A buyers agent's opinion: Should I Buy a House Now? Is It the Right Time to Buy?

Should I buy now? Should I wait for rates to drop further?

It’s an age-old question I hear time and time again: Should I buy now or wait for rates to drop further?

Unfortunately, none of us have a crystal ball, so we can’t predict the future. But there is one clear and obvious answer to this question — and it depends on your circumstances.

When my clients are looking to buy a home or invest in the in Ocean Shores real estate market, or are considering purchasing their dream property in Byron Bay, I always take the time to plan and create tailored strategies. We go over their property wish list in detail to ensure it aligns with their short and long-term needs. Understanding their motivations helps me move quickly when the right property becomes available and identify opportunities that might otherwise be missed. This personalised approach is key to securing the best property in a competitive market.

Some of the questions I ask include:

• Are you buying a home to live in, or is it an investment?

• Do you see yourself living in this property for the next 5-10 years?

• What are your long-term financial goals?

  
  

With clear goals in mind, I can identify properties faster and negotiate with confidence on behalf of my clients.

Regional Opportunities Are Worth Exploring

Here in the Northern Rivers, I see fantastic regional opportunities. Unlike the 2020-2021 boom, today’s property prices offer greater value for money. I’m still seeing homes where the combined cost of the land and infrastructure is less than what it would cost to build today.

Byron Bay remains a property hotspot, with demand still strong and properties transacting at good prices. In fact, a recent record-breaking sale occurred on Belongil Beach. However, neighbouring towns like Ocean Shores and Mullumbimby offer more affordable alternatives with a vibrant community feel.

I recently came across a property in Mullumbimby — a flood-affected home that was bought, renovated, and then sold for $500,000 more than the purchase price. It’s a great example of how a strategic cosmetic renovation can generate significant returns.

This was a great sales result for Mullumbimby - The home sold for $1,140,000 by Tezu Harrison at Mcgrath Real Estate in Byron Bay, in just 36 Days. It last sold in 2024 for just $620,000 and an uplift of $520,000 see more by clicking here: 54 Main Arm Road

54 Main Arm Road, recently sold in Mullumbimby for $1,140,000

Brunswick Heads has also seen slight cooling, but with properties tightly held and demand still outweighing supply, the market remains resilient. Prices here tend to stay consistent, reflecting the area’s enduring appeal.

If you’re considering buying property in Ocean Shores or the surrounding areas, I often have access to off-market opportunities that could perfectly suit your needs.

Property Prices Have Rebounded

Up until the February cash rate cut, Australia’s property market showed clear signs of cooling. Over the past few years, property prices across the nation surged. Between March 2020 and January 2024, housing values increased 33.9% — or around $239,000 — while units rose 11.2% (about $65,235).

However, by the end of last year, growth slowed, and five of the eight capital cities recorded a decline in values. In October, property prices peaked, followed by a slight 0.1% drop in December.

But February brought a turnaround. National home values increased by 0.3%, breaking the three-month downturn. Every capital city except Darwin saw values rise, with Melbourne and Hobart leading the way. If prices continue their upward trajectory, fast-tracking your property purchase could be a smart move to avoid paying more later.

Interest Rate Cuts: A Welcome Relief

Millions of borrowers with variable home loans have recently experienced some relief as the Reserve Bank of Australia (RBA) reduced the cash rate. For those with a $600,000 mortgage and 25 years remaining, this has meant a drop of around $92 in their monthly repayments. With this change, many prospective buyers are asking the question: Is now a good time to buy property?

The recent cash rate cut by the RBA has eased some financial pressure, giving borrowers a bit more breathing room. While lenders are responding with competitive offers, this could present an opportunity for buyers to secure favourable loan terms.

Governor Michele Bullock acknowledged the effectiveness of higher interest rates in curbing inflation. However, with inflation easing over the past three quarters, the RBA’s decision to reduce rates signals confidence in the economy’s stability.

That said, interest rates remain unpredictable. While today’s lower rates are beneficial, future changes are always a possibility. Locking in a favourable loan now may offer more certainty in your financial planning.

Making Your Move with Confidence

If you’re thinking about buying a home, having a clear strategy is essential. Partnering with a buyer’s agent can help you navigate the market, negotiate effectively, and secure the best possible property within your budget.

Not sure how much you can borrow? Consider getting pre-approved for your home loan to position yourself as a serious buyer. Pre-approval also gives you confidence when making offers, especially in competitive markets.

And if you’re already a homeowner, it’s worth exploring refinancing options. With lenders offering competitive rates, you might find significant savings.

Talk to us if you need a referral to a broker and visit our website MacKenzie-George Buyers Agents to see why having Felicity

working for you as your Buyers Agent can help save you stress, time and money.

Final Thoughts

Interest rate cuts, rebounding property values, and improved buyer sentiment are all indicators that now could be a great time to buy a home. Whether you’re a first-time buyer, an upsizer, or an investor, assessing your goals and financial readiness is key.

Ready to explore your options? Fill in your property wish list here

Dream Home Wish List and let’s discuss your property goals so you can take the next step with confidence.

54 Main Arm Road, recently sold in Mullumbimby for $1,140,000 54 Main Arm Road

Sources: CoreLogic RP Data, Australian Bureau of Statistics, Reserve Bank of Australia, Realestate.com.au