Australia wide we are seeing a spike in the demand for quality homes, but unfortunately, not enough stock to match it. For those eager to buy, they’re forced to pay a premium! It comes back to the basic economic equation of ‘supply and demand’. Buyers are competing for these quality properties, so prices are pushed up and properties are selling like hotcakes.
Fortunately, the South Australian market isn’t as crazy as those on the eastern states. A single car park in Sydney CBD sold for $120,000 — what? How? Crazy I say!
So, if you’re thinking about buying a home in Adelaide right now, make sure you do the following, before raising your hand at an auction!
1. Educate yourself
Being such a competitive market you need to understand the value of property in the areas you’re looking in. Many agents are under quoting and buyers are left thinking they’re in for a chance — when in actual fact, the house will go for $100k more than what they thought. Make sure you look at what has sold over the last 6 months in that area and compare.
2. Understand the buying process
The best way to do this is by chatting to friends and family who have purchased property. It can be much more complex than you initially thought. There’s hidden fees that you need to be aware of before putting your hand up at an auction.
3. Become friends with local agents
There are many off market/ off the plan opportunities that regular buyers have no idea about. Get on the buyers database and be the first to know about new listings before they appear on realestate.com.au
4. Make auctions part of your Saturday routine
In a hot market, many vendors are opting to auction their properties. Go. Resister. You never know — sooner or later an opportunity will land in your lap.
5. Be ready to act
Have pre-approved finance, offer flexible settlement and if it ticks most of the boxes — Put an offer forward! Quickly! Armed with all of the information you can, then make a quick decision and move forward with an offer.
The inner city suburbs are naturally more popular, so broaden your search proximities. Have you considered city fringe, off the plan apartments? Ultra modern, stylish, close to the city and affordable!
Check out these ones. They’re hitting the market in 18 months time.
Feel free to ask any questions below, or contact me directly HERE.
Georgie B x