What you need to do now to buy in Sydney in the new year
Contrary to many property naysayers at the start of the pandemic, Sydney property prices have held their ground this year.
On top of that, low stock levels in desirable locations remain constrained, which is pushing up prices even further than what broader property statistics are showing.
However, a good barometer of the strength of the market is the fact that the most recent auction clearance rate in Sydney was 76 per cent, which was higher than the 71 per cent recorded at the same time last year.
Buyer dedication
Buying property in Sydney has always required dedication because of the strong competition for the best listings from potential purchasers.
Having a vague idea about what type of property, price point, or location that you’re interested in has rarely resulted in a successful purchase in the Harbour City.
While you’re trying to work out where and what you want to buy, someone else has deftly stolen the opportunity away from you!
The end of year holiday period is a traditionally a quiet time for the Sydney market, but by mid-January the cogs start turning again and buyers are back on the hunt for their next home or investment.
So, if you’re keen on securing your first or next Sydney holding in the new year, now is the perfect time to start planning to make it a reality.
Here are three things that you should organise sooner rather than later.
1. Borrowing capacity
It’s vital for all buyers to understand their borrowing capacity so they can search for properties that they can actually afford.
Lenders are competing for customers at present, and with record low interest rates on offer, the timing is ideal to secure a great home loan deal.
To give yourself the best shot of securing a slice of Sydney real estate, which often involves buying at auction, it’s a sound idea to have loan pre-approval to a certain dollar figure beforehand.
This finance certainty will enable you to make solid offers for private treaty or auction sales, which will help with your chances of success.
2. Understand your strategy Another vital element to understand early is your investment strategy, which is as relevant for homebuyers as it is for investors.
Without a sound strategy behind you, buyers and investors are not making the most of the potential opportunities in the market.
For example, many buyers don’t think about their future property plans when they purchase a home.
Sometimes, emotion can get the better of them because they are buying a place they will turn into a home and may wind up over-paying.
In the years to come – and generally people move every five years or so – they may find it difficult to sell the property for a big enough profit to enable them to upgrade to a larger home or to a more desirable area.
3. Buying mindset
As I mentioned at the outset, mindset matters when it comes to Sydney property.
Not only do you need to be ready and able to buy, but you must have the right mindset to make it happen, too.
This includes making sure you have completed your research beforehand, or you’re working with experts who can do this for you, so you can make an informed decision more quickly.
There are a number of ducks that need to be lined up to ensure you’re giving yourself the best shot of securing a real estate holding in Sydney.
Luckily, by working out your strategy, your borrowing capacity, as well as adopting the right mindset early, you will have set yourself up to be ahead of the pack in the new year.
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