1. Don’t believe the hype (good or bad)
Do your own research to find out if your target suburb is hot or not.
There are several tools available to help you discover a suburbs potential with information about median property prices, data showing the impact of interest rates and the average number of people looking for property in that suburb. Link to Domain Coogee Profile
What matters is whether it’s your right time to buy, for your needs and circumstances. Knowing the state of play is useful to help you calibrate that decision, but shouldn’t be the only thing that motivates.
2. Location & fieldwork
The old property maxim still holds true. But that doesn’t mean inner city rules.
You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth.
Be very clear about what matters to you
- access to major roads;
- public transport;
- shopping or entertainment hubs;
- cultural diversity.
Do some field work to make sure the suburb’s right for you. Walk around the area you’re thinking of buying in. Grab a coffee, or a meal at the local pub. Pretend you’re already living there and see if distances are what they seem, and atmosphere is living up to expectations.
Of course it will be a little different once you’re moved in, but experiencing it first hand gives you a critically useful taste for the reality of that location.
Look closely at what developments or infrastructure is planned around the area in case your quiet corner is about to become a developer’s haven.
3. Consider surrounding suburbs
If your target suburb is out of budget, consider more affordable neighbouring suburbs.
Before you buy, talk to locals to get residents views on the suburb and its best streets. Reading local publications and connecting with local websites, bloggers or personalities can also give you helpful insight.
If you’re attracted to an area because of its rising value, remember that may spill over into neighbouring suburbs.
4. Look for the upside
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends.
5. Talk to the experts
Talk to us in order to find out what’s happening in the market.
You may not get your dream home right away. It’s ok. Consider apartments instead of houses in the location you are wanting to purchase, they are often more affordable and put you in your desired location. Or you may choose a property that needs a little TLC, but ticks other boxes.
Work closely with us to develop an action plan and strategy that meets your goals and needs.
6. Get in first
When looking for a property to buy register your details on our website, in order to receive alerts quickly.
7. Monitor close to home
If you’re looking to buy a property in an area where you’re already living, take a close look at other properties that go up for sale nearby. Look at how they’re marketed, how well inspections are attended and how long they spend on the market.
This will give you an indication of how the market is doing in your neighbourhood and can guide you on the price you should be paying for a property close by.
Check out our website in order to see what has recently sold.
8. Inspect smartly
Smart sellers naturally stage their homes to make sure they look their best when you view them. You’d do the same.
Remember to look between the lines (or cushions) for issues that might not be immediately obvious. Take along a list of practical things to check – things like adequate power points, hole or cracks. That way, if you fall instantly in love, you won’t suddenly forget to sanity check for possible pain points.
Take notes and get your building or pest inspector to follow up on anything unusual or concerning.
9. Loan Approvals
There are new rules in place from APRA in relation to the banks lending guidelines so make sure that you have a written loan approval prior to exchanging any contracts.