Five Tips for Property Purchasers in a Rising Market

Graeme Salt

Much has changed since my last blog:


• Talk of a property boom has lead to fear of a property bubble


 • A new parliament has given many Australians a greater sense of security about their future


• The spring property season is in full swing, with 1,600 auctions scheduled for auctions this weekend in Sydney and Melbourne Suddenly, potential buyers are worrying that they could be priced out of the market - especially in Sydney, Perth and Darwin.


 


In this new paradigm of property growth what are the options for potential purchasers?


1. Move quickly. Boom periods last for quite a while. For some, now is the chance to get in early.


2. Do your homework. Even in boom periods, there are still bargains to be had


3. Look interstate. The Melbourne and Adelaide markets are flat


4. Employ a buyer's agent. Often they can find bargains before they go on the market


5. Downsize. A smaller home with excellent storage may meet your needs as much as a McMansion


 


From a financial perspective, there are still heaps of opportunities. Good brokers now which banks are offering the good deals. For example, AMP have just brought out a new loan which is only available through brokers. Generally speaking, the lower the rate, the more you can afford. It never hurts to ask how much you can borrow and you could be pleasantly surprised.


 


For a no-obligations chat about your property needs, please contact me on 0457 755084