accepted offer on PPOR now what

[Emo21]

We have just accepted a offer on our PPOR and the plan was to purchase another in the suburb we wanted but...

the suburbs we are looking at are very overheated at the moment, we dont want to jump in and buy a property thats over priced and have that little niggle in the back of the head which is saying prices may drop a little in the near future.
we are in perth and looking at samson/kardinya/hamilton hill area. most of the houses we have looked at have some issue or two and all will require a major reno job to get them up to the standard we want(70k -100K)
I dont want to over capitalize as this will be just another stepping stone house(4-5yrs max).
we have a 3 month settlement and am wondering if this will be long enough to see the market settle a bit. our thoughts are to hang on and keep looking to see if anything pops up where we will put in low ball offers to secure the property and if need be rent. But then if the market increases.

Any thoughts on the perth market or this strategy

 

[HD_ACE]

Maybe rent for a while until you find something of good value?

 

[beachgurl]

I'm in Sydney and the same is happening here. We've just gone unconditional on our PPR and are moving to a rental for a little while. Once the hype dies down a bit and people forget about the hotspot recommendations for the year we'll get back out there.

 

[westminster]

I don't really see the Perth market cooling off in the next 3mths so I don't think low ball offers will be accepted.

The good thing is that the heated market would have increased your PPOR value that you just sold so buying another property in the same market is kind of apples to apples.

I hope you find something that you like in your price bracket

 

[Propertunity]

I'm in Sydney and the same is happening here. We've just gone unconditional on our PPR and are moving to a rental for a little while. Once the hype dies down a bit and people forget about the hotspot recommendations for the year we'll get back out there.

This strategy of course presumes that the current rising market is at its peak and about to come back down again. You'd better hope that you're right, otherwise you risk paying a lot more, (or being priced out) if we are indeed at just the beginning of a sustained growth period.

 

[Emo21]

yes its a hard choice but with a careful eye on the market and persistence i am hopeful of a reasonably price house in the area we are looking. its just a matter of trawling through whats out there.

Time will tell.