- Posted By Rebecca Bell
- Are you looking to buy your own home and settle for a long period of time?
- Are you looking to buy something that you want to make improvements to in the hope to sell and buy bigger within the next few years?
- Are you looking for a cheap and cheerful investment property?
- Are you looking to secure an investment now that you may consider moving into later?
These are all scenarios we see on a daily basis and can help guide you on the best real estate journey for you however as this blog post promises we want to give you some considerations when you're deciding when is the best time to buy.
Traditionally in Broome we experience two busier times of year when people list their homes. Towards the end of the year ready for people relocating to start the new school year and March/ April in preparation for the tourism season. Yes the tourism season brings a hype of activity to Broome but perhaps it also brings strong competition for you to compete with? You may also be considering buying now just before the New Year but worried that better properties will be listed in March/ April? What we can suggest that if you find a property that suits what you're looking for now it's a lot better to secure it while you can rather than miss it and let it be the one that got away. Properties are priced realistically and they are selling. From the beginning of October we have had eight residential properties go under offer or sell.
It's also worthwhile considering that when there are less buyers, you may be lucky to secure a great deal. Why not consider a property investment strategy that's counter-cyclical to other people; you buy when they sell (at a good price), you sell when they're buying....
We are lucky in WA to have a strong economy which you would think would translate to more expensive home prices. The reality is that our prices are a lot more affordable than many parts of Australia particularly when we look back at the prices Broome has seen over the last 20 years. We have a growing economic future, great schools and industries why wouldn't you choose to invest here with the prices we have today.
Median house prices for Broome are $405,000 which really do represent a low risk environment to buy in. In contrast, every day we read about the Sydney property market booming where there are now no suburbs with a median house price under $500,000!! Unfortunately, this type of publicity tends to encourage first time investors to make misinformed decisions and buy into ‘booming’ property markets precisely at the wrong time in the property cycle. Making impulsive decisions to achieve a short term gain is one of the key reasons why many first time investors never go onto to build a property portfolio.
If you would like to talk with an experienced Property Consultant at First National Broome to map your property investment strategy click here to get in touch.
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