Preparing for property success in 2024

The new year is a time when most people sit back and set some goals for the year ahead. But why not think about your goals for next year now? If you are thinking of buying a property, get a jump-start on 2024 and be ready to buy by starting the pre-approval process and doing your research now.

Preparing for property success in 2024

Prepare a budget

If you haven’t already, prepare a budget so you have a clearer understanding of your purchasing power. Calculate your monthly income, subtracting your monthly expenses and any debts – this will show you the amount that’s left over, so you have a clearer idea on what you can afford for your monthly mortgage payments.

Keeping track of what’s going into your bank account (income, payments) and what’s going out (expenses) can also identify what you can cut back on – such as forgoing the daily café coffee or cancelling some subscriptions or memberships.

While setting a budget can be a simple process, it can also be a good opportunity to get professional advice during this stage. A broker can shine a light on things you may not have thought of, as well as provide a realistic perspective on what you can afford.

Begin the pre-approval process

It is also worthwhile starting the pre-approval process, if you’re looking to buy early in the new year. Having a pre-approval shows the seller that you are serious and can give you a leg-up on the competition. Also known as conditional approval, pre-approval gives you an indication of how much you will be able to borrow, which can help you when it comes time to bid.

You will want to get your paperwork ready including your ID, payslips, bank statements in order to submit an application form.

It’s generally free to get pre-approval. But keep in mind that pre-approvals expire – they are generally valid for three to six months – so this step is for when you’re closer to being able to buy. 

Do your research 

Now is also a great time to do your research. If you know which area you’re looking to buy in, research how the area is performing ( is a great resource). You can also refer to real estate institutes websites as they list data such as the top growth suburbs by median house and unit prices. As well as researching online, get out and attend some auctions, especially in the locations you’re interested in.

It’s also worth narrowing down your needs and wants for a property. Most of us need to compromise somewhat given the cost of housing, so be realistic, but also be clear on what is a must – do you need a certain number of rooms, a backyard, parking spaces, etc? Are you able to buy a fixer upper and renovate or do you need move-in-ready?

Look into what government initiatives are available to you as a buyer, such as the Regional First Home Buyers Support Scheme or the First Home Buyer Scheme. State Government websites (such as contain helpful information on the current schemes and grants.

Planning to sell

If you have an existing property, prepare a plan for selling. You will need to give yourself time to spruce up the property if needed, style it, have photos taken and put it on the market. Again, this is a good time to research the market as well to see what similar properties in your location are selling for.  

If you didn’t buy the home of your dreams this year, try not to get discouraged, but also be realistic. As there have been significant increases in the cash rate which have flowed onto interest rates, it might be a time to re-evaluate where and what type of property you can now reasonably afford. Whatever your financial situation, we can help you start the process to prepare to buy in the future. 

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Authorised Representative 298494
Interprac Financial Planning Pty Ltd 

Darryl Jopling

Senior Adviser

I have worked in the financial services industry since 1982 and as a Financial Adviser since 1999.

I have worked for large Financial Planning businesses, Membership based organisations and looked after the financial planning needs of clients within an Accounting Practice before starting my own business.

I am married, have 4 older children and a grandson and I am keen golfer with mixed results like many .

I have been through many of the strategies I talk with clients about myself and with my family.

I have been through the journey of seeing my parents move into Aged care and negotiated the difficulties and pitfalls of understanding the system for them and this gives me an excellent insight into what is required to assist families at this difficult time.

In a previous roll I used to run retirement seminars looking at Centrelink and Retirement Incomes and how to make these work for you. I have helped many of my clients with Aged Care advice when their parents needed to move into Nursing Homes. For many clients I assist them with superannuation, building wealth and protecting their loved ones with insurance.

I am supported by his, Licensee, Interprac Financial Planning’s in-house resources and ongoing technical, systems and training.

I am committed to understanding your needs and identifying strategies and products to help you achieve your goals.

My guiding principle as an Adviser is to design plans which help to provide my clients with clarity of purpose and the opportunity to build a solid financial foundation.
I will take the time to listen, explain things clearly and keep you informed throughout the advice process.

My experience is complemented by professional qualifications including:

  • Certified Financial PlannerTM Professional
  • Diploma of Financial Planning

At Choice Financial Advice we work with you along the way on life’s journey.

Whether you are getting married, starting a family, embarking on the trip of a lifetime, planning to enjoy your years after work or assisting elderly parents with Aged Care and Nursing Home placements, we can help.