Buying a Property: How to know we've reached the bottom?


One of the most frequent statements I hear from buyers is:

I'm waiting for the market to bottom out

But...

How do you know when the market has reached the bottom?

Putting economic factors aside, the only time we know the market has hit the bottom, is in hindsight - and by then it's too late! The market can change in a matter of weeks and quite quickly.

From our perspective, what you hear in the media is generally 3-4 weeks behind what is actually happening in the market and we focus on it daily.

So if you are currently looking to buy a property, and you've chosen a suburb/suburbs you're wanting to buy in - the biggest advice I can give is to make sure you jump onto the Real Estate portals daily and monitor what's coming onto the market in that area, as well as the sales prices. Being aware of what is currently on the market in your target area will be your biggest advantage when it comes to choosing the property that is right for you. This will give you the knowledge and confidence in the asking price of the properties on the market, what value you can get for your money and the other competition. Don’t be afraid to know what you are after, and act on it – if you see the right property.

If you need further info, contact me anytime! Happy Hunting.