就像生活中的許多事情一樣,，完美投資組合的想法也是非常個(gè)人化的,。這取決于你的目標(biāo),，你的個(gè)人和財(cái)務(wù)狀況,，以及你能承受多大的風(fēng)險(xiǎn),。

這意味著，對(duì)別人有效的策略可能并不適合你,。例如,，一些人可能通過購(gòu)買翻新和出售老房子而發(fā)財(cái),。其他人可能通過購(gòu)買新房子并長(zhǎng)期持有來賺錢。

建立房地產(chǎn)投資組合的方法有幾十種,，但有一種策略勝過所有方法:平衡,。

不管你的情況、年齡或經(jīng)驗(yàn)如何,，平衡是一件可以幫助你實(shí)現(xiàn)利潤(rùn)最大化和風(fēng)險(xiǎn)最小化的事情,。如果你想成為一名成功的投資者，這是你在投資組合中需要考慮的一件事,。

什么是投資組合?

投資組合是由個(gè)人,、信托或公司擁有的投資資產(chǎn)的集合。個(gè)人投資者通常居住在他們擁有的其中一處房產(chǎn)中,，并將其他房產(chǎn)出租,。

在某些情況下，他們?cè)谖飿I(yè)上賺取的租金收入超過他們的貸款還款;而在另一些國(guó)家,，情況則有所不同,。當(dāng)租金收入大于投資性房地產(chǎn)的支出時(shí)，該房地產(chǎn)被稱為正值杠桿;當(dāng)它較小時(shí),，它被稱為負(fù)扣稅,。

大多數(shù)人從事房地產(chǎn)投資的目的是建立一種收入流，無論他們是否去上班,，都能穩(wěn)定地流入他們的銀行賬戶,，因此正值杠桿通常比負(fù)扣稅更可取。

但是,，房東之間激烈競(jìng)爭(zhēng)意味著,，不可能總能掙到足夠的租金來保持盈利。目前的法律允許投資者從應(yīng)稅收入中扣除投資房產(chǎn)的損失,，所以負(fù)扣稅也有一些好處,。

一個(gè)平衡的投資組合是什么樣的?

說到房地產(chǎn)，大多數(shù)投資者都有一個(gè)類似的目標(biāo):建立一個(gè)每月都能收回成本,、同時(shí)價(jià)值持續(xù)增長(zhǎng)的投資組合,。

為了實(shí)現(xiàn)這一目標(biāo)，你需要一些提供高租金收益的房產(chǎn)和一些承諾高資本回報(bào)的房產(chǎn),，因?yàn)楹茈y找到同時(shí)提供這兩種收益的房產(chǎn),。

前者通常出現(xiàn)在Geelong、Ballarat或Bendigo等地區(qū)和Cairns這樣的旅游圣地,，或任何吸引大量人口短期居住的地區(qū),，收益率最高可達(dá)7%。后者可以在理想的區(qū)域找到具有長(zhǎng)期家庭吸引力的房產(chǎn),，并可以提供每年高達(dá)5-10%的資本增長(zhǎng),。

還可以通過實(shí)行多樣化政策來實(shí)現(xiàn)平衡,。在不同的州購(gòu)買房產(chǎn)將減少你在特定地區(qū)經(jīng)濟(jì)低迷時(shí)的風(fēng)險(xiǎn)，同時(shí)投資于住宅和商業(yè)地產(chǎn)將幫助你在這兩個(gè)市場(chǎng)中抵御風(fēng)暴,。

我如何建立一個(gè)平衡的投資組合?

