Hi Chef

Kind of a broad question, so assuming it is for you to live in, here are a couple of broad tips.... (caveat - IMO)

1.Work out what you want. Sounds silly but the number of people who have no idea 'until they see it' is quite enormous. By that I mean do you need a 2,3 or 4 bedrooms with ensuite and bathroom, do you need (or want) a study/den, single or double storey or a condo/apartment.
2. Spend a few moments looking in your local paper to find out the names of all the agents advertising in the target area. Then go to their websites and peruse their offerings. This allows a bit of research before you have to talk to anyone, and the better agents or an industry/national website lets you filter down to just the kind of properties you are wanting in your price range.
3.Legwork. Regardless of who does it, (eg buyers agent) it has to be done. It's exactly like buying a car. You need to compare the prices, look under the hood (ie structure) make sure it has the same options etc before you can compare the price. Re buyers agents, I would ask yourself if you are happy to let someone else buy a car for you, if so then go ahead with them. They will present options to you but you are relying on their reputation/price as to how thorough they are. Like I said, SOMEONE has to do it.
4.Land appreciates, buildings depreciate. The value of a property goes up in direct proportion to the land content. If you have a apartment that is one of a 100 on a plot, don't expect to get the same value uplift as a house on the same size plot when everyone is spruiking how many % the area has risen (or even dropped). By the way, finding the land value in the area is a great way to assess the price. If you are paying land value for something and the house is a bonus (ie needs work) then you are able to capitalise on this depending on the value you add. Secondly, the market commentators are talking about the WHOLE market, rarely do they (or even know why to) differentiate between condo price movements versus house price movements. It is quite often one type of property (eg houses) that is driving the suburb.
5.Purchase. It might pay to let the forum know which city you reside in so that local members can give you some tips re the laws in your state, however I work on the rule of fair/fair. If a vendor wants a high price then I get something in return. Quite often that can be an extended settlement. I have in the past bought property at the vendors price, but on condition that I have no money down for 10-12 months. That can mean extra growth in value without the overheads/payments. (It doesn't really alter much if the value is going down as you'd be in that boat if you'd settled immediately anyway).
6.Don't be small minded. Lot's of people 'walk' from a deal over a couple of thousand dollars as they feel they didn't 'win' some part of the negotiation. They look back later and say they 'coulda' bought that property cheap etc. Take the long term view.
7.Finance. GET YOUR OWN CREDIT CHECK. Lenders like to hit your credit reference each time you make an application and multiple hits show that you are shopping around. Get your own current copy, provide that to a broker and don't sign anything until you have a proposal in front of you.
8.Talk to a BROKER. Let them do the running around for you and get pre-qualified/approved so you can crunch a deal if you have to with a stressed vendor by offering short term settlement. As above, time=money, so settle soon get a discount.
9. Don't try to screw the agent for a cheap commision deal. How motivated would you be in his shoes if the buyer is wanting you to run around as an agent and then want a lower commision? Pay him/her full comm and get them WORKING.
10. TAKE YOUR TIME AND HAVE FUN!

Good luck

Cheers

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