With all the negative talk of Sydney’s housing market downturn, you’d be forgiven for not realising that now is the perfect time to secure a piece of real estate as a first home buyer.
There’s certainly a lot in favour for those entering the property market for the first time, with APRA’s tightening of lending conditions a large contributor to housing affordability, as well as stamp duty concessions and incentives introduced for first home buyers. All of this, plus plenty of current sales listings, means that there’s now more opportunity to snap up a property bargain than there has been in a long time.
But while you debate whether to buy now or wait for later, it’s important to consider the factors that could prevent property prices from further significant decline.
According to Moneymag, Sydney’s population continues to grow rapidly, job creation is excellent and there is a great deal happening in terms of infrastructure (06.06.18). These are all obvious motives for people to up and move, and equally important factors such as the market value. In sum, securing a home now could be just as beneficial as waiting to buy later, with evidence to suggest that prices might begin to straighten out unless one of these factors change.
Of course, the best time to buy is when is suits your financial circumstances, which is your key to getting ahead in any market condition.