When is the best time to buy?

When is the best time to buy?

I am often asked when is the best time to buy property and what the market is likely to do. My answer remains:

if you are buying and selling in the same market, the timing is less crucial. The best time to buy is when you have the funds to do so.

Recent Market Forecasts:

  • ANZ Bank: Forecasts a 6-7% rise in Sydney property values in 2024.
  • CBA: Predicts a 4% increase in 2024.
  • NAB: Estimates a 5% rise in 2024.
  • Westpac: Expects a 6% increase in 2024.
  • SQM: Foresees a potential fall of up to 4% in 2024.
  • PropTrack: Projects a 5% rise in 2024.

As buyers and sellers realise that we have reached a peak in interest rates and that inflation is coming under control, coupled with returning consumer confidence, market activity is expected to increase. This scenario presents a window of opportunity to enter the property market before the crowd does.

Historical Trends:

Looking back at previous cycles, when the market turned, property prices surged rapidly – such as the post-COVID property rebound in 2020 or the sudden market turn after the 2019 Federal election. Those who acted during these times and purchased quality properties have likely seen substantial financial gains and secured their financial future.

Current Market Sentiment:

The media is increasingly reporting positive property stories, which means the window of opportunity may close sooner rather than later as more homebuyers and investors enter the market.

Investment-Grade Properties:

We know the flight to quality will continue, so investment-grade properties in prime Sydney locations will remain in strong demand and are likely to outperform in the medium term.

Thinking of Entering the Market?

If you’re considering getting into the property market, not just in Sydney but elsewhere as well, we are here to help.

Book a Consultation: https://www.sandcastlefinance.com.au/book-wealth-plan-sally

Stay ahead of the curve and secure your place in the property market now.

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