盡管條條大路通羅馬,，但每一位投資者都需要制定一條略有不同的路線，才能到達(dá)現(xiàn)金流為正,、資本長(zhǎng)期增長(zhǎng)的情況,。他們需要慢慢來，因?yàn)榉康禺a(chǎn)是一項(xiàng)長(zhǎng)期投資策略,，而不是快速致富的計(jì)劃,。

《財(cái)富》雜志的聯(lián)合主持人,、金融咨詢公司Empower Wealth的創(chuàng)始人本·金斯利(Ben Kingsley)表示,，你應(yīng)該采取的步驟最終取決于四個(gè)因素:你的收入、支出,、財(cái)富目標(biāo)以及達(dá)到目標(biāo)的時(shí)間,。

他表示:“這是一場(chǎng)金錢第一、資產(chǎn)第二的游戲,，因?yàn)槟愕默F(xiàn)金流決定了你可以套取多少盈余資金,。”

“你的盈余越多，你的借款能力就越強(qiáng)——一旦你擁有了這種借款能力,，你就可以為房地產(chǎn)融資,。”

1. 從最終目標(biāo)開始工作

你需要設(shè)定一個(gè)目標(biāo)，這樣你就有目標(biāo)了,。這將確保你的投資策略是集中和結(jié)構(gòu)化的,，當(dāng)你需要做一個(gè)艱難的決定時(shí)，它會(huì)給你一些參考,。

這就是為什么金斯利說,，設(shè)定一個(gè)最終目標(biāo)應(yīng)該是你投資旅程的第一步。

到你退休時(shí),，這個(gè)目標(biāo)可以是每周2000澳元的被動(dòng)收入,，或者每年10萬澳元。或者與你的總體財(cái)富直接相關(guān)的東西,。

“然后你會(huì)問自己,，‘我需要多少資產(chǎn)才能做到這一點(diǎn)?’”而你采用的策略以及你擁有的時(shí)間將決定你需要投資哪些價(jià)位和房產(chǎn)類型，以及投資第二套或第三套房產(chǎn)需要多少時(shí)間,，”他說,。

2. 首先關(guān)注收入

盡管澳大利亞房地產(chǎn)市場(chǎng)很多樣化，意味著在不同的價(jià)位都有投資機(jī)會(huì),，但投資者需要有足夠高的收入來付首付和償還貸款利息,。

這意味著潛在的投資者要么等到賺到足夠的錢來消化低收益,、高資本增值房產(chǎn)的租金損失，要么一開始只投資于高收益,、低資本增值,、能增加收入的房產(chǎn)。(你可以在我們的頁(yè)面上查看每個(gè)區(qū)域郊區(qū)的租金和收益率中值,，找出哪些地區(qū)提供這類房產(chǎn),。)

這樣一來，他們就不會(huì)為償還貸款而苦苦掙扎,，之后就可以利用增加的收入從銀行借更多的錢,。

“如果我們的家庭月度盈余真的很強(qiáng)勁，那么我們通常會(huì)首先購(gòu)買其中一到兩處較強(qiáng)勁的資本增值資產(chǎn),。然后當(dāng)我們擁有第三或第四處房產(chǎn)時(shí),，我們可能會(huì)為第三處選擇平衡資產(chǎn)，為第四處選擇搖錢樹,，這樣就能使投資組合更加豐滿,，幫助償還債務(wù)?！苯鹚估f道,。

“因?yàn)槟憬⑼顿Y組合的最終目的是靠被動(dòng)收入生活。所以,，當(dāng)你經(jīng)歷積累階段,，達(dá)到債務(wù)的頂峰時(shí)，你就得努力還清債務(wù),，靠自己創(chuàng)造的租金生活,。”

3.購(gòu)買具有較強(qiáng)自住吸引力的物業(yè)

這背后的邏輯很簡(jiǎn)單:自住者占了市場(chǎng)的70%,，因此購(gòu)買只吸引投資者的房產(chǎn)將大大限制你的資本回報(bào),，因?yàn)閷?duì)這些房產(chǎn)的需求將會(huì)降低。

金斯利認(rèn)為,，房地產(chǎn)需要具備“個(gè)性和魅力”,，而且要坐落在“高地位、舒適,、宜居”的地區(qū),，才能帶來真正良好的資本增長(zhǎng)。

他表示:“這是因?yàn)槿藗冑?gòu)買這些房地產(chǎn)是用心而不是用腦,，所以隨著時(shí)間的推移,，就資本增長(zhǎng)更為強(qiáng)勁而言，它們的表現(xiàn)確實(shí)優(yōu)于投資者的股票?！?/span>

你的投資組合里應(yīng)該包括什么?

