Tips for nabbing a bargain this spring

The typically busy Spring sales season is upon us, so what does it mean with much of the country in lockdown?

While listing volumes will likely be down during the lockdowns, the good news is we’ve seen advertised stock and sales activity bounce back remarkably quickly once restrictions do ease.

Tip #1: Do your research

You’ll be in a better position to make an offer or bid with confidence if your local property market knowledge is up to speed.

We offer several types of FREE reports that will help you cover your bases.

  • Suburb Report (contains an overview of the suburb, median sales price, comparison data, a market activity snapshot, and information for investors).
  • Suburb Statistics Report (suburb area profile plus comprehensive median sales price data, sales per annum, sales by price, and demographic information).
  • Property Valuation Report (estimated value and price range of a property, property-specific details like year of construction, sales history, recent nearby sales and a suburb snapshot).

Hint: If you’re looking for a property on the lower end of the price range, CoreLogic’s Top Affordable Suburbs Report is another handy resource. It identifies the top 100 suburbs across Australia where the median value is under $500,000.

Tip #2: Make sure your finances are in order

If you do find a bargain, you’ll want to be in a position to jump on the deal. Speak to us about organising pre-approval on your finance, so that you’re ready to go.

Pre-approval means 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 edge over other buyers without pre-approved finance.

Tip #3: Find out why the vendor is selling

Understanding the vendor’s motivation to sell may give you an upper hand during negotiations. What kind of type of settlement terms and deposits will be most attractive to them?

For example, they may be moving interstate, or need liquidity fast, in which case they may drop their price for a shorter settlement.

Maybe they need an extra-long settlement while they find somewhere else to live? Or perhaps a larger deposit would make you more favourable compared to other buyers?

Ask the real estate agent why the vendor is selling and use the information as a negotiation tool.

Tip #4:Get building and pest inspections done

Building and pest inspections not only alert you to issues with the property such as termites and structural defects, but they can also be used as ammo during price negotiations.

You may be able to use the findings from the inspection to negotiate a lower sale price.

Let’s chat

If you’re in the market for a Spring property purchase, speak to us and we’ll line you up with the right finance for your needs.

Are you a first homebuyer looking for

Help?

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.

Enquire today!

Crunch
your numbers

Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.

View calculators

With 40+ lenders to choose from, the options are never ending!

A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz