Top Tips for Buying Now

By
29/9/2016
 

We reached out to a number of leading real estate experts for their insider tips on how to get the best value when buying in the current market.
 
"If you are buying your first investment property, you really need to speak to a broker or bank who specifi cally understands your circumstances and future goals at the outset. Part of their process should be to determine the serviceability levels of your loan and how important cash fl ow will be to your purchase."

Peter Sarmas
Buyer’s agent and director, Street Advocate



"While conditions are positive, it’s still a case of caveat emptor – buyer beware – to avoid costly mistakes. Your best chance for traversing the property market unscathed is to put a little time into researching and understanding accurate, reliable and timely comparable sales data prior to making any purchase."

Clint Greaves
CEO, Real Estate Investar




"Don’t go buying things aimlessly – you need to have a clear objective. Treat investing the same way you would if you were starting a new business: with a business plan and clear goals. Like any business, you need to continue to monitor and assess your strategy, and make tweaks along the way if necessary."

Douglas Driscoll
CEO, Starr Partners



"Research involves far more than thorough investigation of an individual property. I analyse both macro and micro market indicators, including population and demographics, demand and supply, economic forecasts and infrastructure development for specifi c areas. For those who don’t have access to in-depth knowledge and data, I advise investing time in your own market research; don’t rely purely on data provided by the seller or media hype for a particular development, area or trend."

Milly Bridgen
Managing director, Bespoke Property Portfolios


"It is important that you choose an investment property that has characteristics a potential investor would want. For example, proximity to schools, transport, entertainment and shopping are high on a potential tenant’s wish list. Also, look for other characteristics that will make your potential investment attractive for tenants, like an overly large apartment or an apartment with a great outlook." 

Sam Elbanna
Specialist agent, CPM Realty




"Ascertain how any property you are considering compares to the area median. Is it overpriced? Is it good value? You will only know the answer by getting to know the local property prices, specific pockets within an area, and types of property stock in an area. Then you will be able to easily spot whether a property of type A in area B is a good buy, an average buy or just plain too expensive."

Wendy Chamberlain
Co-founder, Amalain Buyer & Vendor Advocates




"Intelligence is not spending $500,000 on a property in a town that you have never been to. I advocate diversifying, but I also advocate diversifying and spending $200 on a flight to see what you are buying. Also, it’s pretty simple: unless you are qualified as a valuer, building inspector, pest inspector and surveyor, you should not buy property until you have had experts analyse it or until you have got to know an area well yourself."

Sam Saggers
CEO of Positive Real Estate



"Don’t focus too much on the next big hotspot, or rely on infrastructure reports or any other form of predicting the future. Rather, work through what it is you want in terms of an investment and what suits you financially, and find a property that matches those requirements.”

Chris Bilborough
CEO, ReValu8




"A major part of due diligence is being proactive about minimising your investment risk. One way to do this is to invest in different property types across different property markets. That way, if there’s a downturn in one market, you won’t be adversely aff cted compared to if you had several properties in one area."

Bessie Hassan
Money expert at Finder




 

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