Is there an ideal time to buy a property in Australia?

Timing is everything when it comes to purchasing a house, according to a recent article in the View.

“With interest rates tipped for and house prices cooling, you may be wondering whether you should buy now, or whether you’re better off waiting a bit longer. Bear in mind that your time in the market can have a big impact on your financial situation.

Waiting for the perfect time when values have dropped and interest rates are low could mean missing out on the best property for you.

Trying to time the market is inevitably a challenge you will lose, while time in the market is far more important than trying to time the market, advises mortgage broker Adele Andrews of Australian Property Home Loans.

Age, savings and life stage come into play, while lenders have varying policies to suit varying circumstances, according to Ms Andrews.

“Savings is very important, affordability in your budget is also just as important,” said Ms Andrews

“Savings, income, credit history and level of dent are all important considerations.”

There’s not such a thing as purchasing at the wrong time to buy, she says

“If you have worked with the right adviser who has gone through the scenarios comprehensively with you, that you understand the repayments and financial impact, then time in the market with inevitably pay off.

“The only wrong time is when you can’t afford it – but again, the right mortgage broker will guide you through that and hopefully prevent you from jumping in before you’re financially ready,” she said.”

Read the full article here from the view.com.au.