Is now a good time to buy property in Sydney or should I wait 6 months?

Question

I want to buy a flat in Sydney and have the option of buying now or saving up for more of a deposit and buying in six months. Do you think the market will go up in that time? Should I just get in now without the extra money or wait?

Answer 1

depends on which way you look at it:

interest rates are going down, so are house prices.

If you buy now, you'll cop interest rate cuts, but the house prices are falling so if you decide to sell in the short term you may end up "in the red".

But if you live in it for years, the prices will go up again...eventually.

The market in on it's way down and I think in 6 months it will still be going down. Prices have been going up for 4 years so it will be a while before it gets back up.

Answer 2

Real estate will start to rise again and probably within the next 6 months. Interest rate cuts are on the horizon, but there is no guarantee we'll see them, so don't use that as an excuse to wait.

I read the advice that you could start making a dent in your mortgage over a 6 month period and this is sound.

Whenever you decide to buy, always put extra into your mortgage, the rates we're charge are always much greater than the raes we get on savings so the net result is better for us putting our money into our home!

Answer 3

The market hasn't bottomed out yet....keep looking, do your research, go to auctions and see whats selling and for how much.

There might be a lot of owners who are going to start to feel the bight of high interest rates, and want to sell off their investment flats.

Answer 4

If you can afford to buy now do so,as the prices are down in six month they may be up again.  At least you will start at a low insterest rate if that goes up again.

Just think how much you would have paid of in six months?