A recent Financial Review article details a recent auction night where the auction room was packed so full that people were occupying the street outside the auction room! Auction clearance rates in Sydney's Eastern Suburbs near 100%, and as many as 50% properties sell prior to auction or off-market.
So how is a property buyer to survive in this market?
The sorts of complaints I hear every day are:
Turning up to open homes, only to find that the vendor already has a buyer in mind - but is offering one final open home just in case they can better the offer
Homes going for much more than the sales agent indicated
Needing to be quick - almost a sense of not having time to adequately and accurately evaluate the home before it is bought - by someone else
Not knowing of all the properties that eventually become sold
High prices
lack of affordability
All that's "left" on the market is the "not-so-nice" homes; all the good ones are snapped up
What tips can I share with readers to assist?
Be prepared: have your finance ready and also a deposit. If you don't have pre-approval and a deposit, you're not in a position to buy. It's like walking into a shop to buy something with no money in your wallet (and no plastic). Get your finances sorted and a deposit - and agents will take you seriously.
Know what you want: this saves you time inspecting and researching properties that are not going to be suitable for you.
Match what you are seeking with what is available in the market: both in the suburbs you're looking at and your price range.
Be flexible and adjust to what is available in your chosen suburbs - or choose other areas that offer what you're after in your price range - or, do what many are now doing: buy an investment property that you can afford, while you rent where you want to live
Be decisive. once you've found the home you want to buy understand that other people will probably also want to buy it.
If you need a hand, contact me. I offer flexible and affordable property buying options designed with every-day home buyers and investors in mind.