Sydney auction clearance rates have now exceeded 80% for the fourth week in a row, signifying a return to the sizzling hot Sydney property market conditions we experienced earlier this year.
Many buyers are frustrated in their attempts to get a foothold in this market. And there are two big mistakes we see so many people making.
In the first group are people who say “to hell with it, I clearly have to be prepared to pay whatever it takes or I am going to get left behind”. These are the people who are likely to pay a crazy price, often for a not so crazy property.
The second group of people say “I am going to wait until the market drops before I buy something”. These are the wishful thinkers who may never get on the property ladder. Because the market will probably climb some more before it “drops” and that means they will still be priced out of it.
Both camps need a change of mindset in order to be successful in this market. Despite the high auction clearance rates and the perception of crazy sale prices (the sensational sales results are publicised and, believe it or not, not all prices are crazy) there are opportunities out there that represent reasonable market value in the current conditions.
They just take a bit more hunting to find, a bit more price research to arrive at a price, a bit more willingness to let go if someone else is willing to pay over the odds. At the moment a good outcome is to buy a good quality property at a fair price – that’s a bargain in this market.
Published: 12 September, 2014
Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.