The property market has hit a soft patch, with many adopting a wait-and-see attitude.
However, there are many reasons why a soft market is not the time to hibernate. A slump in real estate can be the ideal time to act and secure a good investment property.
For those who have been dreaming of owning a bigger home, or investing in properties in premium suburbs and districts, a soft property market can present good conditions to expand or establish a property portfolio. With more properties for buyers to choose from, sellers face stiff competition and have to vie for the buyers’ interest.
Sellers, whose properties have been on the market for a longer period, may be more open to negotiations with serious buyers.
Home buyers and investors need all the facts in order to make a sound property investment.
Research is of paramount importance when purchasing property. A buyer must keep track of the outperforming and emerging suburbs and highly sought after areas in Melbourne.
In cases where properties are passed in during auctions, post auction negotiations are crucial.
With the rental market still going strong, this means that investors can look forward to reaping a profit from their investments within a shorter time. This is definitely another good reason to enter the property market now.
As the warm weather continues through spring, we’ll see an increase in listings. Buyers are now beginning to purchase properties that were previously unattainable.
The highly sought after inner suburbs are now within reach for many couples and families that have always wanted to buy in these areas.
In short, buyers can benefit from the current property market.
Lauren Staley is director of Infolio, a buyers’ advocacy and property management company.
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