Is Christmas the right time to buy property in Sydney?
Christmas is usually the time of year when Australians like to take a break from work and spend well-earned time off with family and friends.
But it can also be a great period for buying property, if you go about it the right way.
For house-hunters keen to make the most of the festive season, here are some tips to get the best out of what is often considered the property market’s low season.
Less competition among buyers
For buyers, especially people looking for a first home, one advantage of buying over Christmas is that it’s a time when much of the nation is away on holiday. That means there are likely to be fewer buyers to compete against at auction, giving you a potential edge to secure your desired property.
However, while there are likely to be fewer buyers at this time, those who are looking are serious enough to be skipping festivities. With many serious and committed bidders on hand at auctions at the time of the year, bidding can often be fierce.
Vendors eager to sell
Another plus of buying over Christmas is that it can indicate an eagerness to sell on the part of the vendor. The festive season is an unusual time of year to choose to sell a property, which may indicate that the vendor wants to fast track the process. If this is the case it may mean the seller is open to lower offers than otherwise would be the case.
Availability of real estate agents, finance
One downside for buyers is that it can be more difficult to find the right real estate agent to work with as many will be off work over this period. In addition, those left working over the Christmas period are often junior team members who may not be able to get the best deal for you.
Another stumbling block can be that it is a difficult time of year to organise finance given banks often operate more slowly and many solicitors are also on break.
Stick to your budget
It’s also a good idea to remember that there are usually fewer properties listed over Christmas, which limits your choice. This can sometimes drive prices higher, especially with buyers often keen to secure a property by the end of the year. So, if you are thinking of bidding at auction over the festive season, make sure you stick to your budget.