Would-be buyers in for bargain Christmas treat

A number of factors are working in favour of Sydney buyers this silly season, Mr Viner said, with current conditions a response to lower-than-expected listings in spring.

While October listing numbers were down between 30 and 45 per cent across suburbs such as Balmain, Drummoyne, Erskineville, Glebe and Leichhardt, the buyers’ agent said, “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”.

“This includes owners who absolutely need to sell by New Year for family or work reasons,” he continued.

Mr Viner has observed that there’s a number of properties still listed on the market and owners become more desperate to trade at this time of year.

“After allowing negotiation and settlement periods, they’re now fast running out of time to meet their deadline.”

This has the potential to put Christmas buyers “in a prime position”, with buyer demand shrinking through December.

“In truth, most buyers who were looking for a home in November start putting those plans aside until after year’s end,” he commented.

“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,” Mr Viner explained.

“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’.”

In his experience, the buyer’s agent said this leads to an appreciable fall in buyer numbers, right when must-sell vendors become 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.”

Once the market is back to full steam – which Mr Viner predicts to occur in late February or early March – the bargain buys will dry up.

“Smart, opportunistic buyers are already gearing up to secure their home in the coming weeks,” he commented.

“The best properties will be long gone by the time March rolls around.”

To ensure buyers are ready to snap up property in this “rare window of opportunity”, Mr Viner has offered up four tips for potential purchasers to maximise their outcome:

1. Get your finances ready straight away.

“When opportunities present themselves, you must act fast.”

2. Stay on top of 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.”

3. 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.”

4. Don’t discount the advantage a buyer’s 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.”

“And there’s no doubt, you want to be on that ‘first call’ list,” Mr Viner concluded.

Tags:

• Latest
• Australia property market news roundup

Share