Welcome to House Search News for October 2008

FIRST HOME OWNER GRANT INCREASES AND INTEREST RATE DROPS MAKE FOR A CHANGING MARKET!

With the financial woes in recent weeks affecting world economies, Australia’s federal Labour govt and RBA have decided to stimulate spending in the property sector by introducing increases in the First Home Owner Grant as well as a long-awaited interest rate drop of 1%.  With more rate drops to follow being anticipated, it certainly marks a change in the market, and we are experiencing this even now with increasing enquiries for both homes and investment properties here in Sydney.

In particular, first home buyers now have a limited window of opportunity until June 2009 to purchase taking advantage of the increases, and we believe it may well prop up the lower end of the Sydney market (sub $500,000 priced properties), resulting in higher demand for real estate in this price bracket.

If you lack the time or energy to conduct a thorough search yourself, or simply want to get maximum property for your dollar, then give us a call here at House Search to see how we can help.  We’ve assisted several first home buyers in the Sydney market achieve outstanding results and look forward to helping you in your quest!

Warm Regards

Jacque Parker

Director
House Search Australia

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FHOG BOOST

With recent federal changes including a doubling of the FHOG to a generous $14000 for established housing and $21000 for new, there may never be a better time to buy your first home.

Until June 2009 eligible purchasers have the opportunity to both take advantage of the increase and reap the benefits of a depressed market in many parts of Australia.

For further information check out the NSW OSR site to see if you qualify.

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Market Update - Sydney Property News

The country’s most populated city’s property market continues to move sluggishly along, recording median housing growth for the June 2007-June 2008 year at just 1.1%

With Sydney’s median price still the country’s highest at $542,488 (Source: APM) affordability remains an issue, particularly for those buyers who want to live closer to the city or popular beachside suburbs.  However, many middle ring and outer ring suburbs continue to provide value for money for both first home buyers and upgraders, especially those with good transport links or close to business districts.

Parramatta and surrounds, for example, present many current opportunities for those wanting to get into their first homes or apartments at reasonable prices. With median house prices still under the $500,000 mark suburbs such as Winston Hills, Toongabbie, Wentworthville, Pendle Hill, Seven Hills and Northmead represent excellent first home buyer value. (Source:Residex)

With Parramatta now known as Sydney’s primary “regional city” and plans afoot to further beautify and change the suburb, the Parramatta Twentyfive25 strategic plan sets out in more detail the direction for this expanding western suburb of Sydney.

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Useful Links and Snippets

For those avid readers, check out the Property Special in this month’s Smart Investor magazine (Nov issue)

Have a read of some of my property tips in the KEYS TO SUCCESS article and learn how to minimize costs overall, when you’re looking to buy investment property.

Wonder where all the private sellers place their ads?

Then check out sites like the following for some listings, as well as regional and rural property:

www.domain.com.au
www.owner.com.au
www.diysell.com.au

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Suburb Spotlight on Turramurra

Approximately 20km from the CBD, Turramurra lies in the leafy North Shore area of Sydney and is close to many amenities, including popular private schools and tranport (rail).

Some facts about Turramurra:

• Approx size 6km sq
• Population just under 11,000
• Predominantly families in the area
• Predominant age group 40-49yrs
• Over 82% owner occupied housing
• Current median house price $1,012,500
• Current median unit price $553,500

(Source: RPData/Residex)

Welcome to House Search News for September 2008

ARE YOU AN EMOTIONAL HOME BUYER?

When it comes to buying our homes, most of us believe that we’re not going to fall into the “emotional” basket and possibly overpay for the home of our dreams. We can remain cool, calm, collected and within our budget. Right?

Wrong!

Buying a home can be a huge emotional decision as it’s often the largest financial commitment we’ll ever make. It’s difficult to remain logical and objective when you fall in love and become blinded to a home’s faults, over your overwhelming desire to make it your own.

