Many investors missed out on a great opportunity because they are so obsessed with making the perfect timing that they forgot to take the plunge and purchase something. They are consumed with the idea of buying right at the “bottom” of the property cycle in order to secure the lowest price.
Patience is their highest virtue. They are willing to wait and watch, and when the buzz about a market slowdown or looming crash starts, they jump on their seat and think, “Now it’s my time to make a move! Or is it?”
You see, these investors have their eyes on only the “best deal” that they are never really quite sure if housing prices could go any lower, and so they wait a little bit longer. But by the time they made up their mind to make a move, the bargain they’re waiting for have already come and gone, and the property investment market is starting a new cycle and moving upward again.
With all their patience and determination, they are left empty handed in the end.
Timing is important, but playing the waiting game too much won’t get you anywhere. So, when exactly is the best time to make an investment in property? How can you tell it’s time to make a move?
In real estate circles, there’s a saying that goes: The best time to buy was 20 years ago. The second best time is TODAY.
IN OTHER WORDS, BUY WHEN YOU CAN AFFORD AND WHEN YOU ARE READY.
We have noticed that “affordability” is given much importance nowadays. Real estate investors in Australia in particular are warned not to buy property this spring as the current high demand–low supply market makes everything challenging for investors, with owners selling their properties at silly prices. But is this really the real scenario?
Hotspotting.com.au managing director, Terry Ryder, dispels the shortage and Australian property bubble myth, explaining that: “Prices have barely kept pace with inflation. Even with the most vivid imagination, it is impossible to construct a bubble from those facts.”
He said that Australian house prices have not risen by over 10%, and that growth at that rate has occurred only in Sydney, which the QBE Australian Housing Outlook 2014-2017 forecasted to reach +17% over the next three years.
Indeed, in many capitals, property growth remains below 10% with Perth expected to have a -2% price increase, Canberra with +1%, Darwin with +2%, and Melbourne with +5%.
So, if you have been dreaming to enter the real estate market in hope to build your wealth in property, we suggest that you take the plunge now, especially when an easing in housing undersupply and a possible amendment to the interest rate policy are expected to slow price growth down in most Australian cities from 2015-16.
If you need help, just contact us here at Buy Australian Properties where real estate investing is safe, uncomplicated, honest, transparent, un-pressured.