23/03/2023
Is It The Right Time To Purchase A Home???
I have been operating in Labasa for the last two years or so and being in-tune with the realestate market trend not just in Labasa but keeping well informed on the market in other towns and centres it is evident that there is a a dynamic twist in the market. There is a sudden increase in homes and commercial properties that are being put up for sale compared to the last year or two.
The main contributing factors could possibly be, distress sales, mass-migration, relocation and other factors you may think of. However, it raises the question of whether it is the right time to purchase a home or make that investment.
Labasa is going to see the completion of some significant developments this year (2023), and it's already playing a very uncanny role in the unique increase in rent and home prices. The question is does it make sense? I personally believe that allot of home owners feel and think that it's the perfect time to cash in or make a gain on their investment.
The honest truth is that its not helping the market situation for many reasons and maybe the biggest reason is that many families are currently on survival mode. I believe this is evident throughout Fiji and you can easily hop onto Facebook and notice the great number of posts of homes for sale and rent.
This is an indication that things are very different to what the trend was two years ago. Many homes seemed to be too over priced, even with a recent valuation, some may argue that land value is appreciated. I won't deny it has but there's no value without a person to buy and a family or business to rent.
I write these comments in a bid to help you make a well informed decision because no other understanding realestate consultant will be bold enough to share some market truths. As a family looking to rent, a first home buyer looking to buy or a new business looking to start up and rent a commercial space.
Be patient and wait for the right options to make itself available. We are heading for a dip in the realestate market and the trend is not looking good.
Real estate is just like the food chain all parts play an important role and if one side of the food chain gets greedy the cycle will eventually stop and when that happens the entire food chain will collapse.
My advice is there needs to be a more realistic approach to things if you are a landlord, a house owner whos selling, a commercial building owner needing to rent retail spaces. Remember the entire world is operating on Survival mode.
Matavesi.
