Why 2013 Could Be a Good Time to Buy Sydney Property

by Greg on April 3, 2013

Sydney property

The past years have not been kind to the Sydney housing market. You do not need to be an expert to realise that the real estate sector has suffered – and it’s not just Sydney, but the rest of the country as well. Truth be told, Sydney in particular is one of the most – if not THE most – unaffordable housing market in the English-speaking world, but putting that aside, things might be looking up for prospective buyers in this city. In particular, this year may actually be a good time to start looking around to invest in Sydney real estate. Let’s look at the compelling reasons why 2013 looks like a good time to buy.

Interest rates are at a low

The chances are that you will be looking at a mortgage to purchase a property. The good news is that interest rates are at their lowest in 25 years. Whether you’re looking at variable interest or fixed interest mortgages, you are likely to find the most attractive offers from banks and financiers this year. You can also enjoy the best of both worlds by splitting your mortgage between variable and fixed interest rates.

The real estate sector could be starting to recover

This is the point where we need to remember the old principle of buying low and selling high. Understandably, you do not want to buy too early in the game, only to sit on something you bought for cheap forever. But you don’t want to buy too late either, when prices start going higher. Some analysts are thinking that the Sydney housing market is past the point where prices have hit rock bottom. They say we’re a little bit past that point, so prices are actually starting to go up. Even though predictions lean toward the idea that prices will not skyrocket yet, they could steadily go up in the next years.

No time pressure – for now

“Steadily go up” – that brings us to this last point: buyers do not need to scramble about to make sure they make a purchase immediately. Having little or no time when making a purchase is probably the biggest reason for having to pay more than what you want to, and when it comes to the real estate market, you really do not want to be rushed into things. The recovery of Sydney housing market may not be a drastic one, at least with regard to prices. That means that buyers can take their time to go through their options. They can negotiate, and make sure they end up with the best possible choice they want. So while the Sydney housing market may not be 100% recovered, it does not mean that buyers should sit idle. It’s actually the time for you to take action and start looking around! You might feel understandably pessimistic about the real estate sector, but in 2013 things could change for the better.

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Teresa Martinez

Teresa is editor at the real estate and DIY blog Zerovalue and also blogs on green living and living an eco-friendly lifestyle at Yurto.com

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