This week, we’re delving into the topic that’s been on the minds of many: Is now a good time to get into the property market? I’ve compiled four crucial tips to help you make an informed decision.
Tip 1: Analyse the Data
The first step in your journey to property investment is to gather and analyse data. CoreLogic’s monthly market report provides a comprehensive overview of property trends across Australia.
The most recent report, for September, revealed positive signs in most capital cities, with a consistent upward trend over the past few months.
Data, facts, and statistics offer valuable insights into the market’s performance, guiding your decision-making process.
Tip 2: Assess Your Financial Situation
The good news is that property interest rates have started to stabilise, and banks are eager for business.
Given this favourable environment, it’s wise to revisit your financial situation. Mortgage rates and lending terms may have evolved since your last conversation with your lender or mortgage broker.
Ensure that you understand your current borrowing capacity, as it could be different from what you initially planned.
Tip 3: Seek Advice from Seasoned Property Investors
Experienced property investors are a treasure trove of knowledge. They have weathered various market cycles and are well-versed in the long-term nature of property investment.
These individuals closely follow the data and reports, gaining insights from industry experts.
Reaching out to seasoned investors can provide you with valuable guidance on market conditions and investment strategies.
Tip 4: Consider the Cost of Opportunity
Every decision in property investment carries an opportunity cost. If you choose to delay your investment, you might miss out on potential gains.
For instance, let’s take Brisbane as a case study. In the past quarter, property prices in Brisbane increased by 3.9%. This means that an $800,000 property would have appreciated by $31,000 in just three months.
Delaying your decision could lead to increased costs in the long run, particularly when the market is showing an upward trend.
In summary, the current landscape is brimming with positive indicators. Increased inquiries from home buyers and investors demonstrate a strong interest in property investment.
With substantial population growth and limited new construction, the demand for properties remains robust.
Thank you for tuning in, and I look forward to seeing you next Tuesday for more valuable insights. If you have any questions or need further advice, feel free to get in touch. You can book a time to chat in my calendar by clicking here.
Best regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
