Property market set to blossom this spring
The sun is out – and so are the buyers! Spring is traditionally a peak period for property, and there’s a good reason why spring 2024 is shaping up to be a bumper season. Here’s how to prepare if you’re planning to buy in the weeks ahead.
At last! It’s time to pack away the winter woollens, and dust off the t-shirts and shorts.
Spring is just around the corner, and that means sellers will be sprucing up their homes to attract as many buyers as possible.
Spring has always been a popular time for sellers and buyers alike. Gardens look lush, the warmer weather sees us head outdoors, and a home purchase can be settled in time for Christmas.
But there’s another reason why spring 2024 is likely to be especially busy.
20% more homes to choose from
Over the past decade, spring has seen new listings jump by more than 18% across the country, according to CoreLogic.
This gives buyers a wider selection of homes to choose from – and they certainly take advantage of it. Home sales across the country typically rise by more than 8% in spring.
This year, buyers could have an even bigger choice of homes to pick from.
According to CoreLogic, autumn and winter have seen real estate listings flow onto the market at an above average pace.
That’s seeing the market shift towards more of a balance in supply and demand – especially compared to last year, when sellers had the upper hand.
Even so, buyers should prepare for the spring selling season.
Quality homes don’t stay on the market for long. In Perth, for example, the median selling time is just 10 days at the moment, so buyers who act fast can have a competitive advantage.
3 steps to give yourself an edge
In the fast-paced spring market, home buyers could put themselves ahead of the competition by following three simple steps:
1. Establish a wish list
The more properties you inspect, the easier it can be to lose track of what you really want in a new home.
Cut through the confusion by making a list of must-have features. Follow this up with a rundown of features that are nice but not essential.
Having a wish list to work from can be a real time saver as it lets you focus on properties that tick all the boxes for your ideal home.
2. Know what you can afford
There’s no room for guesswork when it comes to buying a home.
Talk to us for a clear idea of your borrowing power. This lets you set a buying budget so you know which homes sit comfortably within your price range.
3. Have your home loan pre-approved
Nothing says you’re a serious buyer like having mortgage pre-approval. It’s a simple step that can eliminate a large part of the stress associated with home buying.
And if you’re buying at auction, pre-approval lets you bid with confidence while setting a clear limit for your highest bid.
We can help you arrange home loan pre-approval for a loan suited to your needs.
We’ll spring into action on your behalf
As the weather starts to heat back up, so too will the housing market. So if you’re looking to buy, now is a good time to get organised so that you’re home loan ready if the opportunity arises.
Call us for a personalised chat about your property goals, and discover how we can help you achieve them with a home loan that suits your needs.
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