You’re juggling work and family life, and yet the Canberra property market feels like you’re trying to buy a property in a race you never signed up for.
Bidding wars, properties disappearing in a weekend, races to Exchange — these are just some of the experiences Canberra buyers are having this Spring.
If you’re house hunting, you may be starting to feel a little defeated or overwhelmed.
The good news is that even in a fast-moving market, there are strategies you can adopt to give yourself an edge.
Here are a few things we suggest:
1. Get your finance ducks in a row before you fall in love with something
Nothing kills momentum like a delay with your finance. In a competitive market, sellers (and agents) prioritise certainty.
- Get pre-approval in place first.
- Having a pre-approval in place first, not only means you can be confident making an offer, but it often speeds up the approval process – because the lender has already done most of the work at the pre-approval stage. Then, when you have an offer accepted, instead of having to investigate finance options, you’re simply upgrading the pre-approval you already have in place.
- Know your limit and stick to it: Don’t get caught in a speculative bidding spiral. Set your maximum and then stick to it.
- Have your deposit ready to go: Make sure your savings are liquid and accessible—so you don’t need to wait for transfers.
2. Speed + decisiveness can be your competitive weapon
In a market where properties are snapped up quickly, your best advantage is to be fast and precise with your communication with the agent.
- Be ready to view immediately: If an inspection window opens, block it out in your calendar.
- Be clear with any offers you make and ensure you’re stating any conditions of the offer
- For example, is your offer subject to finance?
- What settlement timeframes are you proposing?
- Are you wanting to pay 5% deposit instead of 10%
3. Understand the vendor’s situation as much as possible, so you can make your offer appealing to their objectives
Sometimes when multiple buyers are competing, the little things become important, not just the price.
Here’s how to stand out:
| Strategy | Why It Works | Tips |
| Be flexible with settlement | Sellers like it when buyers offer them what they want | Offer to align with the seller’s preferred timing – as they may be relying on this sale to assist with their next purchase |
| Fewer or minimal conditions (i.e. Unconditional offer) | Less risk for the seller, as there’s no waiting for finance to be approved first | Talk to us (your broker) before you do this, as you may/may not be in a position to to this. There are also things we recommend you do beforehand, to minimise the risks with this approach |
| Offer quick Exchange | Less risk for the seller | Again, talk to us before you agree to this because it will depend on your situation as to whether this an option |
| Engage the agent | Remember, the agent is the gatekeeper | Be responsive, polite, communicate with the selling agent. If there are two offers on the table that are pretty much the same, yours may be accepted just because you have been quicker to respond and “easy to deal with.” |
4. Know what you want so you can pounce on it quickly once you see it
Know your non-negotiables, the areas you want to focus on and how much you want to spend.
If you’re to act quickly, you need to be sure about what you like and don’t like.
4. Post-offer: securing the win
Once your offer has been accepted, you can’t relax just yet…. there are still ways purchase fall over before you Exchange on the contract and make the purchase legally binding.
- Provide the agent with the details they’ve requested ASAP, so the contracts can be prepared quickly.
- Let us know you’ve had an offer accepted ASAP, so we can get the finance moving right away.
- You may need to provide updated supporting documents to support your Full Approval request with the lender. Please provide these quickly to avoid any approval delays, which could slow your timeline to Exchange
- Let your solicitor know you’ve had an offer accepted, so they’re aware a contract is coming to them.
- Exchange can’t happen until your solicitor has received the contract and completed a review. We recommend you give them a heads up, to ensure they can review this in a timely manner
- Maintain good communication with the agent, us and and solicitor: Keep everyone updated on any progress, so we’re all aware of where things are up to.
- Get your deposit funds ready to transfer to the agent’s trust account so that once finance is formally approved and your solicitor has confirmed the contract is ok to sign, you’ll be good to make the purchase official.
Final thoughts: mindset matters
You’re not competing just on dollars—you’re also competing on certainty, speed, credibility. In a market where there are more buyers than sellers, the seller—or agent—may choose an offer that feels least risky.
If you want help to put yourself in the best position to buy, please reach out to our team.
And hang in there!
It will all be worth it, when you’re moved in, unpacked and enjoying lazy weekends in your new home.
