Great time to buy an investment property in Melbourne?
Is it a great time to buy an investment property in Melbourne? The market is patchy and unpredictable in Melbourne at the moment, with some sales going really well for Vendors and others not. Weakened market conditions present some great buying opportunities. Book a consultation with Buyer Solutions experienced team of Buyers Agents. We can help you get it right and get it done.
Just say you find the perfect property and it meets all our strict asset selection criteria. How will you also buy it for a good price and not overpay? Indeed, what is overpaying in October 2018? Many clients at Buyer Solutions use our Assisted Buying Service, where they find the property they wish to buy but have Buyer Solutions buyers advocates do the pre-purchase research and evaluation of the property for them. We provide evidence and information you can rely on so you will not overpay. The selling agent is driving the price up. Our buyers agents are driving the price down. Buyers shouldn’t feel bad about getting a buyers agent help. If you aren’t in the property market every day, how do you know what to pay? The risk is too high.
Lots of auction properties are attracting buyers who haven’t got their loans approved or are too scared to buy on an unconditional basis. Three properties we have bought recently had other buyers waiting for the property to pass in at auction as they wanted to make offers subject to finance. But we were organized, finance in place and put up the sold sticker at the auction.
Working with a home buyer client of ours last week, they informed us that their lender requires them to make offers subject to finance for 3 weeks and claims that is for the client’s protection. It’s about the bank or lender as much as the clients. What this means in practical terms is that the buyer cannot bid at any auctions, wiping out about 50% of property on the market for them.
Remember, the favored method for selling a property in Melbourne is auction. Selling agents and vendors love auctions as the sales are unconditional. No cooling off. No change for buyers to change their mind.
So, get organized. Get your finance organized and buy an investment property in the next six months while all the “gloom and doom” is being splashed about and the lenders are in turmoil. I am a huge fan of headlines like “Bricks and Slaughter”. Anything that injects uncertainty, slows the market or means less buyer competition for good properties is simply heaven for me personally and for my property buyer clients. The heady days or 2016 are over. No more 80% plus clearance rates, rather in 2018 50-60% is the new norm.
Once again, provided you have access to funding, do your research, buy the right property at the right price, then at Buyer Solutions we believe now is a great time to buy. More choice, less competition than has been the case for the past five years in Melbourne.
Also, in Melbourne our population continues to swell meaning that property values are likely less volatile or subject to falls than in any other major capital city in Australia. Melbourne is growing whether you like or no, and the quality real estate is in short supply.
Have faith and buy real estate. Of course at Buyer Solutions, we would love to help you.
Buyers Advocate, Buyers Agent, Buying property, Home buying, Housing Affordability, Housing Market, Investment, Investment property, Overseas Buyers
+61 39816 8555