As always in the property market, multiple (often conflicting) views abound. Is this a good time to buy in Sydney? Should investors purchase, sell or hold? Is it a good time to buy a home to live in?
There are some of the many questions I am asked each day. My thoughts?
I believe this is one of the very best times to be buying in Sydney. And if you currently own your home or investment - don't sell.
Why is it one of the best times to buy?
Property prices have softened in many areas of Sydney. Most areas have experienced a decline in prices for both houses and units, and at best, other areas have remained stable. The point is that for the first time in many years, prices have not gone up. It is clearly a buyer's market: properties are taking slightly longer to sell, auction clearance rates have declined, prices have come down in many areas and vendors are needing to turn their attention to the desires of vendors if they wish to sell.
Interest rates remain low, however in coming months we may see a rise in rates, and certainly over coming years, we will see a rise in rates.
Low rates combined with softened property prices combine to make this the best time for buyers to purchase. We have most definitely reached the peak of the last property cycle and are now at the bottom of the next cycle - and although prices could still drop further, once the trough has been reached, from there, the prices will increase. Now is definitely the best time to buy!
Melissa Maimann is a Licenced real Estate Agent and Buyer's Agent in Sydney. She assists home owners and investors alike with an affordable service that empowers you to make smart purchase decisions. Melissa's service is fast, efficient and accurate. If you need a hand with your next purchase, don't hesitate to make contact.