“When is the right time to buy a home?” Ask home owners that question or scour the internet for an answer and you’ll probably be met with countless opinions and (usually unhelpful) tips. This is because buying a home isn’t a static journey. It’s different for everyone!

Let’s explore why finding ‘the right time’ to buy depends more on your circumstances than what the market is doing.

Downturns and market lifts

If you’re ready to become a first home buyer or are looking to upgrade to a bigger property, you’ve likely been following the market over the past 12 months or more. That means you’ve witnessed a remarkable surge of housing prices followed by cooling market conditions and a steady plateau. In recent months, we’ve started to see an upswing again, but it’s important to remember that market conditions can and will continue to fluctuate.

That’s one clear reason why it’s more important that you are ready to buy rather than waiting for a dip in housing prices. So instead of monitoring the ups and downs of property prices, instead take the time to prepare yourself for home ownership:

  • Are you close to your savings goal for a deposit?
  • Have you selected your top suburbs to buy in?
  • Do you know what government grants you may be entitled to?

Working to your own schedule

If you’re looking to upsize to another home, you’ll likely be ‘restricted’ by what you do with your current home. If you have the capital to put down a deposit on another home as soon as you find the perfect property, then there won’t be any issues with timing. However, if like most Aussies you’ll need to sell your current home first in order to buy your next property, that may have an impact on when – and sometimes what – you end up buying.

Setting a realistic target price is crucial when selling your house. Research the median price and last transacted price around your suburb will paint a great picture on how much potential buyers willing to pay for your property. 

That being said, if you’re happy in your current suburb then you might like to take your time and wait for that spectacular property down the road to go on the market. Alternatively, if you find that a master-planned community is being built in an area where there are lots of modern amenities, good public transport as well as a friendly neighbourhood filled with like-minded locals, then it could make your decision easier about when to buy.

Most Government Grants Aren’t Time-Sensitive

If you’re a first home buyer, in particular, you may be eligible for one of several government  grants – especially if you decide to build a home or buy your first property brand new, such as in a master-planned community.

Every state and territory has its own version of the First Home Owner Grant, and you could be eligible for tens of thousands of dollars to put towards your first home.

The First Home Saver Super scheme is another avenue that helps first-time buyers save for the home of their dreams. The FHHS works by lowering the tax you need to pay on your additional savings, so you’ll be able to save extra money for your first home by making voluntary contributions into your super fund. Best of all, you can apply to have a maximum of $15,000 from any financial year put towards your first home, and up to $30,000 if you’re a couple.

Finally, it depends on which state you’re looking to buy in, but you’ll want to keep an eye on any stamp duty concessions. In Victoria, for example, new changes to the stamp duty concessions mean you will only pay stamp duty on the land the property is sitting on for any off-the-plan purchases.

Look further afield: You don’t have to buy an established home

Everyone dreams of owning their ‘perfect’ home. The one that’s designed exactly how you pictured it, in a fantastic community of like-minded people, close to public transport and essential amenities – and that’s just the beginning!

The problem is that many first-time buyers think this is impossible – at least for their starter home. But it’s actually well within your grasp. Rather than looking at an established home that has already been lived in and may require some serious upkeep immediately, a master-planned community hands the control over to you.

Could now be the right time for you to buy or build a new home in a development? Take a look at our variety of master-planned communities around Australia: Harmony on the Sunshine Coast, Brentwood Forest near Brisbane, The Rathbone in Sydney’s Surry Hills, Waterford in the Hunter Region, Savana in Wyndham Vale, and both Hillstowe and Bloomdale in Victoria.

Remember, the right time to buy depends on you – not the market.

 

At AVID, we create places where people love to belong. To find out more about our developments around the country and how you can invest in the home of your dreams, contact us today.