Should i buy now or is the property prices in melbourne going down further and i should wait ??

I am looking at buying in the Glenroy/Broadmeadows area and this will be my first home so you can only imagine the worry i have already ... i am concerned as the property prices have already dropped allot but there is concern at how much further it will drop down to and of course i want to buy at the lowest prices possible as would any buyer ...

i am wondering if anyone has a good idea at the best thing to do as in wait a while longer or this is it and defiantly time to buy now ?? if anyone can help me out or at least give me some news and things i should consider it would be really appreciated as i have been doing so much research and i am very unsure as i need a home but of course don't want to buy and then the property drop more a few months later ...
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priyav1 Oct 17, 2017
Property purchases are long term investment and therefore have more chance of a return than other short term investments but its still always good to consider personal circumstances too. You can call me on 0437601984 to discuss your lending capacity. I'm a mobile home loan adviser and can help you get a better idea. good luck.
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tabathaf1 Jul 10, 2017
If the statement that 'property prices always increase but never go in reverse' is true than how do you explain markets where the prices HAVE decreased? Yes they may recover in time, but what if you're one of the unlucky ones who needs to sell up before the higher price returns. I honestly don't know if right now is a good time to buy or not, but I don't think the idea that you could NEVER lose out in property purchase is simply untrue.
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I agree with AMGG. When you are financially ready to buy, but now. Property prices always increase and the right time is when you can afford to buy now. When buying there is this guide on how to buy a property in victoria that might help you. https://www.thinkconveyancing.com.au/blog/a-guide-to-buying-property-in-victoria/
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It is never too late to buy. Property prices always increase but never go reverse. So if rates are lower then the time is right. That's why my investors can afford to buy now from the bank. The bank is the one that gives you the money.
It would be a different story if you had 100% of the purchase price
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Sallyannie 2yrs+
If you are buying a property you need to think long term. You are talking about a few more months the prices might drop. Well, so what? In 10 years time you will not miss a couple of $$. Even if you did see prices drop more, who is to know if your property would have dropped too? And would you still have paid the same amount for it regardless of the other properties around it? The time when you can afford to buy is the only 'right' time. Hope that helps.
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AMGG 2yrs+
Now is the time to buy as interest rates will come down in the following months don't lock them in though
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