{"id":15843,"date":"2021-08-10T10:13:45","date_gmt":"2021-08-10T00:13:45","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15843"},"modified":"2021-08-10T10:15:46","modified_gmt":"2021-08-10T00:15:46","slug":"property-versus-shares","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/property-versus-shares\/","title":{"rendered":"Property versus shares; a practical comparison"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15850\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/property-versus-shares\/property-vs-shares-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Property-vs-shares-email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?resize=1000%2C250&#038;ssl=1\" alt=\"Property versus shares\" class=\"wp-image-15850\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Property-vs-shares-email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>As a completely independent advisor, I have no vested interest in how my clients invest. Whether they invest in property, shares or any other asset class makes no difference to my life. Of course, I want them to invest in (1) assets that are most appropriate for them and (2) assets that provide the highest returns without taking unacceptably high risk. I know that if I help my clients invest successfully, they will continue to remain clients and therein lies my firm\u2019s success. Often investors contemplate (and compare) investing in either property or shares.<\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/888417?theme=light&#038;enable-volume=true&#038;iframe-height=190\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-property-versus-shares-debate-is-meaningless\">The property <em>versus<\/em> shares debate is meaningless<\/h3>\n\n\n\n<p>It is often debated which asset class is better, property or shares. I view this debate like arguing which golf club is best. Each club has its unique purpose, and the reality is that golfers need many clubs in their bag to play well. Investing is no different. Investing in a mixture of asset classes allows you to balance out the pros and cons of each asset class at a portfolio level. Ignoring any one asset class in totality gives rise to higher investment risk as you are putting too many eggs in one basket.<\/p>\n\n\n\n<p>In summary, I think shares and property are equally good asset classes. I believe that most investors should invest in both. I believe that if you employ an evidence-based approach, in the long run, the investment returns produced by property and shares should be materially similar. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-big-difference-is-an-investors-appetite-for-gearing\">The big difference is an investors\u2019 appetite for gearing<\/h3>\n\n\n\n<p>Most people feel more comfortable borrowing to invest in property but less so with shares. There is good reason for that. The chart below is from my book, <a href=\"https:\/\/wealthcoach.com.au\/stage\/books\/#investopoly\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Investopoly<\/em><\/a>. It sets out the long term returns and corresponding volatility of each asset class.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1023\" height=\"672\" data-attachment-id=\"15845\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/property-versus-shares\/asset-class-volatility-chart\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?fit=1023%2C672&amp;ssl=1\" data-orig-size=\"1023,672\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Asset-class-volatility-chart\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?fit=300%2C197&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?fit=1023%2C672&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?resize=1023%2C672&#038;ssl=1\" alt=\"\" class=\"wp-image-15845\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?w=1023&amp;ssl=1 1023w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?resize=300%2C197&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Asset-class-volatility-chart.png?resize=768%2C504&amp;ssl=1 768w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n\n<p>The average volatility rate (or standard deviation) for shares is 20.9% and the average long-term return is 11.6% p.a. To put this in non-mathematical terms, two-thirds of the time, you can expect that your annual return from shares to be in the range of -9.3% and 32.5% (being plus or minus one standard deviation from the average). And 95% of the time your return will between -30% and 53% (plus or minus two standard deviations). That is a very wide range, right? And that is why shares are seen as volatile, as return can vary significantly from year to year.<\/p>\n\n\n\n<p>However, residential property is a lot less volatile. Two-thirds of the time your return will range between 0% and 20%. And 95% of the time, between -10% and 30%. Whilst this is still a wide range, it\u2019s a lot tighter than shares. That is why people feel more comfortable borrowing to invest in property, because the likelihood of experiencing a loss year (just after you have borrowed to invest) is relatively low (i.e. there were only 6 loss years between 1980 and 2016).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-borrow-to-invest-in-shares\">How to borrow to invest in shares<\/h3>\n\n\n\n<p>I would almost never recommend someone borrow a large lump sum of money and invest it in shares in one tranche, for the reasons described above i.e. volatility. Instead, I would usually recommend investing in a series of regular and relatively small tranches over (hopefully) many years. Doing so helps you spread your market timing risk. &nbsp;<\/p>\n\n\n\n<p>This can be a very effective strategy as explained in <a href=\"https:\/\/www.youtube.com\/watch?v=5Gx62yQtxjA\" target=\"_blank\" rel=\"noreferrer noopener\">this video<\/a> by <em>Vanguard<\/em> (watch from 1:30min). This example shows that if you invested $500 per month in an Australian index fund beginning in 1990, that by June 2020 your investment would be worth $760,000. This balance comprises of $177,000 of your contributions plus $583,000 of investment earnings. It shows that the strategy of making regular investments over long periods of time (30 years in this case) creates significant value. All you need is the discipline to stick with it and patience.