I was sitting at TIO stadium watching NTFL powerhouse St Mary’s trounce another opponent when that quote came to me. I was speaking with keen investor and close friend Dylan Hale about buying property in the Top End. He was saying, in essence, that he & his wife had been looking to buy and weren't sure if this was the right time. The funny thing about buyers is that most want to buy when things are white hot, yet they choose to wait when things cool, albeit temporarily. It really doe’s defy logic. The smartest thing to do is the opposite, if you have the courage and are in a financial position to do so.
Right now in Darwin the market is having a short breather courtesy of some strict lending and a few interest rate rises. In a short space of time, the market will be on the roll again. Everything that looks expensive today looks cheap tomorrow. I'm confident that come the 2011 Dry Season the market will start rolling again (if it hasn't already started beforehand).
So I counselled my cautious buying friend on two key things. First, never rush a property purchase or over commit by spending more than you can afford. And second, don’t wait too long because quality property is rarely left unattended; especially in Darwin where we still have a mass shortage of prime property. If you are ready to buy, don’t stop looking now because things have cooled down slightly, it’s actually the best environment to go shopping in.
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