Latest findings show continued growth in Sydney
According to a recent article by Domain.com.au, there are several good signs of continued growth and opportunities in the coming year for new home buyers. The following represents some of the data we discovered from this resource.
Prediction of steady, solid growth
Dr. Andrew Wilson, a senior economist for Domain Group suggests there have been no signs of the property market slowing down in the coming year. Furthermore, the median home price has increased by 14.1% this year from 15.1% in 2013. He also states that this kind of growth hasn’t been experienced in this market from 2002 to 2003, one of the high periods in Sydney’s history in the property market. Wilson says this is definitely a boom market that will continue to rise up by 7 to 10 % as the year progresses.
That being said, it’s important for new home buyers to know the key components to buying their first home. Let’s start with the kind of help and services needed for buying a home.
Who will you need to talk to before buying a home?
The complexities of the process of buying a property require help from local trusted professionals. The following list includes a few of the professionals you will need to deal with on your journey to buying a new home.
Sydney real estate sales agent
Real estate agents know the ins and outs of the market and how to sell or find the right property. Look for an experienced Sydney real estate agent, that has intimate knowledge of the local area you are buying or selling in.
Sydney accountants and financial advisers
These are the experts you may need to speak with to help you achieve your short and long term property objectives. This may include finding the right structure to purchase a property or financial planning on how you can save the deposit, or even accumulate property as part of your wealth strategy.
Sydney mortgage broker
For many home buyers, a mortgage will be necessary to fund the purchase of your property. Using local mortgage brokers will help you find the right financing and loan structure. There are many different products on the loan market that a good mortgage broker helps you assess.
Sydney conveyancers
The legal aspects of buying and selling should be handled by an experienced conveyancer especially if it is unusual about the property you are purchasing.
Building and pest inspection
A building and pest inspections report can be virtual in helping you decide to purchase a particular property. If for example it highlights a major structural issue that could be costly to rectify, it may be enough to make you decide not to buy a property. A building and pest inspection report can be obtained fairly quickly and ideally before you have fully committed to the property purchase with a deposit.
Top five tips for new home buyers
- Location – Start by looking at homes that suit your lifestyle and location needs. For instance, a home that is close to work, schools, or public transport may influence where you purchase.
- Know your Must-haves – Decide what are your must-have features for any new home purchase. Is one/two/three bedrooms? Do you want a separate kitchen and dining area? Is a home office essential? Maybe so, if you work from home. Make a list and know the things you will and will not compromise on.
- Visiting the property – It will take more than one walkthrough of a house to decide whether or not you want to invest in it. Keep in mind that buying a home is probably the biggest investment you will ever make in your life. Go look at the house several times before making a final decision.
- Get your own independent reports – Your real estate agent may offer a pest/building inspection report for you and your lender, but consider having one done for yourself by an independent company. This is just a precautionary measure to help give you a level of peace of mind about your decision.
- Don’t feel pressured – Never allow friends, family members, or professionals to pressure you into making a hasty decision about buying a property.
The best advice we got from professionals for new home buyers is to take your time, be patient with yourself and the professionals you deal with and don’t rush into buying your first home without doing the right research.
Need help finding good local businesses?
If you are planning on buying, selling, refinancing or simply maintaining your existing home our Tradebusters Connect free local business directory can you help you do it all with complete peace of mind.