I’ve been frequently asked about the best timing for property purchases. During a recent lunch conversation, a friend remarked, “Maybe the market will dip soon, so I’ll hold off.” Like many others, they’re hoping for a significant drop in prices or interest rates.
Reflecting on this common question, an intriguing article in The West Australian was reported on Sunday. It highlighted a forecast suggesting a staggering 20 - 30% surge in Perth’s housing market values over the next three years, adding an interesting dimension to the discussion we had weeks ago.
In my opinion, you generally should not try to time the market. The optimal time to buy property is when you’re financially ready. Short-term pain of higher interest rates will reap benefits over long term because we all know that property investing should be done with a long-term mindset. It’s better to get on the property ladder sooner instead of waiting. When mortgage rates drop more buyers come into market, home prices may rise. Regardless of market conditions, making a purchase now allows you to start building equity immediately.
If you’re ready to enter the property market, feel free to contact Janet at 0452 018 118. I can assist in navigating the purchasing process, whether it’s for properties listed on the market or off-market opportunities via Buyers Agent service.
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