Tips for the spring auction season
The spring auction season is expected to present significant opportunity for investors interested ...
The spring auction season is expected to present significant opportunity for investors interested in buying a house, with experts suggesting there may be some bargains to be had.
Recent interest rate cuts, coupled with low residential property prices, are making the impending auction season a lucrative time for homebuyers to pick up a good deal, it has been predicted.
With warmer weather comes increased activity in the housing sector, however according to some experts it is important to distinguish a genuine deal from a not so good buy.
Angus Raine, chief executive of Raine & Horne, told Fairfax Media that homebuyers could often get caught up with their emotions and commit more financially than they are willing when bidding.
Mr Raine advised the best thing investors could do was stick to a budget, and hold out for a dwelling that fits in with your finances.
"Spring has always been the time of the year when stock levels are highest, that's the case even when the market has been slow, as it has been in the past few years," he explained.
With Sydney houses prices dropping by one per cent in the 12 months to July, and Melbourne seeing a 4.4 per cent fall, experts have indicated some spots offer better investment opportunities than others.
Sydney's lower north shore, western suburbs to Parramatta, and south to Mascot have all shown property investment potential in the $800,000 price range.
Elsternwick, Sandringham and Elwood have been tipped as hot suburbs for Melbournites on the lookout for a good deal.