Property investors who are looking to secure blue-chip properties in Sydney should try their luck this Christmas season, said a market watcher.
The market conditions heading into December make a "rare window or opportunity" for buyers to get property bargains, said Buyers Domain director Nick Viner.
Viner said the competition amongst buyers typically eases during the months of December and January, with many sellers desperate to dispose of their properties.
"While we saw October listing numbers down between 30% and 45% across suburbs such as Balmain, Drummoyne, Erskineville, Glebe and Leichhardt, the fact is that anyone who has overconfidently listed at an unrealistic price and not yet sold will see buyer numbers dry up in December and January," he said.
Viner said buyers who are looking for a home in November usually put their plans aside until after year's end, as they become distracted by holiday celebrations.
"Smart, opportunistic buyers are already gearing up to secure their home in the coming weeks. The best properties will be long gone by the time March rolls around," he said.
For buyers to fully maximise their chances, Viner said they need to ensure that they are ready financially.
"Firstly, get finance ready straight away. When opportunities present themselves, you must act fast. In addition, stay on top of your sales evidence and listings. Keeping track of offer and sale prices means you're already well informed on market value, so when a listing is presented you'll know what to pay," he said.
However, for other market watchers, property sellers would actually find themselves busier than usual in the coming weeks, with buyers exhibiting a sense of fear of missing out (FOMO) trend, said Raine and Horne executive chairman Angus Raine.
"Fear of missing out will drive strong activity in Sydney up to December 21, which is the last Saturday before Christmas," he said. "There are more buyers at open homes, yet our listings in NSW in September were 13% lower than the same month last year. We're now moving towards a seller's market."
Investors are also becoming active, particularly in Sydney's inner-west.
"During the first half of 2019, investors were few and far between. However, in the last quarter, we have seen them return in droves. They are giving owner-occupiers some stiff competition," said Raine and Horne-Newtown director Duncan Gordon in previous reports.
Rate cuts are one of the major drivers of increasing investor presence, he added.
