If you can afford to buy then you should, McGrath Estate Agents chief executive John McGrath has said.
Speaking to Real Estate Business, Mr McGrath said while the market looks flat right now, everything runs in cycles and the market will enjoy another upswing within five years.
Those that buy now will not only buy at subdued prices, but they can expect to see good return on their investment over the next five years, Mr McGrath said.
“If you are taking a five year view, whether you’re an investor, first home buyer, or an upgrader you’re going to make a lot of money over the next five years out of residential property,” he said.
“Take the Gold Coast for example. Properties that were selling for $1.5 million two years ago, are now selling for $1 million or $950,000. That market was hit hard, but I think it will eventually recover and prices will rebound to their previous levels if not higher.”
Mr McGrath is one of the key note speakers at this year’s Australasian Real Estate Conference, to be held at the Sydney Convention Centre on 22 and 23 May 2011.
Mr McGrath joins an international line-up that boasts former New York Mayor Rudy Giuliani.