How long it takes to buy a property - April 2024

By Rich Harvey, CEO & Founder, propertybuyer.com.au

Surveys suggest the average Australian homebuyer spends about nine months searching for the ideal property for their circumstances and budget. During that arduous time, they’ll pore over some 300 listings on property websites and attend dozens of open inspections, data from realestate.com.au shows.

And that’s before getting serious about making an offer on a home. After that point, there will be plenty of missed opportunities, unsuccessful auctions, beaten offers and disappointing setbacks. 

It’s not a simple or swift process, even for seasoned buyers and regular investors. It’s tens, if not hundreds of hours of your time and a not-insignificant amount of money when buying building and pest reports of having a solicitor review contracts pre-auction.
Surely there’s a better way?

A lot of homework

If you’re in the market now or you’ve bought recently, you’ll know that there isn’t a huge amount of choice at the moment.

Things are a lot better than they were a year or so back, when new listings plunged to a decade low as prospective vendors sat on their hands. But supply is still constrained – and well below current levels of strong demand. It means that when you venture into the market to begin your search, it might feel a bit like looking for the proverbial needle in a haystack.

That might force a lot of buyers to expand their search, either to a broader range of suburbs or different dwelling types. On the fly, they’ll have to significantly ramp up their research efforts to get their heads around potentially unfamiliar suburbs and a different value proposition.

When searching, it’s important to get granular – not just rely on your knowledge or assumptions about a whole suburb. If you find a home you like, get to know the immediate surrounds. And while street appeal is important, I’m not just talking about assessing how visually appealing your potential new neighbourhood is.

Where are the nearest schools? What’s the access to public transport like? Are there parks and playgrounds close by, if not for your kids, then for the next buyer’s little ones? What’s the level of amenity – cafes, corner shops, other sought-after retail?

Dive into some of the important economic-related metrics. What proportion of the suburb’s residents are renters and how many own? What are the demographics like in terms of age groups and potentially growth-impacting demographics, such as young families. Are there any signs this might be changing, such as an area with an older population, where generational change looks set to begin?

Then it’s time to get a sense of what the home is worth. Look at the selling agent’s recent results for comparable properties. Find out what sold homes were guided at when they hit the market and then what they actually sold for. This will give you an indication of whether there’s potential underquoting taking place, and by how much.

Look at all comparable sales over time to see where prices might be sitting and the kind of trajectory they’ve taken in recent times. Is it down? There might be an opportunity to nab a good deal from a nervous vendor. Is it up? That could be a sign that’ll need to have your affairs in order so you can act quickly.

The courting process

I’ve often thought that the process of going for a home you like is a little bit like the early stages of dating.

You’re getting to know each other and both parties want to make a good impression. It’s important to play it cool and not wear your heart on your sleeve, but you also don’t want to come across as totally disinterested. It pays to invest time and effort in communicating well and being clear about what you want and what you need.

When it’s time to get serious, you want to make sure you’re not exposing yourself to heartache. Be sure of yourself and act with decisiveness. Don’t rush but also don’t risk one day pining for the one that got away because you hesitated.

Know your worth. Be aware of your strong suits – finance pre-approved, lawyer ready to act, your necessary settlement terms – and play them up. Don’t accept being taken for granted. Be aware that sometimes in the property/dating game, you’ll encounter those whose hearts aren’t pure. They might lie to you – “I’ve got lots of interest and a few offers coming any day now – or try to trick you – “If you love it, you’ll have to make a really impressive offer”.

And if it doesn’t work out, it’s often worthwhile staying friends, because you never know what might happen in the future.

If the home really is “the one” and you manage to make it yours with a winning offer, don’t become complacent and let things go unattended. Stay in regular contact to ensure all is as it should be. How is settlement tracking? Have you completed all the required forms? Is the bank ready? Is your solicitor prepared?

No easy task

The entire process of buying a home, from the very first search to the handover of the keys, is often a long one. If it’s not, there’s some risk that an important step has been missed… or even that you’ve potentially paid too much.

An important question to ask yourself is - how much is your time worth? What could you do instead with all those dozens or hundreds of hours? And what about all the stress, anxiety and uncertainty? I’m willing to bet your time is valuable. That’s why a buyer’s agent is worth their weight in gold. 

They work with you to understand your needs, wants and budget. Then they go out into the market for you and do all the hard work, finding homes that fit the bill and stack up in terms of finances and growth potential. Often, there are properties you’d never find on your own, given buyer’s agents have incredibly good networks which result in excellent off-market opportunities.
They assess the value of possible deals and explain every pro and con, and things to consider in the short- and long-term.

Then, when you’ve found the one you love, they take care of every aspect of the otherwise angst-inducing negotiation process. They deal with the agent on your behalf. They save you from being backed into a corner when you’re emotionally connected and perhaps blinded by hope. They get a deal done that works for you.

And then they help you through the settlement process, getting you to the point where you’re ready to move into your new home as painlessly and quickly as possible.

They do all of that, and more. Buyer’s agents are your cost-efficient and valuable path to a superior homebuying experience.

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