Sydney's competitive property market requires flexibility and quick decision-making. Here are three important areas where being adaptable can make a big difference:
1. Research the Agent
Knowing the agent you’re dealing with can significantly impact your buying process. Conduct thorough research on the agent in your aerea e.g. the inner west, and examining the types of properties they sell and the areas they cover. This can influence their motivation and approach.
Look at the agent's sales volume, the difference between their price guides and sale prices, and whether they mostly sell at auction or before. Not all agents operate the same way; some run properties to auction almost all of the time, while others may be more open to pre-auction offers.
Understanding the agent's strategy and process can help you tailor your approach. If an agent typically runs auctions, trying to buy before auction may disrupt their process. Communicate with the agent about their vendor's timeline to sell. Understanding the agent's sale methods will help you devise the best strategy to secure the property.
2. Be Ready to Move Quickly
Speed is crucial in Sydney's fast-moving property market. Properties are often sold through auction campaigns, where vendors typically expect buyers to conduct contract reviews, building, pest, and strata reports when considering pre-auction offers. If you're interested in a property, be prepared to move quickly and have these checks completed.
Should the vendor be open to pre-auction offers, be aware that other buyers may also be prepared, potentially with unconditional offers. The ability to act swiftly and decisively can set you apart. Additionally, for off-market properties, the window of opportunity may be brief. Vendors might be willing to sell their property off-market for a short period only, so work diligently and with speed to avoid inviting more competition.
Effective communication with the agent is vital. Understand if and when there's an opportunity to make an offer. Once you know, ensure you have all necessary reviews and reports in place to submit a competitive offer.
3. Re-evaluate Your Wish List
When looking for property in Sydney, it's essential to regularly review and adjust your wish list based on market trends.
Ask yourself: if property prices increase over the next few months and your ideal property in the inner west remains out of reach, would you be willing to increase your budget? Or, would you consider giving up some features like a second bathroom or a garage?
If your initial reaction is a firm "no," think about the consequences. Are you prepared to search for months with a slim chance of buying and a high chance of repeatedly missing out? If you realise that compromising on certain features now is more appealing than a prolonged and frustrating search, make that compromise early.
It's tempting to adopt a "wait and see" approach, thinking you'll compromise later if necessary. However, this often leads to a loop of missed opportunities, wasted time, money, and emotional energy. Avoid the frustration and decide upfront which compromises you can live with, positioning yourself to act swiftly when the right property appears.