A few years ago, the then ANZ Chairman Sir John Key recently shared his view that the NZ housing boom is coming to an end. He cited many reasons for this, all of which are sensible. He said that the “rapid rise in house prices is not sustainable and it can’t and will not continue”. We all agreed on that! He further said “I don’t know that we’ll see a tremendously big correction. But I think the boom run’s over.” He was right – the boom is no longer.
Concern about what the property market will do is understandable. It’s something that both sellers and buyers worry about at any time.
There have always been fluctuations and periods of stagnations in the property market. And if you’re looking to flip properties quickly, then timing is everything. But if you’re looking for a long-term investment or simply to get your own home, the best time to buy is yesterday.
Over time property has always appreciated, and there is nothing happening today to suggest this won’t continue to be the case in the long run. Give it time. There is a saying in the industry “timing in the market is less important than time in the market”. Meaning it’s more about how long you own property for, rather than the state of the market when you bought the property.
Yes, you may buy a home, then find you could have got a similar property for cheaper if you had waited. Or you might wait to buy a home only to find the market doesn’t do as expected and prices go up.
Economists can’t tell the future. They can only guess.
A good thought experiment is to imagine how you would feel if you ended up buying a home you could have bought cheaper if you’d waited. Alternatively how you would feel if you waited and missed out on getting into your own home at all. The question is, are you ready to buy?
OCR has come down, interest rates are going down and some banks are offering really good deals. Then there is another hoop to jump through and the banks are taking longer to review and approve loan applications. That could be an issue if you have found your home and need to act fast and get a result fast. A mortgage broker will navigate the process and help you to get that loan application submitted quickly.
Platinum Mortgages has a great track record of successful outcomes for our clients, get in touch today to discuss your situation and to discover how we can help, and whether the timing is good for you to buy now or not.
Angela is an accredited Financial Adviser, licensed under FSP742251 and has been in the Financial Industry since 2006. Our 5-star Google reviews reflect the excellent customer experience we promise — making your home loan journey positive, stress-free, and rewarding. At Platinum Mortgages, our clients are the reason we exist — so you can be confident every step is guided by genuine care and expertise.
