Factors to consider to know if it’s the best time to buy a property or not

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First time buyers and investors may not know the exact time when it’s best to buy a property. The best time often occurs when you plan, research and prepare well and you’re in the right place at the right time.

However, there are some important factors a buyer needs to consider to find out if it’s the right time to purchase a property or not.

Before you buy, you have to ask yourself if you are disciplined and ready enough to take a long term commitment associated with a loan, if you are ready to stay in one place for a long period of time and if the property meets your lifestyle and personal needs.

Be sure you can make a budget work and make some spending sacrifices to meet your mortgage payments. You also have to be sure that you can see a future and be part of the local community. The home should meet your property needs and aspirations as well.

The next question to ask yourself is if you have already prepared a budget, if you can afford to borrow money and if you have saved enough deposit.

Find out how much you can afford based on your monthly expenses and after tax income. Your borrowing power and purchasing power can tell you which properties are within your price range.

Make sure you do not over-borrow just because finance is cheap.

Don’t forget that rates can go up and remember that a good sized deposit will reduce your borrowing requirements and servicing commitments and we recommend that you provide for a financial buffer (ie. Funds in an offset or other such reserves), in case things go wrong.

You should also consider seasonal factors. Spring and summer tend to have more stock on the market so prices may soften in a more normal property environment. Autumn and winter, on the other hand, may have fewer sellers but also fewer buyers.

Property prices also move in cycles and it’s good to buy at the bottom of the market right before prices increase. However, it can be very difficult to predict. Observe how property prices move by talking to a local agent or accessing free online property reports for advice and guidance.

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Lastly, you should look at the performance of the streets and suburbs you are interested in to find out if it follows the national or state trend. Research and follow sales results to find out if it’s the best time to buy a property.

What can you do?

If you would like to know more about property investment, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.

Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.

Click here to schedule a chat or call any of our local offices near you.

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Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.


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