@daveironore Not a bad time to be holding land/property. And I...

@daveironore Not a bad time to be holding land/property. And I have given up waiting for the Aussie property market to correct substantially.
My youngest son keeps asking me if it's good time to buy property, but he can see the market is hot and so is understandably leaning toward holding off. He remembers me advising him to buy when interest rates are relatively high....a buyers' market and once you start moving through the interest rate cycle the metrics swing in your favour. If inflation starts to bite, will the reserve banks have the balls to raise rates? How far off are these illusive rate rises??
He has pre-approval for a sizeable loan at an incredibly cheap fixed rate for three years which would tend to indicate that the banks don't foresee the cycle turning up for while.

Meanwhile my oldest, who grabbed his balls at the height of the Covid market meltdown last year and bought a beautiful art deco apartment in Double Bay for circa $1.2 mil. The asking price had been dropped by $200k. This week a buyers' agent has come to him with an offer of $1.6 mil.

What do the XSOers think? Would you be buying now?