Hi My wife and I moved from Sydney because of sky rocketing house prices and moved in with our in laws last Feb and have saved our deposit and will be ready to buy in Wollongong this Dec 16/January 2017. Our budget is buying a property for Max $650,000 hoping for a 3 Bed house/townhouse in these areas Balgownie, Keiraville, Fairymeadow, Woonona, Gwyneville, Mangerton, West Wollongong and Figtree (closer to Mangerton side). Reason being these areas and not further south are we both still work in Sydney and travelling each over an hour 20mins and don't want to keep adding to the journey, we also have family in these areas and like being close enough to walk into town/the hospital where I also work on occasions. Our issue is, we started looking at properties in March with houses selling in these areas in low 600's but now we see them over 750 with town houses selling close to 600-650. I would like to know should we rent for another 2-3yrs and wait for the possible prediction of house prices to drop or just go ahead and buy now? We would pay nearly $100,000 rent over 3yrs so I'd hope house prices would come down more than that? We are first time house buyers with professional jobs and on our budget we can cope with interest rates heading up to 8.5% if they go over well probably just more overtime for me.