Is it a good time to buy?

With the rise in interest rates and the decreasing prices we are seeing across the Australian property market, home buyers are left wondering if now is a good time to buy a home.

Interest rates increasing also might lessen one’s interest in purchasing a property in the current market. Interest rates have a relatively slow trickle-through rate into the actual price of property. This can mean that there are still further decreases to come. Meaning that a little bit of patience may come in handy if you are looking to get a discount on a home you are looking to buy.

Property, however, should be viewed in the long term and you should always remember the adage “it is not about timing the market, it is about time in the market”.

It is a unique time and you must not panic but rather use this time to do your own research and aim to make the best decision based on your own situation. Make sure not to rush into anything as an appealing price you see today might be even better in a couple of months.

Economic uncertainty and the cost of living having skyrocketed, it is important to keep in mind your cash flow and make sure you are not going to be putting yourself under financial strain.

If you are wanting to buy a home then you should definitely prioritise your time on finding a great quality home in a great location rather than aiming to time the bottom of the market.