Michael McNamara, general manager at Australian Property Monitors (a wholly owned subsidiary of Fairfax), says that with the property market likely to suffer softness in quite a few areas in Melbourne over the next few years - particularly in the south-east and the north - "first-home owners need not be impatient".
"There will be opportunities," Mr McNamara says. "There is more and more unsold inventory, more stock on the market and there seems to be fewer buyers. So, more than likely, first-home buyers are going to be in the position over the next few years where they are spoilt for choice."
He says this means first-home buyers should, over the next few years, be in a stronger negotiating position when buying and have the luxury of time to pick and choose properties. "Which is quite different than the environment they've experienced say, over the past year, where property prices increased by over 25%," he says. "So if first-home buyers really do their homework, they will find that in the market there is a fair swag of distress sales that will allow them to pick up a bargain that ticks all the boxes."
Sydney Morning Herald 17/5/2008
Ah! No need to hurry you Melbourne buyers, you will all be 'spoilt for choice' over the next few years. No wonder the general public is confused with advice like this.
"There will be opportunities," Mr McNamara says. "There is more and more unsold inventory, more stock on the market and there seems to be fewer buyers. So, more than likely, first-home buyers are going to be in the position over the next few years where they are spoilt for choice."
He says this means first-home buyers should, over the next few years, be in a stronger negotiating position when buying and have the luxury of time to pick and choose properties. "Which is quite different than the environment they've experienced say, over the past year, where property prices increased by over 25%," he says. "So if first-home buyers really do their homework, they will find that in the market there is a fair swag of distress sales that will allow them to pick up a bargain that ticks all the boxes."
Sydney Morning Herald 17/5/2008
Ah! No need to hurry you Melbourne buyers, you will all be 'spoilt for choice' over the next few years. No wonder the general public is confused with advice like this.