Property investors who can afford to buy now, should buy now, according to McGrath Estate Agents chief executive John McGrath.
Speaking to Smart Property Investment, Mr McGrath said while the property market appears flat right now, everything runs in cycles and the market will enjoy another upswing within five years’ time.
Those who buy now will not only buy at subdued prices, but they can expect to see a good return on their investment over the next five years, Mr McGrath said.
“If you are taking a five year view, whether you’re an investor, first home buyer, or an upgrader you’re going to make a lot of money over the next five years out of residential property,” he said.
“Take the Gold Coast for example. Properties that were selling for $1.5 million two years ago, are now selling for $1 million or $950,000. That market was hit hard, but I think it will eventually recover and prices will rebound to their previous levels if not higher.”
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