{"id":39244,"date":"2022-06-24T10:08:39","date_gmt":"2022-06-23T22:08:39","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39244"},"modified":"2022-06-24T10:08:39","modified_gmt":"2022-06-23T22:08:39","slug":"buyers-beware-some-property-buyers-are-holding-off-in-the-hope-of-a-better-deal","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/buyers-beware-some-property-buyers-are-holding-off-in-the-hope-of-a-better-deal\/","title":{"rendered":"BUYERS BEWARE: Some property buyers are holding off in the hope of a better deal"},"content":{"rendered":"

PHOTO: Australian property buyers are hoping for prices to keep falling. FILE<\/strong><\/p>\n

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Some property buyers<\/a> are holding off in the hope of a better deal, but experts warn that trying to pick the bottom of the market has risks.<\/p>\n

Once-booming property prices have started to fall as rising interest rates reduce the amount home buyers can borrow, and major economists are forecasting double-digit drops.<\/p>\n

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Some potential property purchasers are passing opportunities by.<\/span>CREDIT: <\/span>STEPHEN MCKENZIE<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

But buyers are likely to enjoy less choice as prices drop because home owners who don\u2019t need to sell urgently might hold on to their properties until the market recovers.<\/p>\n

Jack Henderson, director of buyers advocacy Henderson, is seeing a lot of buyers in this market waiting in the hope they\u2019ll be able to buy later for a cheaper price.<\/p>\n<\/div>\n

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\u201cThe biggest thing is overpaying for a property,\u201d he said.<\/p>\n

\u201cThey think, \u2018If I buy a property today, if this exact property popped up in 12 months time, would I be able to buy it cheaper?\u2019\u201d<\/p>\n

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As buyers hold back, some auctioneers are left hanging.<\/span>CREDIT: <\/span>JASON SOUTH<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

He advises clients to focus less on what the market will be doing in a few months time and more on\u00a0choosing an asset\u00a0that will sell well in any market based on its location, scarcity and appeal to owner-occupiers.<\/p>\n

As prices fall, many owners choose not to sell unless they have a compelling reason, meaning there is likely to be poorer choice available for buyers in coming months, he said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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New research shows previous price downturns in Sydney have often been short, lasting 12 months or less, except for the drops in 2004-05 and 2017-19.<\/p>\n

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