Buy now or wait ?

M

MelbInvester

Hi all,

With this sellers market, advice to buy or wait for end of this year?

Areas where I'm looking

Burwood east
Box hill south
Blackburn south
Forest hill

MI
 
I reckon prices are stabilising. Two months before the agents had no time to return calls, the other day one agent called and said to put in an offer roughly 10 percent below asking price. Wait for winter, may be a better time to buy. Cheers
 
time to buy

The time to buy may be December. If the market has come back or slowed down you often have people who have purchased and are committed to sell.

In my experience Winter is not the best time to buy because you have less properties on the market but demand may still remain high.

The one unknown thing at present is political instability that can have an effect on the market
 
I think you've missed the boat for these areas. Long term they're excellent prospects, but these areas have increased 15%-20% in the last 12 months.
 
To the OP - scarily I also live around your area (now) and am or was looking at those suburbs.

I've decided to wait in my case, I had a budget of $700K-$800K and was targeting more Forest Hill, Blackburn South and oddly Wheelers Hill.

There was a property we looked at - 3 bedder right next to the FH Chase SC about 700m2 we thought it was worth $750K max, it went to a Chinese couple for $810K. That was in December 2013.

I've now shifted my focus to Bulleen/Lower Templestowe now and doing due dillegence (attending auctions) to get a feel for how much I'm comfortable with buying at.

Good luck!
 
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