In the meantime, shop around

In the meantime, get your duck in a row and take advantage of the window of opportunity before prices rise.

Currently, there is a shortage of good homes and investment-grade properties for sale, so if you find a home you love and it ticks all your boxes in a suburb you want to live in and within the right price range that you can service comfortably I suggest you don’t hesitate to snap it up.

Taking away consumer sentiment, Australia's housing and economic fundamentals are very sound.

Many households are cashed up, equity growth has been phenomenal for most homeowners and property investors, the job market is strong and Australia's mortgage delinquencies are very low.

What this means is that the current poor consumer sentiment when most other economic fundamentals are strong is a bit like a cloud covering the sun.

Spring will follow Winter, and Summer will follow Spring - this too shall pass by and the long-term upward trend of the value of well located properties will continue.

So my recommendation is that if you're in a financially sound position, you should not try and time the market, but rather buy while others are sitting on the sidelines.

If you think about it...

There is less competition at present.

You have more time to conduct your research and due diligence.

It's a buyer's market so you'll have the upper hand in negotiations.

But don't look for a bargain - A-grade homes and investment-grade properties are in short supply and still selling for reasonably good prices.

These high-quality properties tend to hold their value far better than B and C-grade properties located in inferior positions and inferior suburbs.

And remember, there are multiple property markets around Australia, and at the moment while many markets are experiencing falling prices, some are still growing, while others are poised for growth over the next year.

There’s a saying in property circles that goes:

"When was the best time to buy property? 20 years ago! When is the second-best time – today!”

In other words, you buy when you can afford to and when you are ready to.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

You can now manage your Residential, Commercial or share/student accommodation property

Join now and the cost is less than a cup of coffee a week to manage your rental property.

RealRenta also has a free vision, so why not check it out.

Jason Gwerder
Wednesday, 6 March 2024

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