When is the best time to buy in Queensland?
When it comes to buying a house, we understand that not all homebuyers will be prepared at the same time. However, there are certain times or events that may come up in the real estate market that makes buying a home in Queensland incredibly advantageous. While it may never be the ‘right time’, there are some factors that make it the best time to buy a home.
Not sure when is the right time to enter the property market? Let us guide you to the ideal time. If you are considering or ready to purchase a house or property on the Gold Coast, here is when we would recommend you make your move.
When house prices are falling
One of the best times you can purchase a house is when properties values have decreased. Not only does this make it considerably more affordable, but if you settle and hold on tight, you’ll be able to make a profit once the price rises.
Although it may seem cheap now, when the property cycle kicks in, there is a good chance the property price will soar. This means not only will you most likely make an investment, but if timed well, you will be able to purchase it at a bargain price.
We recommend keeping a close look and following the market. There is no predicted time for house prices to fall. This can unexpectedly occur during the years but is commonly expected when the Australian economy takes a hit with a recession, economic threat etc.
At the moment, even during a recession where many Australian cities have seen house prices fall, our real estate market in South East Queensland has maintained steady.
Considering real estate on the Gold Coast is on average cheaper than other major cities across the country, this is not something many potential homebuyers should be concerned about.
When you are financially stable
Unarguably the best time to buy not just in the Gold Coast, but anywhere is to buy when you are financially stable. This means having a secure job and a decent and steady income.
It is vital to have a job that is secure as banks will investigate this when you go for a loan. Generally, you will only be lent money once a bank can deem you as a safe prospect. This can also impact your rate.
You should also have a steady amount of savings that can cover for a deposit and the expected additional charges that come with buying a home (i.e. stamp duty, transfer fee, inspections, etc.).
On top of this, infrastructure and spending initiatives introduced by the government can also help homeowners looking to buy. With financial aid from the government through grants, such as the Queensland government’s First Home Owners’ Grant, potential buyers may be able to fast track their timeline and buy a home sooner than later.
When the new year has or is about to start
If you are buying a home and have the luxury to wait, many people recommend waiting for the warmer months when the year has ended and the next is about to begin.
During this time, homeowners are more likely to come out of hibernation from winter and put properties up for sale. Not only will spring and summer allow their homes to be more presentable, but it will motivate to sell their home with the new year approaching.
By looking to buy in the November-January period, many vendors are more susceptible to lower offers then they would be earlier in the year due to their need to sell. With the new year close by and the new school year looming, many want to be out of their old home and settled in their new one by the beginning of the school year.
This is also true if their home has been on the market for a longer period. After a while, they will be more motivated to sell before the end of the year and will consider offers they wouldn’t have initially.
Are you ready to buy a home? Let Blench Property Group help! With experience in the Gold Coast market, we can help you determine the right time to buy.
BPG are your local real estate experts that specialise in selling residential homes, acreage and land sales in suburbs along the Northern End of the Gold Coast such as Ormeau, Ormeau Hills, Yatala, Pimpama, Coomera, Upper Coomera, Oxenford and surrounding suburbs.
For information on our listings, give Danielle a call on 0407 780 887 or call David on 0409 576 557.
