6th January 2020: Experts in Melbourne’s East Give Buying Tips for 2020

Buyers are being advised to stop and think about their finances. Picture: Valeriu Campan

Written by Jack Boronovskis for realestate.com.au on 27 December 2019

"Get in early" and "be prepared" are some of the hints that experts in Melbourne's east have given to buyers looking at making a market move in the new year.

Following a year that started slowly before a surge in confidence on the back of looser lending restrictions and record-low interest rates, agents across the region predicted more growth in 2020.

The second half of the year was like a new dawn in Melbourne.

Fletchers Mooroolbark director Daniel Bolton said it was vital for buyers to have their finances organised.

"The biggest thing we're seeing at the moment is buyers that are unprepared," Mr Bolton said.

Fletchers Mooroolbark Director Daniel Bolton

"They're going and getting pre-approval which is great, but not getting full-on finance and putting property offers subject to finance. Even though other buyers are making offers for less than theirs, they're coming in unconditional.

"Put all your ducks in a row and get everything sorted … an unconditional offer is much stronger."

Barry Plant Monash agent Julie Guiqian Wells said it was also important to not delay decisions when you find a suitable property.

"When you see a house you really like you have to buy it because next week a similar house is going to go higher," Ms Wells said.

Fletchers Yarra Ranges agent David McKay said he was expecting 5 to 10 per cent growth in property prices in 2020.

"A lot of people should get in early and start looking, and if they like something: buy it," he said.

Fletchers Yarra Ranges Property Consultant David McKay

"Often people wait around and then realise things have gone up and they're priced out of the market."

Buxton Box Hill director Jim Chen said that while it would pay to buy early, homebuyers need not despair if they think long-term.

"People early this year were waiting for the market to go down even more and they just missed out," Mr Chen said.

"Anyone looking to buy a family home, just buy a property that suits you; you're never going to lose that money – if the price comes down it'll come up in the next few years."

RT Edgar auctioneer Dennis Dellas said looking for short-term gains in the property market was "dangerous territory", and it was best to simplify decisions.
"If you're genuinely ready to buy or sell and it fits with your requirements, you do what you need to do," he said.

"If you have the beans and funding organised, then great. If you think jumping into the property market is going to be treated like a short-term game, it's dangerous territory."

He said with interest rates low, it was a good time to be getting into real estate.

Visit the REA website with the article here: Experts in Melbourne's East Give Buying Tips for 2020