If you’re thinking about buying a property this winter then be brave and don’t let the herd mentality hold you back, says the boss of one of the country’s leading real estate agencies, warning investors that they’ll only look back on this year with regret if they fail to take action.
These are the thoughts of McGrath chief executive John McGrath, who has stated that “this is exactly the type of market they will look back on and say ‘I wish I’d bought in 2012’”.
Writing in his Market Review – Winter 2012, McGrath has claimed that, while following the crowd gives people a much needed sense of security in this time of economic volatility, “the best time to buy is when others aren’t”.
“Overall, the market is not in a bad state but people continue to wait for positive signs. This has been a protracted and agonising period of uncertainty. The constant flow of good and bad news both at home and overseas continues to undermine confidence. Once we see some positive and sustained economic change overseas, I believe our property market will begin a long and slowish recovery over a three to five year timeframe,” wrote McGrath.
“The flipside to a market downturn is the exceptional opportunity it presents to buyers. Affordability has grown significantly with the recently released HIA-Commonwealth Bank Affordability Index showing an improvement across the capital cities for the fifth consecutive quarter in March.”