We’ve been watching prices fall for a while now; waiting for the right time to buy. Have we hit the bottom of the market yet, or should we wait longer?
Hi Nic, it’s hard to answer that question without knowing anything about you. But generally the market is picking up, I think if you wait you will cost yourself money. But that depends on what you are planning to buy and where.
By the way I need to update my details here, now I am the MD for Better Homes and Gardens Real Estate in Richmond Victoria. Yes, the same company as the TV show and magazine.
Hello Nic, a fairly common question but especially amongst first home buyers “when is the right time to buy?” Over the last year prices have fallen in some areas anywhere between 20-30% which is quite substantial. And, if you talk with selling agents or property marketing companies they will now tell you things are on the way up. The media of course make it even more confusing as one week the market is good and the next week the sky is starting to fall. With all that said, now is definitely a good time to buy as it’s still a buyer’s market and given we’re now in spring there will be greater choice and options out there. So hope this answers your question.
Recently, I purchased a 2 bedroom apartment in Prahran for a buying client of mine. It featured a balcony, car park and was only situated 50 metres from Chapel Street. I purchased it for $495K which represented amazing buying value. Interestingly, it last sold (prior to my purchase) for $506K in 2013 which was less in value compared to 6 years earlier. So there are definitely bargains out there, but, you need to be quick before someone else sees them first before you.