’s probably not the right asset. So go back and talk to your property investment advisor.
Arin: So not necessarily the end of the world if you’ve already got one. It’s worth checking it out with your existing strategy and seeing if you can get by.
Damian: Exactly, because what a good investment adviser will do, will blend a portfolio over time of some cash flow properties and some growth properties. And again, depending on the stage of your cycle. So it still might be okay. I wouldn’t just rush out and sell.
Arin: Sure. No worries. So that’s a bit about the supply side of things. Let’s talk about demand now. What about the macro and micro drivers in demand? Starting with probably macro first. What are some of the macro?
Damian: Yeah. So the things we look at in analyzing cities around Australia is, “What are the factors that are going to drive demand? And the simplest thing, of course, is people, number of people in a city growing, that drives demand. More people, more demand for property. That’s pretty simple. So we’re looking for cities that have got strong population growth as a city as a whole. So, in Australia, the fastest two forecast growing cities are Perth and Brisbane as the major capital cities. And Sydney and Melbourne are still growing reasonably well at the moment. In 2016/2017 they’re actually growing fairly strongly but the long-term forecasts are that Brisbane and Perth will be the fastest two growing cities and then Melbourne and Sydney. So that’s a big one. You need more people coming to a location.
The other thing is, of course, is what’s going to drive people there, is going to be generally economic opportunities. And so you need to be in cities that have the economic opportunities that are likely to be in place for the next 30 years. What are those factors that are going? So it’s, you know, it’s education, it’s still mining even though we’re in a mining downturn, you know, we’ve seen recently in 2016/2017 commodity prices start to move up a little bit again and reasonable levels, even double in some cases.
So, it’s more volatile a commodity economy but we still, though, we have those natural resources. And certainly, financial services is a big one in Australia as well. So looking for the cities that have got those concentrations of those jobs and the important part is that they’re high-paying jobs as well. So those industries I just mentioned, they all pay fairly well. Now if you go to the Gold Coast for an example, people have said Gold Coast has got population growth. Tick, it does, but why we don’t buy there is if you look at the economy there, and it’s generally retail and tourism. Now they pay on average about $50,000 a year. Not a huge salary for someone to be able to buy, you know, invest in and buy a large house and spend money and cause prices to grow. You look at mining and financial services, we’re talking generally six-figure, or closer to six-figure income. So it’s a combination of all those sorts of factors that look at the macro level of driving demand.
Arin: Let’s talk about the demand side now. There are macro and micro factors at play here. What do investors need to be mindful of?
Damian: Well, there’s quite a bit, Arin. On the macro level, we’re looking at cities and locations that have got a good demand. So macro is really the city-wide level, or even the state level to some degree, but certainly amongst the major cities, the city-wide levels. So, what are the things that are going to make property prices grow? And it’s population growth, it’s economic activity, it’s wages growth. They’re just some of the factors.
So, we’ve got to get more people into a city, earning more money, being able to pay more for property prices and more rent. But then on a micro level, we’re looking at the amenity in an area. So, we’re looking at the transport, road infrastructure, schools, medical facilities, cafe districts, demographic changes. They’re the sorts of things that we’re looking at on that micro level within a city in choosing some of the best locations.
Arin: Excellent. Okay, let’s drill down into each of those a little bit further. But first of all on a macro level. You mentioned population growth?
Damian: Yeah, really important. So, we’re going back to demand and Economics 101. So, what we see is that we need more people. Well, certainly more people helps drive demand for prices. It’s that simple. So, if more people are moving into a city, that means that prices overall are likely to rise even if everything else stays the same just from the pure demand of it. So, when we look around Australia in terms of the capital cities, what we see is that again, we’re looking at long-term forecasts, not just short-term. So, in the short-term, things will ebb and flow, but in the long-term, Brisbane and Perth are forecast to be the fastest growing cities across Australia in terms of population. And in fact, Perth is forecast to be the fastest.
Both of those will be over 4 million people in about 25 or so years according to the forecasters. So they’re going to be quite large cities. They’re going to be the same size or just about the same size as Sydney and Melbourne are today. So, there’ll be huge changes within those cities. Sydney and Melbourne are still growing and they’re going to be around at seven-ish million mark and some forecasters say Melbourne might even pass Sydney. So they’re still growing quite strongly but not at the same level as Brisbane and Perth are.
So, when we’re looking at our city analysis, that’s a starting point to say, “Great, well, those cities are growing very rapidly.” Then we look at some of the other cities around. And we look at Adelaide not growing hugely at all. It’s going to grow in fairly low rates of growth, and Hobart is… in Tasmania is the main capital city there. That’s forecast to be in some cases stagnant over the next 25, 30 years. So that puts those two cities on the backfoot in terms of price growth. Well, if we’ve got not very low population growth what’s going to be causing our properties to outperform? So those two cities from our macro analysis are on the back foot already.
