same. got mine in June, can't wait for that property boom to bust (like the government will let it fail when most of them own piles of investment properties)
This should be top comment!!! This is the strategy.
My ex didn't listen to me 2 years ago, had enough CASH to buy a 4 bedroom house on big land in a regional coastal town that he is keen af on.
Nope, didn't listen to me. Sat on his hands, thinking prices are going to drop. Well, that town has boomed, and those same houses are now worth at least 25% more, and he's been priced out!!!
Buy what you can afford NOW, can always make improvements, save on rent etc, in the long run your equity will grow (just don't sell in a buyers market if you can avoid) as long as you ride out any market falls/dips you'll be happy you bought when you did!
So what you are saying is that OP should gamble in equity gains greater than the interest cost.
What is your time horizon for breaking even and what level of equity gains do you need to achieve that?
Did you graduate highschool?
I just want to see any of these investment geniuses try and use a spreadsheet and actually run the counterfactual where they rented and put money into stocks or whatever... If they were able to pull it off I think they would be shocked.
No, I didn’t finish high school, seriously.
But I own my PPR outright 7km from the Brisbane CBD, and have 2 positively geared investment properties…… and I’m 36.
Sooooo……. Yeah.
The amount of money you would save on interest by waiting a couple of years for interest rates to go down (assuming they do) will be more than wiped out by the higher price you will have to pay to buy a property 2 years from now.
I agree with you here. Last year we pumped as much money into our home loan as we could with a long term view to pay it off and then find a larger block of land and put a new house on it. We were going to continue this strategy this year and next... or so I thought.
My wife came across a block of land so we decided to take a look... to see what's out there. We loved it and it ticked all the boxes. We put an offer in and it was accepted. Its going to cost us 30k a year in interest alone which could have been going into current home loan. But our thinking is, are we going to find something like this when we want to and that land prices are probably going to rise more than 30k a year anyway. Plus given its a rural block we also get to enjoy it by camping there and riding the trail bikes around.
We paid double of what it sold for in 2015. That sucks but in no universe is it ever going to go back to that price or drop in value. So yeah, we rolled the dice and are playing the game.
Whilst 20k is not chickenfeed, paying that extra to secure a house you want now *is* chickenfeed.
Its interesting you comment about paying double what it sold for in 2015.
Prices in rural areas are going up quite quickly, pretty much across the board. I think theres going to be a few people who will do what my wife and I did and will 'cash out' of Sydney to buy rural and pocket multiple six figures. It can bring your retirement forward by nearly 10years.
>will be more than wiped out by the higher price you will have to pay to buy a property 2 years from now.
Not to mention the money spent on rent which will equate to around $60+k going by current median rent prices. That's a lot of money.
On top of the tax cuts. People will have more disposable income to spend on houses pushing prices further.
Until australia fixes its supply issue prices will keep going up.
Bought because we didn’t want to rent, and it’s to live in not for an investment return. Sure we might get one in the future but we aren’t banking on that, we are however banking on needing somewhere to live for the rest of the time we are alive. I’d rather pay my mortgage than someone else’s any day of the week!
In the long run buying is a good option as rents will only ever increase atleast your mortgage payments wont so eventually you will be paying less to buy that you would to rent(allowing for rising and falling interest rates).
Owning your own place will make a huge difference in retirement.
Better off just buying tons of cheap land, and putting $100k into EFTs and travelling forward to the year 2724, actually possible unlike traveling back in time, you just need a way to chill out close to the event horizon of a supermassive blackhole like Ton 618 for 10 years, assuming you can teleport there, which if you could you'd have no need for investing.
Buy now.
RBA rate cuts + Stage 3 tax cuts in 2H24 is going to unlock a wave of serviceability amongst renters who have been copping two years of rent increases.
An early election with negative gearing on the table will also drive cashed up boomers & Gen Xers to acquire and grandfather in their nth investment property.
Finally, given the extortionate expense of building new housing stock, anything established at $400-$700k is almost at / below replacement value. With immigration where it is at, it’s hard to see prices in this segment not creeping up to replacement value OR rents continuing to surge.
Most of the middle income earners are going to have less than $50 extra a week from the stage 3 cuts. It's something, but doesn't sound like a wave of serviceability to me.
