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It’s the question asked by everyone looking to enter the property market: Is there a perfect time to purchase? It’s laden with determining factors like interest rates, the health of the market, finance, approvals, availability… The truth is, there’s never one perfect time that aligns everything in your favour. But, experts are suggesting that if you’re looking to purchase your new home, there’s no better time than right now.
According to real estate listing site, Homely, putting off the purchase of a new home to wait for the market to meet not only your current needs, but also your perceived future needs (paying a fractionally lower mortgage or betting on interest rate fluctuations), will have you forever at a loss.
Speaking to Homely, Sydney Mortgage Broker, Scott Duran, warned, “If you’re a homebuyer with the intention of staying put for the next 10-20 years, I don’t see the point of putting your life on hold in the hope of saving a few dollars based on a possibility the market may fall.”
David Winning, Director of Your Move Conveyancing, speaking to Domain.com.au, sees this time of year as the first of two annual buyer-centric waves where homebuyers are in a good position for knockdown rebuild properties or land, with ‘opportunities for savvy buyers to get a deal done with an owner who simply wants a quick sale’.
“The first cycle is after Easter… intensifying into the end of the financial year,” he says. “The second cycle comes in the last quarter.”
Financial advisor Andrew Woodward, in his piece for news.com.au, also believes the idea we’re at the peak of a seller’s market isn’t consistent with the current climate. He writes, “The good news for those worried about buying at the peak [of property prices], is that the last cycle peak was in 2017.” For those monitoring the market for land or knockdown property opportunities, this is much awaited music to the ears.
Of course, there are personal factors, beyond the market, that decide when you’re ready to purchase. But, if your only hurdle is waiting for the real estate stars to align before you take the steps to buying your new home, that time is evidently now.
Alternatively, if the pursuit of fighting constant bidding wars for property with land or knockdown rebuilds, consider the house and land options available with Clarendon Homes; the new home, minus the pre-build stresses.
Contact us about your options for building a new home, or take a look at our house and land packages: