Preview Mode Links will not work in preview mode

Michael Yardney Podcast

Insightful, educational and always interesting

Listen and learn from Michael Yardney, Australia’s most trusted property commentator and a group of experts as they discuss Property Investment, Success, Money and Finance to help you multiply your wealth.
While Michael is best known as a property expert, he is also Australia’s leading authority in the psychology of success and wealth creation. You’ll enjoy the way he challenges traditional finance advice with innovative ideas on real estate investing, personal finance and wealth creation. 
SUBSCRIBE NOW so you can learn a few new ideas each week in around 30 minutes.

May 22, 2019

Australian property markets are in a slump and the media is full of stories and headlines full of doom and gloom.

Is the media just reporting on the property market downturn? Or are they helping to create it?

That’s one of the topics I’ll be discussing with Dr. Andrew Wilson in this week’s Property Insiders chat.

Listen in to get a better idea of what’s going on in the background in the media and in our property markets.

But first, in my mindset session, I’m going to share with you five mistakes that a lot of people make that prevent them from becoming financially free. 

While getting financially free is about the money, it’s more about the money habits that many people have.

You might have them yourself or know other people who have them. These habits are what stop people from achieving financial freedom.

The top five ‘financial mindset mistakes’ you’re probably making

Becoming financially free is about your habits.

It’s not about getting lucky at the Casino one night or a spectacular financial investment that went your way.

It’s about making good decisions, day in and day out, and continuing to make those decisions over a long period of time until it becomes a habit.

This means following a few rules on what we allow ourselves to think and dwell upon.

If you can avoid adopting any of the following common mindsets, you’ll already be ahead of the game: 

MINDSET 1: Relying on a wage to get wealthy

MINDSET 2: Thinking investing is too hard

MINDSET 3: Thinking money just causes problems

MINDSET 4: Thinking you don’t deserve it

MINDSET 5: Being afraid of making a mistake

Ask yourself: have you ever fallen into one of the above mindsets?

I bet it’s held you back.  

The good news is that there’s always time to change your mindset. Money doesn’t discriminate – it doesn’t care who owns it. So why not have your share?

Is the media creating the current property downturn?

We’re suffering a crisis of confidence and in my mind, the media has a lot to answer for.

Is the media reporting consumer sentiment or is the media’s negative sentiment creating a crisis of confidence? 

You can’t buy a paper or go online without a headline warning us that property Armageddon is around the corner.

Sure, there’s a credit squeeze, but the average consumer has lost their confidence because of the media.

And the media keeps looking for experts chasing a headline.

Listen as Dr. Andrew Wilson chief economist at and I discuss:

  • While the fundamentals are relatively easy to quantify and examine – consumer behaviour is the X factor – hard to predict
  • Worse with the 24/7 news cycle
  • The media loves hotspotting – it's a bit like stock picking
  • The market turned around last year after that famous 60 Minutes program in October last year. Martin North gave 4 scenarios but they honed in on the worst scenario
  • Many of those who make predictions don’t have skin in the game – or come from a general economic or stock market background, not property
  • Steven Keen got a lot of publicity
    • in 2008 in midst of GFC said property prices would fall 40% - lots of news coverage – prices fell 5.5%
    • Had to walk 200km from Canberra to Mt Kosiosko wearing a T-shirt saying: "I was hopelessly wrong on home prices! Ask me how.
    • Said he got the timing wrong – he said prices would fall 20% in 2011 and the market boomed – but got lots of publicity
  • Some say I’m permanently optimistic about the property markets – but that’s not correct – I’m realistic – in fact, I’m pessimistic about more locations that I think will do well – only 1% of properties are investment grade. 10 million properties in Australia avoid, regional, main roads most suburbs
  • Perma Bears - Doomsayers make money from their predictions
  • Confirmation bias – you read things to confirm your preformed beliefs

The rabbit hole of Google – you’ll keep reading articles that confirm what you just read.

Links and Resources:

Michael Yardney

Metropole Property Strategists

Dr. Andrew Wilson –

Some of our favourite quotes from the show:

”You won’t truly get ahead by working for somebody else.” –Michael Yardney

“True wealth isn’t just about how many properties you’ve got or how much money you’ve got, but there’s no doubt that having money helps get rid of a lot of your troubles.” –Michael Yardney

“Don’t compare your Chapter One to anyone else’s Chapter 12.” –Michael Yardney


Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how