Buying a Property

Before you start looking seriously, it's worth understanding exactly what you can borrow. Speak with a mortgage broker or lender to get pre-approval in place. This gives you a clear budget, lets you move quickly when the right property comes up and shows vendors and agents you're a serious buyer.

There are also a number of government grants and concessions available to eligible buyers in South Australia, including the First Home Owner Grant. It's worth understanding what you may be entitled to before you begin your search.

The clearer your brief, the more focused and effective your search will be. Think about location, property type, size, must-haves versus nice-to-haves and your long term plans for the property. Having a clear picture early saves a lot of time and helps you make faster, more confident decisions when properties come up.

Most buyers start their search on platforms like realestate.com.au and Domain, and these are a great place to get a feel for the market. Attending open inspections, following price results in your target areas and speaking with local agents are all valuable ways to build your understanding of what's available and what things are actually selling for.

When you find a property you're serious about, take the time to assess it properly. This means looking beyond presentation to things like the condition of the structure, the quality of any renovations, council zoning, easements and any potential issues that might not be immediately obvious.

A building and pest inspection is strongly recommended for most properties and can uncover issues that aren't visible during an open inspection. Your conveyancer will also review the contract of sale and Form 1 to make sure everything is in order before you commit.

Properties in South Australia are typically sold by private treaty, auction or expressions of interest. Each works differently and has different implications for buyers.

At auction, the sale is unconditional. If you're the highest bidder, you're buying the property. There's no cooling-off period, so your finance needs to be confirmed and your due diligence completed beforehand.

Private treaty offers more flexibility. You can make an offer with conditions attached, such as subject to finance or building inspection, and there's generally more room to negotiate on price and settlement terms.

When you're ready to make an offer, consider the comparable sales in the area, how long the property has been on the market and what you know about the vendor's situation. A well-considered offer, structured clearly and presented professionally, is more likely to be taken seriously, even if it's not the highest number on the table.

Once your offer is accepted, your conveyancer will manage the legal side of the transaction through to settlement. Settlement in South Australia is typically 30 to 90 days after contracts are exchanged, though this is negotiable. On settlement day, the property officially becomes yours!