Spring has sprung, and the property market is buzzing with excitement. Despite the Reserve Bank of Australia’s series of interest rate hikes since May 2022, property prices continue to climb in many markets, with a 0.7% increase in July marking the fifth consecutive month of gains. If you’re looking to buy this spring, here are some tips to help you prepare:
**Tip 1: Do Your Research**
Staying updated on the ever-changing property market is essential. Make sure you’re armed with the latest information to confidently make offers. We can provide you with various reports to assist your decision-making process. Suburb reports offer comprehensive data to narrow down your property search, while property reports provide valuation ranges and recent sales data.
**Tip 2: Get Your Finances in Order**
When you spot a promising opportunity, you’ll want to act swiftly. Speak with us to arrange pre-approval on your finance. Pre-approval indicates that a bank has preliminarily agreed to lend you a specific amount. This confidence can be invaluable during price negotiations and may give you an edge over other buyers who lack pre-approved finance.
**Tip 3: Understand the Vendor’s Motivation**
Gaining insight into why the vendor is selling can provide you with negotiation leverage. Consider settlement terms and deposit preferences that would be attractive to them. Tailoring your offer based on their needs—whether they’re moving interstate, seeking liquidity, or requiring a longer settlement—can position you favourably.
**Tip 4: Assemble Your Team**
As you plan your spring property purchase, start building your team of professionals. A reliable conveyancer or solicitor will handle legal matters, while building and pest inspectors ensure the property is free of surprises like structural defects. Any issues discovered can be used as negotiation points. As your finance broker, we’ll compare the market and recommend a competitive home loan that aligns with your financial situation and goals.
**Get Ready for Spring**
Property prices might be on the rise, but there are ample opportunities for savvy buyers. Reach out to us today to secure pre-approval on your finance and position yourself to make your move in the spring market—whether it’s your first home, next home, or an investment property.