Is the time to buy… now?

12 Dec 2019

There’s no doubt that the opportunity to upgrade in Perth is significant at the moment. Having said that, upgraders need to keep in mind that selling now is most likely going to mean taking a hit on their current home. The discount however, also applies to their next purchase, and when you consider this figure in % terms, often the saving is far greater than the loss.
 


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If you’re 2019 goal is the upgrade to one of Perth’s premium suburbs such as Claremont or Subiaco, certainly, the time to act is now. These suburbs are already seeing double digit price growth and this should continue throughout the year.

If your purchasing your first home or a home in the suburbs which are yet to see price increases, you may we wondering if you should wait it out a little longer. In this market, we are regularly asked,

 

“should I wait to see if prices fall further?”


This is a tough one to answer… and a risky game to play. It’s very hard to pinpoint the bottom of the market, but we’re quite confident that we have hit it, and that this year should see Perth enter a recovery period. Could we be wrong? Of course! Our market has been unpredictable to say the least, and further drops are very well possible.

So what’s our advice?

If you have fallen in love with a property and are comfortable with the price - then go for it. But certainly, take your time when shopping around… There’s plenty of stock out there, so you have the luxury of being picky and finding that perfect home that ticks all of your boxes.

This year, the focus will be less around property prices and values for buyers, and more so around obtaining finance. This remains to be the biggest hurdle, with securing a loan under current restrictions nearing impossible for some.
 
 

 

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