While the ‘official’ residential property auction season may have come to an end over the weekend, opportunities for savvy property buyers could ripen in the final countdown to Christmas, according to the Property Investment Professionals of Australia (PIPA).
PIPA chair Ben Kingsley said that while some homebuyers and investors would be looking to shelve their property plans over Christmas, they could be missing out on some unique purchasing prospects.
“Astute property buyers and investors are still active in the property market over the Christmas and New Year break because they know some great buying opportunities can come up,” Mr Kingsley said.
“Most vendors will want to start the New Year with their property transactions completed, which means they are often more motivated to close a deal.”
According to Mr Kingsley, the Christmas season can bring greater scope for negotiation and price discounts for both investors and homebuyers, plus the added bonus of less buyer competition.
“Properties that may have gone to auction in late October or November might still be on the market at a reduced price â€“ or with a vendor more willing to move on price,” he said.
With this in mind, Mr Kingsley said investors and homebuyers could do well to retrace their 2012 property market steps and review properties that caught their eye earlier in the season.
“Originally, these properties may have been out of your price range, but if they’ve failed to sell, the vendor may well be willing to negotiate,” he said.
18 December 2012
The Adviser Online