Buying in early January?

Hi guys,

I need to wait until 14th December to lodge my application for finance, so hoping to have pre-approval in place just before Christmas.

I then plan on travelling to QLD to purchase 1-2 IPs in early January. This is really the only time I can get away from work, so I don't have much choice but to buy in January.

I assume some agents will be away during this period, and that stock levels may be reasonably low, however there probably won't be a lot of buyers to compete with either...

Thoughts on this timing?

Cheers

 

The deal of a lifetime comes around every week - sometimes just have to be in the right place at the right time.

Focus on the process, and the result will take care of itself.

Good luck!

Cheers,
Michael

 

Our last two Christmas holidays have been to Brisbane / Gold Coast to purchase properties.

For us they turn out to be research visits only with the purchases happening in the weeks after returning.

I wouldn't be forcing a purchase in January - be ready but don't worry if it doesn't fall in to place.

As long as you limit your search and get to know things well - it will be easy to purchase remotely.

 

i agree - sometimes there are good deals (missed a sub div site in maidstone vic) when on holiday and missed another ip (due to traffic jams)

 

You won't get too many solicitors to do a contract review in early January either. But if you line them up before Christmas, you can make anything happen.

 

Christmas period may not be the best time to buy on the Gold Coast. First of all, you are during this time competing with many interstate buyers all on the Coast with the same thought - "we want to buy as we have this time period to look around", or "wow this is a nice placer to live, lets buy while we are here".

Having said that, I really feel you can't go too wrong buying now, and that 2016 will be a pretty active year for growth, so you might well regret delaying a purchase.

Stock levels are indeed low, depending on what you are after. Do your research in advance (on the usual property websites etc), and also take the time to ask locals their views on best places to buy as opposed to just listening to agents hype. Good luck!

 

Once my IP 2 is leased, I will be ready to go, interstate.

 

Last year new listings were very quiet during Jan and early Feb for Brisbane inner city suburbs. Lots of new listings came online around mid-late Feb onwards.

Good time to check out the areas you are targeting, work out the good and pockets and meet some of the agents in the area. We bought our place site unseen from Sydney and travelled up during cooking off period. Always on option when yr back at work - ideally if you know someone in the area they can check it out for you before making an offer. There's obviously the .25% of purchase price at risk if you pull out during cooling off period, assuming no special conditions.

 

This only applies in QLD to change of mind purchases. You can easily pull out on pest and building or finance and keep your deposit. Personally I have done this several times.

 

Correct, however ability to pull out on B&P or finance in the standard REIQ contracts is dependent on type of issues identified in B&P and reasonable efforts (can't recall specific language) to secure finance (including with any lender specified). While vendor may accept you pulling on this basis, there is a risk they may also take further action and you may be forced to follow through with purchase if B&P and finance obligations are not satisfied.