In trying to work out which way the market is heading, I decided to call a number of Brisbane real estate agents who sell apartments. Last week, I call about 10 agents and said that I wanted to sell an apartment that I owned. Eight out of ten said now is a good time to sell, because the market is likely to get tougher or stay flat for a long time. Some said that it would be best if I could hold and not sell, provided that I was prepared to hold for some time. But if I needed to sell in the next few years, then I should sell today.
This week, I called the same agents, and asked if it was a good time to buy, and that I was interested in an apartment that they had listed for sale. I did not tell them it was the same person who called them last week. Eight out of ten said it was an excellent time to buy, as the market was at the bottom, and prices were sharp.
Two real estate agents each time said that they did not know, or did not want to offer an opinion.
So I guess asking real estate agents is not the way to go. But many people seem to rely upon real estate agents when making buying or selling decisions, which is probably not the best thing to do.
The real answer to the question of whether it is a good time to buy or sell is that no one really knows. Another answer is that property is a long term investment, so if you a looking to buy for a short term gain, or need to sell in the near future, then the answer for you may be different than a general, abstract answer.