Arin: So that’s population growth. What about the macro factor of GDP? How does that influence everything?
Damian: Well, let’s see, GDP is the gross domestic product, or simply it’s the state of the economy in that particular state, because they measure GDP by state. It’s the strengths of the economy. So again, really important, so if we’ve got everybody moving to a city, firstly, they probably won’t move there unless there’s actually work and economic opportunities. But secondly, if everyone was getting, let’s say, paid $30,000 a year, well, that’s going to mean its’ prices aren’t going to rise. But if the economy is growing strongly, everything is growing, then that means there’s demand, there’s industry wages, all those things are all combined I guess into GDP growth. That’s a good sign and that generally means that, you know, rising tide will lift if not all boats, it will lift a lot of boats and you’re more likely to see price growth in the house prices because people are wealthier and can afford to pay more.
Arin: Now I know our research team track wage growth by, almost suburb by suburb, but on a wider level it’s still something that’s very important to look at a city level, state level?
Damian: Yeah, definitely. So, we measure, in terms of our macro analysis, we measure the average wage in all those cities around Australia. And again, we’re looking for cities that have got decent wages because that’s so important. And certainly, on a suburb basis we measure the change in that suburb versus the overall market. But on a city-wide basis, we’re measuring the average wage, current wages and their average growth over a period of time. So yeah, crucial to demand because that’s what people pay, money.
Arin: Sure. Now finally at the macro end of things, employment growth. Another thing that we need to consider.
Damian: Yeah that’s really important. Because that… I guess a lot of these macro factors are all tied in together. They don’t sort of… you don’t generally get population growth if there are no job opportunities. Hence why a lot of people leave Tasmania unfortunately because the job opportunities aren’t seen there. So, they’re all tied in together. So, what we’re looking for are strong economies and strong industries. What are the industries of the 21st century that are going to be in strong demand? And what cities have those best opportunities? Because that’s where the jobs will be crowded, that will attract more people coming into those locations.
So, you know, what other fundamentals will be in Australia? We’ve got education, is a big one, particularly foreign students. We’re expected to see… strength in that over the years ahead. Certainly, mining has its ups and downs in the economy and the cycle and there are sometimes highs and lows but we still have all the resources that our Asian counterparts need. And the forecast for our mining industry is still very strong over the next 25, 30 years. So that’s the strong units. Financial service is a big strong part, we’re a highly educated workforce and a lot of regional, a lot of companies put their regional Asia-Pacific headquarters in Australia. Particularly Sydney and Melbourne get a lot more of those. Perth certainly gets more of the mining-based global original headquarters, but financial services tend to go to Sydney and Melbourne. So yes, you need to be investing in cities that have got strong industries, that are going to have to produce the jobs for the 21st century.
Arin: Sure. So some big factors all intertwined there at the macro level?
Arin: Getting into a micro level, now we’re not going to go through all of them because there are so many, but I’ll fire a few at you. If you can just drill down a bit further into these and explain how they’re important to us. First of all, zoning changes.
Damian: Yeah, that’s an important one because what you’re looking for is demand, not just for your property, what’s going to cause it to grow. It’s not just from homeowners, it’s not just from investors, it’s also from developers. And what you find is that the higher the zoning, or the more that a site can be developed, generally, that capital growth tends to outperform in the market on those properties. And so, in a micro level, we’re looking at – and we have targeted in our buyer’s agency division based on our research – we’ve targeted properties that are in the rezoning or proposed rezoning areas.
And the reason being is that a developer, it… once a site with a single house, but it’s in the zone now for three or four apartments, or houses, or townhouses, all of a sudden that tends to be worth a reasonable amount more money. And those… that outperformance in the market tends to continue over time as prices of all properties grow. So, we certainly do target those and it goes back to the state’s strategic plans. Now we look at the capital city plans, what are the areas that are targeted for, activity centers? Generally around activity centers, the planning departments of the state governments want more people in those areas, makes sense. Activity is transport, shopping centers and so forth.
So, we’re trying to reduce our car, the amount of car trips per person and per… over all across the city. So, yeah, zoning changes are an important part and we’re obviously conscious of supply in those areas. But what we’ve found and what our research has analysed is that when you do get a zoning change in established suburbs, you don’t find that the development happens all at once. In fact, it’s a slow gradual process over time because pure and simply, a lot of the people there are owner-occupiers. They’re not interested in developing, they’re happy to live there. A lot of the houses are in still too good condition to knock down. So, these zoning changes and the redevelopment in terms of the excess supply, it takes a long time. So, we don’t see a lot of excess supply.
Arin: So it’s nice and gradual and not a flood on the market.
Damian: Yeah, as long as it’s moderately zoned, medium zoned. Once you get to high zoning where you can maybe put 100 or 200 apartments on a small site, that’s a different story. But when you’re talking about six or eight or thereabouts on a quarter acre block or a 2,000-meter block, that has limited impact on supply.
