🎧 EP 280 - Should You Still Buy If There's a Recession Coming?
Rising living costs. Recession headlines. Global instability. Constant conversations about inflation in Australia, interest rates, and falling consumer confidence. If you're a first home buyer right now, it's understandable if you're questioning whether buying property is still the right move — or whether it's safer to wait and see what happens next.
In this episode, Veronica and Meighan unpack one of the biggest fears affecting buyers right now: the fear of buying during uncertain economic times.
They explore whether first home buyers should buy during a recession, what history tells us about buying property during economic uncertainty, and how to approach major financial decisions when confidence feels low.
Drawing from lessons learned during Australia's last major recession, the conversation focuses on long-term thinking, financial preparation, and why fear can sometimes stop buyers from making smart decisions for their future.
Here's what we cover and why it matters:
🏡 Why economic fear freezes so many buyers
When the media constantly talks about recession Australia fears, rising inflation Australia figures, and weak consumer confidence, many buyers start second-guessing themselves. Even financially stable buyers can begin asking questions like: should I wait to buy a house? Is this the wrong time to enter the market?
Veronica and Meighan explain why this emotional reaction is completely normal—but also why fear can quietly lead to indecision. They discuss how uncertainty often causes buyers to focus only on the risks of purchasing, while ignoring the risks of waiting too long. The episode also explores how negative headlines can impact borrowing confidence, purchasing behaviour, and overall decision-making.
📉 What really happened during Australia's last recession
Many younger buyers have never experienced a true recession Australia environment before. That's why Veronica shares firsthand insight into what the late 1980s and early 1990s recession actually looked and felt like.
Interest rates climbed to 17–18%. Unemployment rose above 10%. Property prices softened in many areas, and economic uncertainty affected households across the country. But despite these difficult conditions, many buyers who purchased quality properties with a long-term strategy eventually benefited from property growth over time.
One of the key lessons from this discussion is that property markets move in cycles. Buyers who focused on fundamentals, stable locations, and realistic budgets often recovered well, even if they purchased during challenging periods.
⚖️ The hidden cost of waiting too long
One of the most important discussions in this episode centres around the hidden cost of delaying your plans.
Many buyers spend so much time worrying about the risks of buying a house during market uncertainty that they forget to assess the cost of staying out of the market altogether. Veronica and Meighan explain how property prices will quietly start rising at some point and make it harder to buy later.
The episode also discusses the importance of understanding your own borrowing capacity and financial readiness before making a decision. For some buyers, continuing to save may absolutely be the right move—especially if they have minimal buffers or unstable employment. But for others, waiting indefinitely for "certainty" may simply delay long-term progress.
🧠 How to separate media noise from real decision-making
Social media, news headlines, and economic commentary can make property decisions feel incredibly overwhelming. When every headline is focused on inflation in Australia, falling consumer confidence, or market corrections, it becomes easy to lose perspective.
This episode encourages buyers to step back from fear-driven commentary and focus on their own financial situation instead. Veronica and Meighan explain why buying property during economic uncertainty should never be based purely on emotion or panic. Instead, buyers should focus on preparation, education, and understanding what's realistic for their own goals.
They also discuss the importance of getting financially ready to buy a house before making any major commitments. This includes building buffers, understanding repayments properly, and knowing when it's time to buy property based on your own circumstances—not just market sentiment.
🌿 Why softer markets can create opportunities
When markets slow down, buyer behaviour changes. FOMO disappears, competition eases, and buyers usually have more time to research and negotiate properly.
The episode explains why softer markets can sometimes reward prepared buyers—particularly buyers who have spent time learning how to prepare to buy your first home properly. Instead of rushing into emotional decisions, buyers may have opportunities to compare properties more carefully, negotiate stronger deals, and avoid the pressure that often exists in hot markets.
Veronica and Meighan also discuss how buying property during economic uncertainty doesn't automatically mean making reckless decisions. In many cases, slower conditions simply allow buyers to act more strategically and thoughtfully.
💰 Who should wait—and who may be ready to move forward
Importantly, this episode is not about telling everyone to buy immediately.
Veronica and Meighan clearly explain that some buyers genuinely should wait—especially if employment feels unstable, financial buffers are too small, or mortgage repayments would create excessive stress. Understanding your borrowing capacity is only one part of the equation. Financial readiness also includes emotional readiness, stable income, and the ability to hold property comfortably through uncertain periods.
At the same time, they challenge the idea that waiting automatically reduces risk. The episode explores how long term thinking in property investing often matters more than trying to perfectly time the market.
🎯 By the end of this episode, you'll better understand how recessions and uncertain economies affect property markets, how fear influences buyer decisions, and how to approach buying your first home with a clearer long-term mindset—instead of reacting purely to headlines.
Episode Highlights:
01:37 — Why Buyers Feel So Nervous Right Now
03:13 — Why Waiting for Certainty Doesn't Work
04:51 — What the 1980s Recession Taught Buyers
10:01 — Media Fear vs Property Market Reality
15:18 — The Hidden Cost of Waiting to Buy
18:12 — Why Some Buyers Benefit During Recessions
20:28 — The Early Signs a Market Is Turning
24:34 — What Always Stays True in Property
26:51 — When Waiting Might Actually Make Sense
29:10 — How to Know If You're Ready to Buy
03:13 — Why Waiting for Certainty Doesn't Work
04:51 — What the 1980s Recession Taught Buyers
10:01 — Media Fear vs Property Market Reality
15:18 — The Hidden Cost of Waiting to Buy
18:12 — Why Some Buyers Benefit During Recessions
20:28 — The Early Signs a Market Is Turning
24:34 — What Always Stays True in Property
26:51 — When Waiting Might Actually Make Sense
29:10 — How to Know If You're Ready to Buy
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Co-Founders
Veronica Morgan & Meighan Wells
Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.
Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!
Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.
