June 18, 2011 What is the best time to buy real estate in Queensland? Some say now the best time in a decade.The current slump in house values and sales in the Queensland housing market have created an attractive buying signal for investors, according to some in the real estate industry.
QLD property is at the bottom of the house price cycleAccording to Real Estate Institute of Queensland (REIQ) chairman Pamela Bennett. She says the majority of the state’s property markets are currently at, or near, the bottom of their real estate cycles, with house prices and home buyer demand subdued.
In fact some would say that home buyers are thin on the ground right now and that means more motivated buyers.
And because of that I agree that this is providing property buying opportunities not experienced for more than a decade, as sellers outnumber buyers by a wide margin.
The best time to buy is when everybody is selling.Its a truth in investing that the best time to buy is when everybody is thinking of selling. You have more choice, better quality to choose from at lower prices and you can haggle the price down lower.
So whilst the wise would hold on longer, now is the right time to search for the right bargain to come along. Sooner or later the market will rebound, and when it does so will prices.
There was a time when a whole generation of Queenslanders believed that house prices always rose and never fell.This was never the case and property markets do wax an wane. Queensland had the luxury of coming from a low base and so the downs were scarcely noticed in the past. Also intrastate migration was always positive for Queensland.
Why is this the best time for property investors?Home sellers expectation have been lowered over the last 12 months.Homes are sticking on the market longer than they have been, and not selling like they used to.Mortgages are harder to come by for some, especially in the non-conforming mortgage market.That means that there are more people stuck in the rental market and that means rents may rise. andThere are more renters to choose from.Fortune favours the brave.Yes, Queensland’s housing market is a buyers market right now, but is it time for you to invest in a rental home?
Anyone thinking of buying an investment property right now will find it easy to find motivated buyers. If you do decide to buy a home, as a home buyer or an investor, make sure that you buy a quality, well positioned home that will be easy to rent or you can sell for profit when the housing market recovers and home buyers return in force.
Rick Adlam [HomeMate] has been working in the homebuilding since 1985 as a new home consultant with Iconic builder AV Jennings. He has also worked in home design consultancy with Dixon Homes, VillaWorld, Galaxy Homes, Merlin Homes, Simonds Homes, Award Homes and Orbit Homes. Rick currently consults in the development of Mr Mortgage for mortgage brokers and HomeMate for new home buyers
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