No matter how big your budget is, when you’re buying property in a market where stock is in short supply you’ll usually need to compromise on something.
In Sydney’s Eastern Suburbs real estate market, the number of people looking to buy far outstrips the number of quality properties available. So trying to track down the “perfect” property can sometimes feel like a frustrating journey, regardless of how much money you have to spend, or whether it’s your first or fifth home you’re searching for.
That means most buyers need to be prepared to compromise a little. But compromising on location too much can be bad for both your lifestyle and your long-term finances. A better approach may be to buy a property that’s where you want to be and make it perfect over time by renovating or otherwise adding value.
Does the perfect property exist in Sydney’s Eastern Suburbs?
Sydney’s Eastern Suburbs is full of amazing properties – from urban warehouse apartments to gorgeous terraces, and from worker’s cottages to grand mansions. But the perfect property – one that is a 10 out of 10 – can mean very different things to different buyers.
That said, in a rising market like Sydney’s Eastern Suburbs, where stock is in short supply and competition between buyers can be fierce, holding out for that 10/10 property can be a recipe for failure, regardless of what your perfect property looks like. And, even if you do find it, chances are it could very well be out of your price range.
The power of compromise when it comes to property
Being open to a property that ticks at least six out of 10 boxes may be the compromise you need to make to be in the location you want – especially if you can tick the other four boxes yourself over time, and add value to the property in the process.
For instance, a property may not have a pool, an extra bathroom or a fourth bedroom. But you may be able to add these yourself. It’s more important that it’s in the right street and in the right position with the right aspect.
After all, features like kitchens, bathrooms and bedrooms can all be changed over time in most properties, but location cannot. So a property is often worth pursuing if you can renovate, or make it work for your needs and tick off those extra boxes over time.
The compromises you shouldn’t make in any property
Because buying property is very much a process, it often takes buyers some time to know which bits of their wishlist they can compromise on. But there are a few fundamental things about any property that you should always aim to tick off your list.
Location and position are paramount because, quite simply, they’re unchangeable. Is the property in your perfect suburb, the right street, or even on the best side of the street? Other things like school catchments, walkability, proximity to transport, shops, cafes and amenities all matter to different buyer groups and have a big impact on whether a property is likely to grow in value over time.
Aspect means the outlook and view from a property, but it also includes the position of the home on the block of the land and what surrounds it. Does the garden or balcony face North or South? What’s the natural light like? What are the neighbouring properties like? And is a big development planned next door?
Unless you have the budget, time and vision for a complete renovation or a knockdown rebuild, you’ll also be looking for a property with good bones and no major structural defects. Make sure you get a thorough building and pest inspection so you know what you’re dealing with.
The golden rule of property buying
Finally, it’s worth always keeping in mind one golden rule, no matter what your budget or where your property takes you: always buy in the best position you can afford and over time you can you work towards turning the six out of 10 into your perfect property.
After all, there needs to be a level of compromise when you’re buying property, and at times that compromise may be adding value. If you get the essentials right, it’s usually possible to create the perfect home, and add value, rather than buying the perfect ready-made home.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.