Ryan Smuts, a mortgage adviser at Kris Pedersen Mortgages, gives his tips.

Things are changing at a rapid pace, to say the least. For those out in the market as a purchaser, it seems like knowing what to do is difficult.

I’m a first-home buyer

If you're a first-home buyer and are looking at property right now, I think it would be smart to consider what type of property you buy.

Look at the fundamentals of the property, almost like an investor would. This should be about the desirability of the property, like location, local amenities, and transport.

Understand that your first home is unlikely to be your last. That means it makes sense to consider looking for opportunities where you can buy a property under-value and do some minor cosmetic renovations to the house to get it up to scratch.

This could mean that you save money on your purchase price, but also have some tax-free capital increases in the value of the property.

I’m a property investor

Looking for deals right now would make sense, considering the environment is changing and people are uncertain – so you may have less competition out there.

You may also have some vendors selling properties at a bargain. They might sell their homes due to their situation changing or because they no longer want to carry out the renovations they’d planned.

If you can buy well in any market, then you hedge your bets against a changing market. Focus on your buy price.

There could be market stimulation

Lower interest rates can stimulate the market, as we saw with a significant 0.75 per cent reduction in the OCR on 16 March.

But there are other things happening too, like employment instability across a range of industries – tourism, hospitality, and retail, to name a few.

Government subsidy packages will have a positive impact too.

Things to consider

The important things to consider right now when buying property would be what you pay for the property, and how stable your own income is.

Income stability relates to both job security, but also potential changes in your salary. You’ll want to consider how likely this is for you, and to what extent.

And, if you’re feeling stuck about whether you should buy or not, speak to a mortgage broker, property specialist, or financial adviser who can help you based on your personal situation.

Published 24 March 2020

This article does not contain any financial advice and has not taken into account any particular person’s circumstances. Before relying on it, we recommend you speak with an independent financial adviser. This story reflects the views of the contributor only. Content comes from sources that we consider are accurate, but we do not guarantee that the content is accurate.