Are you, like many others, confused by all the media reports on the state of the property market? My advice to you is this; don’t let the never-ending bombardment of mixed messages and conflicting reports on the market paralyse you into sitting back and doing nothing.
This coming year could be the best opportunity for those people who can see through the maze of conflicting messages, to invest in the market. You too will do well to take advantage of the long term opportunity presented to you by the current market.
The opportunity to get in early and take advantage at the beginning of a new property cycle doesn’t come around every year. Despite all the property pessimists’ predictions, the property market did not collapse. It has instead flat-lined for a bit, consolidated, and is now moving into the next phase of the property cycle. All the major property research groups generally agree that the property market bottomed last year and has now turned.
While Australia’s fundamentals for housing remain solid, there is light at the end of the tunnel. Low interest rates and improving consumer confidence levels will support activity in the property market over the next few years.
Don’t be the one looking back in a few years time and saying, “I wish I had bought when property was cheap, instead I waited for better times”.
If you are buying and selling in the same market, it makes very little financial difference. Your change-over costs will be very similar whether you do it now or later. But if you are selling to buy another property, whether it’s to downsize or upsize, why wait? Why not start living where you want to be, in your new property, instead of staying in the old property where you don’t want to be? Don’t wait for prices to go up on your current property before selling, because they will also go up on the property you will be buying. It makes no financial sense to wait. You will not be any better off.
So get on with your life and enjoy living where you want to be today.