If you are waiting to buy, you might be missing out on some great property opportunities and costing yourself thousands of dollars in the long run.
It doesn’t matter what the property market is doing, there always seems to be people who sit on the sidelines and wait for the perfect time to buy or hope that property prices will somehow crash or fall.
It’s common for prospective buyers to question whether or not they are buying at the right time, but the longer you wait to get in, the more you might have to lose.
While nobody has a crystal ball, consider all the people who are now saying that they wish they bought in Melbourne just a few years ago before prices started to boom.
In 2011, the median house price in Melbourne was $450,000 according to RP Data and in the five years since then house prices have risen sharply.
Five years ago there were people who might have questioned whether they should spend $400k plus for a house, however those people who bought in Melbourne in 2011 are sitting pretty in a market where the median house price now sits at $1.6 million!
The cost of not buying five years ago could be worth hundreds of thousands of dollars for some people, so you need to question what it could cost you not to buy right now? Will you miss out on thousands of dollars, or at the least a secure home that you could have already been paying off?
Again, nobody knows what the future holds, and the property market might not rise as sharply in the next 5 years, but property prices are unlikely to fall dramatically any time soon.
The best bargains are to be had in the present. Over time property prices tend to trend upwards even if there are peaks and troughs along the way.
When another 5 years pass, which do you want to be, the person who has grown their wealth from buying, or who has missed out again?