1. Don’t let emotions drive your investment decisions
   Market sentiment is a key driver of property cycles and one of the reasons why our markets overreact, overshooting during booms and getting too depressed during slumps. Most of us think we’re making rational choices but when it comes to financial matters, but in reality, we’re not. So an important lesson is to never get too carried away when the market is booming or too disenchanted during property slumps. 
   
   
2. Take a long-term perspective
   In general, the Australian property market is driven by owner-occupiers who make up about 70% of all transactions. However, property booms are driven by investors and their fear of missing out.
   
   
3. Property investment is a game of finance rather than real estate.
   This has never been truer than in the last few years as we experienced a credit squeeze with banks restricting finance to property investors as APRA tightened credit extension. 
   
   
4. There is not one property market.
   While many people generalise about ‘the’ property market, there are many submarkets in Australia. Each state is at a different stage of its property cycle, and within each state, the markets are segmented by geography, price points and type of property. 
   
   
5. Follow a system
   When the market turned at the end of the mining boom, or during the GFC, many investors without a system found themselves in trouble. And it will be much the same this time round. Strategic investors follow a system to take the emotion out of their decisions and ensure they don’t speculate. This gives them consistent profits and reduce their risk.
   
   
6. Get rich quick’ equals ‘get poor quick
   Real estate is a long-term investment yet some investors chase the ‘fast money’. Patience is an investment virtue. Warren Buffet explained “wealth is the transfer on money from the impatient to the patient”.
   
   
7. Treat property investment like a business
   The successful investors have grown a substantial asset base by treating their investments like a business. Surround yourself with a great team of advisors. 

Source: 
https://www.smartcompany.com.au/industries/property/lessons-property-investors/