2023 has seen the price of Adelaide homes rise in value nearly 9%, according to Core Logic. Much of this has to do with basic supply and demand, and there is no major relief in supply forecast for 2024.
In Unley Park, for example, there are approximately 655 dwellings, but only 6 properties are currently listed for sale, as of 12th December 2023, according to real estate information provider Core Logic. The same could be said for Norwood, where there are roughly 3,500 dwellings, but only 34 current listings across the entire suburb.
With supply for houses and apartments so limited, property buyers will need every advantage they can find in order to secure their dream property, within their budget.
While buyer’s agents have been become more popular in cities like Sydney and Brisbane over recent years, and interstate buyers have used buyer’s agents to purchase property in Adelaide, local Adelaide buyer’s agents are a relatively new service for the city.
Benefits of a Buyers Agent in a competitive market
With the Adelaide property market for homes not showing any significant signs of slowing, buyers competing on the open market are, in effect, at a disadvantage.
A buyer’s agent provides value in different ways, depending on your circumstances, but some examples include:
- Providing buyers with access to off-market properties, or properties that have not yet hit the open-market. This means buyers have the opportunity to secure properties before anyone else.
- If there is a time crunch, for example you have already sold you property but haven’t yet been able to secure a new one, a buyer’s agent may help you purchase a home in Adelaide in a shorter timespan, because they have industry connections with access to properties that aren’t on the market, and are adept at negotiating with real estate agents.
- Buyer’s agents should also have experience and training in how to conduct a real estate negotiation. They will always attempt to stop you from getting in a bidding-war, and provide frank advice about whether the property provides good value.
The role of a buyer’s agent will really depend on your needs, but they can source properties that are off-market, pre-market, on-market or post market. They can just conduct negotiations for you, as well as well bid on your behalf at auctions.
What should you look for in an Adelaide Buyer’s Agent?
As a bare minimum, a buyer’s agent is required to be a licensed real estate professional. Licenses are regulated by the South Australian government, and you should check that your buyer’s agent has a current license.
Catherine Norris, Cohen Handler’s Adelaide Buyer’s Agent is accredited as a QPIA (PIPA) and is a Licensed Real Estate Agent.
Because the concept of a buyer’s agent in Adelaide is so new, it’s important that you also look at the experience of not just the buyer’s agent themself, but the agency as well. For example, Cohen Handler was established in 2009, has purchased over $7 billion worth of property for clients, and provides its agents with training and support to always buy clients the right property at the right price.
How much does a Buyer’s Agent in Adelaide cost?
A buyer’s agent should always be up-front and transparent with the cost of their service.
Fees will depend on the exact service. For example if you just require the buyer’s agent to negotiate on your behalf at an auction for a property you have already identified, the fee would typically be a fixed-fee.
If your buyer’s agent is undertaking a full-service search and negotiation for you, a buyers agents will typically charge a success-based fee based on a percentage of a property, but for other services may charge a flat fee. You can find out more about buyer’s agents’ fees here.
How to get started with a Buyer’s Agent
Before you contact a buyer’s agent, you should think about your brief. This may include:
- the type of property you are looking to buy. For example a house, or terrace, or apartment.
- any requirements in terms of the number of bedrooms, bathrooms, car spaces or gardens.
- the state of the property you’re looking to buy. You may, for example, be open to doing value-adding renovations, or you may be looking for a knock-down property so you can build your dream home.
- do you need to be near any particular areas, such as a school district, an office, or particular public transport.
- your budget.
A buyer’s agent can help you refine your brief, and help you understand whether it is achievable with your budget.
If you would like to discuss your brief, contact Cohen Handler’s Adelaide team for a free consultation.