Growing up, every Saturday morning, a teenager would ride by our home and I’d hear the thud of the rolled-up newspaper landing on the balcony. My favourite part? The real estate lift-out that was tucked inside. I’d slowly thumb through the photos of big, fancy houses, in awe.

I had no idea at the time how property-obsessed we are as a country.

Property investing might look appealing, but in reality it can be a trap.Credit: Simon Letch

I’ve spoken to countless people about their wealth journey, and poor property decisions lead to some of the most expensive financial mistakes I see people making. Why? There are a number of reasons.

The size of the transaction means small mistakes lead to big losses. When you’re signing up for a half-a-million-dollar property, everything is magnified. Buying an under-performing property, underestimating maintenance costs, partnering with the wrong professionals – any of these mistakes can easily balloon to tens of thousands of dollars.

The complexity of the transaction. There are so many parties involved – from banks and brokers to builders and buyer’s agents. Many of them also profit from you buying the most expensive property you can afford. Property isn’t just an asset, it’s big business.

Add in the regulatory environment. Property........

© The Age