Right time to buy PPOR Inner West

[free_dom]

Hello all.

Looking at buying a PPOR house in the inner west of Sydney either at the end of this year or next year. Worried that I would be buying in a market that is getting close to it's peak and paying to much. idea would be to live there for about 7 or so years and maybe upgrade. Or wait for the market to flattern out or decline and then buy.

Cheers.

 

[Spades]

Hi free dom,

What suburb/s are you considering?Budget?

 

[Propertunity]

Looking at buying a PPOR house in the inner west of Sydney either at the end of this year or next year. Worried that I would be buying in a market that is getting close to it's peak and paying to much.

That's the problem with trying to "time" the market. You will never buy anything on that basis. For example, hypothetically if the market had been flat for say 6 years and there was 10% CG just now, you would be buying at the peak, yes? Would you buy then or be worried the market was just having a statistical spike?

...idea would be to live there for about 7 or so years and maybe upgrade.

Even if you are buying at a peak now (and I don't think you would be, but hey what would I know?), then in 7 years you could reasonably expect another full RE cycle to have come and gone, based on history. I'd expect you to be in a good position.

Or wait for the market to flattern out or decline and then buy.

....and if the market does not flat line and goes up another 20% before falling back 5%, then what is your plan?

Here's a post I made back in 2009: http://somersoft.com/forums/showpost.php?p=617815&postcount=27

....and another here: http://somersoft.com/forums/showpost.php?p=546445&postcount=14

Looks like I was all fired up back then, but 5 years on it looks like it was the right advice ......yikes!

 

[free_dom]

Good ideas there propertunity. I think when buying a ppor its more about buying what you like emotionally and paying a fair and reasonable price for it. Guess its just daunting paying that kind of money money for property.