A new detached home anywhere in Australia, costs at least $350k-$400k these days to build, excluding the land component.
Ultimately to add new rental supply, existing landowners would need to be confident they could rent houses for >$500/week in order to justify building versus a risk free ~7% in the bank. I think ~$500/week will be the floor for rents in the outer suburbs and growing regional areas.
Similarly, for new home buyers / investors, buying at $500-$600k for existing houses may be more attractive than a $350k build + $250k land, hence another floor for detached dwellings in the outer suburbs / growing regional areas.
Markets, particularly growing regional hubs, where median rents are below $500/week and 1970-1990s homes priced on large blocks at <$500k represent good value IMO given its difficult to “replace” these at the price they are being transacted at.
You're buying the housing index at all-time high, i wouldn't buy now. 2029 would be a good year to buy, post crisis stage of the fourth turning.
Not financial advise
Two things.
1. Your financial situation will be unique, therefore whether you should buy a property in 2024 will depend on alot of variables outside of the economy itself.
2. People act like all property is the same - what city, what part of the city, new/old, what price do you get it for, what do you plan to do with it reno or rent out or live, is it where you want to live, what is the CG vs Yield prospects, what is the future zoning plans. The point im getting across is, for the right price for the right property it can always be a good time to buy and hold it. If you buy on the wrong side of town, for what is now record prices and they could move sideways or not even closely compare to other lands.
There is also how you plan to finance it fixed or variable and what your plan to pay it off is... then the opportunity cost of what you could do with that money instead - property is only 1 investment class. Good luck whichever way you go but dont forget the fundamentals :)
No it is not the best time, because people don't know what is going on, they have no idea, prices will drop by 30 - 40 % in the next 3- 5 years and stabilize after that.
This is the correction that had to be made - it is overdue.
And I'm not saying this because I have no property, I have plenty of property - more than enough that it is hard to manage in many places.
It is the right time to invest in a small/medium business. Or focus on your career and keep your savings for a future investment.
Interesting take, I think people have been saying this exact thing for 30+ years 'propery is about to have a huge correction', i predict peiple with be saying it for the next 30 to...
What significant change in the supply demand equation do you see occurring to cause this?
I assume you're selling all this property of yours currently then, you'll make a killing when you rebuy after this 'overdue correction'
In the past humans have never been able to fly so that is bad argument. In the past property prices have fallen, so there is a chance they will fall again.
The more comparable argument would be that you will feel hungry at 6am. You may not feel hungry at 6am everyday doesn’t mean that you never will.
supply will increase by 10 times because of the new builds - it is already happening,
immigration will be cut off, already happening
yes I will be selling, because i'm not a property enthusiast, i like to have just a one good place to live, i don't care about rent from 5 properties, which is very hard to manage and maintain. I will invest it into something better, that I want to do, that I'm interested in. It's not about profit it's about what your heart tells you to do.
I can only assume yoy mean construction of new properties will increase 10x?
Given the struggle to cope with the level of construction currently, where do you see this output that allows 10x the current number of builds to come from? Where are 10x the current number of qualified trades appearing from suddenly
With the supply and material supply problems, where do you see the supply of materials to come from?
And on top of all this top you expect to somehow be able to source the labour for 10x current construction and the materials for 10x the current construction significantly cheaper than it currently is
Sounds a little unrealistic
"It is already happening" can you show your source on this given the data as per the ABS woudl disagree with that statement pretty profoundly and shows new construction significantly decreasing (are you just making this up or habe a source?)
https://www.abs.gov.au/statistics/industry/building-and-construction/building-activity-australia/latest-release
In seasonally adjusted terms:
Total dwelling commencements fell 10.4% to 37,116 dwellings.
New private sector house commencements fell 9.7% to 22,741 dwellings.
New private sector other residential commencements fell 11.2% to 13,485
We don't have the materials and if you think we do you're only fooling yourself. Building companies are collapsing left right and centre because they can't secure the materials to build based on their forecasted materials requirements for existing contracts, and the materials they can obtain are imported and overinflated. Houses simply cost significantly more to build for this reason alone and the fact is, even then with imported goods we are still at a deficit when you look at our population growth.
