Judging the Market (and Knowing your Limits)
As your solicitor, I’m not a valuer or an oracle (and neither are most conveyancing practitioners!) The best way to understand the property market is to use the resources available to you as best you can:
- Start tracking properties early — even before you’re ready to buy. Use our downloadable spreadsheet on our Resources page to record details, compare homes, and spot trends.
- Ask your mortgage broker if they can provide suburb reports or recent sales data. This can help you get a feel for what similar properties are selling for in your area.
- Explore suburb profiles on sites like realestate.com.au for insights into local amenities, price trends, and demographics.
- Other resources: CoreLogic, Domain, and local council websites often have useful data and planning information.
- Tip: The more you observe, the more confident you’ll become in recognising value and market patterns.
Are You Ready to Buy? (Or Getting Ready to be Ready)
- Speak to a mortgage broker early. They can help you understand your borrowing power and flag any issues that might complicate finance approval.
- If you’re not ready yet, your broker can suggest strategies to get you “purchase ready”, whether that’s saving a bigger deposit, improving your credit, or sorting out documentation.
- Don’t wait until you find the perfect property to get your finances in order. Being prepared means you can act quickly when the right home comes along.
Who Are You, and What Do You Need?
Think about your current and future needs:
- Family: Are you planning to grow your family? Need extra bedrooms or a backyard? Do you need to live within a certain distance of older relatives?
- Work & Study: Do you need a home office, or easy access to public transport?
- Accessibility: Do you need a property without stairs, or with step-free access?
- Storage & Lifestyle: Is there enough storage? Space for bikes, hobbies, pets, or guests?
- Location: Is there new transport infrastructure being built nearby? Sometimes buying in an “up-and-coming” area can be a smart move.
- Tip: Make a list of your “must-haves” and “nice-to-haves”, and be honest about your priorities.
You Buy the Property “As Is”: So Inspect Thoroughly!
- You purchase the property in its current condition, with all defects known and unknown. There’s no “lemon law” for houses — so it’s up to you to do your homework.
- Building and strata reports are helpful, but not perfect. They have limitations, and can’t tell you everything (like whether the neighbours are noisy or the area is peaceful).
- Don’t be shy about being nosy! Open cupboards, check water pressure, test appliances, and look for signs of damp or damage. Open home inspections during rainy periods are a great opportunity to see how watertight the property is.
- Bring someone with building expertise if you can, or ask them to review the building report with you.
- Check mobile signal and internet in key rooms.
- Noise and neighbours: Visit at different times of day, and don’t be afraid to ask the agent direct questions.
- Use our checklist (on our Resources page) to make sure you don’t miss anything.
Other Tips & Resources
- Keep detailed notes on each property you inspect — your memory will blur after a few weekends!
- Download our property search tracking spreadsheet to stay organised.
- Ask for help: Your broker, solicitor, and building inspector are all there to support you.
