Pre-Christmas Buying Opportunities propertybuyers’ November Market Update
By Matt Corbett, Senior Buyers' Agent propertybuyer
With Christmas just 45 days away, now is not the time to be shy in looking for properties. This month we look at how the door is still open for savvy buyers that move fast.
Pre-Christmas Buying Opportunities
With Christmas fast approaching (just 45 days away), it is certainly not the time to put the “cue in the rack” and give up on purchasing a property before next year. In fact, this time of year often presents an excellent opportunity to buy!
The Sydney market has cooled down in terms of price over the past 3-4 months and even better news for buyers is that vendors have now had time to adjust their previously inflated expectations.
Christmas and the New Year often create an artificial deadline where many vendors want to ‘close a deal’ before sitting back, relaxing and enjoying a Christmas drink knowing they have sold. This need for closure before the end of the year, coupled with the fact that many other buyers are about to move into the festive season and put off purchasing until next year, can create some of the best buying opportunities seen all year. Furthermore, stock levels are definitely higher than they have been in recent times, so there is an increased chance to secure your desired property.
And this motivation to sell is not solely vendor-driven. As a buyer’s advocate, I cannot remember a time when I have had more email and phone calls from selling agents keen to do a deal themselves and start afresh in the new year. Few agents want to carry over a listing and considering the majority of the real estate market becomes dormant from mid-December to mid-January, agents like to go into their holiday period knowing they have had a strong finish to the year.
Some of the best deals I have done both as a buyer’s agent and personal investment have been in December for this reason and this year could be even better. I had a situation in December 2015 when I showed a client a property in Manly. After careful consideration they ended up buying another property closer to their friends in Dee Why. At the time, I made a comment that I would buy it myself if they weren’t interested and they gave me their blessing. Given the fundamentals of the property, a 2-bedroom, 2-bathroom apartment with secure parking and within 200m of the beach, it was certainly appealing. But the real clincher for me was that the agent did not have a lot of interest given the time of the year and the vendor was clearly motivated to sell. I couldn’t resist the opportunity and quickly secured the property with a February settlement. Remarkably, I had a chance to flip it for considerable profit prior to settlement but decided to hold it, renovate and maximise depreciation and the rental.
So, my advice is simple. Be persistent, don’t give up like the majority of the herd and don’t wait until the next year when you will have more competition, because you just might capitalise on an excellent opportunity. And if you do need help, it is a great time to sign up with us at propertybuyer. I have seen more excellent opportunities in the past 3 months than I have seen in the last two years. It is just a shame that I don’t have the buyers for all of them.
To give yourself the best possible edge to secure your next home or investment property, talk to one of our professional team of buyers’ agents who will make your property dreams actually happen. Instead of just thinking about it, call us on 1300 655 615 or tell us your enquiry / wishlist today.