House Prices in Sydney drifted a little lower again in July 2020 and although there are some pockets and suburbs showing resilience and price growth, there are many other areas where buying opportunities are presenting themselves.
There has been a shift in mood for would be Sydney purchasers as they weigh COVID19 risks against the opportunities presented by a trend to a buyers market and historically low interest rates.
If you’re getting serious about buying soon here are my three top tips to help you out.
Tip 1. Get your finance approved first. I’m not talking about a nod and a wink from your mates’ mortgage broker, I mean a fully assessed loan with your most up to date financials. Ignore the rumours that credit is easy. Many banks are under stress and running slow with staff working from home or part-time. Also, as we see even a small increase in loans not being repaid, the lending environment will change very quickly.
Tip 2. Focus on quality. Do your property search as if the pandemic never existed. Be really clear on the style of property you’re after, narrowing down the suburbs and streets, your ideal layout, orientation, age of the build, how close it is to everything you care about, and make sure the properties you shortlist tick all those boxes, without thinking about how cheap you can get it. A second rate property is still that, regardless of what you pay.
Tip 3. Make sure you can access off-market property.
When its a buyers market there are more reasons for sellers to list off-market and more off markets available. You MUST get access to these off markets to give yourself the maximum chance of buying well.
If you’re a ‘do it yourself’ person and have the time, a way to access off-market properties is to build relationships with all of the key agents operating in your target suburbs and then call them regularly to see what off-market listings they have that match your search.
The superior way to see everything for sale is to hire an experienced buyers agent specialising in your area. The very best buyers agents have methods to source a property for you that may not even be for sale.. yet!
If you have any questions or to find out more about how to set yourself up for success buying in today’s’ Sydney market please do get in touch.
