Is 2023 the best time to buy a house? | Exford Waters | Melton Real Estate

Community

Is 2023 the best time to buy a house?

Buying a home is one of the biggest investments you will ever make. Rising interest rates have left many wondering if now is the right time to buy a property, with the media reporting doom and gloom for the industry. But, 2023 might be the ideal time to start your new home journey, with growing signs the housing market is bouncing back.

 

House with stacks of gold coins in front

 

House prices are expected to rise in 2024

According to the Domain Forecast Report, property prices are expected to grow in 2024, meaning that now is the perfect time to take advantage of a slower market. With interest rates expected to fall in 2024, coupled with a boost in immigration, particularly in capital cities, demand for property is forecast to increase. This will likely result in an increase in housing prices.

Good news for residents and those with investment property in Weir Views,  with the area already recording a 5% increase in property prices over the past 12 months, bucking the previous housing market trends.

So, with all of that in mind, when is the best time to buy a house? There are a number of factors that can influence the best time to purchase, including your personal finances, time of year and the cycle of the property market and the type of home you’re looking to buy. 

In this blog we look at the things to consider when deciding the best time to buy a house.

 

Consider your financial situation

The first step to take when buying a new home is to evaluate your financial situation. Are you ready to purchase now? Do you have enough for a deposit? What’s your borrowing capacity? Some of the things your lender will consider when it comes to approving your mortgage include:

  • Your personal circumstances, such as income, assets and liabilities when they assess you for a loan. 
  • Your ability to pay the loan over an extended period of time. 
  • Your spending habits. 
  • Any credit cards or Buy Now, Pay Later accounts, even if you don’t owe any money on them. 

House money bank with coins in front and hand putting money in coin slot.

Look at the time of year

Believe it or not, the time of year that you purchase could affect how much you pay. Traditionally, the winter months usually coincide with decrease in the property market with demand significantly less than spring and summer. In the warmer months, prices usually rise as pent-up demand pushes up the sale and auction clearance rates.

 

Take advantage of the builder offers available

Many home builders are offering significant incentives and discounts to encourage new home builders to get into the market, including reduced deposits, additional upgrades and free appliances.

Whether you opt for house and land package, or purchase the land first to find the right builder later, building a home means that you get to design the home that’s the perfect fit for your family and personal situation.

With prices forecast to rise in 2024, and builders currently offering a range of promotions, right now is a fantastic time to buy a house for those with their finances in order. 

Exford Waters offers the luxury of building your brand new home in an established community in Weir Views.

If you’re ready to make your move and start planning, building or buying property, now is the perfect time. Don’t delay – take advantage of the market conditions while they last. Contact our Estate Manager Sarah on 1499 123 119 to find your new home at Exford Waters today. 

 

Disclaimer: our financial advice is general in nature, please seek a professional for additional information.

Latest News

An image of a couple and mortage broker inside a home
News

Questions to ask before buying a house

Read more
Image of keys in the door of a new house
News

Is 2024 the right time to buy a house?

Read more
Lady crossing finish line with hands up in celebration
Community

Fitness for All Ages: Melton’s Top Sports Clubs

Read more
exford_Logo

Register your interest today

Register your details to stay up to date with all the latest Exford Waters news.

Visit Us

5 Riversdale Boulevard

Weir Views, Vic 3338

Get Directions

Contact Us

P: 1800 777 800

E: