I suggest you forget the arguments over the price of oil per gallon in the US vs chicken feet in China and focus on matters a little more micro. to address your points:
– likelihood of price correction: depends on which market you are in. In Perth I would say very unlikely as the market is still rising. I believe Sydney has dropped quite a bit, jury still out on where that is heading.Qld is still being promoted as a growth market but I really don’t know. SA you never hear about so maybe it’s the unturned stone.
– renting has always been historically cheaper than owning in this country, excluding the PPOR concession implications which is only relevant in a strong market.my opinon… if you are a disciplined saver (and you need to be very honest here) and you were in Sydney, I would continue to rent and save hard and pick somewhere up in a year or so. Don’t leave it too late as the bottom tends to come and go before you know it, but you should be able to sense the mood of the market. In this time you should become intimate with a couple of suburbs in which you wish to buy. Try some agressive offers and see how you go. In all these discussions about rising and falling markets you need to stay focussed on your particular deal, not the vague notion of median prices. If you can get somehting suitable that is below market value – go for it!
make sure you keep your tenancy flexible of course.
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
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