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    • 1 Post By Anne B

    Thread: Buying a Property - Price Neg

    1. #1

      Senior Member
      Join Date
      May 2007
      5 times

      Buying a Property - Price Neg

      Hi All

      Can anyone give me some advise on buying a property in Adelaide, regards to offers,

      Is it like the UK where people put in stupid offers and see how it goes or is it the case where you stay within the guide lines to what people are asking ?



    2. #2

      Senior Member
      Join Date
      Apr 2010
      Brooklyn Park
      98 times
      Depends on a few factors. What the market is like, how much interest there is in the property and if the vendors are being realistic on what they want. At the moment I would be tempted to go in with a lower offer and see what happens. Be warned though, someone else could offer the asking price and you might not even be told by the agent. Some agents will come back and ask if you want to increase your offer and some will not even inform if you have been successful or not. I've found though that if the agent comes back to and asks if you are willing to increase your offer, you are close to being accepted. From here don't go too much higher. This is just my experience after buying a couple of properties and putting offers in for quite a few more. It is definitely a buyers market at the moment.

    3. #3

      Senior Member
      Join Date
      May 2008
      Western Suburbs
      830 times
      I haven't bought a property myself (yet) in Adelaide but I do monitor prices. Over the past few months very few if any houses that have sold in this area (postcode 5022 Grange and Henley) have achieved a price in the asked for range. Obviously more and more properties these days are "poa/contact agent" so it is difficult to know if the sellers got what they wanted. Here are some recent sales, listing the original asking price and the sold price.

      The average discount below the mid-point of the price range is 8.75%, so for a house advertised at 500k-550k, midpoint of range = 525k, then sold price would be 479k.

      From this I would conclude that it's a buyer's market and you should bargain hard!

      Asking price Sold Price
      610k -640k 610k
      590k-620k 470k
      620k-660k 535k
      880k-930k 835k
      2m-2.2m 1.82m
      469k 415k
      489k-529k 495k
      590k-630k 550k
      570k-600k 517k
      615k-635k 590k
      495k-510k 475k
      545k 510k
      590k-630k 585k
      630k-650k 630k
      1.125m 930k
      1.75-1.85m 1.65m
      1.7m 1.52m
      1.4m-1.5m 1.263m
      719k 670k
      895k-950k 865k
      650k-680k 617k
      715k-735k 700k
      520k-540k 520k
      595k-645k 550k
      600k-640k 595k
      1.2m-1.25m 1.09m
      1.9m-1.95m 1.65m
      Bailey likes this.
      Backpacked round Australia 1992. Married Australian husband in Adelaide 1994. Lived in Adelaide 1994-1997. Moved back to UK & lived in Essex/Herts 1997-2009. Returned to Adelaide November 2009. 2 kids dual nationality.

    4. #4

      Senior Member
      Join Date
      May 2007
      5 times
      Thanks both

      That is good to know and very interesting replys.


    5. #5

      Junior Member
      Join Date
      Jul 2010
      Glenelg, SA
      3 times
      Hi Sush. I am an agent here in Adelaide.

      When you get to a point and find a property that you are serious about then you will need to gauge how that specifica gant works.

      I hear all the time that people put in offers and never even heard back from them and that it sold to someone else. This is not how I would work.

      With a lot of agents it will be that you can put in an offer (below asking price) and you will find out whether it is accepted or rejected. If an agent is not going to come back to you (as they require the highest price from the start) then they SHOULD state this at that point. This is how I would work.

      That way you know you have put in the best offer that you are prepared to pay for that home.

      Make sure you research the area and surrounding properties. This is the best way that will be able to gauge prices. I can provide people with sales list of what has sold in specific suburbs if requested.

      The market has fallen here so prices should be ,more realistic. This doesn't mean that you can offer 5-10% less on every property though, because each property & seller is different. If they are realistic then they should be priced right to sell, if not then they may well be succeptable to a lower offer.

      I know that I am still currently selling homes at the asking price, some for more than and some for less. As I said it just depends on how realistic that price is.

      Good luck & let me know if you require any further info.

      Nick Tuck



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