Buyer's agents used to be a rare breed in Australia, a service enlisted only by very wealthy, time-poor or famous people who wanted to purchase a home discretely. But increasingly, regular working Australians are seeing the value in enlisting a buyer's agent to specifically work for them when purchasing property.

"Whether a seasoned investor or a first-time buyer, making a purchase can be fraught with sleepless nights, fears of overpaying or ending up with a home that’s not quite right," says Simon Cohen, a buyer's agent in Sydney and Managing Director at Cohen Handler, the only Australian buyer's agency to have multiple offices across the eastern states. Cohen has worked in real estate for over 12 years, both as an agent and a buyer’s agent. He says there are four myths surrounding property purchases that need to be debunked:

Myth 1: Don’t buy in a sellers’ market

"When the market is hot and good properties are hard to find, sellers seem to have everything going their way. Some buyers are reluctant to consider property purchases as they fear they will pay too much. Sellers benefit from a strong network of real estate agents, but buyers commonly have to develop their own market knowledge with few resources other than web sites and what the selling agent tell them. Because of this they may be reluctant to enter a hot market. However, with adequate representation based on accurate knowledge and expertise, buyers can be guided to make a wise and informed purchasing decision, even in a competitive market."

Myth 2: Finding the ideal property will take a long time

"Many first homebuyers can spend anywhere up to a year unsuccessfully searching for their first property. This can lead to disillusionment with the process of making a purchase or – worse – potentially settling for something that doesn’t suit their needs. On average, Cohen Handler secures property for clients within one to two months, saving time, money and anguish."

Myth 3: Buying at auction is the best way to purchase property

"Buying at an auction is one of the sure ways to overpay for a property. Bidders can get caught up in the moment and end up in an escalating scramble to secure the purchase. While this is great news for the vendor, I recommend avoiding auctions if possible and instead working to deeply understand an area and the types of properties available to meet a given budget. My network of contacts can often help clients secure properties off market or pre-auction, helping avoid the heartache of missing out on a property or spending well over market rate."

Myth 4: You can’t afford the area you want

"Many purchasers see themselves living in a particular location and become fixated on a specific suburb, or even street. By casting a wider net and considering neighbouring areas that will appreciate in value, an informed buyer can make a wise property decision. Smart investors tend to look to areas that are growing and invest early. In any economic climate, if you make smart decisions about the suburbs you look to purchase in, you can come out ahead. Your dream home might not have the postcode you imagine, but it might have an extra bedroom, larger garden or newer kitchen and a higher value or rental yield further down the track."