Spring. The season of new growth, longer days, and an explosion of “For Sale” signs popping up like daisies. It’s no secret this is the busiest time of year for real estate and it’s not just the weather that’s warming up. The property market is buzzing, with a greater range of homes to choose from, more buyers out there, and property values on the rise across much of Australia.
But while spring brings plenty of opportunity, it can also get a little…frantic. The trick is to stay cool-headed in a hot market. Here’s how.
A season of opportunity
Spring is notorious for being the most active selling period of the year. That means you’ll likely have more properties to choose from, which is great news if you’ve been looking for a while or holding out for “the perfect home”. But it also means more buyers are emerging from hibernation. And this year, there are plenty of them. According to a recent report, 44 per cent of Australians plan to buy a home in the next five years.i
As we enter the first rate cutting cycle in years, buyers are approaching the market with greater confidence – and often with a pre-approval in hand. Pre-approval volumes are up 30 per cent on 2024 figures and 50 per cent up from February 2023.ii
Translation? The spring market is competitive and if you’re not ready, you could easily find yourself left behind.
Sort your finances first
The first step (before you even start trawling listings or lining up inspections) is getting your finances sorted.
There’s nothing worse than falling in love with a property only to realise you’re not in a position to act quickly enough. So, it’s important to understand how much you can borrow, be clear on what your repayments might look like, and ideally also get a home loan pre-approval in place. Pre-approval gives you a concrete idea of your budget and shows sellers and agents that you’re serious. In a fast-paced market, that can make all the difference.
Do your research (it’s more fun than it sounds)
Buying a property is one part emotion and five parts research and that means doing your homework.
Get familiar with the suburbs you’re targeting. Check out recent sales in the area and compare asking prices. Understand the local amenities, schools, transport links, and development plans. If a home seems unusually cheap or too good to be true, there’s probably a reason.
And don’t just rely on glossy listings. Talk to agents, attend auctions (even if you’re not bidding), and keep track of how quickly properties are selling. The more time you spend understanding the market, the more confident you’ll be when it’s time to buy.
Don’t let the styling sway you
Spring is a clever time to sell. The flowers are blooming in the gardens; the sun is shining in the windows and vendor stylists know exactly how to make a home look like your future dream life. But as charming as a styled home might be, it’s important to look past the surface.
Staging is designed to help you picture yourself living there, but it can also distract from potential flaws. Ensure you look below the surface. Is the layout right for your lifestyle? Is there enough storage? What’s the condition of the roof, wiring, or plumbing?
And yes, the roses in the garden might be spectacular, but they’re not going to help with your morning commute.
Be fast, but don’t be rash
It’s a delicate balance: moving quickly without being rushed. In a spring market, hesitation can absolutely cost you, especially when the competition is high. But that doesn’t mean throwing caution to the wind or offering more than your budget allows just to ensure success.
If you’ve done the prep work (budget sorted, criteria defined and pre-approval secured) you’ll be ready to act swiftly when the right property comes up.
And if you miss out? Don’t panic. There’s always another property coming onto the market. Keep your strategy tight, your expectations grounded, and your eyes on the long game.
Whether you’re stepping into the market for the first time or moving into your next chapter, a little preparation can give you that spring in your step to make your property dreams come true.
Whether you’re ready to act or just starting to explore your options, our team is here to help, contact us today.
i https://www.westpac.com.au/about-westpac/media/media-releases/2024/06-March
