Contending with buyer competition
March 26, 2014 / Written by Rich Harvey
No matter where you buy property in Australia, chances are you'll have competition to contend with.
However, this rivalry can be much more heated in hotspots such as Sydney.
Perhaps that's why 43.1 per cent of Australians believe the country's property market is too competitive, according to realestate.com.au.
That number is even higher in New South Wales, where 58.9 per cent of respondents believe competition is too high.
However, if you're a home buyer looking to enter the market in Sydney, it's important not to let competition steer you away from the dream of home ownership. While some may be tempted to stick to renting to avoid competition, realestate.com.au also reports that competition for renting in New South Wales is perceived as even higher.
Fifty-seven per cent of renters in Australia said there were too many people looking for similar properties in their area. Meanwhile, 60 per cent of renters in NSW felt this way.
Fortunately, understanding how to negotiate a property deal can go a long way toward reducing competition, which makes finding the right buyers agent in Sydney a priority.
Whether it's a private treaty sale or an auction, a qualified buyers advocate will work solely on your behalf.
Not only can a qualified Sydney buyers agent save you time, money and stress, they can also provide you with key information on local property hotspots and assist you in discovering silent listings that may not even be advertised on the market.
Data from the Australian Bureau of Statistics shows that investor activity in the housing market has grown steadily and will likely continue to do so.
If you're hoping to beat out investors and other home buyers in Sydney, hiring a qualified buyers agent will be the best way to rise above the competition.