An ideal window of opportunity has emerged for Australians looking to upgrade their homes and save tens of thousands of dollars in the process, according to RE/Max WA managing director Geoff Baldwin.
While property owners may have to take a price cut on the sale of their existing properties in the current market, particularly compared to the boom prices of 2007, they could save substantially on their next purchase, Mr Baldwin said.
“Yes, upgraders selling their current house today for say $460,000 may have achieved closer to $490,000 for it in 2007. However it pays to consider the whole package”, he said.
“If they then went on and upgraded to a $700,000 home today they would be paying around $80,000 less than what that same home would have cost in 2007.”
Buyers would also have more properties to choose from and less competition compared to the top of the housing boom, but buyers will need to act fast to benefit, Mr Baldwin warned.
“The smartest buyers enter the market when everyone else is staying away,” Mr Baldwin said.
“The temptation is always to wait to achieve a higher price but anyone selling to upgrade should do their sums and act sooner rather than later.”