Early Spring Selling Season Sees Dramatic Increase in Available Property to Buy in Sydney and Melbourne, Now is the Time to Get Preapproved for a Loan as Demand is Increasing to Match Activity as People Fear Missing Out on the Next Boom
The early spring selling season has gotten off to a strong start in Sydney and Melbourne, with a dramatic increase in available property to buy. This is good news for buyers, who are now spoilt for choice.
There are a number of factors that are driving the increase in available property. One factor is uncertainty about interest rates. As interest rates rise, it becomes more expensive for homeowners to borrow money, so they are more likely to sell their homes. Another factor is the pent up demand from sellers wanting to take advantage of the solid buyer demand to upgrade or down size so they are more likely to list their homes.
The increase in available property is particularly pronounced in Sydney and Melbourne. These two cities have been the most affected by the recent property market downturn. As a result, there are now more homes available for sale in Sydney and Melbourne than at any time in the past few years.
This is good news for buyers, who are now in a stronger position to negotiate a good deal. However, it is important to remember that the property market is still volatile, so it is important to get preapproved for a loan before you start making offers.
Getting preapproved for a loan will give you an idea of how much you can borrow and what your monthly payments will be. This will give you a strong bargaining position when you are making offers on properties.
It is also important to keep an eye on the interest rates. If interest rates continue to rise, it could make it more difficult for buyers to afford to buy a home. Therefore, it is important to act now if you are thinking of buying a property. If rates fall as is anticipated by the bond market, purchasers can borrow more creating more demand.
In addition to the factors mentioned above, there are a few other reasons why now is a good time to get preapproved for a loan:
- The lending criteria are still relatively relaxed, so it is easier to get approved for a loan.
- There are still a good number of properties available, so you have more choice.
- The competition from other buyers is not as intense as it may be later in the year.
If you are considering buying a property in Sydney or Melbourne, I recommend getting preapproved for a loan as soon as possible. This will give you the peace of mind of knowing that you are financially ready to make an offer on a property.
Here are some additional tips for buyers in the early spring selling season:
- Be prepared to act quickly. Properties are selling quickly, so you need to be prepared to make an offer as soon as you find a property you like.
- Be prepared to negotiate. Sellers are more likely to negotiate if they have multiple offers on their property.
- Get preapproved for a loan. This will give you a strong bargaining position and will make the buying process smoother.
- Be patient. The property market is still volatile, so it may take some time to find the right property.
By following these tips, you can increase your chances of success in the early spring selling season.
However, there are also some risks to consider.
- Interest rates are expected to continue to rise, which could make it more expensive to borrow money.
- The property market could slow down further, making it more difficult to sell your home in the future.
- There is a risk of overpaying for a property if you buy at the top of the market.
If you are considering buying a property, it is important to weigh the risks and rewards carefully. If you are confident that you can afford the monthly payments and that you are buying a property that you will be happy with for the long term, then now may be a good time to buy.
Ultimately, the decision of whether or not to buy a property is a personal one. There is no right or wrong answer, and the best decision for you will depend on your individual circumstances.
For a free assessment with your Origin Finance broker call 1300 30 67 67 or fill in the enquiry form on this page.
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