How Long Does It Really Take To Buy Property?
In This Week’s How's The Market | Edition 136
How Long Does It Really Take To Buy Property?
Why Buying a Home Takes Longer Than Most People Expect?
How Long Does It Really Take To Buy Property?
The answer might surprise you.
Most first home buyers underestimate just how long the journey really takes, with the average timeframe sitting around 9-12 months from start to finish.
Some buyers I've spoken with have been looking for 2-3 years before finally securing their first property.
Understanding the actual timeline helps set realistic expectations and prevents the frustration that comes from thinking you'll be in your new home in a few weeks.
The Five Steps That Make Up Your Timeline
Step 1: Planning (2 Weeks to 8 Years…)
This is where most people either gain momentum or stall completely.
Speak to a mortgage broker as soon as possible to understand your borrowing capacity while viewing properties in your price range.
When you find that $950,000 property you want and learn you could afford it with focused saving, your motivation skyrockets.
The 8-year timeline isn't a joke people procrastinate for years avoiding that first broker conversation.
Step 2: Research (3-12 Months)
This is where people lose the most time.
With active learning about market movements and property sales, you can compress this phase into 3-4 months; otherwise it takes 9-12+ months.
You'll learn that properties often sell higher than their quoted range, recognize comparable sales, and understand that auctions typically exceed range while expressions of interest sell within range.
Success in property comes from studying completed sales, not current listings.
Step 3: Assessment and Evaluation (1 Day to 3 Weeks)
Once you've found a property you want to pursue, you need to move quickly in today's market.
This phase involves getting building and pest inspections completed, reviewing contracts with your conveyancer, and making your final decision on whether to proceed.
For competitive properties, you might only have 1-3 days to complete your due diligence.
Step 4: Game Time (1-2 Weeks)
The DD is done. You're pulling the trigger.
If it's a negotiation, you need to play the game strategically. I've literally told clients to lose their smiles as we walk into a house during negotiations.
For offers with deadlines, submit at the last possible moment - if offers close at 5pm, submit at 4:59pm. This prevents the agent from shopping your offer around.
Step 5: I Bought, Now What? (10 Days to 90 Days)
Never book removalists for settlement day settlements rarely occur at the scheduled time and can be delayed by hours or even a full day.
Instead, have removalists pack and store everything overnight, stay in a hotel, then move in the next morning to avoid logistical stress.
Avoid Friday settlements when possible, as delays push you to Monday.
Understanding all five steps explains the typical 9-10 month timeframe, but with proper guidance, you can compress these timeframes significantly.
Stay ahead of the market - get the real auction results every week!
What The Agents Are Saying
I was speaking with an agent this week who was telling potential vendors that this year only three auction weekends remain (November 29th, December 6th, December 13th), so they must sign up immediately.
Even for December 13th, it's tight if repairs are needed, and he won't recommend auctions after that date due to holiday period risks if the property passes in.
The Wow Factor!
2/5 Halifax Street, Brighton, Vic 3186
A Bayside Home of Sophisticated Luxury
Why it WOWs:
4 beds, 4 baths, ensuite to all
Entertainer’s basement, wine cellar & bar
North-west pool, wrap-around gardens
Price guide : $3,600,000 - $3,900,000
Final Thoughts
While many rush to buy in spring, savvy buyers use the slower months to their advantage.
Fewer inspections and less competition mean smarter decisions and better deals.
If you or someone you know would like assistance to buy this year, book in a call and we can discuss if we can help.
Thanks for reading this far!
We value feedback and if you have any suggestions on what you would like covered in the future please email me at tristan@tomii.com.au
Happy Buying!
Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.
