As an Real Estate Agent I am often asked that very question, A Consumer Sentiment Index produced by Westpac and the Melbourne Institute reference a ‘time to buy a dwelling index’, this index fell by 15.4% from 104.3 points in April 2010 to 88.2 points in May. Accepting that property values have increased by 12.5% over the year to March 2010 and standard variable interest rates have also increased from last September to their current level of 7.4% (by 1.6%), while it would be fair to assume many buyers may for now give up on their quest but remember the undersupply remains. The market adjusts very quickly as these statistics were gathered over a period of time but; the real market, that is the market now will be just statistics in time. One thing is for certain buyers currently have the ability to negotiate which wasn't there a few months ago. If the right property is there for the taking and you have the need, many would agree the time is right to buy.
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