Are We At The Bottom Yet?

Buyers should be poised to move quickly if they want to take advantage of the bottom of Australia’s property market.

While it can be hard to see that the bottom has already hit, until prices are already rising again, Housing Industry Association chief economist Tim Reardon says the window of opportunity is now opening.

“There is a narrow window of opportunity here for first home buyers and those looking to get into the market,” he says.

“I would suggest for anybody looking for a new home, they have a window that closes sometime shortly after Christmas this year.”

Reardon says once the market starts to rebound it will be quick as there is still a shortage of housing.

He is predicting that Perth and Brisbane markets will rebound fastest with Sydney taking a little longer as that market is more sensitive to interest rates.

Reardon is also predicting further pain ahead for borrowers saying he does not believe the RBA has finished its rate rise cycle.