Friday 05 Oct 2018
With the footy finals behind us and both underdogs holding the trophy, perhaps a new precedent has been set in 2018 for those that have been coming off second best in the property stakes.
Just as smart sellers sell when no one else is selling, smart buyers buy when no one else is buying. So if you have been looking to buy in the last few years, now is the time to break away from tradition and give it all you’ve got, as your chances of taking out first place are the best they have been in a long time.
Less buyers means less competition and you guessed it, lower prices. Sellers have now adjusted because they are also taking advantage of the current market conditions and are utilising both sides of the coin.
Properties are selling and some are selling very quickly, so the first rule of thumb is not to hesitate if you find the right property. Complete due diligence quickly because in this market properties are being priced to sell and those who hesitate could miss out.
Buyers also now have the upper hand when it comes to contract negotiations, including longer or shorter settlement periods, early access or smaller deposits. The trick is to remember that everything is negotiable.
The last three months of 2018 will see a healthy amount of properties turnover, and I predict that buyers will see far less opportunities in 2019 and this may push prices up. So my advice to buyers is to get your skates on and secure a property before the year is out, and you’ll be left singing your victory song and cracking the champagne.