Updated: May 8, 2019
Yet another attempt by a mainstream media to manipulate the property market. But the message is clear, it is a buyer's market. There are significant bargains to be had. What has fallen sharply, will rise sharply.
Some would prefer to time the market, but is it worth the risk? With Labor set to win the elections, and with them planning to implement the dreaded CGT and negative gearing changes in Jan 2020, property market timers could be in for a rude shock.
It's May 2019 now. Did you know it takes a buyer an average of 6-12 months to buy a property the DIY way? That gives you barely enough time to beat the CGT changes.
Is this the ultimate goal of this news segment?
Savvy investors know one thing: It is buyers market while buyers are holding and waiting.. Property prices rise and fall. This is by far, one of the biggest fall in Australian property history. There are bargains everywhere. Savvy investors snap up bargains, as they know prices will rise to what they were, if not higher. It's not worth waiting for another anticipated 5% fall.
Why? Let's put the facts together:
Based on current median price of ($809,000), if property were to fall another 5%, it equates to just $40,500 savings. But would you risk saving $40,500 and be hit with the CGT changes which could cost you hundred of thousands when you sell the property?
Savvy investors wouldn't. I wouldn't. Would you?