Get amongst it and bid strongly this Spring: Rocky Bartolotto

Get amongst it and bid strongly this Spring: Rocky Bartolotto
Get amongst it and bid strongly this Spring: Rocky Bartolotto

GUEST OBSERVER

With the recent introduction of tightened lending rules for investors, bidder numbers at auctions have lowered for most properties giving others a chance to purchase. Overall, looking at the average number of bidders at our auctions, we are currently at six per property which is down from the eight buyers or so we were seeing just four or five weeks ago. 

You would think that buyers would take the opportunity to put their best foot forward and bid strong to finally have a chance at buying a property but we are noticing buyers are reluctant to bid, but rather wait for others to do so first which is quite rare in a great market. This is an opportunity to pounce and secure something before investors realise the the restraints aren't so bad and interest rates are still at their lowest point making it easier to pay down their loans.

Owner occupiers should get amongst it and bid strongly. They should take the opportunity while their are less active buyers and everyone is uncertain. Remember also that interest rates are the biggest influencer for market fluctuation.

Investors need to understand that if interest rates start going up then so do rents normally, so take advantage of the low interest rates for as long as possible and position yourself as a long term investor. Look to retain for 10+years. 

First home buyers are always too scared to commit as they haven't done it before. I remember when I bought my first property it all seemed very hard but you learn to budget and once you get ahead things get much easier. There is now way I could've saved the money that my properties are worth if I hadn't got my first property.

Remember interest rates are very low and even if they go up to 8% that's still ok, just budget and enjoy the low rates for as long as possible.

 
Rocky Bartolotto is director of Property Auction Services and can be contacted here.
Tags: 
Auctions Property market

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