.
Good question – and one most commonly asked – the answer is “whenever you are”.
Of course, right now, buyers that have kept their money in the bank are feeling pretty good about their decision – watching a large portion of the property market stabilize or reduce in price. Keep in mind, however, that unless you run into dark times you will most likely live in your new home for a number of years. Each real estate cycle is 7 years, we all know the old saying that “Sydney real estate has doubled every 10 years for the last 100” – the saying should be “every 2 cycles”. Therefore, if you have a 7-14 year plan with the home that you buy now and the market continues to drop then you have a lovely new home in which to enjoy. If you can avoid searching the websites for comparisons and close your ears to the property doom and gloom than you can sit back and know that time cures all.
The general Sydney real estate market is cyclical, with peaks around March and the early Spring. Some people suggest to avoid buying in these peak times, avoiding the excitement and allowing the market to settle a little in the short months following. The real trick is to be one step ahead of the market, find out (often with the use of a buyers’ agent)which homes are planning to sell and make an offer on the pick of the bunch prior to the sign board going up. The owners are generally a little unsure of how buyers will respond to their advertising campaign and will opt out in taking a fair price prior to the show. A win-win situation. Some good buying can be done in November, December and January.
Buying an investment property is all about timing (and having a great plan). The following graph is from the ABS website, providing even more evidence to investors (and home owners alike) that owning an investment portfolio can be good sound advice.
Whichever way we look at it, Sydney real estate will always be in demand – and quite frankly there is no place like home.
On 30 August 2009 at 08:19:09 PM (Canberaa time), the resident population of Australia was projected to be:
21,893,332
The projection is based on the estimated resident population at 31 December 2008 and assumes growth since then of:
- one birth every 1 minute and 47 seconds,
- one death every 3 minutes and 47 seconds,
- a net gain of one international migrant every 2 minutes and 23 seconds leading to
- an overall total population increase of one person every 1 minute and 24 seconds.
These assumptions are consistent with those used for Series B in Population Projections, Australia, 2006 to 2101 (cat. no. 3222.0).
Amanda On My Side offers exceptional buyers agent services throughout Sydney and across Australia. Engage a professional real estate buyers agent to help you find the best property at the right price. Buyers agents, also known as property finders or a buyers advocate, can help find, research and bid on your next home or investment property. Need a buyers Agent Sydney – then you need Amanda on your Side.
