Perth property investors now find themselves in a seller’s market as a larger number of active buyers compete for fewer available properties.
Quicker sale times for Perth properties mean that investors must be ready to act quickly should an attractive deal present itself.
In some cases buyers have snapped up investment properties the day they are listed, so keen are they to capitalise on Perth’s favourable market conditions.
In the week ending March 20, 298 more properties sold than in the same week last year, despite there being 5582 fewer properties listed for sale, according to Real Estate Institute of WA’s weekly sales stats. Meanwhile, there were 495 fewer properties listed for sale than at the same point in February.
One or two hours can be the difference between wasted effort and successful offer.
Bargain hunters may find themselves frustrated to have put in the hard work in identifying potential investments only to be outbid by another buyer able to move more swiftly or offer more.
Last week, we successfully bought two properties for clients because the clients were ready to go:
- The investment property was identified through an agent late on the Tuesday evening.
- We completed the due diligence and sent it through to our client by Wednesday morning, and viewed the property before midday.
- The agent had already received another offer (sight unseen) for the property by the time we met the agent at the property for the viewing.
- We submitted our client’s considered offer by 2pm, and it was accepted by 3.30pm.
That is the speed in which some buyers need to be able to act in the current market.
A qualified buyer’s agent can help investors evaluate properties for sale against their investment strategy and proceed to negotiation quickly.
Our clients are coming to us to assist them to purchase because they are finding themselves missing out on deals snapped up by other more motivated buyers.
Much research is conducted to evaluate each property and the turnaround time is the difference between making informed decisions and emotional ones.
Pre-approved finance and a clear sense of the value of the property puts the buyer in the driver’s seat, able to negotiate within their budget with confidence and walk away from hysterical overbidding situations.
Property buyers agents have the experience and inside knowledge of the local market and know the tricks of the trade to give you get the upper hand in a negotiation, ensuring you pay the lowest price on the best terms for your first investment property.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450, or request a FREE Starter Pack.