Look at this scenario…
This time last year, you believed your house was worth $700,000. Now, prices in your suburb are reported to have increased by 10%, which makes your home now worth $770,000. You have just had a promotion and are keen to climb the property ladder. The trouble is that your next house, having been worth $1,000,000 a year ago, is now also worth 10% more - $1,100,000*. So, if you upgrade now, you’ll be $30,000 worse off than you would have been last year, plus the extra stamp duty. You will be better off when the market finally slows down…
* assuming you are looking in the same area or one with comparable sales growth.
If you would like more information on buying property in Sydney go to www.gooddeeds.com.au
Image courtesy of Luigi Diamanti http://www.freedigitalphotos.net/images/view_photog.php?photogid=879
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