Well, think again, and meet four regular Australian women who've made honest millions by buying and selling real estate - rising interest rates and all. Here, they tell Anna Saunders how they did it...'''

The reno queen

Cheyanne Brae, 33, has amassed nearly $2 million worth of property through renovating.

"I'd accumulated $52,500 of debt. Looking back, I can see that after leaving home I embarked on a lifestyle I couldn't afford, renting an expensive house and putting everything on credit cards.

But my debt-laden lifestyle was far from sustainable, and soon I faced two options: bankruptcy, or saving my way out of debt. I chose the latter. Then, as I gradually worked my way into the black, I became interested in property and the long-term financial security it offered.

Initially, I was overwhelmed by the possibilities: Should I invest locally or cash in on the WA mining boom? Should I buy in the inner city or the suburbs? So I started going to seminars, reading books and watching educational DVDs. The seminars advocated getting to know an area inside out before investing. After scouring the internet and newspapers, I chose a suburb popular with families. The old $240,000 four-bedroom house I bought would resell easily, but until then, I would live there and renovate.


Property investment is all about adding value, so although the house was incredibly run-down, with each room decorated in a horrendous array of pinks, cobalt blues and oranges, I knew that minor improvements, such as a slick of white paint and new floorboards, would make a huge difference.

I did as much of the renovating as I could myself, to save money, but when I did hire tradesmen, I worked alongside them, constantly asking questions and learning. It must have driven them crazy! But all the hard work paid off when I sold the house within months for $392,000, making a profit of $152,000 (less the $28,000 spent on improvements).

Since then, I've taken a year off from my job as a flight attendant to buy and sell houses, always making money by renovating and on-selling within a few months. Once, as a kind of personal challenge, I even renovated a three-bedroom house in 32 days, increasing its value by $70,000.

It's amazing the difference small changes can make, from replacing tired curtains to updating bathroom tiles. One of the most high-impact renovations is rendering a brick home - it can totally transform a house, so I often buy '60s or '70s brick homes.


In the future, I'd like to start developing bigger projects, and have just completed my certificate in building and construction management. Buying and selling quickly has worked for me so far, but I'd also like to start holding and leasing, too."

TIP 1: Treat your tradies well. Thanks to the renovation boom, they're the new millionaires and should be treated that way. A hardworking team is invaluable, and I always provide tea, coffee and water.
TIP 2: Be specific about what you want and don't settle for a property that doesn't meet your requirements. Patience is a virtue in this game.

The millionaire mansion owner

Sally Osborne, 36, lives with her two children, Tamsyn and Joshua, in a $2.65 million home in the exclusive Sydney suburb of Mosman. She started investing in real estate at 22, and recently sold her property portfolio to buy in her dream location.

TIP 1: Look at the type of property that's popular in the area. There's no point buying an apartment in an old, affluent suburb - look for an area with plenty of young professionals who prefer apartments.
TIP 2: Property hunting is competitive, so move fast. Often, desirable properties won't make it to auction if the vendor gets a good offer.

The mining boom investor

Deborah Moldrich, 27, and husband Ben own two rental properties in the NSW mining town of Parkes, as well their own Sydney home. They plan to add a new rental property to their portfolio every two years.

TIP 1: Don't overcommit financially; if you enjoy overseas holidays, for example, factor them into your budget and don't spend all your money on your mortgage.
TIP 2: Renting out property can have plenty of tax advantages, as interest payments, property managers and maintenance are all tax-deductible.

The bargain buyer

Justine Harris, 31, has bought eight properties, all within the same area, in the past nine years. As a real estate agent, she knows how to spot a good buy.

TIP 1: Furnished properties always sell better than vacant homes, as people need to be able to visualise their own furniture in them, and vacant apartments look smaller. I often hire furniture, and some companies can provide everything from couches to linen.
TIP 2: Look for features that add value, like a security entrance, proximity to transport, off-street parking and an outdoor area, whether it's a balcony or courtyard.