When it comes to deciding whether to buy a property now or wait, it ultimately depends on your personal situation. Being emotionally and financially ready are the most important factors to consider.

Emotionally, it’s crucial to understand why you want to buy a property. Make sure it’s driven by your own desires, not external pressures. Here are some good reasons to buy: you value having a place of your own, you feel it’s the right time in your life, or you’re tired of the uncertainties of renting. And hey, the idea of renovating and personalising your space is pretty exciting too!

But beware of buying for the wrong reasons. Don’t let your parents or social media influence you into making a hasty decision. And don’t let a rent increase push you into buying if you’re not truly ready.

Now let’s talk finances. You need a clear understanding of your borrowing capacity, eligibility for first home buyer concessions, and grants. It’s important to assess whether you can afford what you want and be open to adjusting your expectations if needed.

Market timing, on the other hand, is beyond your control and should have less influence on your decision-making. Don’t stress too much about trying to time the market perfectly. Even the experts struggle with that. Instead, focus on whether buying a property now would still be financially and emotionally viable if its value were to drop slightly.

On the flip side, waiting too long might mean missing out on better opportunities or settling for a less desirable location or property type. It’s all about finding your personal comfort level and risk tolerance.

If you do decide to wait, set some parameters for what you’re waiting for, like interest rate decreases or more properties becoming available. Just remember, waiting indefinitely might not be the best move, as you could face increased competition once the conditions you’re waiting for are met.

At the end of the day, the decision to buy a property should come from within. You should buy a property when you are ready. Trust your own judgment and ignore external influences. Only you can determine when you’re truly ready to take the plunge.