When an old client of mine asked for me to find him a great investment property in the Western suburbs of Sydney, I thought this going to be a cinch with all the reports of doom and gloom overseas, banks stringent with their lending, mortgagee repossessions in their thousands being reported on TV and in the News. Images of Aussie battlers in tears that they have to sell because they can’t afford their home loans, although feeling very sympathetic to their plight I couldn’t help but get excited that I would have a smorgasbord of dream investment property with which to choose from and in the process save my client tens of thousands of dollars in value.
Average days on the property market before selling in the highly sought after suburb of Mosman (Lower North Shore) is 78 days. Although this contradicts some of the reputable data available, my findings at ground level in the trenches inspecting homes in the Toongabbie and Seven hills area. Properties are selling within 7-14 days – Folks …. That’s exchanged sales.
Well 2 months done the track and we are still looking for the dream investment property and what we have uncovered in speaking to the local real estate agents is that we are not competing with First Home Buyers (who we naturally thought would be our main competitors in the marketplace) but other investors. Property investors are outmuscling First home buyers in these areas.
So, my little advice for you if you are shopping for a home in those areas, if you see something you like, you can afford it and you know it’s good value – don’t wait to negotiate the home, negotiate straight away and exchange if you have too with a cooling off period. At least you have secured the home and have a little time up your sleeve to do the necessary diligence.
Skeen Property Buyers Agents
We are a boutique firm that specialises in seeking out the ideal. Skeen Property Buyers was established to offer not only an honest, professional and personal service, but one to be invaluable for clients throughout property negotiations and purchases.
Our personalised 6-Star service is also unique. As a boutique business, dealing with your investment strategies is personal for us and given the total time, commitment and in-depth thought that a major financial decision requires. Skeen Property Search Consultants explore all avenues to ensure your property search is successful. Specialised internet searching, a good rapport with trusted Real Estate Agents throughout Sydney and a network of property professionals at hand ensures that the purchase, conveyance and settlement processes move forward efficiently.