Is it all about timing?
Investing in property is a complex game. There are lots of elements that need to work in sync – what’s happening in your personal finances, your life, your borrowing capacity, not to mention the property market. The timing has to be right to start your journey to building wealth through property investing, but is there a ‘perfect’ time to buy?
The right time was yesterday
A golden rule of property investing is that the right time was yesterday. We all wish that we had bought a nice house in Melbourne’s trendy inner north or a villa on the beaches of Sydney back in the 80s. But, most of us didn’t. So we look for the next wave of properties that are going to stand the best chance of growing significantly over time. Of course the nature of the property market in these areas means that the best time to buy was yesterday. The second best time? Today.
What does the property market say?
The property market generally runs in cycles of between seven to 10 years, seeing periods of growth, peak, correction, and value. In this time, the price of a property can double, so its useful to know what is happening in your area of choice. However, remember there is no such thing as ‘the’ property market – there are numerous housing markets varying across cities, suburbs, types of property, and price points. Even when the overall housing market is not showing exceptional growth, there is always a spot where it’s the right time to buy. It all depends on your financial goals and investment options, so it pays to get professional property investment advice when considering investing in any market.
Better now than never
Often, first time property investors want all of their ducks in a perfect row before they even think about investing. It’s certainly important to ensure you’re taking the right steps regarding your planning, your finances, and your property search. Outside of this, try not to get too caught up on the little things or wait for exactly the perfect moment before thinking about investing. The property market changes fast, and you don’t want to wait around too long and see the opportunity slip away. Find what you are comfortable with and go for it.
Start your research straight away
Even if you are a couple of years away from being in a position to buy, it doesn’t stop you from putting in the groundwork now and getting a head start on your research. Get to know the process of property investing, learn how to boost your savings for a deposit, and start getting in touch with experts who can advise you. You never know, you could be purchasing a property much sooner than you think.
Get property investment support
At Reventon, our team has 125 years of collective experience, so we understand how the property market works and what our clients need to do to build their wealth through property investment. Book a free consultation with one of the Reventon team to discuss your future goals, and when the right time is for you to invest in property.