Property Wizards recently represented one of our clients at the auction of a promising development property in Beckenham, and were delighted to win the bidding in the presence of a large number of registered buyers.
The turnout showed that there are many potential buyers out there wanting to take advantage of low interest rates and the ebb in Perth’s house prices to invest in properties that have potential to achieve superior growth in the long-term.
The takeaway for sellers in Perth’s buyers’ market is that they too can achieve a successful sale if their property is well-prepared, they are realistic in their expectations and invest in a good marketing campaign.
As for buyers, take note that developers understand that even in a quiet market there is good money to be made if you invest in the right property. While properties can still be seen to sit on the market if they are overpriced or less promising growth prospects, the right properties are attracting many potential buyers and you need to be prepared to move quickly with a realistic offer in order to secure those promising investments.
Thinking about buying at auction? Avoid these common auction mistakes:
- Not doing enough research to assess the right price to pay. Buyers often overpay because they haven’t actually established the value of the property. Or miss out because they didn’t know what it was worth.
- Not bidding because the other buyers or the real estate agent are intimidating.
- Not setting a hard limit or not sticking to the limit as buyers compete to force prices higher.
- Doing all the legwork in advance and then hesitating; before you know it’s all over.
- Not attending other auctions in advance to get a feel for the process.
Whether you’re looking for representation at an auction, want assistance finding and buying that ideal property, or want to sell or develop your existing property, Property Wizards can help. Fill out our Getting Started form here or give our team a call on 08 9381 7450 and we’ll get you on your way to building your wealth through real estate.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450, or request a FREE Starter Pack.