With Sydney property prices now more expensive than ever, how realistic is the possibility of bagging a bargain?
Last week the Sydney Morning Herald reported that as of the end of June 2016, 613 postcodes across Australia held a median house price of $1 million or more. NSW accounted for 68% of the million dollar club post codes, with almost all of them located in Sydney.
Many buyers have been facing endless weeks, months and even years of bitter disappointment and frustration. Their quest for the elusive bargain has become a losing battle where the goalposts are constantly shifting as prices are forever rising.
It is certainly possible to find a bargain as long as the emphasis is to secure a quality property at a reasonable price. Remember that if a property is on a busy road or directly under the flight path, it may seem like a bargain but it probably isn’t. There are no shortcuts to success!
Circumstances which may be conducive to securing a good deal this spring are:
The vendor is highly motivated to sell. This may be due to financial or personal reasons.
The selling agent has under-performed.
The advertising and marketing do not engage with the right target market.
The property is tenanted which restricts access and limits buyer turnout.
The property presents poorly but can be easily fixed.
Looking out for one or more of the factors above will certainly help you to find that bargain in Sydney’s market. Despite the current hurdles, there are still really good opportunities representing real value. Here’s how to find them;
Do your research and know the market. That way, you’ll know how to spot a good deal more quickly.
Change your mindset – a bargain in the current market is buying a quality property at a reasonable price.
Engage a Sydney buyer’s agent to look for you. A good buyer’s agent will have established relationships with local real estate agents and will be able to source properties before they hit the market. If the property is not on the open market, there is unlikely to be any competition from other buyers. No competition means the purchase price could be more reasonable.