The market has moved on to the next phase of the property cycle.

This means both buyers and sellers both need to adjust their strategies to be successful.

So here are some tips to help no matter which side of a property transaction you find yourself on:

Home Buyers2

5 top tips for buyers

1. Be prepared

Even though our property markets have slowed down, and there’s no need for FOMO (fear of missing out) like there was last year, there is still a shortage of A-grade homes on the market.

This means some properties – the right properties – are still being snapped up quickly.

So when you find the right property you will need to be prepared.

Have your finance pre-approved, and have your team prepared.

By this I mean have a conveyancing solicitor who can check the contract of sale quickly for you and details of a building and pest inspector who can check for any hidden faults.

2. Do your homework.

Now, more than ever, careful due diligence is critical otherwise you won’t accurately gauge what a ‘good price’ is.

With our property markets adjusting, property values are hard to gauge so only use recent comparable sales to help you estimate the price of the property you’re interested in.

Australia Property

Do your macro suburb-based research and understand the different precincts with unique suburbs and why some are more desirable and more valuable than others.

Go to as many auctions as you can to gauge the mood of the market and see what properties are selling for.

Selling prices are a more important part of your research than advertised asking prices. They inform you what’s really happening on the ground.

If you haven’t got the time to inspect hundreds of properties and research the market, why not use the services of the team at Metropole – we’re in the market 7 days a week and have on-the-ground teams of local area experts in Sydney, Melbourne, and Brisbane.

Whether you are a home buyer, a beginner, or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and then help you acquire your investment property.

Click here and we’ll be in contact.

3. Don’t be scared of auctions.  

Many of the best properties on the market are still being sold by auction.

But remember, actions are an unconditional sale and therefore you need to go along prepared.

  • Have your solicitor that the contract of sale
  • Make sure you have a professional building and pest inspection
  • In some states, you will have to register with the selling agent to be able to bid prior to the auction
  • Go to the auction with a bidding limit and stick to it.
    However, most buyers have three prices in mind.
    The bargain price that they would like to buy the property for (unrealistic in today’s environment); what they think the real market price of the property is, and the “stretched” price they are willing to pay for the property.

Attend lots of other auctions to make sure you’re comfortable with how it works or if you’re nervous have someone with more experience bid for you.

As part of your research attend a number of actions by the particular auctioneer who will be selling the property you’re interested in – I don’t mean by the same Real Estate agency, as many firms have a number of auctioneers working for them.

On the other hand, seeing how a particular auctioneer runs the auctions will give you valuable insight.

NOW READ: 13 tips for buying at auction

4. Don’t wait for everything to be perfect.

Too many buyers want to wait for everything to be perfect before they move on.

Fact is…you’ll never find the perfect property and you’ll miss out on genuinely good buying opportunities simply because you’re too hesitant to act.

Buying A Property

Just to make things clear… I’m not saying compromise your standards.

When you buy a property there are usually three things that you have to consider

  1. Your budget- this is usually determined by the banks
  2. Location – Don’t compromise on this
  3. The property – maybe this is where you can compromise and buy a property that isn’t in perfect condition and something you can do up down the track

5. Don’t look back.

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