Competition in Sydney’s inner city and inner west can be fierce when it comes to scoring the best property at the right price.
Here’s how to get an edge on the competition.
Between the anticipated easing of lockdown restrictions and a booming market, Sydney property buyers need to be prepared. That way, you’re ready to pounce when you find your dream home or investment property.
The latest CoreLogic Property Pulse report revealed that the number of newly advertised dwellings in Sydney was 31 per cent higher in September than in August. Following booming conditions throughout winter, we’re expecting this spring to be even busier than usual, with many new properties coming onto the market as sellers who’ve been holding off due to winter and stay-at-home restrictions make their move.
So, are you ready? Here’s your to-do checklist if you want to be a hot home buyer.
Do your research
It always pays to be prepared when it comes to property, but particularly in a rapidly rising market, as we’ve been experiencing lately in Sydney’s inner city and inner west.
Make sure you have realistic expectations about property prices by following the market for at least a couple of months so that you are clear on recent sales prices for similar properties to what you’re looking for. A knowledgeable local real estate agent is your best friend here.
Know exactly what you want
Having clarity on exactly the type of property you’re searching for will not only make your search easier but give you more confidence that you’ve found a place you want to pursue. Narrow down your search criteria by type of property, budget, location, and make a list of non-negotiables features. But be flexible: you’ll usually need to compromise on something.
Get friendly with real estate agents
Sometimes the best properties don’t even make it to market before they’re snapped up. Build relationships with local agents as they may just have your dream home available off-market. Make sure they know exactly what you’re looking for and your budget. We’ve been selling many more properties during the lockdown this way than we normally do.
Be finance ready
In a fast-paced market, there’s no point looking if you’re not actually ready to swoop when you find the right property. There’s quite a bit of preparation and legwork you need to do first to be ready to bid at an auction or make an offer. At a minimum, you must have your financing pre-approved by your lender and have worked out your budget so that you know what your absolute maximum price ceiling is.
Assemble a great team of experts
You’ll need a good conveyancer or solicitor, as well as a reliable building and pest inspector on hand ready to look at any property you’re serious about. Ask your local real estate agent for trusted referrals.
Do your due diligence
Always have your solicitor or conveyancer review any contract before you consider making an offer or bidding at auction. Likewise, if you are buying a strata apartment, townhouse or villa, you’ll need to have them look at the strata report, so they can let you know if there are any major red flags.
Consider a buyer’s agent
In some cases, a buyer’s agent can save you a ton of time and money finding the perfect property. A good buyer’s agent can guide you seamlessly through the entire process, from selecting properties for you to inspect that meet your criteria to bidding at auction for you. Their fees aren’t cheap but you’ll likely more than make their money back in what they can save you in time, disappointment or problems down the line.
Want to get the inside scoop on the hottest properties in Sydney’s Inner City and Inner West? Contact our team today.