Any time could be the worst time for you to buy a property or the best time to buy.
There is no ‘right time’ to be a part of the market when purchasing or selling a property. When it comes to deciding the right time to buy or sell, at the end of the day, it’s your situation as much as external factors that influence the best course of action to take.
However, some factors can significantly raise the risks involved in purchasing or selling a property, whether they are residential or commercial property.
The most notable of which at present is the current interest rate. Central banks worldwide, including Australia, cut interest rates to support economies during the pandemic, allowing buyers to borrow more and pushing higher property prices.
As economies recover, interest rates are going up rapidly now, and property prices have started going down.
In every cycle, there are times when property values remain static for a while and other times when they fall. It does not matter if you spent $400,000 or $1.5 million, if there is no growth, there is no wealth creation.
So to minimise your risks, only buy in areas with multiple growth drivers – economic growth, jobs growth, wage growth, increasing populations, etc.
If you are interested to find out how to build wealth with your super, book a free 15 min appointment with us today here.