What are the real estate professionals saying about the property buying market?
Real estate property agents are claiming that this year has had a phenomenal start according to this article on domain.com.au. Apparently a lot more stock has appeared in this market; more than normal for this time of the year, but agents are enjoying the buyer’s interest.
According to professional agents, the Inner South is experiencing a revival, believed to be due to demographic changes. Many of Sydney’s south suburbs are well overdue to catch-up in the market and that could happen this year. Buyers are looking for affordable homes.
The few suburbs that went down in real estate price last year are likely to make for good buying opportunities this year. The area’s real estate professionals predict that there will be some turnaround in areas like Sandingham and the neighbouring Sans Souci as long as the lower interest rates continue to motivate buyers.
What’s making this strong real estate buyer’s market possible?
Three factors that are affecting this region include:
- Low interest rates
- Buyers looking for more affordable housing
- More development in these communities
These factors are expected to continue as is the strong real estate buyer’s market.
Five useful tips for buying real estate in the current market
- Do your homework – Take advantage of this hot market and the current low interest rates. Research online and talk to a recommended real estate sales agent in South Sydney.
- Choose a location – Decide whether you need to live near shopping, work, schools, or any other demographic element that’s important to you. For instance, families with children may prefer family homes close to good schools, whereas investors look for the best ROI (return on investment) when they buy property.
- Mortgage broker – Mortgage brokers in South Sydney consider your circumstances and find the appropriate home loan for you. This helps you learn how much you have to spend before you commit to a property. There are a number of home loan solutions available so almost everyone can own a home.
- Does the property need work and how much? – The majority of new homeowners will spend money on improving the house they purchase. All this will add to the cost of buying. If the home is in fairly good condition you may only need a small budget of a few thousand dollars for minor handy works, an electrician to fit new lights or a plumber to install your dishwasher. Otherwise, if it is run down, needing a new kitchen, bathroom or paint job, you could end up spending tens of thousands of dollars. If the work is major, you may even consider getting a builder on site before you decide to purchase the property to give an estimate of what is involved. In some cases, you may even decide to let the property pass as the work and cost involved may be far higher than you ever imagined.
- Building inspections and Conveyancing Services– Pest and Building inspections are part of the home buying process. If you are going to be spending hundreds of thousands of dollars on a property you certainly want to ensure any major issues are identified. For $400 to $600 on a building and pest inspection reports, it can be well worth the peace of mind. A good local conveyancer is also an important part of the process to ensure the legal transfer of property happens without complications.
Where to find real estate in South Sydney?
Whether you are buying, selling, maintaining your existing home or refinancing, our Tradebusters Connect free local directory service can help you do it all and with complete peace of mind. Meet our pick of the top 3 local businesses near you.
Other Useful Links:
Financial Adviser South Sydney
Financial Adviser Sutherland Shire
Mortgage Broker Sutherland Shire