Buying property in a sellers market
Buying property in a sellers market can be extremely difficult. With the current booming real estate market in Sydney, many buyers are missing out on securing a property to purchase. With interest rates at the lowest point in Australia’s history, auction clearance rates at the highest level in many years and property prices increasing by 16% in Sydney over the past 12 months, buying a property has become a more difficult process than ever. The number of affordable properties on the market is far outweighed by the amount of buyers competing for the purchase.
Home buyers and investors need to adjust to the current real estate conditions and realise that there are a whole new set of rules when buying property in a sellers market. You need to do your research, be prepared to move fast and take on a completely different negotiation strategy. Below is a list of things you can do to increase your success when buying property in a sellers market.
What is the cheapest home loan ?
Finding the cheapest home loan isn’t as simple as looking at a home loan comparison chart and picking the lender who has the lowest rate. If that was the case, we’d all have our home loans with the same lender and the rest would go out of business. There are many variables in choosing the right loan and sometimes what appears to be the cheapest home loan, is not actually the case.
With property prices in Australia rapidly increasing, saving enough money for a good deposit on a home loan is becoming more and more difficult. Lenders in Australia prefer a deposit of 20% of the property value but if that figure is out of your league, there are other options. Lenders Mortgage Insurance allows you to have a smaller deposit and still get a home loan.
Parramatta Suburb Profile
The size of Parramatta is approximately 6 square kilometres. It has 18 parks covering nearly 23% of total area. The population of Parramatta in 2006 was 16,721 people. By 2011 the population was 19,761 showing a population growth of 18% in the area during that time. The predominant age group in Parramatta is 25-34 years. Households in Parramatta are primarily couples with children and are likely to be repaying between $1800 – $2400 per month on mortgage repayments. In general, people in Parramatta work in a Professional occupation. In 2006, 32.7% of the homes in Parramatta were owner-occupied compared with 35.8% in 2011.
Currently the median sales price of houses in the area is 2,850,000.
Top 20 most expensive suburbs in Australia. Due to the enormous 11% increase in home values for Australian capital cities over the past year, there are now 437 suburbs across the country with an average property value of $1 million or more.
14 Ways to improve your property on a budget
Whether your planning to renovate a property to make it nicer for yourself and your family to live in, to add value to a property your selling or make an investment property more attractive to tenants, there are many things you can do to improve your property on a budget.
“Today I had the opportunity to not only prepare and serve food to the homeless but sit down and talk with many of them. Their stories touched my heart and the joy the got from having someone to chat with overwhelmed me. One lady told me that people look away when they see her in the street and sometimes she can go for days without having a conversation with anyone.”