There is no doubt the Sydney property market has become fiercely competitive with auction clearance rates hitting above 80% over the past 4 weeks.
Although conditions have never been better for sellers, property stock levels are low. Realestate.com.au has suggested that property listings are 10% lower than at the same time last year. Low stock and strong demand fuelled by low interest rates has made conditions difficult for buyers.
In this challenging environment, I was recently interviewed by SBS about how first home buyers have been faring when competing against cashed up downsizers in the battlegrounds of the inner city suburbs.
Whether you are a first home buyer, a downsizer, an investor or looking for your next home, find the right property faster by using these steps:
- Ensure you are ready to buy. Do you have pre-approval for finance?
- Clarify what your needs are so that you know what you are looking for.
- Be the first to see new listings – you can register your contact details on the databases of selling agents who may then send you email alerts of properties before they hit the market.
- Do your research and know the market inside out. That way, you’ll know how to spot a good deal more quickly.
- Use a buyer’s agent to look for properties for you. A good buyer’s agent will have established relationships with local real estate agents and will be able to source properties before they hit the market. If the property is not on the open market, there is unlikely to be any competition from other buyers. No competition means that you are more likely to successfully secure the property at a more realistic price.
If you are interested in finding the right property,
call Nick Viner today on 0405 134 645