Do you think it's the right time to buy your next property?
I know many property investors and homebuyers do.
But the most recent Westpac Melbourne Institute Consumer Sentiment survey published last week showed upbeat general consumer sentiment with house prices expected to pick up further by consumers, yet it was not a wholehearted endorsement of housing from consumers.
There was a degree of trepidation on whether now is a “time to buy a dwelling” that’s dipped of late.
As the second chart below shows readings on the “time to buy a dwelling” can be volatile but taken for what it says, it’s a sign perhaps of a degree of unease or skepticism even whether prices can be maintained.
In that context, neither has there been any noticeable pick up in real estate as the “wisest place to save” over very recent quarters, also polled in the same WMI survey, a very low 9.3% of consumers in last week's survey seeing real estate as a wise choice.
There is still a distinct preference to hold bank deposits and pay down debt rather than accumulate it.
However, I've observed that in the past what people say in attitudinal surveys and actual spending and saving behaviour don't always closely align.
It's worth keeping an eye on though.
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
Having said that I believe that...
Now is the time to take advantage of the opportunities the current property markets are offering.
Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.
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