This is a difficult question which all buyers ask. So, in asking it, you are in very good company right from the start.
The answer is both difficult and easy and has many variances depending on your personal needs, finances, likes and dislikes.
Urgency may be an issue. Time might be pressing, or, if you are simply moving up-market from a good home to a better one, or, from a unit to a free-standing home for example, you may have months or even years to wait and watch. Your answer to timing will largely be determined by your circumstances.
Most people buy a residential property because they need a place to live and have already weighed the advantages of owning versus renting, with ownership ending up clearly the preferred option.
If you are like most Australians you will see that home ownership is a highly favoured method of building personal/family wealth over time. History has long shown that homebuying is a sound investment, particularly when viewed over many years.
Regarding timing, the best time to buy is when your needs inspire action; when you need a home. This is because that whilst property cycles do fluxuate, the fluxuations tend to even out over time. All too often, whilst one waits for times to change, mortgage rates are altered and prices rise.
This is why we say that worrying about timing your purchase is generally not worth the trouble. Buying when prices are at rock bottom and getting out when the peak is extraordinarily difficult to do. Many people who started waiting for prices to fall are still waiting, whilst others are on the move.
The answer is both difficult and easy and has many variances depending on your personal needs, finances, likes and dislikes.
Urgency may be an issue. Time might be pressing, or, if you are simply moving up-market from a good home to a better one, or, from a unit to a free-standing home for example, you may have months or even years to wait and watch. Your answer to timing will largely be determined by your circumstances.
Most people buy a residential property because they need a place to live and have already weighed the advantages of owning versus renting, with ownership ending up clearly the preferred option.
If you are like most Australians you will see that home ownership is a highly favoured method of building personal/family wealth over time. History has long shown that homebuying is a sound investment, particularly when viewed over many years.
Regarding timing, the best time to buy is when your needs inspire action; when you need a home. This is because that whilst property cycles do fluxuate, the fluxuations tend to even out over time. All too often, whilst one waits for times to change, mortgage rates are altered and prices rise.
This is why we say that worrying about timing your purchase is generally not worth the trouble. Buying when prices are at rock bottom and getting out when the peak is extraordinarily difficult to do. Many people who started waiting for prices to fall are still waiting, whilst others are on the move.