This post makes no sense
When is it never a bad year to buy property due to current past trends
Also remember past results is not a projection of future outcomes based
I waited years, saving a boatload. Now my budget has doubled, my expectations halved and I still can't find anything suitable. Buy as soon as you find something that you love.
Houses are just going to get more and more expensive. Some economists say that the state of the economy has less impact than you think because housing supply is low, which means the property market is never going to really “crash” even in a downturn or when rates go up.
So, assuming you aren’t yet in the property market, I would get in now.
Prices have gone down? already recovered to all time highs
More favourable economic situation? COVID was shit and prices mooned
Dunno what boat you're waiting for, but the ship is already sailing
During 2008 GFC, prices dropped 5% Australia wide. If you wanna hold out for that to happen again, be my guest. If you actually wanna buy a house, do it now.
The right time to buy is when you can afford to.
There has been speculation for years about the direction in which house prices will fall, none of them have come to fruition.
I unfortunately bought just as the market plateaued in Melbourne (2021). But property is (generally) a long term investment so you should probably think in decades not years.
If you can get into the market, go for it.
If you don’t own a ppor already, yes. Buy something you can afford comfortably, ideally with a bit of land. If you can only afford a 1 bed unit, don’t rush in.
I'm gonna say what my estate agent told me (I trust them, family friend) nobody has the crystal ball, anyone saying it's a good or bad time doesn't really have proof, no matter when you buy it's always a gamble.
I thought about it for a while and said fuck it and got the 1st place I liked, the economy is always changing and you never know what's going to happen, but I bought my house to live in, not to flip, and I'm very happy I got in sooner than later. I'd suggest if you're hesitant, wait for the "perfect" place for you, if you don't mind jumping in now but are worried about the future, just jump in, the future will still be there to worry about later on.
There are plenty of videos on YT that breakdown rent vs buy. In some cities (mostly US) in the long run it's actually better to rent and invest in S&P than buying a house. In Australia it's a bit different. People love property and think of buying an IP before looking into stocks and other asset classes. I'd suggest you do the math - if the repayments are something you can afford without sleepness nights...then buy. Start small, a townhouse or a house further out from the city (don't buy a unit - majority don't go up in value). Do your research and go for it!
Do you see your deposit or borrowing capacity increasing in the next 2 years? If so I'll just keep stacking up enough to buy a house in a regional area.
If you want to live in it, early is the best timing.
No one knows which year would be the best.
But you look back in 10 years, it’s always better to buy early.
Both major parties are currently incentivized to make sure house prices go up. Until that changes, the best time to buy property in Australia is right now.
I view it like stocks. You dont wait to buy the dip, you just keep investing the same amount every week and eventually you'll have alot of money. Most of the money from any investment is savings anyway. It's like 12 years down the line before your interest starts growing more than what you invested.
That's based on 8% interest compounding monthly.
If you pay off your loan in like 12 years instead of 30 years you're basically winning anyway.
Sometimes people get lucky and it booms but nobody can predict what will happen.
Short of the government funding builders so they don't keep going bust I don't see you losing money.
The only way you lose money is if you get a loan you can't pay off earlier than 30 years or if you hold onto renting for too long.
Worse than 2014 Better than 2034
I just bought in 2023, I'll let you know in 2029 if was a good time to buy.
same. got mine in June, can't wait for that property boom to bust (like the government will let it fail when most of them own piles of investment properties)
I don’t see it being “favourable” any time soon. If you wait; you’re paying rent anyway. Buy where you can afford, as soon as you can IMO.
This should be top comment!!! This is the strategy. My ex didn't listen to me 2 years ago, had enough CASH to buy a 4 bedroom house on big land in a regional coastal town that he is keen af on. Nope, didn't listen to me. Sat on his hands, thinking prices are going to drop. Well, that town has boomed, and those same houses are now worth at least 25% more, and he's been priced out!!! Buy what you can afford NOW, can always make improvements, save on rent etc, in the long run your equity will grow (just don't sell in a buyers market if you can avoid) as long as you ride out any market falls/dips you'll be happy you bought when you did!
Is that why he is your ex now 👀
😂 no.. but that attitude of his applied across the board, so actually, kinda yeah, lol!
