When to rent and when to buy can be a dilemma but while many would argue that there is never a bad time to buy property, the truth is it can sometimes be wiser to rent and wait says RE/MAX WA MD, Geoff Baldwin.
The records show that most WA suburbs and towns have experienced very little growth or even a drop in values over the past few years while at the same time rents have been continually falling so it could be legitimately argued that renting through this period would have been a smart move.
When the market is falling or stagnating, paying interest on a mortgage can be money down the drain however when buying timing is hugely important.
The time to get into the market is when the big hand on the economic clock is pointing to the six and is about to tick back up toward 12 which is the peak.
With rents still low the temptation could be there to enter into another lease however as we move closer to the warmer months it could very well be time to consider buying.
There is currently an abundance of properties on the market but already this stock is beginning to reduce so now is the time for prospective buyers to take action.