Buy Now OR Wait to buy property

Hi,

I am looking forward to buy my first property (to live) in Kellyville Ridge, Kellyville, Ponds and Rouse Hill. But I can see that the property price in those suburbs are increased by 10% - 15% compare to Jun 2019.

10 – 15% increase in price in 6 months looks little odd to me.

Real estate agents are giving reason like election, metro and interest rate cuts. But by 0.5% interest rate cut 10-15% price high is unjustifiable. They says that market will reach to new peak in mid 2020.

I can see that economy is slow down but house price are still risingL.

So can anybody advise me that should I buy in rush or wait. I can wait for another 6-8 months for better price.

Regards,

Upadhyay

 

Best time to buy was 6-8 months ago. Now the markets have rebounded. If I had to bet whether prices would be more expensive or less expensive in 6 months, I'd put my money on generally more expensive.

Whether it's the right time for you to buy or not, only you can know that. If I had a crystal ball believe me, I'd have a thousand times more wealth than I have now.

Having said that, I know people who have been waiting for prices to crash in Sydney before they buy. They have been waiting since the pre boom, and are still waiting.

I think some folks hobby in life is the waiting game.

 

If you wait, and it falls 10% in the next year, will you:
Buy or
Wait more since it seems to be going down?

what level do you think prices are justified?

 

Property in Sydney is really over priced because I have lived in San Fransisco (California - USA), Perth and in India. Seen ups and downs of the property. I am ok to buy property to the value on Jun 2019 level Or may be 5% more than that.

 

So why didnt you buy a year ago? Or would you have bought a year ago when it was falling?

what will you do if it goes up another 5%?

 

Nobody can tell you a future price with certainty.

So you just need to find or form an opinion you feel comfortable with.

 

You are right. But I moved from Perth to Sydney in Feb 2019 itself. I am scare because I have bought house in Perth in down in equity by approx 100k. In Perth also people where saying same in 2014. But market is still going down and down and I am badly stuck there.

 

With this post I understand your viewpoint. Personally, I think the trend for Sydney property (particularly with land) over the long term will keep going up for the foreseeable future. In the short and middle term it may go sideways or slightly down but no big crash.

Anyway, here's house prices of Kellyville for the past 10 years. A lot of Sydney has a similar looking chart shape. If you buy soon, you'd be buying at a discount to the absolute peak at least.

No crystal balls though.