Spring has sprung, and the property realm buzzes with anticipation and excitement. The forthcoming spring selling season promises new opportunities, but what can we expect from this year’s edition?
Despite the Reserve Bank of Australia’s assertive interest rate hikes since May 2022, property prices continue increasing in numerous markets. July witnessed a 0.7% surge in property prices, marking the fifth consecutive month of growth.
While listings are on the rise, they remain below the levels seen in 2022. For potential buyers, readiness to seize opportunities is key during this spring season. To help you be prepared, here are our recommendations:
Tip 1: Dive into Research
The property landscape is in constant flux. If you’re in the market to buy, it’s crucial to have the latest information at your fingertips to make informed decisions. Our comprehensive reports can serve as valuable resources. Acquire suburb reports offering vital insights to streamline your property hunt. Gain access to property reports encompassing valuation ranges and recent sales data.
Tip 2: Secure Your Financial Foundation
In the event you uncover a noteworthy deal, having the agility to act swiftly is paramount. Engage with us to initiate pre-approval for your finances, ensuring you’re poised for action.
Pre-approval signifies a preliminary agreement from a bank to lend you a specific amount.
This pre-approval lends you confidence during price negotiations and might provide an edge over competitors without pre-approved financing.
Tip 3: Decipher Vendor Motivations
Grasping the motivations behind a vendor’s decision to sell could offer you an advantageous edge during negotiations.
Consider the settlement terms and deposit preferences that might appeal to them.
Perhaps they’re relocating interstate or need immediate liquidity, potentially leading to a price reduction for a shorter settlement period.
Alternatively, they might require an extended settlement while seeking their new residence.
Or, a more substantial deposit could tilt the favour in your direction compared to other buyers.
Interrogate the real estate agent about the vendor’s motives and leverage this insight as a negotiation tool.
Tip 4: Assemble Your Team
For those contemplating a spring property acquisition, it’s time to curate your professional support squad.
A trusted conveyancer or solicitor is essential to navigate legal complexities.
Moreover, arranging building and pest inspectors is crucial to unveil any unwelcome surprises like structural issues or termites. Any discoveries can be ammunition in subsequent price discussions.
As your finance broker, we will analyse the market and propose a competitive home loan tailored to your individual financial circumstance and aspirations.
Get in Touch with the Broad Finance Team
Property values are ascending in numerous markets, offering opportunities for savvy buyers.
