The Regional Victoria and Mildura property markets continue to be some of the strongest markets within Victoria. Pent-up demand from motivated buyers, is continuing to outstrip local supply. It is evidently a competitive seller’s market now, and many vendors who take the time to present and style their homes, and remove buyer objections, are achieving incredible results.
However, if you’re a buyer in this market, it is easy to become frustrated by the experience. Whether you are a first home buyer, family upgrader or downsizer – what can you do to ensure you are successful?
We consistently see committed buyers who have finance pre-approved, who may have missed out on a property or two, and are now “seriously” ready to buy.
However, only a few buyers succeed. We’ve put together the following considerations, to ensure your buying experience is enjoyable and ultimately successful.
Ensure you have pre-approval, early on.
Before you even start looking at properties, ensure you have pre-approval from your lender. Having your finance ready is essential in this seller’s market. Once you are pre-approved, you will know what you can comfortably afford, and you can be flexible with the offer you present to vendors.
For example, for an auction campaign, ask the agent if the vendor is willing to consider pre-auction offers? Suss out the competition and try to identify if the agent may have other potential offers on the table. If you are ready, you may like to submit an attractive unconditional offer prior to auction.
Or you may learn the vendors are unfortunately going through a separation – and they are looking for a short settlement. To further entice the vendor, you may agree to an unconditional offer and a short settlement, such as 30 days. Having your pre-approval will allow you to execute flexibility in purchasing a property.
Prices in Regional Victoria are moving quickly and it’s important to set realistic expectations and be prepared. Remember most pre-approvals only last 90 days. Circumstances can sometimes change, so make sure you stay in contact with your lender or mortgage broker. Even once you have pre-approval, be prepared to share updated statements and documentation when you go for final approval – for example, updated credit card statements and payslips.
Understand your needs and requirements – and know what you may compromise on.
Buying a property is an emotionally charged journey. It is important to have clarity on why you’re buying, and what type of property you want. Think clearly about your requirements – do you need 3 or 4 bedrooms, is the second bathroom a must-have, what land size do you really require, how many living zones do you need, and are you looking for a “ready-to-move-in” property, or are you prepared to do some work to the home yourself?
Think about the lifestyle you want to live too, and what potential suburbs can provide that lifestyle. Are you looking for a more vibrant ‘village-feel’, or a calmer ‘family-friendly’ environment?
Make a list of everything you want in a property and its location – schools, parks, transport, amenities, shopping, recreation etc. That way, as you view and inspect properties, you can remain objective about which one or two, best suits your needs.
Finally, when you’ve found a home you like, speed is often the name of the game. Get a copy of the sale contract and have it reviewed by a licensed conveyancer or solicitor as soon as possible. Also ensure you have a building and pest inspection completed and check all appliances too.
Do your research, stay across the market and track property prices, and set a limit.
Starting your property hunt early, and having patience, means that when the moment comes, you’ll need to act quickly.
Research your chosen suburbs and track property prices, to understand what the market is doing. Being armed with quality information will mean you’ll be more confident in your own decision making.
Ensure you research the best streets in the suburbs you are considering. Where are the schools, and more importantly where are the school zones? What are the comparable sold results over the past few months? Are prices steady, or have they been increasing?
Follow local agents’ Facebook and Instagram accounts and stay across their new listings. Even call to introduce yourself to the local agents so they understand you are a committed buyer. Play close attention to upcoming open home dates, or if possible, set up a private open home. Keep your schedule open and flexible, because in hot markets, available properties wait for no one.
Once you have pre-approval and you know your borrowing capacity, it’s time to set your upper limit – essentially your “walk-away” number – so you do not overspend.
Do not overstretch yourself – it is better to experience short-lived disappointment, rather than long-lasting remorse, even regret. When deciding your limit, it is wise to have an odd-number as your upper range. For example, you may decide $432,800 will be your limit. You may find other bidders would stop at a more natural number, such as $430,000.
Always seek advice from a trusted professional.
It can really feel overwhelming searching for a home amongst fierce competition, but don’t be discouraged. With the right amount of preparation, you’ll be ready to make the necessary moves to secure the home of your dreams.
Remember to always speak with trusted professionals who can provide you with an unbiased opinion and provide value-added insight. If you are considering to buy in the next few months, our agency is certainly able to assist.
With One Agency being one of Mildura’s most trusted real estate agencies, we are well placed to provide you with our view of the current market, based on our local experience. If you are considering to sell, we’ll thoroughly guide you through the sales and presentation process, and help you take advantage of this incredible time in the market.