![\"\"](\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/wp-content\/uploads\/sites\/2\/2021\/09\/In-Article-Picture-1.jpg\")
<\/p>\nElevated demand in a time of continued low advertised supply means many potential purchasers are missing out on buying property, according to a national buyers\u2019 agency.<\/p>\n
The latest CoreLogic Home Value Index found that Australian housing values were 15.8 per cent higher over the first eight months of the year, and 18.4 per cent above levels a year ago, however, advertising supply remains about 30 per cent below the five-year average.<\/p>\n
Adviseable Property Buyer Kate Hill said the disconnect between buyer demand and properties available for sale was pushing prices higher \u2013 and was likely to continue to do so for some time to come.<\/p>\n
\u201cInterest rates are also part of the equation and are set to remain at all-time lows for another two, or maybe three, years,\u201d Ms Hill said.
\n\u201cProperty markets are also being impacted by record low vacancy rates and rising weekly rents, which are encouraging more investors to take action and adding to the price pressure cooker.\u201d<\/p>\n
<\/p>\n
<\/p>\n
Ms Hill said the extreme levels of demand were so out of sync with the advertised supply level that more buyers were missing out than those who were being successful.<\/p>\n
Unfortunately, the intense buyer competition for listings in many areas was also seeing some people significantly overpay for properties because of their fear of missing out, she said.<\/p>\n
\u201cEmotion is never a good thing when it comes to savvy property investment decisions because people run the real risk of overpaying,\u201d Ms Hill said.<\/p>\n
\u201cHowever, it is still possible for purchasers to buy successfully in hot market conditions without burning all their cash to do so.\u201d<\/p>\n
Seven tips for buying success in hot markets:<\/p>\n
1. Think laterally<\/strong><\/p>\n Ms Hill said to aim for the \u201csweet spot\u201d owner occupier resale market with a slight twist, including considering an adjacent suburb, a property with renovation potential and, for investors, those with a long-term lease in place.<\/p>\n 2. Be proactive<\/strong><\/p>\n Buyers need to be proactive during their property search including getting into the habit of asking agents what else they have on the books or coming up that is pre-market.<\/p>\n