Hi Que Sera, Sera, here's some inside information. Now please do not think I am saying any of this for my benefit, because I am not.
You are absolutely right, the established market has taken a bit of a nosedive over the past 12-18 months in some areas house prices have dropped by a staggering 22! The majority of this has been driven by the mining industry and the media. T
he House and Land package route isn't as busy as it was 12-18 months ago either. However, land continues to increase with every release and in some hot spot areas by up to $3,000 every release (with new releases being roughly every 6-8 weeks in some areas).
So all I will say is, if you're looking at the established market then I would definitely hold fire as speculation is, there is still about another 6 months to go before it hits rock bottom. Although I will say I am linked in with a number of Real Estate Agents throughout Perth Metro and they are all saying the same..... "the investors are starting to come out of the woodwork", which is a sure sign the tipping of scales is imminent.
On the house and land package front, now is the perfect time to be looking for an investment. After all, investments are for the long term and the bank interest lending rates are at their lowest since pre GFC.
I read some wise words recently. "Time in the market is better than timing the market".