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Is now the right time to buy a property?

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Now is the perfect time to buy your home

With Sydney housing at its lowest prices since 2017 (having dropped up to 14.5% in some areas), now may just be the best time to finally bite the bullet and buy a property.

But don’t wait too long, as analysts predict the market will begin to recover before the end of the year as consumer sentiment improves and buyers take advantage of a weakened market.  Combined with a proposal from Australian Prudential Regulation Authority (APRA) to relax lending restrictions and the surprise election and indications from the Reserve Bank that a June interest rate may happen, the sluggish housing sector could get its steam back before too long.  With less overseas investors competing for properties and tighter lending particularly for property investors, fewer buyers are turning up at auctions and more properties are available. Less competition can only mean lower prices. How long this will last? Only time will tell, but at least for now, for the first time in a long time, it’s a buyer’s market.

What does this mean if you're looking to make a purchase? 

  • With less buyers and more stock on the market, you may have more wiggle room to negotiate a price in your favour.
  • You may be able to negotiate more favourable contract terms such as extended settlement periods etc. 
  • Research recent sales in the area you wish to buy to use the sale results as leverage for a good price.
  • Be assertive in your position and be prepared to stand your ground, or walk away. If you are firm in your negotiations and patient, you’re likely to strike a deal you’re happy with.
  • Keep in mind good properties with scope for capital growth will always have multiple buyers interested. Be prepared to move quickly if you find ‘the one’.
  • Properties which ‘tick all the boxes’ such as being close to schools, shops and public transport will always attract a higher price than places without these features.
  • The more organised you are the better, with a pre-approval highly recommended before investing too much time in a property search.

If you are ready to buy and want to take advantage of the current housing climate, a fast approval will ensure you are in a position to act when the right property presents itself. The lending specialists at Endeavour can assist you in obtaining a full approval quickly and easily.  Whether you’re saving for a deposit or getting ready to bid at an auction, Endeavour Mutual Bank can provide continued support and up to date information along your journey to make the process as simple as possible. The friendly staff at Endeavour can help guide you through the process of applying for a home loan and ensure you are on the right track.

To find out more about preparing yourself for purchasing property contact us or explore our easy to follow Home Buyers Guide for some more handy hints and tips. 

Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.