How To Avoid Missing That Once-In-20-Years Opportunity
It should come as no surprise that the suburbs which can be hardest to “break into” are generally the ones with gorgeous waterfront views. New data on Sydney shows that the five suburbs where people hold onto property the longest are:
- Yowie Bay
- St Johns Park
- Bonnyrigg Heights
The median hold period for those suburbs ranges from 19.4 years with Yarrawarra, to an incredible 22.8 years for Yowie Bay.
Does this mean you need to give up on a dream to own a property in these areas? No, but if one of these areas is right for you, being buyer ready is all the more important, because one thing that agents will bank on in suburbs that have long median hold periods is emotional engagement. People will feel the need to bid more than they should when they know that property is less frequently on the market in an area, and you need to know how to avoid falling into that trap.
Tips when buying into highly sought-after areas
As we explain in our Get Buyer Ready course, sourcing off or pre-market opportunities is a critical buying tactic. It’s even more important in highly competitive areas, as other buyers will be equally aware of how difficult it can be to find opportunities, and inevitably if the property goes to market or auction, someone is going to be convinced to overpay for the property.
Here are the five key steps we would recommend to clients looking to purchase property in one of these suburbs:
- Create a very detailed “shopping list.” This should have five to seven must-have features for the property (for example, land size, and proximity to certain amenities), and two or three nice-to-haves. This list will help to prevent you from entering a bidding war for a property that doesn’t meet your needs.
- Search in both the "for sale" and "sold" sections of the real estate websites to find the local agents who have sales that match your shopping list. Aim to shortlist 15-30+ leading local agents. You’re going to need to build a rapport with this group of agents, as they are going to be most likely to have properties that you want.
- Create a BCC email list that you can send weekly that consists of these agents. In that email, you should reiterate and outline your full shopping list. It is important to be clear with your needs, as you want to make sure that you are top-of-mind with these agents when they come across a property that aligns with them.
- Get your feet on the ground and spend a solid four to eight-week period watching the market closely. Go to every open home within your price bracket and use this as an opportunity to have a conversation and build further rapport with agents. That personal connection is going to be so important to get the off/pre-market opportunities, and they need to see and hear directly from you that you’re serious about acquiring a property.
- Make sure you develop in-depth knowledge about the real-time prices being paid for properties, and understand the true buyer depth you will be competing with. The more competitive the market, the more agents will play games to try and encourage emotional overspending, and you need to have the confidence that you’ve got an accurate read on the market to be able to push back.
By following these strategies – all of which are explained in depth in the Get Buyer Ready course, you’ll be able to minimise the number of houses you need to see and make an offer on.
With suburbs like these, stock won’t come onto the market as frequently, and when it does you don’t want to miss out when an ideal property presents. Having that laser focus and ensuring that you’re seen as a “preferred buyer” among the local agents is your best pathway to securing a property quickly and with a minimum of stress.
And then you can kick back and enjoy your new home for the 20 or so years you’ll be occupying it!
For more information on Getting Buyer Ready and our leading course, contact the Hello Haus team today!