Buying a new home during COVID

Hi all,

Just wanted to get your thoughts on buying a new home during COVID and whether there will be an optimal time to do so. When would you predict house prices to be at their lowest?

 

Have had clients purchase with little competition over the last month or so.

Those sitting on the sidelines may jump in at the same time.

No prediction on prices, but given rates are so low, those wanting to be in their own home and haven't been impacted, will still continue buying.

Supply is tight too.

Where are you looking to purchase? Do you foresee any changes to your circumstances?

 

Thank you Property Twins for your prompt reply.

Currently we are looking at Schofields, Quaker’s Hill and Kellyville areas of NSW. Price range would be roughly around the 800 - 950K area. I don’t foresee any major changes to our circumstances.

Thanks,

Nirmal

 

The major banks are all forecasting property price falls. Resultantly, I've seen more and more clients seek funding pre-approvals so that they can pounce anytime they see a good deal.

Talking to agents, the market does seem to be slowing with fewer listings and fewer buyers in the market. Could be a good change to snag a bargain with the limited competition.