These tips can help you steer in the right direction on property this Spring.
Here’s some advice that should help you make the right call for your property journey this Spring.
Don’t believe the hype (good or bad)
Do your own research to find out if your target suburb is hot or not.
realestate.com.au’s Suburb Profiles offer data on most suburbs in Australia, including median property prices, the impact of interest rates, and the average number of people looking for property in that suburb versus the number of properties for sale.
A particular useful insight is supply to demand ratios and trends over time, giving you a bigger picture of a location, and whether property is likely to become more or less available and costly.
What matters is whether it’s your right time to buy, for your needs and circumstances. Knowing the state of play is useful to help you calibrate that decision, but shouldn’t be the only thing that motivates.
Location and fieldwork
The old property maxim still holds true. But that doesn’t mean inner city rules.
You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth.
Be very clear about what matters to you – access to major roads, public transport, shopping or entertainment hubs, schools, cultural diversity – and look closely at what developments or infrastructure is planned around the area.
Shortlist suburbs that deliver on those needs.
Do some field work to make sure. Walk around the area you’re thinking of buying in. Grab a coffee, or a meal at the local pub. Pretend you’re already living there and see if distances are what they seem, and atmosphere is living up to expectations.
Of course it’s different once you’re moved in, but experiencing it first hand gives you a critically useful taste for the reality of that location.
Consider surrounding suburbs
If your target suburb is out of budget, consider more affordable neighbouring suburbs.
Before you buy, talk to locals to get residents views on the suburb and its best streets. Reading local publications and connecting with local websites, bloggers or personalities can also give you helpful insight.
If you’re attracted to an area because of its rising value, remember that may spill over into next door surburbs.
Look for the upside
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends.
Some locations are hitting the bottom of a pricing cycle, so there are bargains to be had.
(Hint: use the search filters on realestate.com.au to look for oldest listed first to see which properties may have struggled to get up, and may be amenable to negotiation).
If you’re not ready yet, use Spring to prepare to buy in the quieter months of the year, when there may be less competition for the house of your dreams.
Talk to the experts
Talk to local agents to find out what’s happening in the market, and visit visit realestate.com.au’s Experts section for up to date market reports, expert commentary, opinion pieces and advice.
You may not get your dream home first up. Consider apartments instead of houses in the location you are wanting to purchase, they are often more affordable and put you in your desired location. Or you may choose a property that needs a little TLC, but ticks other boxes.
Work closely with your agent to develop an action plan and strategy that meets your goals and needs.
Get in first
When looking for real estate bargains, register for realestate.com.au’s property alerts so you are among the first to hear about properties for sale.
Other ways to keep a step ahead include searching public trustee, deceased estates and mortgagee sale websites.
Monitor close to home
If you are looking to buy a property in an area where you’re already living, watch other properties that go up for sale. Look at how they’re marketed, how well inspections are attended, and in particular, how long they spend on the market.
This will give you a good indication of how the market is doing in your nieghbourhood, and should guide you on the price you should be paying for a property close by.
Remember to look between the lines (or cushions) for issues that might not be immediately obvious. Take along a list of practical things to check – things like adequate power points, hole or cracks. That way, if you fall instantly in love, you won’t suddenly forget to sanity check for possible pain points.
Take notes and get your building or pest inspector to follow up on anything unusual or concerning.
Smart sellers naturally stage their homes to make sure they look their best when you view them. You’d do the same.