You’re too late, you’ve missed it

BY CHRIS GRAY, CEO, YOUR EMPIRE

For those that have been reading my Century 21 articles or following me on social media for the last year, I make no apology – you’ve been given plenty of warning, but you’ve missed it, and you can’t get it back.

What’s that you say? The bottom of the property market.

CoreLogic have just released their results for April 2023 and the Sydney market has risen for 3 months in a row and it’s up 3% for the quarter. Many of the other capitals have risen in the past month too.

For those that were trying to bottom the market, it certainly looks as if you’ve missed that point in time that you were so eagerly waiting for.

If you are now ready to start looking, chances are that it will still take you a few more months to find and negotiate that right property and with no doubt more other buyers keen to start looking, there’s probably going to be more competition at auction. There’s a very good chance that you could be paying 5 – 10% more than you would have if you bought 6 to 12 months ago.

Sure, interest rates did rise again this month with the RBA moving things upwards 0.25% and there may be the odd rise still to come. However, there’s much more talk about some fixed rates dropping and commentary about variable rates dropping over the next few years in line with inflation.

Another positive to come into the equation for those that want to see prices rising, is the discussion about the upcoming high immigration numbers with more and more people choosing to live in our beautiful country. All those people need somewhere to live and many will flock to our major capital cities to undertake education or to get employment.

All this positive chatter affects consumer sentiment and it’s that positive sentiment that pushes property prices higher rather than the logical facts and figures or cash flow numbers. If people want something badly enough, they’ll find a way to buy it.

All is not lost though; this is simply the start of the next long-term cycle and upswing. Sure, if you bought a while ago it would have been cheaper than buying tomorrow, but when you look back in 5 – 10 years’ time, you should be sitting on a pretty healthy profit.

Whilst I am a believer of time is of the essence and the sooner you get in the better, you still need to ensure that you buy the right property, no matter whether you’re looking for a home, holiday home or investment.

Not all properties would have risen over the last few months, and some may continue to fall for some time due to their oversupply and lack of demand. In my 10+ years hosting Your Property Empire on Sky News Business alongside C21 Chairman, Charles Tarbey, I interviewed hundreds of experts on what they believed would rise by more than others. Many of those findings are in my book ‘The Effortless Empire’ and so if you’re ready to take some action feel free to download a copy of the book or the audio from www.YourEmpire.com.au. There’s no cost to download.

No one can be certain what’s in store for our various property markets, but 3 months growth is a good sign that it’s likely to go up in the future rather than down. So please take note and remember, most people’s regret in life is not buying more property sooner.

About The Contributor

Chris Gray is CEO of Your Empire, a buyers’ agency that buys homes and investments for time-poor professionals – searching, negotiating, renovating and managing property on their behalf. Chris has spent over 10 years as the host of ‘Your Property Empire’ on Sky News Business channel, where he’s interviewed various heads of property research companies and major industry figures. Chris is a qualified accountant, buyers’ agent and mortgage broker. For more information, visit www.yourempire.com.au and follow Chris on Facebook: @ChrisGraySydney