Younger buyers looking to get into the Sydney market have had to contend with a number of years of accelerated growth. While they may be reticent to spend more money to purchase property, investing in the expertise of a Buyer Agent to secure their property is now vital.
House prices in Sydney have reached a new record median price of $1.1 million, according to Domain property data. Competition looks to be just as intense in 2017 as it has been in previous years as stock levels remain low.
Younger buyers are probably looking at this scenario and wondering exactly how they will purchase. Barnaby Joyce has already made the ‘helpful’ observation that people should move to regional areas where property is cheaper rather than in the competitive metro markets, but they need not do that.
The best thing younger buyers can do to buy in a highly contested and fast moving market like Sydney is to engage a Buyer Agent.
Most will baulk at the thought of having to put up more money just to buy a house. Engaging an advocate seems like a waste of money when they can do it themselves.
But rather than thinking of engaging a Buyer Agent as an expense, the service should be looked at as an investment.
In a highly competitive market like Sydney its vital buyers have access to expertise and experience to help them purchase as quickly as possible.
“Part of the issue is that buyers entering the market for the first time don’t know what they don’t know” said NSW State Manager, Simone Luxford. “They’re learning about property buying while they’re trying to buy and that drags out the process.”
A common scenario is buyers looking in areas that don’t meet their budgets. They can often be outbid at auction, which then prolongs their search. The problem of repeatedly missing out on property in a hyper competitive market like Sydney is that prices quickly move beyond buyers budgets.
“Buyers who are getting their first property are still understanding the market. They can almost always misjudge where they should be looking or the type of property they should go after.
“A Buyer Agent will actually be able to advise them on where they should be looking and how they can get a property off the market.”
Despite this invaluable insight, first time buyers see engaging a Buyer Agent as an unnecessary expense.
“First home buyers in particular need expert advice. There’s so much about the market and the buying process they don’t know, but don’t realise they don’t know” said Simone.
“If that inexperience results in them spending months and months looking for property while prices continue to rise, then investing in an expert to assist makes perfect sense.
Any money they may have saved not engaging an advocate is chewed up as prices rise, so they can easily end up worse off in the long run. Considering that you can’t afford not to have an advocate in your corner.”
For advice on how a Buyer Agent will help in your property search, call National Property Buyers today.