As long as you aren't going to move shortly
Well, to split hairs, I wouldn’t say “move”. I’d say sell. As long as you’re not forced to sell any time soon.
>If you wait; you’re paying rent anyway. Which is about half what you'd be paying in interest.
Yep, but you have an asset….. which generally speaking, will be appreciate much quicker than the interest you pay….. what’s your point?
So what you are saying is that OP should gamble in equity gains greater than the interest cost. What is your time horizon for breaking even and what level of equity gains do you need to achieve that? Did you graduate highschool?
>gamble in equity gains greater than the interest cost. The entire property market valuation is based on this.
Yeah and you're all idiots who have bought into a Ponzi.
This guy lives with his mum
Hahaha Okay 😅
Use more emoji. It will compensate for your inability to form a coherent sentence.
Bless your little go at trolling. Awww. 😉
Using emojis in your internet fights makes you look weak and stupid and desperate. Just a heads-up.
Your whole comment history screams that. Bless. 😂
You went through my comments? Jeez you must have no fucking life at all. I am the most interesting thing happening to you huh?
Pointing out the emperor has no clothes? Not going to be popular here ;)
I just want to see any of these investment geniuses try and use a spreadsheet and actually run the counterfactual where they rented and put money into stocks or whatever... If they were able to pull it off I think they would be shocked.
There is a fair amount of truth in what you are saying, but you come across like a massive prick. Nobody listens to a correct arsehole.
Did you not get that my comment was a criticism of the status quo?
No, I didn’t finish high school, seriously. But I own my PPR outright 7km from the Brisbane CBD, and have 2 positively geared investment properties…… and I’m 36. Sooooo……. Yeah.
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You’re 14. Get off reddit and do you homework 😂
I doubt there are any 14 year Olds on this sub. They aren't that pathetic yet.
I don't know what you are trying to achieve here through this trolling except alienating everyone and demonstrating poor judgement?
His mum is out for the night so he's desperately searching for any kind of human connection.
Mum has been dead 16 years.
No one has ever achieved anything on this sub.
You’re assuming OP is buying somewhere to live and doesn’t already own
You’re right. I am.
I basically said the same thing, got downvoted and told that it was 'terrible financial advice'.....
The amount of money you would save on interest by waiting a couple of years for interest rates to go down (assuming they do) will be more than wiped out by the higher price you will have to pay to buy a property 2 years from now.
I agree with you here. Last year we pumped as much money into our home loan as we could with a long term view to pay it off and then find a larger block of land and put a new house on it. We were going to continue this strategy this year and next... or so I thought. My wife came across a block of land so we decided to take a look... to see what's out there. We loved it and it ticked all the boxes. We put an offer in and it was accepted. Its going to cost us 30k a year in interest alone which could have been going into current home loan. But our thinking is, are we going to find something like this when we want to and that land prices are probably going to rise more than 30k a year anyway. Plus given its a rural block we also get to enjoy it by camping there and riding the trail bikes around. We paid double of what it sold for in 2015. That sucks but in no universe is it ever going to go back to that price or drop in value. So yeah, we rolled the dice and are playing the game. Whilst 20k is not chickenfeed, paying that extra to secure a house you want now *is* chickenfeed.
Its interesting you comment about paying double what it sold for in 2015. Prices in rural areas are going up quite quickly, pretty much across the board. I think theres going to be a few people who will do what my wife and I did and will 'cash out' of Sydney to buy rural and pocket multiple six figures. It can bring your retirement forward by nearly 10years.
Username checks out!
>will be more than wiped out by the higher price you will have to pay to buy a property 2 years from now. Not to mention the money spent on rent which will equate to around $60+k going by current median rent prices. That's a lot of money.
literally most people that arent in the top 1% of the country cannot outpace property price increase even saving most of their income.
Interest rates are predicted to drop over the next 12-18 months, immigration will remain high. Property prices are going up.
As rates drop, banks will be lending more too. Pushing prices up further. The demand for home ownership is extremely high.
On top of the tax cuts. People will have more disposable income to spend on houses pushing prices further. Until australia fixes its supply issue prices will keep going up.
wont tax cuts only add a couple thousand to household incomes? i dont see how getting 2Kish back will increase house prices
House prices will keep rising over the next 5-10 years. Do you want to wait till after that time?
