With property values in Sydney and regional NSW rebalancing after a half a decade of steady growth from 2012 -2017, many investors and owner-occupiers are now asking when the right time is to buy.
Angus Raine, Executive Chairman, Raine & Horne, said trying to time the property market is a challenging exercise without the help of a trusty crystal ball. He elaborates, “There are committed sellers across NSW, so now is the time for savvy buyers and investors to discover their inner Warren Buffett and buy now before the herd starts to move.
The famous American investor, who is reported to be worth almost $US85 billion ($A119 billion) once said that as an investor it is wise to be ‘fearful when others are greedy and greedy when others are fearful.’
Angus explains, “Try and avoid paralysis by analysis and the smart money won’t wait for the property herd to move.
“Rather they’ll be shepherding their finances into place to make a move now and before the next stampede into NSW real estate.”
Over the next few months, the NSW real estate markets must negotiate the upcoming state and federal elections, and new the lending requirements in the wake of the royal commission. “Once the NSW market moves past these political and economic speed bumps, we’ll see more positive market momentum.”
Angus says the real estate wheels will also start spinning if interest rates, unemployment rates, and local and global economies remain stable. “Talk of an interest rate increase later this year will certainly attract the buying herd back into buying mode. So, don’t be a sheep, and get in now and buy your next home or investment property.”