Hindsight is a beautiful thing. And yes, investing in Sydney ten years ago would have been a most profitable decision indeed. But funnily enough, that’s not what was being said at the time. Back then, the media and property experts were voicing the same conflicting opinions we hear today.
The lesson: the best time to buy or invest is right now.
For starters, it’s always the right time to buy your home. Buying a property to live in involves specific considerations such as lifestyle needs and wants, school zones, public transport etc, so holding off living the life you desire for you and your family in an attempt to outsmart the market is usually in vain.
In terms of investing, the beauty of the Sydney property market is its segmentation. At any given time, our city is at different points in its property cycle, so for investors, opportunities are always present. Sometimes it just takes the right guidance or an investment outside an area you’re familiar with.
The Inner West is a hot market for homebuyers as singles, couples, young families and even retirees are always seeking our eclectic lifestyle and excellent amenities. Savvy investors also know the Inner West property market is a safe choice for its high rental demand due to major universities, accessibility to the CBD and airport, superior public transport, lifestyle, and capital growth.
Currently we are experiencing an all-time low in properties available for sale. The effect is a resurgence in property prices since the slight dip last year. So should homebuyers wait till there are more properties on the market in the hope that prices stabilise? Probably not.
Almost 80% of our population resides in Sydney, Melbourne and Brisbane. The ABS reports new population growth is headed towards the same three cities. Despite external factors such as pre-election uncertainties and the lending rigidness that affected the performance of our market for the blink of an eye, our population continues to grow hence so does our demand for property.
And that’s not even going into current record-low in interest rates, loosening up in mortgage lending, and visa programs bringing Hong Kong millionaires into our market.
Ten years from now, past prophecies of the property bubble bursting will once again be laughable (with a sigh of regret). The resilience of our market has been tested many times before, and it has consistently over delivered. Don’t let fear drive your decision making.
Property investment or ownership is a long-term strategy, not a get-rich-quick scheme no matter what the property flipper ‘reality’ shows try to convince us. The timeframe in which you hold a property is just as important as purchasing the right property in the right location.
As a Buyers Agency devoted to the Inner West property market, let us help you secure your home or investment today with our lifelong local knowledge, over 12 years real estate experience, and close-knit industry networks.
Scout Property Buyers Agency
Shop 1/192 Enmore Road Enmore
9590 9269 | gaby@scoutproperty.com.au