Arin: I know a lot of our clients have benefited from being ahead of the curve in terms of zoning changes so it’s always a good one for us. The second one I’ll throw at you is demographics changes, how does that impact on things?
Damian: Well, what we’re looking for when we’re getting down to the micro level we’re looking for properties in suburbs particularly that we can analyze and our research department says, “We think they’re going to get rerated by the market, and that yet the market really hasn’t caught onto it yet that these are quite decent areas for living or investing in.” And because once everyone knows, “Oh that’s a nice suburb,” well you’ve kind of missed the boat there. Most people know… It’ll still perform okay because it is a nice suburb, but you won’t get that market outperformance, which is what we’re looking for. So, what we do is we go through all the census figures and what we’re looking for is changes over time, because these things again take sometimes 10, 20, 30 years. Are there more white-collar professionals who are generally higher paid? Are they moving into the area? Are there more… In terms of the average income, is that increasing more than, let’s say, the city income? Over that five years the average wage grew, say, 15% over five years, but the wage in that suburb is growing 20, 25%. That’s a good sign that the demographic changes.
Simply just walk around the suburb as well, analyse, looking at who’s moving in and why are they moving in. Generally, there’s amenity attached to that. So again, on the micro level, a lot of these factors are also interrelated as well.
Arin: Sure. How about amenities? We did talk about this a little bit before, but in terms of public transport, shopping centers and so on. How big an impact does that have?
Damian: It’s certainly becoming much more prevalent and will continue. So, when you go back to the 1960s and ’70s and there everyone was chasing the house in outer suburbia and they were happy to live a long way out. Generally there was one income earner and so, not always but mainly, mum was at home with the kids and she was running them around to schools and other things. And the life’s different now. You find that with a lot of households it’s two incomes, so they’re time poor, they’re busy. So, they don’t want to travel an hour to and from work each day. They will work hard and pay a premium to live in a location that means they can… the kids are close to the schools that they go to.
And with people having fewer kids, they want them to get into the really good schools. And whether that be public or private schools, you certainly see in some school zones prices 10, 15% higher than outside the school zone in government schools because it’s a really good government school. So, they want that access to the schools, they want the access to the transport. Going to and from work each day can take up a lot of time. So, particularly the cities get more congested, our public transport becomes more important. Roads, freeways, getting around, yeah, they’re willing to pay a premium to save time because they’re time poor and busy and dual income households. So, that’s a really important part, something that we look at when we’re analysing good suburbs to invest in.
Arin: Sure. Okay. Next micro factor infrastructure upgrades. Where is the money being spent and how does that impact on things?
Damian: Yeah. That certainly ties into… overall with when we’re looking at a suburb. Is there any potential infrastructure improvements in that area that might mean that that suburb helps with the rerating and improves the amenity or accessibility? So that may well be if they are putting in a new road link, for example, a new freeway or something like that. All of a sudden if that suburb is 5, 10 minutes closer to the city and other accessible areas and employment opportunities, that means it’s more likely to be rerated. So, we’re looking at something like that.
We look at also public transport. So, in some of… in a number of our capital cities at the moment, there are big plans for train upgrades and new rail lines and so forth. So, are those going to impact and affect property prices? Absolutely. Because those areas become more easily accessible and you can get around. So, all the infrastructure, it’s not just the infrastructure there now. We look… and of course governments, you can only believe them so far. A lot of things getting spoken of and never eventuate. So, we’re a bit cautious about buying too far into the story.
But once the money’s committed [and they’ve] started spending and the other government in opposition isn’t proposing to stop it, which we’ve seen in Victoria not too long ago… As long as that is pretty much committed and happening, you actually don’t see the prices rise too much during construction because people don’t get to see it and feel it. It happens, starts to happen more once it’s in place. All of a sudden, well this is a lot easier to access and get around. So, yeah, it’s certainly a big important part in terms of assessing a micro demand for an area.
Arin: Now this topic we’re going to cover in a later episode in a bit more detail, but generally affordability does play a factor in whether a suburban area is a good investment opportunity. Just on a micro level quickly, how do we look at affordability?
Damian: Well, we certainly measure it. I guess we do measure affordability in terms of timing. So, on a city-wide basis, we look at the average… the median house price to median household income. That’s a measure we use. And you find the larger two cities Sydney and Melbourne are certainly going to be more expensive generally than the other cities just because they are the biggest cities. You find the bigger the city the more expensive relative to income prices are. But having said that, they can get out of whack sometimes in that you can see that when they start to get excessively higher than some other cities, although or the next rank cities Brisbane and Perth when they get… catch up too close to Melbourne and Sydney, our research shows that then they tend to have a flatter periods for a longer time.