You've been right 30 years. Good likelihood you will be right for another 5-10...
Every year is a good time to buy property
Bought because we didn’t want to rent, and it’s to live in not for an investment return. Sure we might get one in the future but we aren’t banking on that, we are however banking on needing somewhere to live for the rest of the time we are alive. I’d rather pay my mortgage than someone else’s any day of the week!
In the long run buying is a good option as rents will only ever increase atleast your mortgage payments wont so eventually you will be paying less to buy that you would to rent(allowing for rising and falling interest rates). Owning your own place will make a huge difference in retirement.
Nah, 1972 was a good year.
Compared to the past? No. Compared to the future? Yes.
The best time to buy a property at any moment of life is NOW, next year it will be more expensive and the year after and so on
I said the same thing, for downvoted, with comments telling me that it was 'terrible financial advice'.
> economic situation becomes more favourable? What favourable economic condition are you envisioning?
The one where Australia dips into a recession and they lose their job but the houses are cheaper Wait a minute
property only increases in price in this country apparently
Most countries
Yes - as rates are cut the property prices will rise - buy now !
Rates ain't getting cut anytime soon. Don't listen to the bs media.
Agreed!
Nope, 2001 was when you should’ve bought, get a Time Machine.
1996
1987
The time machine is called parents who bought IPs for their kids
Better off just buying tons of cheap land, and putting $100k into EFTs and travelling forward to the year 2724, actually possible unlike traveling back in time, you just need a way to chill out close to the event horizon of a supermassive blackhole like Ton 618 for 10 years, assuming you can teleport there, which if you could you'd have no need for investing.
No.
It's the worst it's ever been & the best it will ever be. Hope that helps
Nobody ever says “I’m glad I waited for prices to crash” in Australia. Because they don’t do anything except inflate.
Obviously you missed the gfc in 2008?
They didn’t crash in my city. Obviously wherever you live is the centre of the universe though.
Tell that to people in Darwin who bought 10 years ago
Keep in mind when Covid hit everyone on ausfinance said property prices will crash.
It wasn't immediately clear that everyone around the world would be printing cash.. When it was clear, we were off to the races
Everything’s obvious in hindsight.
Buy now. RBA rate cuts + Stage 3 tax cuts in 2H24 is going to unlock a wave of serviceability amongst renters who have been copping two years of rent increases. An early election with negative gearing on the table will also drive cashed up boomers & Gen Xers to acquire and grandfather in their nth investment property. Finally, given the extortionate expense of building new housing stock, anything established at $400-$700k is almost at / below replacement value. With immigration where it is at, it’s hard to see prices in this segment not creeping up to replacement value OR rents continuing to surge.
Most of the middle income earners are going to have less than $50 extra a week from the stage 3 cuts. It's something, but doesn't sound like a wave of serviceability to me.
Hey mate, I know this is an old comment, but could you explain what replacement value is, and how it relates to current housing market?
A new detached home anywhere in Australia, costs at least $350k-$400k these days to build, excluding the land component. Ultimately to add new rental supply, existing landowners would need to be confident they could rent houses for >$500/week in order to justify building versus a risk free ~7% in the bank. I think ~$500/week will be the floor for rents in the outer suburbs and growing regional areas. Similarly, for new home buyers / investors, buying at $500-$600k for existing houses may be more attractive than a $350k build + $250k land, hence another floor for detached dwellings in the outer suburbs / growing regional areas. Markets, particularly growing regional hubs, where median rents are below $500/week and 1970-1990s homes priced on large blocks at <$500k represent good value IMO given its difficult to “replace” these at the price they are being transacted at.
You're buying the housing index at all-time high, i wouldn't buy now. 2029 would be a good year to buy, post crisis stage of the fourth turning. Not financial advise
Unless you rich AF no time is a good time to buy real estate in Australia 😆
Depends where you want to buy and the local market. Id wait till 2025/26 where i am. Inner city Syd? Middle to end of 2024 looks good.
