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Is it too soon or too late in buying a property in Canberra?

By MangaGal 19 April 2010 23

I have started thinking about getting a property in Canberra, preferably a freestanding house. Is it too soon or too late?

Recently I realised the housing prices have gone up so much in the last few years. I’m worried it will continue to rise. If this is true, then will it be better to buy now?

Will the prices come down in the future (say after 5 yrs?)?

Recently I noticed the prices in Queanbeyan have gone up too. Am I imagining it?

My other option is to get a piece of land first and then save up for a house later. But I heard I have only 12 months to buy the house. Am I right?

My friend also recommended that I get a 1-bdr unit/apartment outside of Canberra and after 2 yrs or so, I can use it to refinance for a house in Canberra. Is this do-able when the prices have increased over the years?

I’m also looking into investment property too.

There’s still so much to research. Thought I’ll put it out here and would love to hear what you guys think.

What’s Your opinion?

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23 Responses to
Is it too soon or too late in buying a property in Canberra?
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Hank 12:25 pm 20 Apr 10

Get in now; Higgins and Holt are still great buys in my opinion.

realityskin 9:13 pm 19 Apr 10

prhhcd said :

Pottsy is still with Independent. Hasn’t seen the light yet…

Only cuz is making a squillion.

2604 8:30 pm 19 Apr 10

Clown Killer said :

It also helps to consider what other asset classes will be doing in periods when housing is stagnant of heading backwards. There’s not too many times when a fall in housing prices isn’t matched by falls in equities or other investments – so then it’s about focussing on whether or not real estate is losing value quicker than say equities.

IMO it’s all about what interest rates are doing. House prices stagnate when interest rates have peaked and are on their way down.

When interest rates are high but haven’t peaked, cash is the best investment. Avoid equities at this time as their value will either be on the cusp of collapsing or will have collapsed. Ditto houses as this is when they tend to be at their most expensive.

When interest rates have peaked and are coming down from their high, bonds are the best investment, until interest rates are low again (RBA rate below ~5%) when equities become the best investment. But this is also a good time to purchase property as buyers have mostly been scared off by the high interest rates and the share-market fall.

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