The Real Estate Buyers Agents Association of Australia says in the current strong sales market it is important to keep your emotions in check.
Their top five smart tips for buying in a rising market include:
* Get your finance pre-approved so you know your limits you show potential sellers that you are serious about buying.
* Don’t carelessly speed up the research and buying process to take advantage of a perceived deal.
* Avoid low-ball offers for a property, as this will result in you not being taken seriously.
* Act decisively when you know it’s the right property and have done your research, or others are likely to jump ahead of you.
* Avoid asking for favours or adding complications to the deal. That may work in a falling market, but not a rising one.
And they add just because property prices are rising doesn’t mean you’re going to be left behind.
I’d add make sure you are capable of the long hold as many of these extraordinary sale prices will be hard to match on the inevitiable dip.