Many are expecting 2021 to be the year of the first-home buyer, with low interest rates and housing incentives making it one of the best times for new buyers to get their foot in the door.

But even though money is relatively cheap right now, many buyers will still be cautious of financially overreaching and will be on the hunt for a great property deal.

Finding a quality property at an affordable price can be challenging at the best of times, so here are some strategies that may help you with keeping prices down.

1. Be ready to pounce

If you find a good property for a great price, chances are that others will have their eyes on it too.

For this reason you’ll want to ensure you’re ready to make an offer on a property as soon as you find “the one”, otherwise you might miss out to another buyer simply because they got in first and the seller didn’t want to wait around.

Having your finances in order and knowing what you want to spend on a property will help give you the confidence you need to jump on a good property when you see it.

2. Don’t just look at new listings

Try not to be deterred by a property that has been on the market for some time.

In some cases an older listing can get lost among the newer ones, with many buyers choosing to only check out properties that have recently come onto the market.

But if you do an online property search by “oldest first” you might find a property that other buyers have missed, and possibly a seller that’s very anxious to get the property off their hands.

3. Consider a change of scenery

Widening your property search is going to open up a lot more options for you so you might want to consider different locations or neighbouring suburbs to what you initially had in mind.

Check out the “sister suburbs” of your favourite areas, i.e. suburbs that have a similar lifestyle on offer, but come with a smaller price tag.

In the age of people working from home, it may also be worth looking at a total lifestyle change and moving to a regional location where prices are likely to be cheaper than they are closer to the city.

4. Find the ugly ducklings you can turn into swans

You might be able to score a property bargain simply by being willing to take on repairs or renovations that others aren’t.

There are often fantastic properties to be found at discounted prices, simply because they have a few cosmetic issues that need attention.

Of course, you need to know your limits when it comes to renovating and factor in the costs of anything that needs fixing. It’s also a good idea to arrange a building and pest inspection to ensure you really know what you’re getting in for.

5. Do lots of research

The best way to find fantastic property deals is to have a solid understanding of the markets you’re dealing with. This will allow you to recognise a great property when it comes up.

Head to lots of different open homes and follow local sold prices to get a good feel for a neighbourhood.

You should also try to connect with local real estate agents who can not only give you advice, but may also be able to share off-market listings with you, or potentially even give you a heads up about properties that are due to hit the market soon.