House Prices are increasing and people getting gazumped time and again!
Housing values keep increasing, but is still 1.3% below the peak recorded in April 2022 - at this rate of growth should be passed before end of year!
In Oz - most city recorded price growth over both the month and quarter, except for Hobart. Perth and Adelaide are experiencing record-high prices, while Brisbane is likely to set a new record!
People are getting gazumped everywhere .
3 things you can do to prevent from getting gazumped
1. Maybe use a property buyer ?
It is a very ‘active’ market. Having boots on the ground will give you a big advantage.
Buyers agents rely on the relationships they build and their reputation. A good buyers agent have their client’s interests (the buyer) at heart - not the seller
Remember the real estate agent is getting paid by the seller - and will do all in their power to maximise their price - they are not your friend!
2. Make sure you have the conveyancer can immediately review the contract
3. Organise home loan pre-approval - 100% free
Putting in an offer on a property and then spending weeks trying to arrange a mortgage can leave you open to a more prepared bidder. Instead, ensure you have conditional pre-approval for a home loan. That will give you a good idea of your available budget so you can negotiate with confidence.
What is loan pre-approval?
A loan pre-approval means that a lender has agreed – in principle – to lend you an amount of money towards the purchase, subject to certain conditions being fulfilled. While a pre-approval is not a full or final approval,it allows you to know your maximum available funds so you can narrow your search, negotiate with more certainty and bid with more confidence if you're going to buy at auction.
A pre-approval is a valuable step in getting you closer to your new family home or investment property. It's not a requirement in the home buying process, but it can make life easier.
- You should take note of the required documentation and make sure that it’s all provided. This could include things like:
proof of identification, - recent payslips,
- Bank account statements, and
- Credit card statements.
- Serviceability - Identification of maximum amount you can afford and that banks will lend to you
- Work out which best bank to use taking into account interest rates and policies that suit you
- If you’re successful in obtaining pre-approval (congrats!), it is usually valid for 90 days.
Start the process here