如前所述,，這取決于你在投資過程中的位置，你的個(gè)人和財(cái)務(wù)狀況,，以及你想要實(shí)現(xiàn)的目標(biāo)和時(shí)間,。

如果你是一個(gè)新手投資者并且處于平均收入的時(shí)候，你會(huì)想要購(gòu)買現(xiàn)金流為正或中性的房產(chǎn),，以幫助輕松進(jìn)入這個(gè)市場(chǎng),。

同樣值得注意的是，首府城市外圍的老房子通常能以較低的價(jià)格獲得較高的租金收益,，而且通常較老的房子通過翻修提供了大量增值的機(jī)會(huì),。這意味著你可能同時(shí)享受租金收入和資本增長(zhǎng)。

什么不應(yīng)該在你的投資組合里?

雖然這個(gè)問題的答案在很大程度上取決于你的個(gè)人財(cái)務(wù)狀況和目標(biāo),，但金斯利表示,，一般來說，避開投資者房源是明智的,，因?yàn)檗D(zhuǎn)售市場(chǎng)對(duì)資產(chǎn)真的沒有興趣”,。

這些都是高層公寓大樓里的典型單元房,，幾乎沒有什么特色,。

“如果它是一個(gè)單元房，確保它在一個(gè)小街區(qū)里,，它的位置很好,，它是四個(gè)或六個(gè)單元房之一，”他說,?！斑@些擁有更低的持有成本、更高的需求,，而且較少受到供應(yīng)過剩的影響”,。

How to build the perfect property portfolio

Like many things in life, the idea of a perfect portfolio is highly personal. It depends on your goals, your personal and financial situation, and how much risk you can handle.

此文章出于 

<Nila Sweeney, May 30 2019>

This means that what works well for others may not be the right strategy for you. For example, some people may have made a fortune by buying older properties that they have renovated and flipped. Others may have made money by buying new houses and holding over the long term.

There are literally dozens of ways to build a property investment portfolio, but there’s one strategy that trumps them all: balance.

Regardless of your situation, age or experience, balance is the one thing that can help you maximise your profit and minimise your risk. It’s the one thing you need to factor into your portfolio if you want to succeed as an investor.

What is a property portfolio?

A property portfolio is a collection of investment properties owned by an individual, a trust or a company. Individual investors typically live in one of the properties they own and rent out the others.

In some cases, the rental income they earn on a property is greater than their loan repayments; in others, it is less. When the rental income is greater than an investment property’s outgoings, the property is said to be positively-geared; when it is less, it is said to be negatively-geared.

Most people get into property investment with the aim of setting up an income stream that steadily flows into their bank account whether they turn up to work or not, and so positive gearing is typically preferable to negative gearing.

But high competition among landlords means that it’s not always possible to earn enough rental income to keep in the black. And current legislation allows investors to deduct losses made on an investment property against their taxable income, so negative gearing has some perks, too.

What does a balanced portfolio look like?

When it comes to property, most investors have a similar aim: build a portfolio that pays for itself each month, whilst consistently growing in value.

To achieve this, you need some properties that deliver high rental yields and some properties that promise high capital returns, as it’s rare to find properties that offer both.

The former can typically be found in regional working cities such as Geelong, Ballarat or Bendigo, tourist meccas like Cairns, or in any other areas that attract large numbers of people to live on a short-term basis – and can offer yields up to 7%. The latter can be found in aspirational suburbs with long-term, family appeal, and can offer capital growth of up to 5-10% per annum.

