The slowing real estate market in some of Australia's most popular cities is a perfect time for buyers to keep their eye out for the best deals.

Australian Property Investor deputy editor Vanessa De Groot said it's all good news for buyers at the moment. "There are plenty of residential properties on the market, prices have fallen in some parts of the country, properties are taking longer to sell and price discounting is on the rise," she said.

Buyers must be patient in doing their own research. "Choose your target and zero in," De Groot advises. "That's the advice of the experts when it comes to finding bargain properties."

The first step is choosing the price range that suits you, followed by a geographical
location and from there, you need to do extensive research. You can't expect a bargain to land in your lap without hard work, warns De Groot.

"General online research to choose a likely suburb has to be followed up with inspections of 50 to 100 properties to gain an intimate knowledge of current pricing," she says. "It also helps to build relationships with local agents to find out about things
like 'silent' sales, divorce sales and mortgagee sales."

Property buyers must not be tempted to snap up property simply based on its discounted price. One is also advised to look at other factors. Generally, a mid-priced property situated within five to 20 kilometers of a major city's central business district is considered a good investment.