Buying a home can be tedious and exhausting since there will be a lot of home tours and decisions to be considered. But after all those searching, a big question will be asked – when.
According to Perth’s leading property experts, the right time to buy a property is now. And that the hot spots are Perth’s premium coastal stretch and riverside suburbs.
The low buyer confidence caused by the job insecurity and slowdown of resources last year has led to the oversupply of houses in the market, thus giving buyers the upper hand in the game.
“This is a notable improvement over the [past] year and good news for prospective homebuyers looking to enter the market or find their next home,” Real Estate Institute of WA president Hayden Groves said.
“It’s a good time to buy and I would advise those looking to purchase a property to take advantage of the improved affordability before the market lifts again.”
Since this is the perfect to buy houses, the necessary tips are needed to guide first-time and frequent home buyers to have the deals of their lives. The Eastern Reporter has released an interview with property experts.
Satterley Property Group chief executive Nigel Satterley said that the first thing a home buyer should do is their “homework” and be a hard negotiator.
“Not only is housing more affordable and interest rates at a record low, the State Government’s recent announcements to increase the First Home Owners Grant from $10,000 to $15,000 until December 31, 2017 and Keystart (low deposit home loans) to increase the income threshold by $20,000, will assist more West Australians with their homeownership dream,” he explained.
“In the property game, it’s important for buyers to strike while the iron is hot to get the best price and value for money.”
Same goes for Blackburne founder and managing director Paul Blackburne. He said that home buyers should do research and make sure to know if the property is from a trusted developer.
Blackburne advised home buyers to invest in areas with high demand, such as apartments. He also emphasized that it is a great time for first-home buyers because of the increase of the First Home Owners Grant.
“Many people buy apartments off the plan for their first purchase, which gives them time to keep saving more for a deposit but secure something while the prices are low, and there are a wide range of options.”
On the other hand, Acton chief executive Travis Coleman advised sellers to find the best agent available.
“It is a buyer’s market and as such, the role of the real estate agent in achieving a pleasing sale for your property is paramount,” he said.
“Don’t choose an agent who promises the top selling price; check their track record and make sure they are backed by a reputable agency with a large network and elite marketing strategy.”
He also urged home buyers to buy well-located properties in Perth for a competitive price since these properties will have stronger capital growth in the long-run.
However, Peard Real Estate Group chief executive Peter Peard’s advice was to buy a property in the next six months.
“The Perth property market is at rock bottom, so now is the time to get in before recovery starts. Excluding prime coastal and riverside suburbs, the oversupply of new apartments will create great buying opportunities over the next six months for people who want to enjoy this type of lifestyle,” Peard said.
Peard then gave his tips to sellers. He said that the property being sold should have the three Ps — price, presentation and promotion, since buyers are selective, taking time before real deal happens.
Lastly, Momentum Wealth founder and managing director Damian Collins said that now is a “favourable time” to get in the market since buyers can afford and negotiate hard on deals and terms and conditions.
In addition, he said that it is important for sellers to set a reasonable price for properties. This will make properties have a competitive price, thus selling it faster.
“It’s beneficial to pay for a premium listing on a property search portal so it remains at the top of search results,” Collins advised.
“If the property isn’t receiving much attention initially, sellers should change the property’s profile photo to provide the allure that it’s a new listing. They may also need to adjust their sales price.”
Perth property experts said that the perfect time to buy a new home is now, therefore property brokers victoria will have an influx of curious home buyers and home sellers who want to earn from their properties. Real estate agents should be prepared and also do their homework so that these people will have real deals from their properties.
