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.
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