Summer in Melbourne is traditionally a time for chilled out barbecues, the Ashes test series, Australian Open and swimming between the flags. But the heat of summer in Melbourne isn’t a particularly sizzling season when it comes to property. In fact, with many real estate offices closed for the New Year break and with school holidays in full swing, the auction market closes down for 6 weeks! Agents have already booked auctions in for February and March 2018.
While some property buyers might see this as a time to switch off, at Industry Insider we see it as an opportunity to get ahead in your property search for 2018. Here’s why:
Off market and pre-market opportunities
With no more auctions booked for 2017 and the next phase starting up late February, there are agents who are open to taking offers on properties before the auction campaign begins. If the seller’s motivation is high – (i.e. they have bought elsewhere) this could be an extremely good opportunity!
Fewer buyers = less competition & more negotiation power
With many Melbournians planning their holidays and downtime around the New Year period, it makes sense that there’s a little less competition for buyers in the summer months.
The Melbourne property market then typically heats up a notch in February, with a return to ‘business as usual’ in auctions and private sales.
Get a leg up on the competition and head into summer with the ability to make strong offers on the properties you want. To do this, you might want to reach out to a buyer’s agent who can help find the right properties for your budget.
At this stage, you should have secured finance pre-approval and have a solid idea of what you’re looking for in a place and location.
Summer time’s on your side
If you’re like the many Melbournians who take time off work over the Christmas and New Year period, chances are you have a bit of time to yourself as the mercury rises. Why not use this to your advantage and spend some time in the property locations you’re interested in?
You could take the family or your partner for a picnic in the local park, have a look at the area’s homes and amenities and generally get a feel for the neighbourhood. By the time 2018 is in full swing, you’ll already feel like a local and be able to make a more informed property purchase.
Don’t dis the Christmas leftover… Just as turkey sandwiches and new toys can be a Boxing Day delight, so too can the property that doesn’t sell at auction in December. This is your chance to take advantage of the fact that some vendors are looking to sell and settle ASAP.
The start of the year can bring major life changes like work relocations, retirements and new additions to a family – this can put pressure on vendors to sell early in the New Year. If you present a good offer on a property that someone needs to leave, it’s likely you’ll be in a good position to secure a deal.
An experienced buyer’s advocate like Industry Insider can help you make an informed decision in any season by providing industry expertise, market insights and negotiating skills, to ensure you make a smart property purchase. Give us a call to get started.