Buyer's agent Nick Viner, has revealed his guide to securing blue-chip property bargains this Christmas – and why purchasers need to act now.
Nick Viner, director of Buyers Domain, said market conditions heading into December often provide a rare window of opportunity for purchasers.
“Frankly, if you’re in the market, this Christmas could be your best chance to secure a home at a reasonable price before competition heats up in 2020,” said Mr Viner.
Mr Viner said a number of factors were working in favour of Sydney buyers this silly season, with current conditions a response to lower-than-expected listings in Spring.
“While we saw October listing numbers down between 30 and 45 per cent across suburbs such as Balmain, Drummoyne, Erskinville, Glebe and Leichhardt, the fact is that anyone who has overconfidently listed at an unrealistic price and not yet sold will see buyer numbers dry up in December and January," said Mr Viner.
“This includes owners who absolutely need to sell by New Year for family or work reasons.”
Mr Viner said there are a number of properties still listed on the market and owners often become more desperate to trade.
“Many need to move house ready for the New Year for work or family reasons, however, after allowing negotiation and settlement periods, they’re now fast running out of time to meet their deadline.”
Mr Viner said this could put Christmas buyers in a prime position, because buyer demand will shrink as we enter December.
“In truth, most buyers who were looking for a home in November start putting those plans aside until after year’s end," said Mr Viner.
“It happens every year. Buyers become distracted by celebrations, organising get togethers and attending work functions, and they decide to wind back from house hunting.
“The feeling is, ‘If we haven’t bought by December, it’s not meant to be this year. We’ll come back and have a look in the New Year’.”
Mr Viner said that from experience, this leads to an appreciable fall in buyer numbers, right when must-sell vendors are becoming desperate to trade.
“I consistently do some of my best deals around Christmas, but this year it’s even more important to buy now because I think the market will heat back up after the holidays.”
Mr Viner’s view is supported by a number of commentators, including SQM Research who’ve predicted Sydney’s market will see growth of 10 to 14 per cent next year.
Mr Viner said once the market is back to full steam come late February/early March 2020, expect the bargain buys to dry up.
“Smart, opportunistic buyers are already gearing up to secure their home in the coming weeks. The best properties will be long gone by the time March rolls around.”
Four tips to maximise the outcome
Mr Viner said there are several ways buyers can ensure they’re ready to snap up a property end-of-year bonus buy.
“Firstly – get finance ready straight away. When opportunities present themselves, you must act fast," said Mr Viner.
“In addition, stay on top of your sales evidence and listings. Keeping track of offer and sale prices means you’re already well informed on market value, so when a listing is presented you’ll know what to pay.
“Next – be enthusiastic. Great deals can occur at inopportune times. If something is presented when you’re on your way to a Christmas party, divert course and check out the property. It might be the best gift you receive this year.”
Finally, Mr Viner said don’t discount the advantage a buyers’ agent provides.
“When desperate sellers are looking to offload quickly and efficiently, their selling agent often puts out the call to their buyer’s agent network first," said Mr Viner.
“And there’s no doubt, you want to be on that ‘first call’ list.”
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