Is December The Best Time To Buy?

In This Week’s How's The Market | Edition 74

Is December The Best Time To Buy?
All Offers Are Welcome
A Movie World Experience Underground Home Theatre

I’m sure you’ve felt it before, as we approach Christmas (25 days left), the energy changes.

There is this heightened sense of urgency in the air as everyone tries to get everything done before Christmas like their lives depended on it.

In the property world, this is no different.

Agents, vendors, purchasers, banks and conveyancers are all trying to get every deal wrapped up so they can take some time off and not have to worry about these big decisions over the holidays.

And whenever there is a deadline and urgency there are deals to be made.

Historically, some of our best deals have taken place in the weeks leading up to Christmas.

Now, the vast majority of stock for the rest of the year is online with campaigns over 2 - 3 weeks being the norm and December 16th being the final auction day of the year.

We are now also seeing a large uptick in off-market properties being sent to us and we are even inspecting properties on the weekend off-market that have auction dates scheduled in for February.

Agents are now trying to see how many properties they can sell before the year is over and are more likely to push vendors to accept offers so they too don’t need to carry the stock over to the new year.

This is the time to make low but reasonable offers with short deadlines as vendors don’t have the opportunity to run the campaign a few more Saturdays before they make a decision as many other buyers would simply give up if they don’t have their eyes set on something already.

What The Agents Are Saying

There is a buzz on the ground at the moment with some properties selling quickly and others struggling.

Agents have especially been mentioning the apartment market slowing down over the recent months and some agents are seeming desperate to get deals done.

As I’m calling and asking about properties, even before their first opens some agents are telling me that if I can get them an offer they will try to get the vendor to sell before the first open…

I am also hearing ‘let’s get this wrapped up this year’ a few times when speaking with agents and its clear that they are dreading keeping properties on their books over the Christmas break that have been online for a month or more already.

The Wow Factor!

6 Seacombe Grove, Brighton, Vic 3186

In the Golden Mile of Brighton's most luxurious houses, this particular property caught my eye.

Never before have I seen a home cinema set up as out there as this. The listing description reads:

For the full Movie World experience descend underground to the designer cinema cave concealed behind retractable vault doors complete with rock walls, kitchenette, cinema seating for eight and a full home cinema system.

Price Guide: $7,500,000 to $7,850,000

In The Media

Australia needs to double apartment building to meet new housing target

According to a new research group Australia will need to double apartment building to meet the ambitious goals agreed to by our state and federal government.

With the apartment market currently struggling I wonder what this will do to the balance of supply and demand over the next few years?

Many of these new apartments are likely to be centred around existing infrastructure rather than new greenfield estates that wouldn’t be able to support the population.

Final Thoughts

If you’re still in the market, now is the time to double down on inspections and due diligence.

If you have multiple options of what you are considering buying, you can have the leverage to negotiate harder and potentially not just secure the dream home, but get it at the dream price.

If there is nothing of interest online, make sure you build your relationships with the agents in the market you wish to buy and try to find some off markets.

Thanks for reading this far!

We value feedback and if you have any suggestions on what you would like covered in the future please email me at tristan@tomii.com.au

Happy Buying!

Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.

Is December The Best Time To Buy?