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The next five weeks is a great time to purchase a property in Australia. The Christmas/New Year period was traditionally a quiet sales period for the Australian property market and as such represented a prime window of opportunity for astute property buyers.
Timing is everything in real estate and the next five weeks is a perfect time to buy a property whether you are an investor, first home buyer, upgrader of down-sizer.
While most people in the weeks leading up to Christmas are busy buying Christmas presents, a growing band of astute property buyers throughout Australia are buying properties.
Buying property is everything to do with timing as much as location and the coming holiday period represents a great time to buy an property wherever you live in Australia.
Traditionally sales activity in the housing market slows during this period as people become distracted with Christmas shopping and planning their holiday vacation. However, after the holiday period, the property market rebounds strongly during January and February when buyers flood the market again.
With fewer buyers in the market and a large number of homes to choose from in capital cities such as Perth, Brisbane and Darwin, the lead up to Christmas is now an excellent time to make a decision to buy a property.
People who have been ‘sitting on the fence’ and delaying a decision to buy a home, might have ‘buyers regret syndrome’ during 2017 when a shortage of homes for sale in some capital cities pushes up prices even further.
Buyers regret syndrome is usually apparent when buyers fail to accurately determine when the market has bottomed and is on the way to recovery. These buyers delay making a decision to purchase a home, only to find that the market moves quickly in favour of the sellers and they are faced with the situation of spending much more money than they expected to secure a property, a property which they could bought several months earlier for a fraction of the price.
During the next five weeks, buyers may find some sellers more receptive to offers on their properties during this period especially if the property is on the market for a long time and the seller is anxious to sell.
However, if you are considering buying a home, you should always make your first offer the best offer. Sellers are still looking for fair market value for their properties and an offer which is fairly set is most likely to succeed than one which is unrealistically set too low.
Another good tip is to ensure that you have a finance pre-approval, as it will enable you to know how much you can borrow and the price of home you can afford. At the same time, an offer which has pre-approved finance is looked on more favourably by sellers than an offer that needs finance approval or is subject to the buyer selling another home.