Five reasons why this might be a great time to buy

With the property market cooling in many parts of Australia, many people may be wondering if now is a good time to buy as either a first-home buyer or investor.

Australia’s median property price fell 3.4% in the August quarter, according to CoreLogic, which could be either good news or bad depending on your perspective.

On the downside, no one likes the idea of buying an asset that then drops in value. So it’s tempting to sit on the sidelines until there’s undeniable proof the market is back in growth mode.

However, there are five reasons why buying now might actually be a good idea, depending on your personal circumstances.

1. It’s impossible to know at the time when the market has bottomed out – you only find out months later once the market has rebounded enough to make it clear it’s growing again. So while buying at the bottom sounds great in theory, it’s almost impossible to purposely do in practice.

2. There’s much less buyer competition now than at the start of the year, making it easier to buy a good home at a fair price.

3. If you hold off buying until you’re certain the market is rising, you’ll be forced to compete with all the other buyers who decided to do the same thing, making buying harder.

4. If you’re a first-home buyer, the sooner you buy a home the sooner you get to escape a rental market in which prices are rapidly increasing (see previous story). If you’re a property investor, the sooner you get to earn those fast-rising rents.

5. Australia’s median price increased by an astonishing 382% in the 30 years to July 2022, despite a series of downturns along the way, according to CoreLogic. If history repeats, and if you hold your property for the long-term, any price falls you might suffer in the initial months would probably be dwarfed by the gains you make in the following decades.

Whether this is a good time to buy depends on your personal circumstances. But if you have a secure income and financial buffers in place, this could be an excellent time for first-home buyers and property investors to enter the market.

Unsure if now is the right time to buy? Get in touch and I’ll be happy to help you evaluate the pros and cons.

Posted on Tuesday, 04 October 2022
in Top Tips

Previous Next

Archived Posts

Tags

#DeeWhyMasterPlan #DeeWhyPropertySales #DeeWhyTownCentre #DoyleSpillane #DoyleSpillanePropertyManagement #FAQ #FAQs #FederalBudgetProperty #NegativeGearing #keepyourhousecool #locallyyours #mostcommonquestions #newlaws #newresidentialtenancylaws #newtenant #NorthernBeaches #NorthernBeachesCommunity #NorthernBeachesHousesforSale #NorthernBeachesProperty #NorthernBeachesPropertyManagement #nswstratalaws #propertymanagementnorthernbeaches #propertystyling #RateMyAgent #renovation #northernbeaches #locallyyours #RPM #SpringPropertySales #summerenergysavingtips #SydneyHouseHunting #SydneyPropertyMarket #tenancylaws #tenant #tenanttips #underquotingreforms #winterpropertystyling Airbnb Auctions Northern Beaches Australian Property Monitors dee why property management department of Fair Trading Depreciation on Property Investment Doyle Spillane landlord tips Doyle Spillane Property Management Doyle Spillane property mangement Doyle Spillane Property Sales Doyle Spillane Real Estate Doyle Spillane Selling Tips executive homes for lease geoffharris Heart for the Homeless home and unit renovations houses to lease northern beaches landlords leasing northern beaches Love your local business Moving Northern Beaches Northern Beaches Investment Properties Northern Beaches Project Management Northern Beaches Property Investment northern beaches property management Northern Beaches Property Sales Northern Beaches Rental Market Northern Beaches Sales northernbeachesproperty NSW Department of Fair Trading NSW Strata Laws Property Investment property management Doyle Spillane property management Northern Beaches Property Observer Property Sales Northern Beaches ratemyagent residential property manager RP Data RP Data Quarter Rental Review Short Term Rentals Northern Beaches Smith Family toy& book appeal Spring Cleaning Spring Property Sales Strong Market for Northern Beaches Rentals Sydney Apartment Living Sydney Property Market Investment Tax and Property Investment Tenancy Complaint Service tips for Landlords tips for leasing your property Tips for Preparing Your Home for Sale Vic Lorusso