If you haven't already started building your portfolio, here's ten reasons why you should start today

1. Property has made more millionaires than any other investment. 

Property millioniares have been created at a rate of more than 58,000 a year since 2001. By 2010, there will be around three quarter of a million millionaires through rises in property prices. 

And, by 2020, the number of millionaires will reach 1.9 million. 

SOURCE: The Centre for Economics and Research (CEBR). 

2. Anyone can do it. No degrees or training required.

Recently the Melbourne Age report a story on a window cleaner who worked two days a week and made about $400. He left school at 16 to work in a supermarket before becoming a window cleaner. In 1993 he invested in a studio apartment in St Kilda, Melbourne, and waited. Today, at the age of 43 he owns 24 properties worth more than $4 million. 

3. Security - Houses don't go broke. 

There are two clear categories in our population - renters and home buyers. When there are more people looking to rent, that drives up rent rates and when there are more people wanting to purchase a home that drives house prices up. 

For the investor, the total return (capital growth plus rental yield) should remain relatively constant. And this is why housing is a low-risk investment, providing consistent returns over time. 

As opposed to other investments where the revenue is driven by those who are or are not actively participating in the project, everyone is more or less involved in the housing market in some way which means constant activity. 

4. Income that grows.

Over time the rental income you will receive from your investment increases. With home ownership on the decline in Australia, there is an increasing pool of tenants needing to rent properties, which ensures that rents will continue rising. 

5. Consistent capital growth.

Well located residential property has an unequalled track record of producing high and consistent capital growth. Due to our population growth, this trend will continue as it has done from the time of federation. 

6. You can buy it with someone else's money.

Not surprisingly, lenders regard residential real estate as a prime security for loans. This means you can use the bank's money to help you buy your investments. The great news is that the banks don't share in the capital growth of the property - this increased equity will be all yours. 

7. You are in control. 

Unlike other investments, direct ownership of property allows you to make all the decisions and have direct control over your returns. 

You can choose who you rent your property to, if you want to renovate it, how involved you will be in its upkeep and whether you look after it yourself or choose a property manager. 

8. You can insure it - not only building and contents but also loss of rent and damage caused by tenants. 

There is a great deal of security knowing you can insure your building and contents. Not only this, but there is also the option to insure your rental property for loss of rent and damage caused by tenants. This insurance product offers peace of mind when considering entering the investment property market. 

9. Tax benefits - depreciation allowances and negative gearing. 

Depreciation is something that is often misunderstood and therefore people do not always reap the financial benefits available to them. Depreciation can be claimed on all homes old or new, calculated over 40 years. Therefore if your house is 20 years old when you buy it, depreciation will be calculated on the remaining 20 years. If your property is a rental property, you can claim depreciation on the wear and tear of carpets and the like. Repairs and improvements are the other two main categories considered by the ATO for depreciation. Repairs can be deducted however improvements can not. The option with improvements however is that you can probably claim them as depreciation.

Negative Gearing is one benefit quite unique to Australia property investors as Australia is one of the few countries where negative gearing is an option. The concept is based on a person borrowing funds from the bank to purchase a property which they can then rent out. Income from rent will usually be less than the interest paid on the mortgage, combined with the costs involved in owning a property. As this set up is working at a loss, it attracts great tax benefits. Negative gearing is a strategy commonly used by people for this reason. 

10. You can add value - renovate and refurbish. 

Renovating is a smart way to add value to your home. People are becoming time poor and therefore buying a home that is already refurbished can be a real bonus for them. Even if you cannot spend large amounts of money on major renovations, styling is always an option. The greatest visual impact for the least outlay will always be a winner.

Now, two more reasons at no extra cost...

11. You don't need to sell it.

Unlike most other investments, when real estate goes up in value, you don't need to sell in order to capitalise on that increased value. You simply go back to your bank or mortgage broker and get your lender to increase your loan.

12. Most forgiving.

History has proven that if you are prepared to hold property over a number of years, it's bound to increase in value. So, even if you bought the worst house at the worst possible time, the chances are good it will still go up in value.