Is now the right time to buy property?
Find out what experts are saying about the property market.
An increasing number of Australian consumers think now is a good time to buy property, but experts aren't so sure.
In the November Finder RBA Cash Rate Survey just 17% of economists and property experts surveyed reported positive sentiment about housing affordability in Australia, compared to 59% of experts in April 2019.
Finder Insights Manager Graham Cooke said consumers are likely responding to the positive news they are seeing about house prices in Australia.
"Buying property is still considered 'safe as houses' in Australia, but it's taken with a grain of salt in many countries since the global financial crisis,” Mr Cooke said.
"We're seeing house prices now increasing fairly consistently, while other economic factors have not really improved.
"This shows that the surge in prices is likely due to cheaper borrowing from three RBA cuts of 2019, rather than an indication of an improving economy,” he said.
So, is it a good time to buy or not?
"Nobody knows what's around the corner, but the chances that this price boost is a dead-cat-bounce seems less and less likely as prices continue to recover," Mr Cooke said.
"First time buyers with a deposit saved may miss the good-value window if they don't get into the market soon.
"If we keep seeing prices increase as dramatically as they're doing now, the market will have fully recovered within a year," he said.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.