Balance can also be achieved through pursuing a policy of diversification. Buying properties in different states will reduce your exposure to location-specific downturns, and investing in both residential and commercial property will help you weather storms in either market.

How do I build a balanced portfolio?

While all paths lead to Rome, each investor will need to chart a slightly different course to reach the promised land of positive cash-flows and long-term capital growth. And they’ll need to take their time, as property is a long-term investment strategy, not a get-rich-quick scheme.

According to Ben Kingsley, co-host of the Property Couch and founder of financial advisory firm Empower Wealth, the steps you should take to get there ultimately depend on four factors: your income, your expenses, your wealth target, and the time you have to reach it.

“It’s a game of money first, assets second – because your cash flow determines how much surplus money you can trap,” he says.

“The more surplus you trap, the higher your borrowing power – and once you have that borrowing power, you can then finance a property.”

1. Work back from an end goal

You need to set a target so that you have something to aim at. This will ensure that your investment strategy is focused and structured, and will give you something to refer back to when you need to make a difficult decision.

Which is why Kingsley says setting an end goal should be the first step in your investment journey.

This target could be a passive income of $2,000 a week, or $100,000 a year, by the time you retire. Or something more directly related to your overall wealth.

“You’d then ask yourself, ‘how many properties do I need to achieve that?’ And the strategies you adopt and how much time you have will determine which price points and property types you will need to invest in, as well as how much time it will take to get into your second or third property,” he says.

2. Start by focusing on income

While the breadth of Australia’s property market means there are investment opportunities at a wide range of price points, investors need a high enough income to put down a deposit and service the interest repayments on their loan.

This means that would-be investors either need to wait until they earn enough money to absorb rental losses on low-yielding, high capital-growth properties, or initially only invest in high-yielding, low-capital growth properties that boost their income. (You can find out which areas offer these types properties by looking through each suburb’s median rents and yield on our neighbourhoods pages.)  

That way, they won’t struggle to service their loan, and can later leverage their increased income to borrow more from the bank.

“If we have really strong monthly surpluses in the household, then we would usually buy the stronger capital-growth assets first. One or two of those, and then when we get to our third or fourth property, we might move to a balanced asset for the third and a cash cow for the fourth, just to round out the portfolio and help retire the debt out,” says Kingsley.

“Because ultimately the reason why you build a portfolio is to live off the passive income. So as you go through your accumulation phase and reach your peak debt, it’s then all about trying to retire that debt, and live off the rent roll that you’ve created for yourself.”

3. Buy properties with strong owner-occupier appeal

The logic behind this is simple: owner-occupiers make up 70% of the market, and so buying properties that only appeal to investors will greatly limit your capital returns, as demand for these properties will be lower.

According to Kingsley, properties need to have “character and charm”, and be located in areas with “high status, good amenity and great liveability” to deliver really good capital growth.

“That’s because people buy those properties with their hearts not their heads, so they really do out-perform investor stock in regards to stronger capital growth over time,” he says.

What should be in your portfolio?

As mentioned, this depends on where you are in your investment journey, what your personal and financial situations are, and the goals you want to achieve and when.

If you’re a beginner investor and on an average income, you’ll want to buy cash flow-positive or neutral properties first to help ease into the game.

It’s worth noting, too, that older houses in the outer fringes of capital cities generally achieve higher rental yields by virtue of their lower price points, and their typically older stock offers plenty of opportunity to increase value through renovations. Which means you might get to enjoy both rental income and capital growth.

What shouldn’t be in your portfolio?

While the answer to this question largely depends on your personal finances and goals, Kingsley says it’s generally advisable to steer clear of “investor stock, because there’s really no appetite of asset in the re-sale market”.

These are typically identikit units in hi-rise apartment towers, with few distinguishing features.

“If it’s a unit, make sure that it’s in a small block, it’s well positioned, and that it’s one of four or one of six,” he says. “These have lower holding costs, higher demand, and are less exposed to oversupply”.