However, as Ross Gittins, Economics Editor at the Sydney Morning Herald, has suggested this ‘doom and gloom’ is in fact overstated. While in recent decades Australia has been significantly impacted by strong economic turns from around the globe, the old saying “When America sneezes, Australia catches a cold” doesn’t seem as relevant as it used to. All signs suggest our economy is still performing very well.

Here is a snapshot of how the Australian economy is performing:

Mining

• The latest figures showed that although the recent decline in mining was reasonably well advanced by September 2015, activity still remained well above its “normal” level.
• Western Australian quarterly engineering construction activity is still performing extremely well with results of $10.3 billion, and the Northern Territory at $2 billion.

Foreign Trade and Export

• A look at the latest International Trade figures shows that over the past quarter Queensland has produced a positive trade balance of $1.2 billion per month.
• With the Gladstone natural gas venture underway with first shipments dispatched, we can expect a positive contribution in 2016.
• More than 20 per cent of Aussie produce is sold to foreigners, which illustrates that the prospects for domestically related industries remain solid. Plus, estimates show the “non-mining economy” has been growing at the healthy rate of roughly 3 per cent per annum.

Unemployment rate

• Throughout 2015, the number of Australian employees grew by 300,000 which is a 2.7 per cent increase.
• This activity ultimately dropped the employment rate from 6.2 per cent to 5.8 per cent.

As an investor, it’s wise to understand the economy and the possible repercussions this may have on your portfolio. However, despite recent commentary about the Australian market’s doom and gloom, there is no immediate threat or need to reconsider investing or selling existing properties.

Contact CPS today to discuss your investment opportunities.

So what steps can you take to maximise your property portfolio?

1) Identify your objectives and begin planning

Objectives and goals will vary amongst investors depending on their goals, income, and resources available to them. The one thing that all successful investors have in common, however, is planning. Planning is key to growing a strong and economical portfolio and will help investors move beyond owning a single property, to a multiple property portfolio.

2) Do your research

There is a lot of commentary about the property market bubble and whether or not it will burst. Either way, focus on locations that will make good, long-term investments, rather than what might occur over the next six months. Examine economic and property trends in different markets, read and seek advice, attend seminars – make the most of all resources available to you.

Furthermore, it is important to seek financial advice from professionals who specialise in structuring loans for multiple property investors. With their advice, you can also consider the benefits of an offset account, using your SMSF to purchase property, and how to maximise the equity from your home to invest. Knowing your options will help you make informed decisions to achieve your property goals.

3) Reassess

Once you’ve purchased an investment property, continual monitoring of the economy, interest rates, property trends and changes in legislation will help you to continue to maximise tax benefits and cash flow. Reassessing your financial situation periodically is critical to ensure that your assets are working for you to their full potential.

4) Diversify

As your portfolio continues to grow, the power of diversification will become more prevalent. Diversifying the properties you invest in will minimise the risk and potential effects if the property market should change. Find out more about diversifying your property portfolio.

Growing your property portfolio doesn’t need to be a arduous task. Invest in a knowledgeable team of experts to help you achieve your goals.

Contact CPS Property to discuss expanding your property portfolio today.

One step is to regularly review your rents and ensure they are at market levels, while giving tenants ample prior notice of rental increases. This will assist you in keeping your tenants content living in your investment property.

Multiply the average rental yield of comparable properties in your suburb by the estimated value of your property and you will get a ballpark figure of the annual rent you should be achieving.

When it comes to maximising your rental returns, a property manager can be an invaluable member of your property investing team.

For more tips, read the full article on realestateinvestar.com.au

Are you ready to maximise your rental results? Contact CPS Property.