Once you’ve found your dream Australian home, it’s time to put in an offer. This can be a nerve-wracking process – am I offering too little, or even too much, what if it falls through? Follow our seven tips on to help make the process of making an offer on a house in Australia a success in part five of your six-part serialisation of Buying in Australia.
1. Gather as much knowledge as you can about the market
Have a read through our regular news updates, review recent local sales and speak to your agent to get a good understanding of the local property market. Remember not just to look at asking prices, but also sold prices – this will let you get a strong idea of how much you can ask for. Equally, asking educated questions will show that you mean business!
Remember not just to look at asking prices, but also sold prices – this will let you get a strong idea of how much you can ask for.
Remember that an agent is ultimately representing the seller. They’ll give you useful information about the market, but that extra research is really crucial to make sure you get the most unbiased overview possible.
2. Get your game face on
Let the selling team know that you’re knowledgeable about the market and take an active role in discussions. Don’t afraid of showing that you know your stuff and querying any statements they make. When making an offer on a house in Australia, you need to be a bit like a poker player: read the seller’s emotions and adjust accordingly. With some, you might to show how much you love the home, but, with others, it might be better to play it cool.
3. Organise your finances
As we’ve previously explained, having your finances completely in place in advance is utterly crucial to successfully making an offer on a house in Australia. If you have to suddenly go back and arrange transfers, or you haven’t planned how to protect against a sudden rate drop, the deal can ultimately fall through. Our partner Smart Currency Exchange can help you protect your budget against volatile exchange rates – our readers have left them thousands of 5* reviews, and they are currently #1 on Trustpilot for Money Transfer.
Find out more about buying property in a different currency – and controlling the exchange rates – in the Property Buyer’s Guide to Currency.
4. Get the seller on your side
A bit of charm goes a long way! You want to get the seller on your side, and it’s important to remember that the house they’re selling is a home they’ve invested a lot of time and attention into. Try not to be too aggressive, whether with attitude or pricing – this can kill things off. Remember to go through the agent if you’ve agreed to, but this doesn’t stop you from perhaps writing a letter to the seller to say why you’re interested in their property.
5. Take control of the negotiations
It’s easy to get caught up in wanting the seller to accept your offer, but remember that, when making an offer on a house in Australia, you’re the one with the upper hand. The seller absolutely needs to make the sale: you can walk away at any time. Understanding this weakness puts you in a position of advantage.
6. Don’t delay with counter-offers
Any time lost in responding means the seller has time to consider other offers. Decide prior to your original offer how much you’re willing to move by, so that you can respond almost immediately. This will let you quickly and confidently carry on your negotiations, knowing you won’t lose out.
Not quite ready to put in an offer? Download your free guide to how to plan a viewing trip in Australia.
6. Don’t stress if it does fall through
These things happen – sometimes the sale will fall through. Essentially, what’s done is done, so don’t stress too much about it after the fact. In fact, many buyers whom this happens to find that they actually end up in a property they like even more, and look back with relief rather than regret.
Making an offer on a house in Australia
Find out more about making an offer in your free Negotiation Guide below. It’s packed with tips and hints from estate agents to help you get the best price possible for your property. And, if you have any further questions, don’t hesitate to call us on +44(0)20 7898 0549, or email firstname.lastname@example.org.