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The
Propertybuyer

Podcast

Hear the latest weekly insights into the property market via podcast by Rich Harvey, CEO and founder of Propertybuyer.

 
Fri 3 May '24 with Rich Harvey Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24 with Rich Harvey How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24 with Rich Harvey Why Invest in Melbourne?
 
 
Mon 26 Feb '24 with Rich Harvey Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24 with Rich Harvey Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 
 
Sat 27 Jan '24 with Rich Harvey Home Buying in the Eastern Suburbs – A personal journey
 

 

Listen to many more
podcasts on our
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Buying And Selling In 2023 - March 2023

March 9, 2023 / Written by Rich Harvey

 

By Guest Blogger, Leanne Pilkington, CEO,

Laing & Simmons and Immediate Past President REINSW

It’s often said that buying or selling a property is among the biggest financial decisions we’ll ever make. At the best of times, it’s a decision which demands extensive consideration. In 2023, though, there are seemingly even more variables at play: rising interest rates, cost of living pressure, surging migration, changing demographics, new ways of working and in NSW, the pending election. So should you buy or sell this year? Laing+Simmons CEO Leanne Pilkington cuts through the noise.

 

In buying or selling a property, to get the timing right, focus less on the timing. It sounds contradictory, but the key variable is you. Irrespective of what’s happening in the market, your circumstances and your needs are the key driver.

The best time to buy a property is when you find something that suits you. This means from a lifestyle and family standpoint, taking in financial considerations, and understanding what you need from a property today and tomorrow. When you find something that suits you, you can make the timing work.

But don’t over-extend. A property out of your reach, which would - or could - cause you financial discomfort, by definition doesn’t suit you. When looking, ask yourself whether the commitment required to secure the property is something you’ll be comfortable with over the long-term.

It’s not about trying to pick the right time to buy in the hope you get it right, it’s about being sure what you pay is something you can live with over time.

Trying to pick the bottom of the market is fraught with danger. Just like trying to pick the top of the market is not a great strategy for vendors. In deciding to sell in order to buy something else more suited to you, it makes more sense to focus on the change-over gap instead of the price you are buying or selling for. This is the cost to you in real terms.

‘Do your research’ is a common piece of advice, as it should be. Price movements, suburban market trends, auction clearance rates, rental vacancies and other indicators are worth investigating. Among other places, this information can be accessed through the media.

But you need to maintain perspective. Headlines are meant to generate clicks. They don’t always paint an accurate picture as it applies to the specific local market you’re looking at. Local agents with local experience can give you a much clearer insight into the actual suburban market performance at any given time.

And at this point in time, every suburban market is experiencing different market conditions. In NSW, the only common theme is a shortage of property. Despite recent price movements, this is a point worth remembering for vendors.

For buyers, looking for property is a challenge at the moment. Assembling a team can help. A relationship with a buyers agent can make all the difference and give you a competitive advantage, as they will have access to properties before they hit the market.

With so few properties available, buyers should leave no stone unturned in their search. From there, it’s about asking ‘does this suit me?’.

If the answer is yes, then congratulations on getting the timing right.

 

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contact you in regards to buying property,

click below to 

Send us your property brief   or

call us on 1300 655 615 today.

The Propertybuyer
Podcast

 
Fri 3 May '24
with Rich Harvey
Unpacking the Northern Beaches with Incredible Agents
 
 
Fri 29 Mar '24
with Rich Harvey
How to build a $7 Million Property Portfolio from scratch
 
 
Sat 16 Mar '24
with Rich Harvey
Why Invest in Melbourne?
 
 
Mon 26 Feb '24
with Rich Harvey
Sydney’s Inner West – Hotspots and Outlook for 2024
 
 
Mon 12 Feb '24
with Rich Harvey
Decoding Sydney’s North Shore Market – Outlook and Opportunities.
 
 
Sat 27 Jan '24
with Rich Harvey
Home Buying in the Eastern Suburbs – A personal journey
 

 

Listen to many more
podcasts on our
Podcasts page.