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It’s no secret that property prices in Albany have been on the decline since the peak of the market in 2008. Many people I speak to have noticed this downwards trend in price and have been holding off with their plans to purchase a property until the market has reached its lowest point. This is understandable as no-one likes the thought of paying “too much” for a property.
What people have to realise is that very few can pick when it’s the bottom of the market at the time it occurs. This is because no-one has a crystal ball and can know for any certainty what the market will do too far in advance. Generally speaking, sales evidence in Albany over the last 12 months suggests that property prices have started to level off. However, it can only be confirmed that we are seeing property prices at their lowest AFTER they start to rise again, where one can look back they can see that people are paying more for similar properties than they did previously.
If you consider the positives, there are many really good reasons to buy in Albany at the moment. Interest rates are still relatively very low, there are great incentives available for first home buyers, there are a lot of properties on the market for sale and many very motivated sellers who are keen to receive offers from buyers, to name a few. Also, traditionally buyer activity increases over the summer months in the region so that property you have had your eye on may get snapped up before you know it at any time now.
If you are in a position to buy a property but have been sitting on the fence over recent months rather than doing something about it, my advice is to bite the bullet and get on with your plans before you are one of those who I catch saying “if only I had bought that property back then”. Yes, on one hand, you could hold off purchasing now and MAY save an extra few dollars if the market values fall a little more (although there is no guarantee the property you want is still available later on). But on the other hand you could make an offer on something you like now, possibly have a little ‘win’ with the price, and then start enjoying the benefits of an increase in capital growth when prices do rise again.
And if you are someone who has to sell a property to purchase your next, please remember that the values are always relative as long as you buy and sell in the same market. In this case, wouldn’t you prefer to buy when there is lots of choice available (like right now!), rather than the opposite scenario?