Take away message for November 2015

As a buyer

Now is a good time to go property shopping. The property market is not going to change anytime soon, so be patient. Consider properties that have been on the market for more than 6 weeks as sellers that have recently listed their property for sale are less likely to accept lower offers, even if it is a buyers market. Attractive properties will always be snapped up quickly, so it is important that you do your research first so you know when a good property presents itself. Also, consider properties that have a tenant on a medium term lease, as these properties will be harder to sell, thus you are more likely to get a better deal.

As a Landlord

Be aware that tenants are spoilt for choice. Some tenants may not be aware of this, but it would be risky to assume that your tenant is not keeping an eye on what is going on. If you have a good tenant, make sure they are happy. Ensure that you approve repair requests from your property manager promptly and to a high standard. The side effect of regular maintenance is that the tenant will feel that they are being looked after and will hopefully be less likely to look for another rental.

For more tips on maximizing your return on your investment property click here or contact Bronwyn on 0478 774 004 to discuss your situation.

As a seller

If you are thinking of selling your property there is no point in waiting for the market to improve, as the property market is likely to stay the same for 2016.

According to national valuer, Herron Todd White, Perth is yet to reach the bottom of the market, so prices is expected to fall even further before the market improves.

When will the market improve?

That is the million dollar question.

My own crystal ball tells me that the earliest we will experience any improvement will be late 2016, so there is still some way to go. If you want to wait until the market picks up again, you may have to wait a long time. Are you able to wait 1 year or 5 years for the market to pick up? If you are an investor looking to sell your property, it is worth considering selling when the lease is near the end, as there will be more owner occupiers than investors looking.

Selling a property with a long term tenant is becoming more difficult, particularly if you own a property with less than 50sqm. Family homes and first home owner properties are still in good demand. Consider what type of buyer is going to make an offer on your property before going to market.

Readers should always seek their own independent advice prior to making any decisions regarding property or finances.