Buying a home can be a very daunting process and it’s likely to be the most expensive and emotional purchase of your life. And as anyone who has bought more than one will tell you – it doesn’t get any easier the second time around! But careful planning and preparation will help you get the keys to your dream home.
Wetherill Park real estate agent Graham Ball, Principal of Graham Ball Estate Agents, powered by Ozway Realty, shared the first two of his top tips in previous articles: Pick the right suburb and Choose your location carefully. Here is Graham’s next tip for buying a property.
Graham’s top tip #3. Pick your timing.
The property market moves in regular cycles – however, the near-impossible task is picking when the market is at its peak and when it’s going to bottom out. Many so-called ‘experts’ claim to have ways of picking when the real estate market is going to pick up and when it’s going to pop. A lot of media focus recently has been around an ‘imminent’ crash in the Sydney property market.
However, Graham agrees with leading real estate commentators and predicts a real estate slowdown, not a crash. He says that a cooling in the local real estate market could last for two years and can provide opportunities for new entrants to the property market.
“Values can dip slightly during this two-year period by single digit percentages,” he says. “There’s nothing to indicate that this current slowdown should be any different to property cycles we’ve experienced in the past, both with houses for sale and houses for rent.”
With this in mind, Graham points to cooler periods in the housing market as being windows of opportunity and says prospective home buyers should keep a close eye on market trends and moves in interest rates.
“While the Reserve Bank left the official cash rate on hold at its record low of 1.5 percent in its latest announcement, moves by major banks to clamp down on investor lending and interest-only loans has definitely poured cold water on the market,” he says. “This pressure is now starting to find its way through the property market.”
According to Graham, the realestate.com.au website has some helpful search filters so you can see which properties have been listed for the longest. “These may be struggling to meet the market and the vendors may be open to negotiation,” he says. “Just click here to jump to my page on realestate.com.au. You can search for houses for sale here, or click on the ‘Buy’ link at the top to search for the oldest listed properties in your ideal suburb.”
Graham has lived and worked in the Wetherill Park area for many years and can recommend his suburb as a search option. “Wetherill Park, Fairfield and surrounding suburbs are a vibrant part of the Western Sydney community,” he says. “It’s a fantastic place to raise kids, do business and enjoy everything that life has to offer.”
Graham and business Director, Rivan Bahno, have a great reputation in Wetherill Park and surrounding Western Sydney suburbs, with many repeat customers. They present houses for sale and also offer rental properties.
Graham will be sharing hit top tip #4 shortly – come back soon to check in.
For anybody looking to buy or sell real estate in Wetherill Park or Fairfield, get in touch with Graham, Director Rivan Bahno, or any of the team. Their office is at Suite 1, 1183 The Horsley Drive, Wetherill Park. Or you can call them on +61 2 9609 1177 or visit their website www.ozwayrealty.com.au/offices/wetherill-park