We hear lots of media headlines about property bubbles, but believe it or not the next few weeks could well be a great buying opportunity for many.
Some of our clients have stood to one-side of the market as the prices (in Melbourne and Sydney) have shot up, but there are two reasons for keeping an eye on a property right now. One reason is seasonal, the other is commercial.
The seasonal reason is, that we are pretty much coming to the end of the spring selling cycle. Many real estate agents are turning their mind to their summer holidays and as the days go by, their holidays become increasingly dominant in their mind. In fact in the run-up to Christmas, real estate agents and vendors just want get rid of any remaining property on the market. Many buyers make a killing with late offers to someone who is intent on selling, and this will not be the first holiday period when the Chan & Naylor Finance team have been arranging the finance for someone who had a cheeky Christmas Eve offer accepted!
But there are also commercial reasons for chancing a bid now. There were 3,575 auctions in Australia last weekend, yet national clearance rates were down to 72% – the fourth consecutive week in which it fell. While still healthy it appears the property market has peaked, and for those who have balked at the recent growth in prices, this may well be a great opportunity to buy.
Of course, before you make a bid for any property, you need to know that the bank will lend to you. The simplest way is to ensure that your broker has arranged pre-approval for you. It costs you nothing to get pre-approval and may well set you up for that perfect buy.
To find out how Chan & Naylor Finance can help you with your next property purchase, go to our website http://www.chan-naylor.com.au/services/finance/ and fill out a contact form or call us on 1300 306 767 for further information about how we can assist you to get your home loan.
Graeme Salt – National Client Finance Manager, Chan & Naylor Finance Australia
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.