I cannot count the number of times in my 25 years of mortgage broking I have heard the “I’m waiting for the crash” reason for delaying a buying decision.
First – EVERY buyer (me included) hopes for property to be “down” 5 minutes before they buy and then “up” 5 minutes after they have bought.
Here is a graph of property price in Sydney and Brisbane over the last 23 years
Interest rates have done everything imaginable in that time – the price of property marches upwards – it goes in one direction with some pauses and minor dips.
Spot me the crash if you can.
I have data going back 30 years and across capital cities.
Here are some current facts:
In the December quarter house prices went UP … yes UP in;
- Melbourne
- Adelaide
- Perth
- Hobart
- Darwin
They stayed the same in
- Canberra
There are signs of house price levelling out in Brisbane – and it will be interesting to see the next Quarter in Sydney.
Sydney gets all the national talk – but house price elsewhere is holding up and the answers are fairly clear.
We have a shortage of housing stock.
And the government is increasing migration = population.
So …the conclusion?
If you want to buy this year … and you can actually FIND a house you like, in the location you desire – and you are “Waiting for the Crash”… well good luck with that!
As always – if you have questions or would like advice tailored to your own circumstances, Ask Alan, it’s what I’m here for..
Ask Alan – Mortgage Broking with a difference.