Buying in PPR in this booming sydney market

We live outer northern suburbs in Sydney (post hornsby) and looking to buy my next home around the area.

My budget is around 2 - 2.5. I wasn't going to buy till another year or two.. but he market jumped so much in the last six to twelve months I'm considering to buy (FOMO).

Even the properties I could get under 2.5 from late 2020 are now around 3 mil. Just an old house with land is looking around 2 mil. My questions are below...

1. Should I buy anyway as the ups and downs don't matter much in the long run for a PPR? From my short experience... Sydney seems to stabilise and start back up..
2. This lockdown boom seems to have caused by supply crunch and stable demand. Should I wait for the inevitable change of conditions in December/Jan and save myself 100k at least?

I'm in two minds... but the last property I bought at 2017 peak still has appreciated already.

 

you know its inevitable, and you are confident you are right, because……

 

Hard to say what will happen to Sydney house prices at your budget level.
Post lock down prices may ease because more people will be willing to put homes on the market. But then again, demand might also go up too to match.

I think the demand is still very solid. Maybe buy if a great property comes along that ticks all the boxes and you are happy to commit. Eventually the prices will go up again anyway....

 

Seeing it is a PPOR and you might be more picky, its probably good to start the journey of looking anyway. You may get a (relative) bargain, they still come up in any market.

 

We're continuing to buy every week and although many agents are reporting stock holds, there is no guarantee this will come through. Even if it does, it'll be a short term balance and then demand will likely outstrip supply again. I think for a long term PPoR hold, if you find the ideal property and it's value, and you can afford it, then you should buy.

- Andrew

 

Oops.. I only the meant the inevitable ending of lockdowns.. There is no way I can predict property market.

 

But why do you think the end of lockdowns will result in cheaper property?