Author: REIWA President Hayden Groves – Property market commentary is almost always focused on the numbers but unless you are a significant property investor, many of these statistical observations may not be that helpful to the “mum & dad” buyer trying to read the market.
When buying the family home, as long as you buy and sell almost simultaneously under similar market conditions, then the state of the market is almost irrelevant.
In fact, upgrading your home in a slow or falling market is beneficial because if you assume a property market has fallen say 10 per cent, your $550,000 home might only fetch $500,000, yet your new home previously worth $770,000 now sells for 10 per cent less at $700,000; a $20,000 benefit.