Found the perfect Camperdown home or investment property, but not sure if the price tags fits the bill?
This is the magic question every property hunter asks themselves… is the price right?
Very few people will ever be interested in paying more than market value for a property – so how can you ensure that you are getting a good deal on that perfect find?
As Mortgage Brokers, some of the tips we think might help you to educate yourself are below:
Knowledge is power
Information is a valuable tool to have in your property-search toolkit. Knowing as much as you can about the local market will help ensure you are across what the market is doing, and how it’s moving.
If research isn’t so much your thing, we can help! We can provide a detailed property market report that will help to provide a comprehensive snapshot of the area you’re looking to buy in. Speak to us about what we can provide – a run-down is included below:
Propety market reports
Property Valuation Report
This is what to ask for if you’ve found the property you want, and need to know more about it. It will give you information that covers:
- The property’s estimate value and price range
- Details like what year it was built and the area it covers
- The property’s sales history
- How it compares to other recently-sold properties in the immediate vicinity
- A snapshot of the wider area in which the property is located (eg: the median price, capital growth, sales by price charts)
Suburb Report
This applies when you’re focusing on a particular area to buy in, so that you can work out if it’s worth honing your search for a particular property. This report will provide you with:
- A suburb snapshot – including the demographic details (eg: age and gender of the residents)
- Median property sale prices, the average days a for sale property spends on themarket
- A snapshot of the market – how many properties are already ‘for sale’ in this area, and the properties that have recently been sold
- Rental data, like what the area’s median rent is, what kinds of properties are currently for rent, and indicative gross rental yield information)
Suburb Statistics Report
This gem offers an area profile of the suburb, plus:
- Comprehensive median sales price data
- Sales per annum and sales by price
- Demographic information (household structure, occupancy, age, gender and income).
Why now is a good time to buy
Australia’s property markets have held up relatively well against the challenges of COVID-19. In recent months, we’ve seen mild declines in dwelling values in some capital cities, but prices have increased elsewhere – particularly in areas like Camperdown, Colac, Hamilton, Warrnambool and Mount Gambier.
It all comes down to finding the right property in the right location!
Lenders are competing fiercely for business and as a result, there are some competitive deals out there on interest rates. Another compelling reason why now could be a good time to buy.
Next steps
If you’re considering a property purchase, be sure to get pre-approved on your finance sooner rather than later. Pre-approval is an indication from your lender that you qualify for a home loan up to a certain limit.
Having pre-approval puts you in a better position to negotiate on price. Why? For one, you’ll be confident about how much you can borrow. Two, you’ll know your ceiling price in advance. And three, it shows vendors you’re serious about buying.
With interest rates remaining low and prices becoming more affordable in certain markets, it could be a good time to buy! If you have your eye on a particular property or suburb, get in touch with Sinclair Wilson’s Mortgage Brokers, so we can assist you with information to help you make an informed decision. We’d love to hear from you!
