House prices are falling. Confidence is edging up. Is it a good time to buy? | TawarRazaghi
Buyers agents say there are good buyer opportunities than the past two years.Advertisement
The ‘Time to buy a dwelling’ measure rose 2.9 per cent in the past month, but is still in pessimistic territory, where it has been for the last six months. At 80.5 points, it is down 39 per cent from its peak in November 2020. Its Home Buying Index rose 10 per cent in August after two previous months of declines, but remains 23.6 per cent lower year-on-year.Westpac senior economist Matthew Hassan said rapid interest rate rises have hampered buyers’ power in the market.
Buyer’s agents say buyers should not focus on timing the market, but instead buy the right home for them.In Sydney, which has led the downturn, senior buyer’s agent Paul Wilcox at Oasis Skeen said it was a good time to buy for homeowners who have finance approved, even if there are some further price falls on the cards.
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