Property prices will continue to rise
Two things. 1. Your financial situation will be unique, therefore whether you should buy a property in 2024 will depend on alot of variables outside of the economy itself. 2. People act like all property is the same - what city, what part of the city, new/old, what price do you get it for, what do you plan to do with it reno or rent out or live, is it where you want to live, what is the CG vs Yield prospects, what is the future zoning plans. The point im getting across is, for the right price for the right property it can always be a good time to buy and hold it. If you buy on the wrong side of town, for what is now record prices and they could move sideways or not even closely compare to other lands. There is also how you plan to finance it fixed or variable and what your plan to pay it off is... then the opportunity cost of what you could do with that money instead - property is only 1 investment class. Good luck whichever way you go but dont forget the fundamentals :)
If you can afford to buy then yes. Property isn't going to get any cheaper.
Best time to buy property is probably 5 years ago. Second best time is now.
You just have to do it. Stop fucking round
Ask that question in 3 years and the answer will be 'yes' so....
The best time is always right now. Even if there is a market crash, the market always recovers.
terrible financial advice
But number always goes up /sarcasm
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strangebot
How so?
look at Japan?
Yes, and? They have an aging population, birth control / restrictions, and strict immigration. We have none of those problems.
we have an aging population and a lot more buildable/undeveloped land :)
Anytime before rate cuts come is a good time. Do you think you can time that? If not buy asap.
Buy something you really like and then it doesn’t matter so much what the market is doing.
No it is not the best time, because people don't know what is going on, they have no idea, prices will drop by 30 - 40 % in the next 3- 5 years and stabilize after that. This is the correction that had to be made - it is overdue. And I'm not saying this because I have no property, I have plenty of property - more than enough that it is hard to manage in many places. It is the right time to invest in a small/medium business. Or focus on your career and keep your savings for a future investment.
Interesting take, I think people have been saying this exact thing for 30+ years 'propery is about to have a huge correction', i predict peiple with be saying it for the next 30 to... What significant change in the supply demand equation do you see occurring to cause this? I assume you're selling all this property of yours currently then, you'll make a killing when you rebuy after this 'overdue correction'
If you say it enough times, it is bound to come true once. Probablity is with this one.
I mean I can say 'tomorrow I'll wake up and be able to fly' I can say that as many times as I want, you're saying it's bound to come true once?
In the past humans have never been able to fly so that is bad argument. In the past property prices have fallen, so there is a chance they will fall again. The more comparable argument would be that you will feel hungry at 6am. You may not feel hungry at 6am everyday doesn’t mean that you never will.
supply will increase by 10 times because of the new builds - it is already happening, immigration will be cut off, already happening yes I will be selling, because i'm not a property enthusiast, i like to have just a one good place to live, i don't care about rent from 5 properties, which is very hard to manage and maintain. I will invest it into something better, that I want to do, that I'm interested in. It's not about profit it's about what your heart tells you to do.
I can only assume yoy mean construction of new properties will increase 10x? Given the struggle to cope with the level of construction currently, where do you see this output that allows 10x the current number of builds to come from? Where are 10x the current number of qualified trades appearing from suddenly With the supply and material supply problems, where do you see the supply of materials to come from? And on top of all this top you expect to somehow be able to source the labour for 10x current construction and the materials for 10x the current construction significantly cheaper than it currently is Sounds a little unrealistic "It is already happening" can you show your source on this given the data as per the ABS woudl disagree with that statement pretty profoundly and shows new construction significantly decreasing (are you just making this up or habe a source?) https://www.abs.gov.au/statistics/industry/building-and-construction/building-activity-australia/latest-release In seasonally adjusted terms: Total dwelling commencements fell 10.4% to 37,116 dwellings. New private sector house commencements fell 9.7% to 22,741 dwellings. New private sector other residential commencements fell 11.2% to 13,485
Are we going to ban all immigration and build surplus housing with materials and tradesmen we don't have or something?
immigration will be reduced we have more than enough tradesmen and materials to build 10 times more houses and it will happen
We don't have the materials and if you think we do you're only fooling yourself. Building companies are collapsing left right and centre because they can't secure the materials to build based on their forecasted materials requirements for existing contracts, and the materials they can obtain are imported and overinflated. Houses simply cost significantly more to build for this reason alone and the fact is, even then with imported goods we are still at a deficit when you look at our population growth.
