Spring has sprung and in the property world, it’s an exciting time of year.
So, what will this year’s spring selling season look like?
Property prices are still on the rise in many markets, despite the Reserve Bank of Australia’s aggressive interest rate hikes since May 2022. Property prices rose 0.7% in July – the fifth straight month of gains.
Listings are also on the increase but remain below 2022 levels. If you’re a potential buyer, you’ll need to be ready when you find a bargain this spring. Here are our tips for being ready.
The property market is continually changing. If you are looking to purchase, you should make sure you have the most recent information available so that you are confident when making an offer.
We can supply a variety of reports to help you cover your bases. Get suburb reports with all the information you need to narrow down your property search. Access property reports with valuation ranges, recent sales data and more.
If you find a bargain, you’ll want to be ready to jump on it. Speak to us about arranging pre-approval on your finances sooner rather than later.
Pre-approval means that a bank has agreed, in principle, to lend you a certain amount of money.
Having pre-approval gives you confidence during price negotiations with vendors. It may also give you an advantage over other buyers without pre-approved finance.
Understanding the vendor’s reason to sell may give you an upper hand during negotiations.
What type of settlement terms and deposit will be most appealing to them?
They may be moving interstate, or need liquidity fast, in which case they may lower their price for a shorter settlement.
Perhaps they need an extra-long settlement while they find somewhere else to live.
Or maybe a larger deposit would make you more favourable compared to other purchasers?
Ask the real estate agent why the vendor is selling and use the information as a negotiation tool.
If you are planning a spring property purchase, start thinking about which professionals you desire on your team.
You’ll need a reputable conveyancer or solicitor to take care of the legalities for you.
Additionally, you will need to establish building and pest inspectors to ensure the property is free of unwanted surprises like termites and structural defects. If they do discover anything problematic, you can use this during price negotiations.
As your 1st Street Mortgage Broker, we’ll compare the market and suggest a competitive home loan that suits your specific financial situation and goals.
Get in touch
Property prices are increasing in many markets, but there are plenty of opportunities available for savvy buyers.
Get in touch with your 1st Street Mortgage Broker today to arrange pre-approval on your finance and be ready to purchase your first home, next home or an investment property this spring.
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We can help get you into your new home.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.
