Many people suggest that property is always a good investment. However, with Sydney and Melbourne property prices down almost 15% ad 11% respectively from their highs in 2017, some investors are sitting and waiting for the market to hit rock bottom. Although this may feel like the safest option, you might be missing out on some great opportunities presented by these lower prices. Many believe now is an excellent time to snap up properties they otherwise may not have been able to afford.
CoreLogic recently reported that the rate of decline in national house prices has slowed for the fourth consecutive month. Market confidence has improved since the federal election, interest rate cuts and regulatory changes are stimulating buyer demand, and auction clearance rates have improved. Successful property investors understand there has been a shift in market dynamics, and are looking at opportunities to buy.
So will the property market bounce or continue to fall? The reality is no one has the crystal ball answer to this question, not even the most experienced property professionals. However based on the current data, many experts are predicting house prices will start to rise over the next few months.
Property is a long-term game with proven financial reward if you make the right investment. If you have researched the property market, finalised your budget and arranged pre-approval through your mortgage broker, then you will be in a great position to buy your perfect property. Whether you are a first-home buyer or experienced investor, the next few months may prove to be a great time to buy.