Property Prices Has Found its Bottom
Updated: Sep 21, 2020
Banks have reported that home loans applications have increased.
Now, this is definite confirmation of what we've been seeing and saying in the past month.
With APRA and the banks loosening their assessment criteria, giving borrowers more access to funds, this can only mean one thing.
Prices will start to rise again.
If this trend continues, we could see property prices rise between 3 to 5% conservatively, with popular suburbs gaining more.
Buyers have 3 options:
1. Continue to adopt the wait-and-see stance;
2. Wait till you see an upward trend before you start searching;
3. Get in now.
With research indicating that it takes a buyer 6 to 12 months before they found a house, the wait-and-see stance is going to cost you 12 months of growth. Ie, you'll be paying 3-5% more for a similar property, by the time you buy one. Using an average price of $800k, that's $40k more.
What would a savvy investor do? They have already selected option 4. Yes, they would already bought a bargain. But it's not too late. Option 3 is your next best choice.
Would you use a Buyer's Agent?
A Buyer's Agent can easily half that search time. Meaning, you'll start enjoying the benefits of a property owner sooner.