Stand Out from the Crowd and Buy in A Hot Market

The recent increase in housing profitability in Melbourne and Sydney has been welcomed by vendors, and feared by potential purchasers. As with all elements of the economy, the property market is driven almost solely based on supply and demand. As supply continues to fail to meet the levels of demand, it is inevitable that housing prices will continue to rise. Being competitive in such a highly charged market can be difficult, but utilising the following tips can help you secure the right property for the lowest possible purchase price.

 Stand Out from the Crowd and Buy in A Hot Market

Tip 1: Be Prepared

Researching the areas and properties on the market before you have found one that you would like to purchase will help you understand the climate. Knowing how much houses are selling for compared with their quoted range, what property compositions are attracting the most interest, and whether the market is typically driven by auctions or private sales, are key tools to help you make an informed strategy when the right property does come around.

 

Tip 2: Familiarise Yourself with Auctions

Setting each Saturday morning aside to attend auctions in your prospective areas will provide some clarity surrounding how properties are managing to secure their respective prices. Auctions are a productive way to monitor the market and get to know local agents.

 

Tip 3: Understand the Value

Any research will easily uncover the median price for a particular property’s composition in an area; however, there are numerous variables that you should be considering to create a more accurate value guide. Median values do not typically address land size and utilisation, or the quality of fixtures and features of a property. A three bedroom, double bathroom home on a large parcel of land and completely renovated will typically secure a significantly higher price tag than it’s rundown counterparts. It is important to understand exactly what the median figure will actually buy you in any given area.

 

Tip 4: Professional Assistance

Buying in a hot market makes it especially difficult to buy at an advantageous price. Professional buyers agents are skilled negotiators whom are used to working within the auction landscape within highly sought-after locations. Employing a buyer’s agent to act on your behalf is a strategic way to ensure you are best positioned to understand the value of a property and set yourself out from the crown when making a formal offer or presenting bids at an auction. From searching for the right property, through to pest and building inspections, buyers agents advocate for your needs and help you come out on top of your competition.

For an obligation-free conversation, contact Wise Realestate Advice on 1300 009 473 to discuss how their professional buyer agents can support your property goals

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  • Wise Real Estate Advice

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    Hari Krishnan
    Hari Krishnan

    5 out of 5 stars

    posted 1 month ago

    I found Mark through Google!!!.
    Since my first meeting I felt so confident in Mark's ability and experience in being able to deliver a great result. I was very much impressed with Mark's service as he made the whole process easier and stress free!!!!

    I am really happy because I bought exactly what I was looking for and it was well under my top budget. Most importantly We did it within few weeks.

    Since day one Mark was very pro-active.

     Mark emailed multiple properties every week within my search parameters and wish list.
     Mark allowed me to be involved as much as I wished.
     Mark inspected the properties I liked.
     Mark explained the positives and negatives about each property.
     Mark held a pre-auction meeting and attended the auction
     Mark's strategies and suggestions like where he’ll stand during the auction, how he’ll handle the negotiation etc. etc. and through to the final shaking of hands inside the house all played out in a positive way.

    Thank you Mark for all your work in getting me the right house for the right price!

    I highly recommend Mark for everybody who wants to find a good place to live or invest.

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    Ken Stewart
    Ken Stewart

    5 out of 5 stars

    posted 5 months ago

    Mark was personally recommended to me as someone who could be of real help in appraising my property of interest and subsequently representing me at auction.
    He made time to meet for an initial chat over coffee. I was immediately impressed and relaxed with his easy and honest nature, as well as his willingness to listen to my needs.
    A genuinely nice bloke... well experienced in the RE scene, totally committed to helping his clients.... all in all, a very worthwhile experience.