From finance pre-approval to settlement, we outline below the typical timelines for purchasing property in Sydney’s competitive 2026 market. As buyers’ agents in Leichhardt, Inner West Sydney, we will highlight practical steps and bottlenecks to streamline your journey.
Obtaining Finance Pre-Approval
Pre-approval establishes your borrowing capacity and is essential before starting your property searches. Lenders require documents including identification, recent pay slips (three to six months), bank statements, and tax returns.
Standard timelines range from one to two days for initial pre-approval with straightforward applications, extending to one to two weeks for complex cases involving self-employment or multiple income sources. Pre-approvals remain valid for up to three months, which will necessitate updates for sustained validity particularly amid possible 2026 rate fluctuations.
We recommend engaging a mortgage broker early as they access multiple lenders and will often secure approval within 48 hours, positioning you competitively to start your searches.
Searching for the Right Property
Property searches dominate timelines, averaging three to six months for first-time buyers viewing 10 to 20 properties weekly. Sydney’s tight supply, with median house prices hitting $1.75 million, intensifies competition in desirable Inner West suburbs.
According to realestate.com.au, people spend on average 9 months searching for the right property looking at more than 300 properties. It is not uncommon for buyers to spend up to 2 years searching and we have met buyers who were looking for over 10 years before they engaged us as a buyer’s agent to find them the right home.
Buyers’ agents will compress the search phase dramatically, leveraging their networks for access to off-market listings and data-driven shortlisting aligned to your criteria such as school zones or rental yields. Our process ensures that the overwhelming majority of all our clients purchase within 1 – 3 months.
Reviewing the Contract of Sale
Once the right property has been found, a solicitor or conveyancer will need to review the contract, typically within one to three business days. This examines matters including title searches, easements, covenants and council approvals, uncovering any legal issues or limitations.
In NSW, buyers may exercise a five-day cooling-off period post-exchange, allowing the due diligence including unconditional loan approval to take place before contracts become unconditional. However, the majority of properties in the Inner West are advertised for auction where no cooling off rights will apply.
Thorough review prevents post-exchange disputes and safeguards your deposit (usually 10 per cent unless 5 per cent is agreed).
Conducting Essential Inspections
Building inspections, critical for assessing structural integrity, take two to five business days for reports post-inspection. Costs range from around $500 to $700, revealing defects like termite damage or plumbing faults.
If purchasing a strata property, you will need to obtain a strata report which should be available within two to five days post order. Bottlenecks occur during peak periods so be mindful of any possible delays.
Key Insight
Building reports and strata reports may already be available and provided free of charge or at a lower cost by the selling agent. Beware that these reports are organized on behalf of the vendor so there may be a conflict of interests. If you have sufficient time, it may be prudent to organize your own reports.
Exchanging Contracts and Settlement
Once contracts have been exchanged, the standard settlement timeframe is 42 days although a longer or shorter settlement period may be negotiated between the parties. It is not uncommon for the settlement period to be negotiated down to 4 weeks at the shorter end or alternatively extended up to 3 months.
Role of Buyers’ Agents in Compressing Timelines
Buyers’ agents can shorten the overall processes by 30-50 per cent through their refined processes and overall expertise. At Buyer’s Domain, we can halve search times via targeted scouting, off-market access, and data analytics, presenting vetted options rapidly.
Streamlining does not just cover the searching phase but also extends to due diligence: pre-arranged inspections and solicitors overlapping tasks can compress reviews to days. Furthermore, negotiation prowess secures quicker vendor concessions on conditions and a more successful strike rate.
In a year where many market commentators are predicting another 5 – 8% capital growth, buying the right property faster is likely to save you a significant amount of money. Use a buyer’s agent to accelerate the buying process, saving you time and money. Contact Buyer’s Domain today.
