Sydney Property Market Update 27/10/2018
I had an interesting conversation with a buyer this week.
He was looking for an apartment and after seeing several with our office over the weekend, he was returning to a couple and looking at one he didn't have time to get to.
At the end of our meeting we had established that his finance was ready, his budget matched what he was looking for and at least two of the properties he had seen he liked and could see himself residing in.
Upon asking him if he wanted to go the next step and make an offer he said something very interesting, "Not at this stage Aris, I think I'm going to wait."
I replied respectfully with another question with regards to exactly what he was waiting for, to which he replied, "I'm hoping something better may become available."
In drilling down what "better" actually was, he really meant either a property almost exactly the same as the two he liked but for a lower price or one that offered more at the same price.
The last question I asked him was when he REALLY wanted to have finalised his purchase. He said that he had been looking for three months and was starting to tire of it all and hoped to find something before the end of the year.
The point I made to him and I'll restate it here, is that he already had found more than one property he would like to purchase, he was just choosing not to which was entirely his right.
I guess what I'm saying is that without any type of definitive deadline, buyers in the current market are going to find it very difficult to commit to a purchase. It was easier in previous years for such a deadline to be almost built in because they didn't have the time or choice available to have such a decision to make.
But not today.
My only advice for those of you still looking to buy a property this year, is Christmas is officially 60 days away (yes that's correct) and you will NEVER find the perfect property. If you have a long enough wish list and a big enough pecking order every home will fall short of expectations in some way.
So take a long look at not only the homes we have available but also in the general area and ask yourself the question "Are you REALLY going to get something BETTER than what's available in the current market?".