With the first run of bumper auction weekend’s it was great to see good numbers of people at auctions and open for inspections.

A clearance rate of 76% was achieved but the break down of the numbers below tell the full story.

Scheduled Auctions
1836

Reported Auctions
931

Total Sold
711

Total Passed In
220

Clearance Rate
76%

As I have mentioned in previous weeks we have seen the bottom of the market come and go.

There is still the opportunity to buy well in this market but you need to know what to buy and where.

It’s not necessarily too late to buy when the property market has started to go back up.

However, timing is crucial. Considerations:
1. Rising prices: As the market recovers, prices may increase rapidly.
2. Competition: More buyers enter the market, making competition fiercer.
3. Interest rates: Rising interest rates can impact borrowing costs.
4. Rental yields: Higher prices may reduce rental yields.

Pros of buying now:
1. Growing equity: As prices rise, your property’s value increases.
2. Rental growth: Rising rents can offset higher purchase prices.
3. Limited supply: Buying now secures a property before prices rise further.
4. Long-term focus: Property investment is a long-term game; market fluctuations smooth out over time.

Cons of waiting:
1. Higher prices: Delaying purchase may mean paying more later.
2. Missed opportunities: Popular areas or properties may become unaffordable.
3. Rental increases: Renters may face higher rents as prices rise.

Strategies for buying in a rising market:
1. Research: Focus on areas with strong growth potential.
2. Budgeting: Plan for potential interest rate increases.
3. Negotiation: Seek value through clever negotiation.
4. Long-term perspective: Prioritize growth over short-term gains.

When to buy:
1. When you’re financially ready.
2. When you’ve found the right property.
3. When you’re prepared for potential interest rate changes.

Ultimately, it’s essential to:
1. Assess your financial readiness.
2. Set clear investment goals.
3. Consult with experts (e.g., financial advisors, independent property advisor).

Buying in a rising market requires careful consideration, but it can still be a savvy investment decision.