A million-dollar question we are asking ourselves almost every day. If we are getting started on a journey of buying/selling real estate.
There is no such time called "Best time to buy/sell the property"- the best time is when you think you are ready.
Buying a property is the ultimate dream of each individual and family. People buy and sell the property at every stage of life. It could be a First home buyer, Investor, Upgrader or Downsizer.
Most of the working class people & small families prefer to live closer to amenities and transports.
Property prices are never cheap although we are always willing to buy from the bottom of the market..
Prices in the '80s, '90s, '20s has always been an issue especially for first home buyers as it is directly proportional to the income of an individual. Demand and Supply, Interest rates, Market conditions always play a vital role in the property market.
So, whenever we think about buying affordability is an issue especially, if you are a first home buyer. You might have questions like:
- Where to buy
- When to buy
- How to buy
Homes in Australia's are getting smaller with a shift towards townhouse and apartment living cutting the size of the average new dwelling particularly noticeable in major capital cities in Australia.
The average size of a new 4 bedroom house is 180 square metres – 2.7 per cent less than the 2015-2016 financial year, according to the CommSec Home Size Report.
We are seeing Rapid populations growth in the major capital cities in Australia and which is the main reason for new developments such as House and Land packages, Townhouses, Units and highrises in recent years. The constructions are growing rapidly but the size of the dwelling is getting smaller day by day.. Research shows, The average 2 bedroom apartment from 2004 to 2009 was 140 square metres, while in 2018 it is 90 square metres & even smaller. But the decline in the average dwelling size is also due to the rising popularity of record building booms semi-detached homes and townhouses.
The people who occupy apartments are more likely now to be single people or couples & also old people who would like to downsize & it's hard to take care about the large houses due to maintenance. The reason is they need smaller spaces. The other issue is location. Many apartment dwellers want to be very close to the amenities and transports but this is expensive, hence the move to smaller spaces.
While apartments were getting smaller but the design had improved to make these spaces more liveable with larger windows and open-plan layouts. We are getting loads of queries these days due to high demands of houses and townhouses but short supply is an issue. There are many people willing to get into the property market. Demands of apartments are increasing due to skyrocketing prices in the property market in recent years especially houses and townhouses.
Buyers these days are stuck & worried as they do not know where the market is moving they are confused because of different opinions from people and news in the media.
Despite many choices and news in the media; the fact is- what we buy is what we like depending on our budget.
The fact about the property market is it moves in the cycle it goes up, goes sideways, goes down and goes up again. So, before you start trying to work out which direction the property market is heading, you should be aware that there are markets within markets.
There is no such time called "best time to buy the property"- the best time is when you think you are ready. In any market, people buy and sell a property just because it solely depends on the situation you are in.
So, if you thinking of buying or selling, upgrading or downsizing feel free to contact our real estate professional. We are only one call away.