How much riper would you like your apples?!
A good friend has been looking to invest by buying a Brisbane property, but tells me his bank manager last week helped him change his mind. “He asked me if I really thought it was a good time to be buying. He didn’t seem sure that it was.”
So is it a good time to buy? We’d love to have your comments and some alternate views on these thoughts:
* Prices are generally flat and in some pockets even down a little. RP Data today reports that Brisbane’s median house price dropped 3.7% in the year to January.
* Incomes are solid and people are generally happy with their job security. Employment’s often referred to as a leading indicator of the property market.
* There’s very few forced property sales happening and it’s hard to see why prices would drop any further without employment problems.
* Interest rates are still historically low and don’t look like rising for some time yet.
* There’s a good choice of properties on the market and minimal competition from other buyers.
* Many of the places on the market are priced well. (Many sellers have worked out that if they’re buying again in the same market this can actually be a good time to move.)
* Economists says our debt levels are dropping. Many of us can afford to buy.
We’re not sure what needs to be added to this list! We understand we all like to follow a crowd when we make decisions and especially big ones like property purchases. But it’s hard to see how the timing could be better to buy Brisbane real estate.