Why NOW is a good time to buy.
I’ve just attended our weekly sales meeting where the team were busy discussing why now is a great time to buy. The team were sharing some insight and reasons why people should be taking advantage of the current market place. It made sense to me, so I am going to share it all with you. The three critical factors to creating the opportunity for Buyers were; variety, pricing and future growth/investment.
Currently there is a healthy supply and options of properties available for buyers. Everything from; apartments, units, townhouses, large family homes, retirement homes, development sites and much more. There is a strong chance you’ll find “the home” that suits your needs. With supply comes competition, so in a market like this there is the opportunity to find a great buy and buyers might experience an improved quality of listings within their price range. Buyers currently have the freedom of choice.
Add costs and pricing to the mix, with a mass of well-priced listings and low change over costs it certainly is a great time in the property cycle to buy. Strangely, our sales team however, have experienced that current buyers are in some form of a holding pattern with many reluctant to purchase due to the fear that pricing will fall ever further. In a recent article REIWA highlights that “Based on previous market behaviour it is somewhat inevitable that property prices will continue to rise over time.” Buyers need to embrace the opportunity and current pricing of property to avoid missing out on their dream property. It is hard to determine the future especially in real estate however, sometimes it’s more counterproductive to consider your existing options, which in short will benefit your future.
Which brings me to our last point, future growth/investment. When you begin the journey of buying a property you must do intensive research to ensure your property is a sound investment. One of the main things to consider is where you are looking to purchase your property. At the moment there are areas that have some amazing future plans in terms of growth and redevelopment, take for example our local area Midland.
Last weekend the Echo Newspaper published an article on some of the future developments within Midland and the Swan Valley. Some highlights of the article included the new Quest hotel being built on The Crescent (right of our office), how a new twenty five million dollar apartment development in Woodbridge received the green light with expected completion in 2018 and German supermarket chain Aldi flagging Midland Gate Shopping Centre as one of the sites planned to open in the Perth metropolitan area. The article discusses how these developments were attracted to the Midland area due to its massive population growth and its long term expansion plans. Buyers should be attracted to the area as well, with Midland’s exciting plans the area is a great place to be investing. If you do your research and purchase a property in an area pinned for future growth, you will making a solid investment for your future.
Quest Midland Development.
As you can see above there is plenty of reason why NOW is a good time to buy property. Whether you’re downsizing, a first home buyer, upsizing or a seasoned investor there are plenty of opportunities around. If our team could give any advice to current buyers it would be embrace the current market conditions. Remember, if you think you found the property of your dreams another buyer might be thinking the same.
For those interested we send a weekly Market Update email on Thursdays including new listings, home opens and price changes. If you wish to receive the update please contact myself on sarah@realestateplus.com.au.
#helpingpeopleonthemove
Sarah Rendell, Real Estate Plus Marketing Coordinator
Reference List:
http://reiwa.com.au/information/buyers/buying-and-selling-in-the-same-market/