Could now be the best time to buy in Canberra?

It’s undoubtedly an uncertain time in the world, and while time will tell as to whether new restrictions on open homes and auctions will slow down the real estate market, Canberra agents have continued to see strong interest from buyers.

“We're coming off high clearance rates, even just this last weekend and there's still a strong appetite for houses,” said Tim Burke from Luton Properties.

Troy Thompson from LJ Hooker Gungahlin agrees, saying they’ve just had one of their best months for sales.

“I think this weekend may give us a better indication of things to come. But there's still a lot of people looking and there's still interest,” he said.

“At open homes, we were probably not getting as many people through, but they were genuine people who are ready to buy, which is probably a highlight.”

Figures from Loan Market this week show more than $379.8 million worth of pre-approvals in the system nationwide, indicating plenty of buyers still in the market and serious about buying, and this number of loan applications remains on par with recent months.

Scott Cameron, franchise owner at Nectar Home Loans and Finance Canberra said he believes many of these buyers are still looking to go ahead and buy once they find the right place.

“From what I’ve seen, I think a lot of people that have already got that pre-approval are still looking,” he said.

“But I have had some people say they’re not going to go ahead now, and are going to sit back for a couple of months to wait and see if they have a job or not, which is understandable.”

Scott said if you’re in a strong financial position and feel secure with your employment , now could be a great time to borrow money, with lenders offering lucrative deals to secure your business.

“Interest rates continue to be at an all-time low, and banks are not only offering very good deals for purchases, but some are also doing cash backs on refinances.”

Justin Taylor from McGrath agrees that there are opportunities for those in the financial position to buy.

“Every day we're still getting a number of enquiries on each property and essentially there's always people that need to buy and sell,” he said.

“It's still very early to see what the situation is going to do to the market. But it's never been cheaper to get a loan, so if you're in a position where your job's relatively secure, it's probably not a bad time to borrow money and take advantage of the situation.”