And today it's a look at why buy and hold property investing cannot be as simple as most people seem to think...
Long run prices
Not necessarily true!
When these penalties are added to the transaction and other holding costs, the investor begins to fall behind the expected rate of return.
While a few per cent per annum might not sound like much of a difference, over the longer term it can become a vast gulf due to the compounding effect - the difference between a good investment and a poor one which fails to beat inflation.
Nerves of steel?
There's nothing new about this, of course. Remember when lower inflation was going to kill off property as an investment asset class in the mid-1990s, for example? Then there was a guy in Britain predicting that London prices would fall to three times incomes in 2002 - he advised everyone to sell their homes. And so on.
And maybe you're one of the mentally tough ones. Nerves of steel!
It's not always easy to stay the course when all the talk is of the next hot property investment (off the plan units in tropical north Queensland, or "replacing your salary" with a house in a mining town, or Gladstone, or...). Or the next hot stock tip, such as penny dreadful mining, tech, or healthcare stocks.