What to Know Before You Buy

Your Property Purchase Cheat Sheet — for buyers navigating Sydney’s real estate market.

With Spring around the corner, more properties are expected to hit the market – a welcome shift after a quiet Autumn and Winter in the Inner West. For those looking to move before year’s end, now’s the time to get organised. Because while it’s easy to fall for a beautifully styled home, Sydney’s fast-moving property market isn’t the place to let emotions lead the way.

That gorgeously styled home with its long island bench, walk in robe, automatic awning and seemingly realistic price guide? It could be under guided, hiding hairline cracks, a cheap and not so cheerful reno, or have neighbours whose dogs bark all day. Disclaimer – I love dogs but owners who leave them outside on their lonesome all day – not so much.

Sydney’s property market moves fast. Really fast. If you don’t know what to ask, what to look for or know in advance how high you’ll be willing to go on auction day — you can end up paying too much, buying a dud, or missing out altogether.

Here’s what you need to know, and ask, before making a move. Or better yet, why it pays to have a professional on your side who does this for a living.

Couple reviewing finances. Image courtesy of Mikhail Nilov, Pexels.com

Start With the Numbers

Fallen in love with a property at the first viewing? Before you get to thinking about an offer or bidding at auction, get your figures sorted.

Lock in finance pre-approval before you start inspecting — know what you truly can afford.

Work out your borrowing limit plus an ongoing maintenance buffer.

Add buffers for stamp duty, legals, moving costs, renos and strata if applicable.

Plan for surprises — because trust me, they do come. Bathrooms without fall, rusting leaky gutters and uneven timber flooring – just some recent examples that come to mind. Once you’ve settled these issues become yours.

Price Guides

General rule of thumb is most Sydney properties go for at least 10% more than the guide.

Occasionally you need to be a mind reader when there’s no guide listed. That’s where local market knowledge (and a Buyers Agent) comes in.

Some agents underquote (Buyers Agents tend to be aware of which ones… it’s one of those “when you know, you know” things), while others might be on the money, but the property may still achieve a street or suburb record if there’s ample competition at auction.

Analysis

So, the property you love ticks all your boxes but does the price stack up?

Look at recent comparable sales in the street, apartment block or suburb.

Do your due diligence – are there red flags in the building or strata report?

Have there been any structural works or building/pest issues in the past?

Is it on a main road/busy road/near a building site or significant long-term roadworks?

Trust your conveyancer/solicitor to review the contract and listen to their guidance.

Couple inspecting a property. Image courtesy of Alena Darmel, Pexels.com

Ask the Right Questions and Look Beyond the Styling

Don’t be afraid to dig a little when speaking to the Selling Agent. Add these questions to your chat with the agent and you might get the insight you need to make an informed decision.

Why are the owners selling? Divorce, upsizing, already bought — this gives you insight into motivation and added leverage when it comes to negotiating the price. If the property was only bought a year ago, then you really want to find out why it’s back on the market so soon.

When was it renovated? — and what was done? Is there an Occupation Certificate?

How long has it been on the market? Any offers or price drops?

Will the owners look at offers before auction?

Would owners accept a longer or shorter settlement? Tailor your terms, not just your price. A 60-day settlement can be more appealing than a higher offer if it suits the vendor’s plans.

If it’s strata – what are the quarterly levies and what’s in the strata report?
Always request the strata report. Your conveyancer needs to examine it.

Aspect? Is it North, South, East, West facing? Everyone has their own preferences here but always check it suits yours.

Natural light – are all the lights on? Ask the agent if it’s ok to switch them off to determine how the light inside is.

Heating/cooling – Are there A/C or Ceiling Fans/

What’s the storage like?

View at Different Times

Visit the property more than once and at different times of day. If you are keen on a property you can ask the selling agent for a private midweek inspection to understand what the property is like beyond the typical half-hour inspection house timeframe.

Check for street noise, parking, natural light, neighbours, smells (yes, really), and any signs of damp or structural movement.

Think about you living there and your furniture — not just what it looks like styled to perfection. Will your king bed fit the main bedroom? Will your modular sofa fit the living room? Does open plan living even work for your family setup?

Don’t Let the Styling Sweep you off your Feet

Did the owner do a quick paintjob prior to putting their property on the market? Was this to hide anything or just so it presents better?

The prints on the wall, the perfectly ‘thrown’ throws, the strategically placed champagne and glasses – that’s all curated to make you feel something. You’re being sold a lifestyle.

Let your heart love the possibilities — but let your head (or someone you trust) guide the decision.

Mother and daughter walking dog around neighbourhood. Image courtesy of RDNE Stock Project.

Zoom Out and Inspect the area not just the property

What’s selling nearby — and at what price?

Is the area set for growth or at its peak?

What’s the rental market like, if this might be an investment down the track?

Walk around. Morning, night, weekend. Check noise, traffic, parking, light, smells.

Don’t Get Caught in Auction FOMO

I’m convinced that there’s only one person who gets a kick out of auctions and that’s the auctioneer who gets to put on a show. Ok maybe the neighbours enjoy seeing what the house next door might go for as well, but for sellers, buyers and vendors it’s seriously stressful.

Set your bow out number and strategy in advance — and actually walk away if it goes over. Or let someone else handle the bidding for you with a cool head.

It’s Normal to Feel Overwhelmed

This is one of the most expensive purchases you’ll make in your lifetime, and you’ll likely only do it a handful of times at most. Yet you’re expected to know how to spot a structural issue, read a strata report, understand suburb performance, deal with agents, not to mention acting fast. Knowing you’ll be taking out a loan pretty much for life and don’t want to make a mistake, it’s no surprise that home buying can be aa daunting prospect for most!

That’s where a Buyers Agent comes in. I’m not emotionally involved. I’m assessing the property’s true value, asking all the right questions and negotiating with insight. I’d love to be in your corner. Let’s talk.

Judith Treanor is a Buyer’s Agent and Relocation Consultant specialising in the Inner West and the Lower North Shore.

Want to learn more about Judith? Read our recent Getting To Know You interview where Judith shares her journey to becoming one of the Inner West’s most sought-after buyer’s agents.

Judith Treanor, Buyer’s Agent
☎️ 0438 523 064
🌏 Keys to Sydney