This is one of the most often-asked questions, yet the answer is usually relatively straightforward.

The most sensible time to buy a home is when you can. In other words, if you have job security, a decent deposit (or equity in an existing property), and an approval for a mortgage, then this is the most practical time to buy.

Alternatively, you might need to move to a different location for a new job or a bigger home because you have a growing family. Either of these factors can prompt a property transaction. Similarly, you might be a downsizer or rightsizer who has sold a bigger house that no longer suits your needs and is now seeking a property better aligned with your current lifestyle needs.

The market’s current state of play can be a factor. In October, listings across Australia were up month-on-month from September, according to the latest data from Raine & Horne. Appraisals also rose by more than 17%, reflecting growing homeowner and investor confidence in property values and the overriding belief that interest rates are now more likely to fall.

Typically, more vendors seeking to make a move before Christmas will likely list in October, which also partly explains the listing increase. For buyers – Raine & Horne’s data recorded an increased number of groups open for inspections in October – more listings translate to more choices.

Moreover, for some buyers sitting on the fence, this might be just the information they need to nudge them into making a move. Don’t forget that market cycles can move quickly, especially if more buyers come into the market and snap up available listings.

Once you’ve decided to buy, the best advice for selecting the right house or apartment is to consider your budget—and this is where a home loan preapproval from a finance specialist such as Our Broker will come in handy.

When buying, it’s often advisable to consider a quality, well-located property with a twist, or you can add value down the track. For example, a property with the potential for a second-storey or rear-lane access, allowing for off-street parking, can deliver future capital growth. It is essential that any property you buy matches your unique lifestyle needs and budget.

For help getting a home loan preapproved, contact Our Broker today on 1800 913 677.