We seem to have seen the bottom of the cycle in general residential property and buyers are now starting to come back into the market.
There has been a push through from the affordable segment to a point where we are now seeing a pick up in enquiry in the large and still somewhat oversupplied middle market.
Buyers are appreciating the fact that there is only so far that prices can, and will come down.
With the price of building materials such as steel and concrete staying up and labour not likely to get cheaper there is really not that much potential downside in property prices from here on.
Builders now are in general terms up to 20% lower than the prices that were anticipated 6 months or so ago. It is considered unlikely that they have much potential to go lower.
The best advice to buyers is to find a property that you like and then sit down with the developer or their agent and get a price that you are happy with.
Buyers need to remember that property is a long term investment, if you buy good quality in a good position then you will always do exceptionally well.
As with the later part of 2008, poorly situated and poorly build product is unlikely to find a buyer in this market.
Some of the best buying at present is in the areas of Electronic City and Whitefield where large volumes of supply have driven down prices to rock bottom.
There has been a push through from the affordable segment to a point where we are now seeing a pick up in enquiry in the large and still somewhat oversupplied middle market.
Buyers are appreciating the fact that there is only so far that prices can, and will come down.
With the price of building materials such as steel and concrete staying up and labour not likely to get cheaper there is really not that much potential downside in property prices from here on.
Builders now are in general terms up to 20% lower than the prices that were anticipated 6 months or so ago. It is considered unlikely that they have much potential to go lower.
The best advice to buyers is to find a property that you like and then sit down with the developer or their agent and get a price that you are happy with.
Buyers need to remember that property is a long term investment, if you buy good quality in a good position then you will always do exceptionally well.
As with the later part of 2008, poorly situated and poorly build product is unlikely to find a buyer in this market.
Some of the best buying at present is in the areas of Electronic City and Whitefield where large volumes of supply have driven down prices to rock bottom.
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