Finding the right investment in Northern Beaches
A news report by Domain shows more and more demand for properties on Sydney’s Northern Beaches.
So what has encouraged this sudden interest?
The dropping Australian dollar has a lot to do with it. When it dropped to 70 cents, the region started to see a huge interest from the ex-pat buyers from Asia and the USA. According to the report, it has made the Northern Beaches a very attractive investment opportunity for them.
The demand is expected to increase especially if the dollar continues to decline. In fact, the outlook is positive for deep waterfronts like Seaforth as it becomes increasingly appealing to Chinese buyers.
So with all this interest by overseas buyers in the Northern Beaches, how can us locals get a slice of the action? Like any investment decision, it requires good planning, excellent research and the right local connections to make it happen.
Here are some quick tips on finding the right property in Sydney’s Northern Beaches:
5 Ways to get into the Northern Beaches Sydney property market
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Research suburbs in Sydney’s Northern Beaches
Buying a property is a big commitment and it becomes even more challenging for booming areas like Sydney’s Northern Beaches.
Area research is important. You need to know what suburbs in the Northern Beaches region you can still afford to buy into. Sure it may not be the hot spot waterfront locations like Dee Why or Seaforth which have increased substantially, but you may have a chance in surrounding suburbs that are:
(a) more affordable; and
(b) still have the opportunity for capital growth.
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Get your finances in order
Talk to your Northern beaches financial planner and accountant about your investment plans – short and long term. They can help you prepare for the purchase.
You also need to consult a mortgage broker to work out what you can afford to borrow. This will help you focus your property research on properties within your budget. Try and get a loan pre-approval so that you are ready as soon as you find the perfect property.
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Have a local Northern Beaches conveyancer ready
In a hot property market, you need to be able to move quickly in terms of making a deposit and ensuring there are no issues with the contract for sale during the cooling off period. One of the most important businesses you will need in the process is a local conveyancer. Ideally, select one that knows the Northern beaches region well. Dealing with a local will make the process easier for you.
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Do you need to arrange local tradesmen?
Perhaps your only way of getting into the Northern Beaches property market is to buy something run-down and renovate it. This will require having access to local tradesmen like builders, building inspectors, electricians, gutter specialists amongst others, that can access the property quickly and provide you with guidance on quotes and scope of works required.
They may be needed before you make an offer, so make a list of contacts before you even start looking.
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Engage a property expert in the Northern Beaches
Want a quick way to find the perfect property – perhaps before it’s even hit the market? That’s where engaging a real estate buyers agent can help. Many have access to a good network of local real estate agents and can help eliminate the time and stress of finding the right property. Find out how they work- most of them will charge you a fee based on the property value and can also help negotiate the final purchase price for you.
Need help finding local businesses in Sydney’s Northern Beaches?
Whether you are buying, selling, or moving, our Tradebusters Connect Northern Beaches free local directory service can help connect you with trusted local businesses with confidence.
Tradebusters Connect has vetted the top performing businesses and listed only the best ones on their site. Our Tradebusters Connect Northern Beaches Sydney free local directory service can help connect you with Sutherland Shire trusted local businesses like a plumber, electrician or even a local builder, you can be sure you are dealing with a professional on which you can rely.