One of the most important principle to remember when investing in property, is to take a long term view of at least 5 years.
When to buy is far less important than actually buying, a common situation where investors procrastinate for the market to fall in order to find a bargain. During a soft market, some investors are inclined to wait for prices to fall further and when prices start to rise, they think that they should have bought earlier, all the time missing opportunities to enter the market.
If you are a first home buyer as opposed to an investor, buying your first home takes away a significant amount of risk over an investor because regardless of what happens, your main intention is to live in the property as opposed to the objective of getting rental income or speculating on capital growth. If you buy well as a first home owner, not only will you have your own property to live in, you will also be exposed to future capital growth and begin your wealth generation process.
History shows that property prices have doubled on average every 7 to 10 years over the last 50 years. Taking this past trend into account and the impossible task of knowing when prices are at their lowest point, it is best to say that “Now is the right time to buy”.