Buyers who have sold their property last year or have simply come into some money should find 2012 a great year to make a property purchase. It does not matter if one is looking for a new home or an investment property, buyers should be able to find deals waiting for them in most capital cities and states.
RP Data’s newest Property Pulse has pointed to capital city council areas where time on market is skyrocketing as vendors find it increasingly difficult to sell their properties. Analyst Cameron Kusher said vendors now have to readjust expectations with an increase of unsold stock on the market.
“There are record number of properties available for sale in every state and very few are being sold through Auctions with most being offered privately. When there is a private sale situation there is more scope for price negotiation and the buyer will generally save more than in an Auction purchase.
Premium properties are spending the longest time on the market before finding a buyer. Perth’s prestige suburb Mosman Park experienced a 59% increase in time on market for houses, with the average house now taking 123 days to sell. Cottesloe units also have struggled to find buyers, and the average time on market has risen to 160 days.
Now with rates for home loans coming down and property prices coming down as well – it is an excellent time for buyers who can afford it, to make a property purchase.