How to get into the property market this festive season

Last updated on June 6th, 2023
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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1. Avoid the peak time in the property cycle

Like everything else, property markets work in cycles. However, the catch is knowing that the property market in Australia is not uniform. This means that although one area may be heating up in terms of finding an affordable property, other places could be cooling down in house prices. It is usually best to purchase property when it’s a sellers' market, which means less competition from fellow buyers and more options when it comes to sellers looking to sell their house. December is usually a peak time for buyers, which basically mean you will be able to score a good deal pre-Christmas and after Christmas.

2. Properties that have been on the market

One of the best ways to secure a way onto the property market is to look for houses that have been listed for a long time. Such houses usually come with a discounted price and also have sellers that are more open to negotiating since there will be a deeper drive to get their house off the market. Remember to put in the research so that you can negotiate your way to a realistic price.

3. Get a pre-approved loan

The average first time home buyers share of the market was at 18%. Most first-time home buyers are most likely going to take out a home loan to finance their way onto the property market. Therefore, getting a pre-approved home loan can improve your chances of nailing your first home offer. This could mark the difference between you and another buyer who still has to get their papers in order to purchase the house. This can also be vital when you are purchasing a house during the fast-paced Christmas season.

4. Know your numbers

Doing your research is one of the best ways to clue yourself upon whether you are getting the best deal for your money. Looking up similar properties that are being sold in the same area can help you set realistic negotiating goals. It can also prevent you from being sold a house that is that is worth more than it really is. Keep in mind that a good negotiator never reveals their budget, but haggles their way to a price that is suitable for their pockets.

5. Be careful of the lender you choose

Not all lenders are created equal and not all lenders will offer you a competitive home loan. Check to see if your lender will offer you a loan that comes with the best competitive rate by comparing lenders rate. Check the interest rate and whether the loan comes with features that are suitable to you such as an offset or redraw facility. The fees and charges of a loan can also make or break the deal.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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