Posted August 1, 200322 yr Staff ARE YOU PAYING MORE THAN WHAT YOU SHOULD FOR THAT PROPERTY?IS IT THE RIGHT TIME TO BUY?Another good tool to guage property prices is by looking at the Property Price Index.For example, if one had purchased a private property between 1998 and 1999; this was one of the best times to do so. As the private property price is lowest for quite sometime close to the 100 percent mark.If one looks at the graph, 2001 and 2002 seems quite good since for 4th quarter 02, it went to one of the lowest at 115.1 percent.In my opinion, perhaps if more and more condos are built, we could find the private property prices fall to as low as the 60 percentile mark as in 1983/1984 or lower!Therefore, this is perhaps another motivation for all of us to: Choose our units wisely!Morale of the story is: "Choosing a home is not just about the Art of buying a home but also a Science of doing so".
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