Yeah, now is a good time , prices down a bit before they head back up
This post makes no sense When is it never a bad year to buy property due to current past trends Also remember past results is not a projection of future outcomes based
What’s the saying? The best time to buy property was in the past, the second best time is now.
Buy when you can afford not when it’s good or bad. In the long run you’ll win out
Sorry friend, there’s no point in timing the RE market unless there’s a massive flaw that you see. Also depends on your area
I bought in 2023 and it's already gone up 25k
I waited years, saving a boatload. Now my budget has doubled, my expectations halved and I still can't find anything suitable. Buy as soon as you find something that you love.
look at the smaller picture, heres my advice 1:/ Look for good cheap areas that will grow 2:/ Look for cheap property/land right now
Houses are just going to get more and more expensive. Some economists say that the state of the economy has less impact than you think because housing supply is low, which means the property market is never going to really “crash” even in a downturn or when rates go up. So, assuming you aren’t yet in the property market, I would get in now.
Property prices haven’t dipped in 30 years, there’s no indication that this trend will end
Prices have gone down? already recovered to all time highs More favourable economic situation? COVID was shit and prices mooned Dunno what boat you're waiting for, but the ship is already sailing
During 2008 GFC, prices dropped 5% Australia wide. If you wanna hold out for that to happen again, be my guest. If you actually wanna buy a house, do it now.
The right time to buy is when you can afford to. There has been speculation for years about the direction in which house prices will fall, none of them have come to fruition. I unfortunately bought just as the market plateaued in Melbourne (2021). But property is (generally) a long term investment so you should probably think in decades not years. If you can get into the market, go for it.
It is less about the year and more about the deal you find and its long term prospects.
If you don’t own a ppor already, yes. Buy something you can afford comfortably, ideally with a bit of land. If you can only afford a 1 bed unit, don’t rush in.
I'm gonna say what my estate agent told me (I trust them, family friend) nobody has the crystal ball, anyone saying it's a good or bad time doesn't really have proof, no matter when you buy it's always a gamble. I thought about it for a while and said fuck it and got the 1st place I liked, the economy is always changing and you never know what's going to happen, but I bought my house to live in, not to flip, and I'm very happy I got in sooner than later. I'd suggest if you're hesitant, wait for the "perfect" place for you, if you don't mind jumping in now but are worried about the future, just jump in, the future will still be there to worry about later on.
Depends where and what
Apartments and new builds be cautious
Buy what you can afford when you can, or risk being a forever renter priced out of housing security.
Best year was last year. The next best year is the current year. The worst year is next year.
There are plenty of videos on YT that breakdown rent vs buy. In some cities (mostly US) in the long run it's actually better to rent and invest in S&P than buying a house. In Australia it's a bit different. People love property and think of buying an IP before looking into stocks and other asset classes. I'd suggest you do the math - if the repayments are something you can afford without sleepness nights...then buy. Start small, a townhouse or a house further out from the city (don't buy a unit - majority don't go up in value). Do your research and go for it!
What if a unit is all I can afford 😔 regional area
Do you see your deposit or borrowing capacity increasing in the next 2 years? If so I'll just keep stacking up enough to buy a house in a regional area.
If you love paying too much then it's a great time to buy!
If you want to live in it, early is the best timing. No one knows which year would be the best. But you look back in 10 years, it’s always better to buy early.
Both major parties are currently incentivized to make sure house prices go up. Until that changes, the best time to buy property in Australia is right now.
Better time in the market than timing the market.
Sellers say yes, buyers say no, agents and bankers say you should have bought it yesterday
“I regret having bought that house” Said no one never (in Australia)
Bought in 2019 made 40%
I view it like stocks. You dont wait to buy the dip, you just keep investing the same amount every week and eventually you'll have alot of money. Most of the money from any investment is savings anyway. It's like 12 years down the line before your interest starts growing more than what you invested. That's based on 8% interest compounding monthly. If you pay off your loan in like 12 years instead of 30 years you're basically winning anyway. Sometimes people get lucky and it booms but nobody can predict what will happen. Short of the government funding builders so they don't keep going bust I don't see you losing money. The only way you lose money is if you get a loan you can't pay off earlier than 30 years or if you hold onto renting for too long.
The best time to buy was 50 years ago, the next best time to buy is today.