The word is about, there’s something evolving,
Whatever may come, the world keeps revolving…
They say the next big thing is here,
That the revolution’s near,
But to me it seems quite clear
That’s it’s all just a little bit of history repeating.
The newspapers shout a new style is growing,
But it don’t know if it’s coming or going…
Shirley Bassey’s song ‘History Repeating’ could be playing as a sound track for our current property market. The hype and fear around the recent decline has many people making decisions based on fear instead of looking at the bigger picture. The media often portrays stories where ‘fear’ is the motivating factor and we have an unhealthy appetite for stories of this nature. This desire to hear/read negative stories around our property market can cloud a potential property buyer’s view of the marvellous opportunities which are currently available in the market due to the premium prices of the boom years coming to an end.
Times like these can be ideal for a health and reality-check for our mindset around the property market. Now is the perfect time to take a considered approach to property acquisition and act on opportunities in the current market! In the current market discerning buyers are not only paying less, but also transacting with more favourable terms.
Historically the Sydney property market has 7-year cycles. We are coming off the back of a 4-year boom period in our market and therefore, we should expect a few years of stability or decline (for under performing properties) over the coming 4 years. Rose & Jones has been operating as Buyer’s Agents for 20 years and with planning and research we have navigated our clients successfully through the peaks and down turns of the property market. Through our teams combined 100 years of experience we can say with confidence that the current market offers some of the best buying opportunities and discounts we have seen in recent times. An essential ingredient in taking advantage of opportunities and ensuring you select the best type of discounted property is due diligence and historical evidence. This is best achieved by employing our buyer representation service, however below are listed the 5 top tips we recommend for property buyers in the current market:
- Look at historical evidence of the property (how/when/why did it last transact)
- Consider factors which will support future value: What are other properties doing in the area (and surrounding areas) and where does this property fit in the scheme of things (i.e. Are you buying something that has a limited market in this area or big buying pool for when you go to sell/lease in the future).
- Why are you buying this property and how long do you plan to hold on to it? (To achieve the most out of your purchase we recommend holding property for a minimum 3-5-years in the current market)
- What are the reasons not to buy this property? (Is it specific to this property or just general market factors – don’t try to ‘play the market’ at the cost of missing out on a good property)
- Who wants you to buy this property and why do they want you to buy this property? Are there other options?
Finally remember good assets stand the test of time. Being able to identify a good asset which will attract buyers in any market is the trick to success in real estate. Call one of the experienced team of buyer’s agents at Rose & Jones if you want the best advice in the market for your next property acquisition.