<\/p>\n\n\n\n<p>Therefore, I would typically advise an investor wanting to borrow to invest in shares to do so on a regular basis, not in one lump sum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-shares-versus-property-a-practical-comparison\">Shares <em>versus<\/em> property: a practical comparison<\/h3>\n\n\n\n<p>I would like to compare two scenarios: &nbsp;<\/p>\n\n\n\n<ol type=\"1\"><li>Establish a loan against the equity in your home and draw $5,500 per month to invest in shares for 15 years i.e. $1 million invested; versus<\/li><li>Borrowing $1 million today to invest in property.<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-shares-scenario\">Shares scenario<\/h4>\n\n\n\n<p>I have assumed a total investment return of 9.8% p.a., comprising of 3.7% of growth and 6.1% of income (this is based on the past 10 year performance of <a href=\"https:\/\/www.vanguard.com.au\/adviser\/products\/en\/detail\/wholesale\/8133\/balanced\" target=\"_blank\" rel=\"noreferrer noopener\">Vanguard\u2019s growth index fund<\/a>). Other assumptions include a mortgage interest rate of 6.5% p.a., a marginal tax rate of 39% and that the investor makes a cash contribution into shares equal to the investment property\u2019s holding costs (i.e. the next scenario below).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-property-scenario\">Property scenario<\/h4>\n\n\n\n<p>The investor purchases a house in Brisbane for $940,000 and borrows $1 million to pay for stamp duty and buyers\u2019 agent fees. The property generates an initial rental yield of 3.2% and this rental income increases at a rate of 5% p.a. The assumed long-term capital growth rate is 6.6% p.a. (so that the total return is 9.8% p.a. \u2013 same as shares). The interest rate and tax assumptions are identical to the shares scenario.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-and-the-winner-is\">And the winner is\u2026<\/h3>\n\n\n\n<p>The chart below compares the value of equity for both scenarios. It is obvious that property is the clear winner. That is not because property is \u201cbetter\u201d per se, but simply because the $1 million of borrowed funds were invested in full from day one (compared to $1 million invested gradually over the first 15 years).<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"983\" height=\"555\" data-attachment-id=\"15846\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/property-versus-shares\/ppty-versus-shares-chart-aug2021\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?fit=983%2C555&amp;ssl=1\" data-orig-size=\"983,555\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ppty-versus-shares-chart-Aug2021\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?fit=983%2C555&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?resize=983%2C555&#038;ssl=1\" alt=\"\" class=\"wp-image-15846\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?w=983&amp;ssl=1 983w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Ppty-versus-shares-chart-Aug2021.png?resize=768%2C434&amp;ssl=1 768w\" sizes=\"(max-width: 983px) 100vw, 983px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-property-capital-growth-breakeven-rate\">What is the property capital growth breakeven rate?<\/h3>\n\n\n\n<p>The mathematical power of gearing can compensate for (or mask) poor investment returns. The property strategy analysed above will be superior as long as the property\u2019s average capital growth rate exceeds 5.85% p.a. This means that it is possible that investing in a property that is sub investment-grade could still work out to be a superior strategy.<\/p>\n\n\n\n<p>Of course, I would never endorse investing in a property that is not investment-grade. My point is to not underestimate the <a href=\"https:\/\/wealthcoach.com.au\/stage\/power-of-gearing\/\" target=\"_blank\" rel=\"noreferrer noopener\">power of gearing<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-comparison-is-not-fair-but-it-s-realistic-and-practical\">The comparison is not fair, but it&#8217;s realistic and practical <\/h3>\n\n\n\n<p>As I have stated, the above comparisons have very different gearing levels, so of course the scenario with a higher level of gearing produces superior results. But we must not ignore the fact that gearing increases your investment risks as you have a larger interest rate exposure. That is, you have an obligation to meet a property\u2019s holding costs (from your salary or other resources), whereas the share strategy is self-funding (investment income pays for the interest costs). &nbsp;<\/p>\n\n\n\n<p>It is not always appropriate for people to gear to the high level that is necessary to invest in property. This risk factor must be considered.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-property-can-be-better-but-only-because-of-gearing\">Property can be better, but only because of gearing &nbsp;<\/h3>\n\n\n\n<p>The analysis above indicates that gearing into property may allow you to accumulate 25% more equity over 30 years.<\/p>\n\n\n\n<p>The property scenario above resulted in an equity value of $2.4 million in today\u2019s dollars ($5.06m in future value) versus $1.8 million for shares (future value of $3.81m). Whilst the differential is material at $600,000 in today\u2019s dollars, considering that the shares strategy is self-funding, I\u2019d argue that both strategies produce relatively good outcomes.<\/p>\n\n\n\n<p>It\u2019s probably more of a question of which strategy suits your circumstances and goals best, rather than which is the better asset class.<\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>As a completely independent advisor, I have no vested interest in how my clients invest. Whether they invest in property, shares or any other asset class makes no difference to&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30,18],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Property versus shares; a practical and realistic comparison<\/title>\n<meta name=\"description\" content=\"Property versus shares: both asset classes are investment worthy but here&#039;s a practical comparison between the two.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property versus shares; 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