Buy now or wait? Big bank expert reveals how to cut the confusion

With interest rates now on hold for the foreseeable future, buyers are torn over how best to tackle the market. Picture: Julian Andrews.

With interest rates now on hold for the foreseeable future, a Big Four bank executive has revealed how buyers can tackle rising confusion over the property market.

Denton Pugh, who is the National Australia Bank executive for home lending, has revealed below five questions househunters should ask themselves in the midst of the current market in order to cut through the noise.

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NAB Executive for Home Lending Denton Pugh.

By Denton Pugh

As the final property listings are being posted for the year, many Australians are asking themselves a familiar question: “Should I buy now, or wait until next year?”

With interest rates on hold, and property prices still climbing, it’s easy to feel caught between the fear of missing out and the hope that things might get easier in the new year.

For those weighing up their options, getting “buy ready” is more than just saving a deposit.

It’s worth also taking the time to understand what support might be available – such as the expanded eligibility for the Australian Government 5 per cent Deposit Scheme – which can help some first home buyers take the next step sooner.

The truth? There’s no one-size-fits-all answer. But there is a way to cut through the noise: ask yourself the right questions and let your own circumstances – not just the headlines – guide your next move.

1. Are you financially ready- right now?

Buy Now: You’ve got your deposit saved, pre-approval in hand, and a clear budget. You’re ready to move quickly if the right property comes up.

Buy Next Year: You need more time to build your deposit, reduce debts, or get your finances in order. Waiting could help you buy with more confidence.

Buyers are facing a dilemma over when to get into the market now that rates are on hold. Picture: Nigel Hallett

2. Is your ideal property available?

Buy Now: You’ve found a home that ticks your boxes: location, price, lifestyle. November and December’s quieter market could mean less competition and more negotiating power.

Buy Next Year: You’re not seeing the right properties, or you want to wait for more listings in the new year’s traditional surge.

3. How flexible are you on timing and location?

Buy Now: You’re open to different suburbs or property types, and you’re ready to act if a good opportunity arises – even if it’s not your “forever home.”

Buy Next Year: You have a specific area or property in mind and are willing to wait for the perfect fit.

4. Are you prepared for ongoing costs at today’s prices and rates?

Buy Now: You’ve stress-tested your budget for current repayments, plus a buffer for future changes. You’re comfortable with the commitment.

Buy Next Year: You want to see if rates or prices shift, or you need more time to plan for the full cost of ownership.

Ongoing challenges across the housing and construction sector are expected to continue to see real estate prices escalate.

5. Are you ready to act even if the market isn’t perfectly predictable?

Buy Now: You’re comfortable with some uncertainty and want to secure a home before prices potentially rise further.

Buy Next Year: You prefer to wait for more stability or clarity in the market, even if it means facing higher prices or more competition later.

Whether you’re leaning toward buying now or waiting until next year, it’s important to remember that there’s no single moment that fits everyone.

The results of the property market this year shows that people continue to find their own path – regardless of shifting rates or rising prices.

In fact, new NAB data reveals the average age of first home buyers has remained steady at around 33 years old since 2020.

This tells us that, even in a challenging market, Australians are still finding ways to get the keys to their home. The “right time” is often when you’re ready – not when the market is perfect.

– Denton Pugh is the National Australia Bank executive for home lending.

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