Buying an apartment in a seller’s market.

Congratulations, you’re in a position to buy property!

You know your requirements, you’ve secured finance and have 3 months to find a place.

The problem: There can be limited stock and lots of competition.

Look before you leap…

Acknowledge and avoid FOMO. You’ve missed out on a few apartments already; the competition is thick and prices seem to be climbing.  Frustrating yes but don’t lose your cool. It is a massive financial decision that needs to be thought out carefully. “Yeah, it’s on a train line but they said it has double glazed windows”. FOMO is uncomfortable yet temporary.  Regret can last a lifetime.

Always get a building and pest inspection. In hot markets, some agents have been reported to say “the sellers will not allow a building and pest inspection”. If you experience that – stay well away, this apartment is not for you.  

Networking. Create a list of the local agents and get them on a first name basis. Contact them weekly and become memorable. There will always be new property coming on the market, so you want to be front of mind for a chance at an off market purchase.

Are you paying too much? Apartments can seem easy to compare as there are many like it however you need to know how to distinguish the good from the bad when they have the same asking price. Start with www.realestate.com.au/sold and find something similar to yours. Go to auctions. Engage a property valuer (about $400).

Due Diligence. Don’t just rely on the marketing brochure, talk to us… Supply us with the address and we’ll score the apartment on 15 different categories for $49. Want more? Did the basement flood? Will that view be built out? Has the developer gone bust? Why are there security concerns in that building? The Full Report. $399. www.apartmentconsulting.com.au/products