open for inspection
Open for inspection. Image – Shutterstock
  • Be prepared to buy at the first opportunity
  • Sydney properties are selling at - or before - the first open home
  • Research beforehand is key

Queues of people waiting to attend open homes are becoming a common sight in Sydney again.

Not only is this happening during the traditionally busy weekend open for inspection times but also during the morning and afternoons of every day of the week.

We’re regularly attending open homes on behalf of our clients with dozens of other potential buyers.

However, when we see throngs of people waiting outside, it doesn’t intimidate us as much as it might the average punter.

That’s because by the time we attend an open home we have already undertaken as much research and due diligence as possible.

Of course, every buyer should do that, but most people wait until they have viewed the property physically before completing additional research.

The problem with this scenario is that rising market conditions mean that buyers may miss out on purchasing a property if they aren’t prepared to make a solid offer quite quickly.

Quick decision-making

Buyers should always complete extensive research before they purchase a home or an investment property to ensure it ticks the boxes for their wealth creation plans or their personal wants and needs.

But when there is more demand than supply, like in Sydney at present, it is often too late to complete the level of research request by the time the doors are opened for the very first inspection.

By that stage, it’s more likely than not that a number of buyers will be ready to make an offer on the day, so, if you’re not ready to do the same, you will most likely miss out on being in the running at all.

As professional buyers’ agents, we will have already narrowed down the list of potential properties for our clients, completed extensive due diligence, and spoken to selling agents before we even step foot inside a property.

That way, we are always on the front foot, literally, to recommend to our clients whether they should make an offer on the property as well as the price they should submit to give them every chance of success.

In markets that are strengthening, sometimes this means that buyers will need to offer slightly above what was originally calculated to ensure they can secure the property.

Of course, everyone tries to buy property under the price guide or as close to it as possible.

But, when prices are firming quickly, and there is fierce competition amongst buyers, it is always a better strategy to pay a solid price than keep missing out for months on end.

By that stage, Sydney property prices may have skyrocketed by tens of thousands of dollars, and you could wind up more out of pocket than you would have been by paying the price that needed to be paid when the opportunity arose.

That’s why swarms of people at open homes don’t worry us – because we are always confident that our clients will be some of the top contenders for a property that suits their individual hopes and dreams.

You May Also Like

Is Christmas FOMO leading to bad property buying decisions?

A sense of urgency could be leading to poor property buying decisions.

A growing number of buyers and renters are swiping right on digital inspections

While the option seems great for the time poor, it still misses the mark on delivering a feel for the area and scale of the home.

Sub-penthouse at Sapphire by the Gardens expected to fetch over $12M

A property in one of Australia’s iconic buildings has just been brought to the market, with price expectations in excess of $12 million

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko’s partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.