In challenging markets, it can be very hard for people to see the opportunities they present.
We know Australian property is a safe and reliable asset class that will always do well if you buy quality property and investments in desirable locations and hold for the long term.
There will be times when we have buyers’ markets, and there will be times when we have sellers’ markets.
Every time a boom comes around, we are reminded of the capital growth property can achieve. People kick themselves for not buying five or 10 years ago as they see prices going up and up. Then, the market inevitably turns and people forget that lesson. They huddle amongst the herd where they gain comfort from doing nothing. That’s how people miss opportunities.
You should always buy property for the long term. Generally speaking, I encourage buyers to forget about market timing and focus on personal timing. Simply buy when a great property comes along that is within your budget and then hold it for the long term to catch the next wave or two of major growth.
If you’re looking to buy today, you’ll probably have at least one parent plus a few siblings, friends and colleagues telling you “you’re crazy”. Some will say the mythical bubble is about to burst, others will tell you that prices are likely to drop further and it’s best to wait.
Problem is, no one can pick the bottom. Not even those of us experience in the market. Your best play today is to buy a high-quality asset, when a really good one becomes available, within your budget.
Buying property is one of the key avenues for wealth creation in our country. It is smart to keep your eye on the market and regularly consider whether current conditions present an opportunity for you to buy, sell or invest. In my view, now is a really good time to consider that proposition.