WHEN IS THE BEST TIME TO BUY PROPERTIES?
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Articles by Salesh Chand
From my personal experience over the years, I have learnt that the best time to buy properties is towards the end of November, December and January.
Towards the end of November most vendors are looking at offloading their stock to avoid holding costs, as the chances are the next settlement date will be in February, i.e. they will have three months of holding costs. They will happily negotiate an earlier settlement, most likely early December, to avoid unnecessary cost.
Further, the vendors are aware that most of the potential buyers will be away during the holiday season and there will be only limited buyers in the market. So if you are a cash buyer, this is your chance to purchase good properties at reasonable prices.
I personally believe the market has slowed down this year in October due to the LVR rules that were implemented from 01 October 2013. I have been talking to real estate agents and bankers and they have all confirmed the market has slowed down and they are seeing less activity. I have met with clients who bought properties in October for well below the vendor's reserve price due to fewer buyers at the auction, and in some cases no buyers.
So if you are a unconditional buyer, you need to start attending auctions because the chance of you getting a good deal is high in the current environment.
If you are a buyer who has good equity but you don't know how to utilise this equity, please call us today to discuss your options. We have great relationships with bankers and we will find ways of utilising your equity so that you can become an unconditional buyer when the right property comes up for sale.
If you are a first home buyer and you do not have enough equity, we are happy to meet with you to discuss options.
Salesh Chand
Partner/Business Advisory Director
© Gilligan Rowe & Associates LP
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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