Melbourne Chinese woman Maggie Zhang is a healthcare management consultant who also co-owns a short-term rental business with a friend.
According to a report by The Sun Herald, Ms. Zhang, at a young age, already owns six properties, including one she resides in and an apartment in Heathmont. She is currently renovating this apartment with her friend in preparation for selling it.
Simultaneously, she is considering selling her rental properties in Broadmeadows and Frankston North to acquire a long-term residence. Zhang plans to continue purchasing properties in the future, renovating them, and then selling them.
To save money for buying real estate, Zhang’s dinners are usually quite simple. She said, “When times are tough financially, I would rather have a year of dinners with just brown rice and asparagus with chili sauce, than miss out on a property investment opportunity. It’s not easy, but I’m happy that I’ve been able to do it.”
Despite the high land tax in Victoria and the challenges faced by property owners due to frequent interest rate hikes in recent years, Zhang remains optimistic. She advises individuals looking to invest in property to seek advice from industry experts like Frank Valentic, the director of Advantage Property Consulting.
Zhang said, “I believe it’s indeed a good time to enter the property market now. Investors are aware that a rate cut is on the horizon, although no one knows the exact timing.”
A recent report indicates that in the first two months of this year, thousands of landlords in Victoria have listed their rental properties for sale, further adding to the woes of struggling tenants.