Hi Michelle,

There are a lot of articles like this at the moment. Which is good, but I feel there is a side of this which has been a little over looked. My partner and I bought our place a little over 7 years ago, in that time it depreciated. For a number of reasons, more developments causing the medium down and a small "financial crisis". As such with the house prices now rising, this means we are recovering and may even have some equity in our property again. We are by no means alone in this issue.

I do feel like this side of the storey is overlooked, when analysts and commenting or people are complaining about the sudden rise in house prices. We have ignored the part where everything crashed only a few years ago.

Anyway, just my observation.

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FOMO goes both ways, sellers get caught up in the hype and want to sell before the crash and then wonder if they should have held on because the prices keep going up.

Ultimately, hot, warm or cold you need to just treat the market the same.

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Unfortunately all these articles are aimed at the same thing, convincing people that house prices will go up so that agents get more sales turnover and that you will do better at auction since that is how agents can do the least work to get quick sales at below what a good negotiator would achieve. They are all aimed at maximising income for agents so you have to cut through the hype and do your own analysis. Property prices will rise, plateau and sometimes drop but over the long term will rise. The value of your place is irrelevant if you live in it (it's a cost of a roof over your head) and the only true value is when you sell as it is only worth what someone will pay at that moment for your unique property (there are no two properties the same).

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Yes, all very good comments to learn from. I too purchased a property in a new group of units in Hobart due to FOMO having gone through an unexpected divorce at 50, and sold 7 years later (2016) at a loss. I got 15k less (before fees) than I paid and had spent $15k on improvements (skylight, security door, blinds and curtains, tint, added bench space, heat pump). I resented losing those dollars as it meant I had to borrow that much more.

I had bought another better located two bedroom home prior to selling. The double mortgage financing / bills forced my hand after a few months on the market.

Come 2021 I'm glad I actually moved when I did in 2016 as my current place would now be unaffordable at my age. What a roller coaster ride, just look at house prices in today's hot in Hobart and nationwide. I'm still no real estate expert today.

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