Right time to purchase a house ?

Hi, I am 35 years of age. I am married with a 2 year old daughter and my family & I stay with my parents. We stay in 2 flats which have been combined into 1 & our building is 30 years old now. Its on the third floor(top flr) & the building has no elevator(lift) facility. The combined market value of my both flats is appx. Rs. 60 lacs. I own a car which is 9 years old now. I am earning Rs. 73000.00 per month out of which i am investing Rs.40000.00 in SIPs(my 80C investments are not included in the SIPs). My wife is earning Rs. 40000.00 per month and she is investing Rs. 34000.00  in SIPs. I dont have any liabilities/loans going on. My current mf investment valuation including all of the above is Rs. 29 lacs. My mediclaim and my term cover is all taken care of by me. I plan to buy a house & a car after 5 years. My query is simple. Based on my above financials, is my decision to buy a house later correct or will it be too late considering my loans begin at a later stage & other factors regarding my child\'s education, marriage, my retirement etc ? Pls guide Regards.