So certainly affordability on a city level we measure as a timing factor to get into those particular major cities. But within a city, I guess the… in a city at the micro level, affordability…. we’re trying to stick to prices that are around the median price and suburbs that are around that medium price because that’s where you tend to get rerating from median or just below median into, obviously, it’s not going to be premium suburbs, but they’re going to be rerated into that top maybe 25% quartile. That’s what we’re looking for. So affordability, if a suburb is very, very expensive and everyone knows it, then the chance of outperformance you’ll still do okay, but getting outperformance can be difficult.
Arin: Sure and like I say, we’ll be discussing that in a later episode. So, we can unpack that further there. Now, finally on a micro-level public and private investment. What are we looking at in terms of analysis of an area, in terms of public and private investment?
Damian: So, we’re looking for what people are spending here whether it’s the public or… which is government spending. What are they doing? That could be in terms of hospital spending, we’ve already discussed roads and trains, but it could be also hospital spending that’ll attract obviously a lot of people working there and attract demand from doctors and nurses and so forth to live in that area.
But also private investment as well. So if a big shopping centre… an area, for example, is going to spend, you know, we’ve seen some across Australia where they’re doing $700 million upgrades to shopping centres. There are two parts to that, obviously these people don’t spend there lightly when they’re big developers. And so, they’ve done a lot of research analysis on that catchment area that they know is strong, so that’s good. But also, it’s a better amenity for the people who live in that area as well, that particularly with the shopping centers now becoming almost lifestyle entertainment villages more than just shopping. It provides an attraction for people to live in that area.
So, we’re very cautious on it though. We do get asked about sporting stadiums and well, you know, there’s a new sporting stadium in Perth, for example, and does that affect demand? Less so because it’s used… you might go there 10 times a year. You’re looking for an amenity and public and private spending that’s going to be something that you use far more than just, you know, a handful of times a year. So, shopping you might use maybe twice a week, a hundred times here, transport you might use 200 times and roads 200 times a year. They’re more important than the thing you might use just occasionally.
Arin: Sure. So that’s covering some macro and micro stuff. Just looking now at established suburbs that are potentially going to be rezoned or are in the process of being rezoned. Is that likely to drive demand for an area or will that hinder the future growth of that area?
Damian: No, it certainly will drive demand, particularly from investors and developers over a period of time. And you’ll see… I mean developers are looking to obviously, yeah, most developers are looking to build a really good product, but it also needs to make economic sense because they’re taking risks. So, you’ll find that yes, it certainly does drive growth because a property that you can build four villas or townhouses on, or apartments, is certainly generally worth more, and sometimes a lot more, than one you can just build a single house on. So, rezoning is a new strategy that we’ve pursued for our clients. It’s certainly been quite profitable and successful.
A lot of clients who bought, in particular, in that early phase when an area is getting rezoned have profited quite handsomely. So [you’ve] just got to be cautious, you know, until it’s gazette, it’s not guaranteed. But you can look at some of this stuff based on the state’s strategic plan, look at what their long-term plans are and you get a better feel for where that rezoning is likely to take place.
Arin: Sure. Okay. Just about time to wrap up. One final question, just as a wrap-up. Based on what we’ve discussed today, we’re essentially looking for suburbs that are inner or middle ring suburbs with lower supply and future demand, as a broad spectrum. That’s what we’re looking for.
Damian: Yeah. So, we don’t buy in the fashionable suburbs, the top 10% that everyone knows are popular, we’re looking for those suburbs that are likely to get rerated, but they’ve also… what demand… what’s the… So, as we were saying earlier, when you’re in a city that’s growing, the congestion, the population, the pressures mean that people will focus more on time, [because it] becomes harder to get around. So those areas that are maybe that sort of 10 to 20 kilometers out in your Perth and your Brisbane cities and in Sydney and Melbourne we go a little bit further out.
But you want to make sure that it’s an established area, it’s got the right amenity and infrastructure, not yet rerated sufficiently by the market, that we still see there’s enough upside there that that’ll get rerated over time. They’re the ones that we target and historically they’re the ones that outperform the market.
Arin: Sure. Okay. That’s all we have time for this week. Damian, thanks very much for your time again.
Damian: Thanks, Arin. Pleasure.
Arin: Great to have you. Before we go, I said at the start of this episode that there would be another bonus for the viewers. Plus, this week we have an additional article on supply and demand factors that every investor should read. So, go to www.momentumwealth.com.au/podcast, check out the material there. There’ll be the usual summary notes, as I say, plus that additional article on supply and demand. Now I hope you join us next week. We’ll be discussing more about the fundamentals of property investment.
We’ll be looking at when to buy in the market, whether it’s time in the market or timing the market and does it make a difference. We’ll also look at what price band is best to invest in. So, a lot of more material coming up next week. Thanks again for tuning in. We hope you enjoyed the podcast and we look forward your company next week.