If you need proof that savvy investors are still buying, here's one:
"A dated house smashed its reserve by $241,000 to nail Yarraville’s “first litmus test” of 2019, but a Flemington weatherboard sold for a loss in a mixed auction weekend reflected in the clearance rate. "
Smart investors know property prices at desired locations will rise eventually, and they are making full use of the current 'soft market' conditions to grab a bargain.
Do they wait for the market to bottom out? Ideally, they do, but predicting the bottom of the property market is as accurate as guessing the Powerball winning combination. If it is easily predictable, many would have done so, and you will be competing with them for a purchase, and this will drive prices up anyway.
Is this a good time to buy? If you have the serviceability why wait? But you have to know where to buy. Have a chat with us. We have helped savvy investors grab some good deals. We might be able to help you.