In her latest 'Inside Story', Toop & Toop Real Estate General Manager Mandy Wurth looks at the real estate market and answers the oft-asked question: "When is the best time to buy real estate?"
"After 26 years in the business we’ve seen property prices fluctuate in what’s known as the 7 year cycle of real estate," Mandy says. "We see the market peak, then it slows to a flat period and peaks again.
"We’ve certainly entered a reasonable time in South Australia, with Adelaide the most affordable mainland capital city to live in."
The latest RP Data Real Estate Market Update reported the market has been fairly flat since May last year and has weakened even further in recent months where, “during the last quarter property values across the combined capital cities have fallen by 1.3%”.
"This is good news for those of you looking to acquire property as we are now in a ‘buyer’s market’," Mandy says. "RP Data’s statistics show last month in South Australia there were 4,460 new advertised listings. This is quite an increase compared to the 3,244 new listings advertised at the same time last year. With so much choice around this means there may need to be some adjusting in a vendor’s expected selling price when they’re looking to move on."
Buyers are also in luck with numerous beautiful properties coming on to the market in the past week. Homes available range from affordable stylish apartments in the heart of the city all the way through to million dollar mansions in South Australia’s most prestigious suburbs.
"Another key indicator of the flat lining market is some of the people we have spotted at our open inspections in the past couple of weeks." Mandy says. "This market brings out the players in the property game. From our experience these savvy buyers only look at real estate when the market has nearly bottomed out. And when they lead the rest do follow."
Mandy Wurth, General Manager, Toop & Toop
P: 08 8362 8888