Whether you’re considering your first home, buying an investment property, downsizing, upsizing or just looking for a change of scenery; property and the property market stimulates every barbecue conversation around Australia.
I’ve been fortunate to have experienced many cycles and markets over my 20 year journey in property, and no matter what, change always happens. Interest-rates go up and interest-rates come down. Elections are run and government is retained by the incumbent or transitioned over to the rival. Local councils moot changes, plans and development projects are conceptualised and sometimes realised. But the questions I pose to you for consideration, in your personal property journey are:
- Is waiting for better timing to buy going put you in a better position?
- Is the market really going to be that much better in 12 months, 18 months or two years time?
- Does anyone really have a crystal ball to read the future?
The market affects of Covid-19 were forecast to be the great leveller of property: to reduce the markets drastically. Hindsight now shows that those forecasters were drastically wrong. In reality, to stay invested and to continue to buy property during the last two years, no matter your position, saw the greatest growth in the last two decades of the property market.
Advice, predictions and assessments around ‘perfect timing’ will always be changing, but what never changes is people’s need for dwellings.
Ultimately, sitting on the sidelines waiting for time to pass is the worst timing possible.