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The Biggest Mistake to Make in the Current Market
It’s no secret. The Sydney property market is hotter than it has ever been. So here is the dilemma: If you are looking to buy a property, do you buy now, or wait until the market cools? There is no clear answer, but history clearly tells us that if you do not buy now, you will end up paying more for the same property in the long run.
If you decide to buy a property in the current market, or indeed at any time, the best advice is to make sure that you do not end up buying the wrong property. The wrong property is a property which is compromised in some way. It may be on a busy road, under the flight path or power lines or next to a railway line for example. In a bad market, the wrong property is a property which does not sell. Buying the wrong property is a costly mistake.
The right property is a property which appeals universally to its target market. For investors, it is also the property which appeals universally to the rental market. The right property can sometimes be the property which may not currently have universal appeal but at the right price, it has the potential to do so. Even in a bad market, the right property will sell. Buying the right property can allow you the freedom to make better lifestyle choices.
In a strong market, the risk of buying the wrong property is exacerbated. Buyers see prices rising quickly; fear sets in and in a final act of desperation, the panic purchase is made. In recent times, there have been endless examples of people paying too much for the wrong property. Consider this example:
203 Trafalgar Street, Stanmore: http://www.realestate.com.au/pro ... -stanmore-119510435 Busy road? Tick. Opposite the railway line? Tick. Directly under the flight path? Tick. No off-street parking? Tick. Awkward shaped block? Tick. This type of property does not sell when the market is tough. According to the selling agent, Kate Webster of McGrath Leichhardt, the vendor obtained a bank valuation of $800,000 in March 2015. On 6 May 2015, just a few days before the scheduled auction, this property was sold for $1,053,000!
If you are a seller, there has probably never been a better time to off load a dud property. If you are a buyer, all the more reason to select your property wisely.
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