What promoted the real estate growth in 2014 and will it continue?
2014 was a great year in the upper north shore of Sydney. The overall real estate growth was well over 20 per cent according to sources at Domain.com. This area was one of Sydney’s top performers last year and that trend is expected to continue.
What is the downside to buying in the upper north shore market?
The downside to buying in the north shore market right now is that there are no 3-bedroom apartments available. This has been caused by the urgency for low-maintenance living that is so highly desired by empty nesters. Many empty nesters have already sold their existing homes and are looking for quality apartments, which has raised auction prices.
Where is most of the buying activity in the upper north shore?
Most of the real estate property buying is happening in the middle ring as there is and will be no further building in the inner ring any time soon. This has in essence, squeezed out the inner ring to buyers, but opened up the middle ring which has really built up this market.
5 Tips for choosing property in the upper north shore
- Location selection – The middle ring is the best place to look at in this market for the best deals and values.
- Consult with real estate agents – Once you have narrowed your location results, it’s time to consult with recommended agents in that market. In this case, in the Upper North Shore.
- Choose features – While you are consulting with your agent, discuss the features you expect to enjoy in a house. Consider the number of bathrooms and bedrooms, and whether you want an alarm system, special landscaping and features, and if the home matches your personal taste.
- Get a loan – At some point, you will talk to a mortgage broker about a home loan. Mortgage brokers can help you wrangle through the various loans and help you obtain the ideal mortgage suited to you.
- Inspections – Before you make a final decision and settle on a property, pest and building inspections are in order. Your real estate agent will have this done, but there is nothing wrong with having your own independent inspections performed and when you are spending the money you work so hard for, it’s well worth the $400 to $600 for these inspections.
We hope this information will be a helpful guide while you search for your perfect home. We strive to provide you with timely and researched information about the real estate market. Tradebusters is an excellent resource for finding agents in your local area.
Looking for builders or tradespeople in the Upper North Shore?
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