Buyers remorse is all too common a syndrome with those buyers who haven’t done their research or inspected enough properties. This can also extend to the negotiating table, where the “walk away” price gets forgotten in a sea of excitement and desire.

If it’s good enough for the seller to have a representative on their side, guiding, supporting and striving to obtain the best outcome and price possible, then why shouldn’t you be on equal footing?
Hiring a buyers agent not only puts you ahead of the pack, but it ensures you get the right property at the right price. A supportive advocate on your side, representing your interests 100%, can make a huge difference, both financially and emotionally to your home purchase.

Call us today if you want to learn more and we look forward to being of service to you in the near future!

Warm Regards

Jacque Parker
Director
House Search Australia

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Which agent?

What questions should you ask a selling agent before hiring them to sell your property?

It’s a question many sellers don’t know the answers to and end up being disappointed when the agent of choice fails to deliver on what was promised in terms of price & service.

If you want the very best agent for the job, ask them our essential 20 QUESTIONS to see if they measure up. Simply contact our office or send us an email request and we’ll send you a copy.

Engaging a great agent can make all the difference between a mediocre and an outstanding result.

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Market Update - Sydney Property News

With the RBA finally dropping official interest rates by 0.25% for the first time in almost 7 years, there appears some relief for home buyers and sellers. Whilst sentiment for a strong recovery is still low, analysts and experts predict further rate drops before the end of 2008 and an uneven road ahead in this article.

It’s not only home owners and renters who have had to tighten their belts in recent months. Some lenders are increasingly having to change lending practices and criteria to accomodate the overseas credit crunch impact, making easy home loans a thing of the past. Read more here.

A recent survey of 31 firms, including the major banks, by the API (Aust Property Institute) found that Sydney residential property came out on top as the most popular choice, as the location with the most growth potential on Australia’s east coast.
Naturally, here at House Search we’re biased as we believe in Sydney as a great investment spot, but it makes for an interesting read nonetheless.

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Useful Links and Snippets

Moving areas and don’t know where to begin looking for schools?

This Australian site is a great resource for those looking at all the alternatives: govt, private or otherwise. Check it out today

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Suburb Spotlight on Hornsby

Approximately 25km from the CBD, Hornsby lies in the northern region of Sydney, a older well established suburb with a CBD and major shopping centre at it’s hub.

It’s well serviced by rail and is made up of a mixture of housing, including older houses and newer unit developments.

Some facts about Hornsby:

• Approx size 8km sq
• Population just under 20,000
• Predominantly families in the area
• Predominant age group 30-39yrs
• Over 54% owner occupied housing
• Current median house price $601,000
• Current median unit price $357,000

(Source: RPData/Residex))

Welcome to House Search News for August 2008

ARE YOU A FENCE SITTER?

Don’t follow the herd! With high interest rates and doom and gloom dominating the media when it comes to property news, it’s all too easy to sit on the fence with everyone else, waiting for a more positive outlook.

The trouble with this strategy is that when all the fence sitters jump off at the same time, prices can be pushed up substantially, as demand for current supply increases.

Here at House Search, being in the marketplace every day, we’re seeing some amazing results in terms of prices, in some cases down some 15% from 2003 prices.  With sellers dropping their prices again and again and again there’s real opportunity out there for those looking to buy either home or investment properties.

With little or no competition on some great properties, now represents an excellent time to pick up a bargain.  Along with rising rental yields, conditions are more favourable than previous years for investors, whilst home buyers reap the obvious benefits of buying in a down market.

If you feel it’s all too time consuming, however, or haven’t got the necessary time to research and negotiate thoroughly then give us a call instead to see how we can help.

We look forward to being of service with your next purchase!

Warm Regards

Jacque Parker

Director
House Search Australia

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Which Property Manager?

What questions should you ask a property manager before hiring them to look after your investment property?

It’s a subject many  investors don’t broach but instead end up using the PM of the agency they bought through, even though they may not the “right” person for the job.

If you want the best out of your PM ask them my essential 12 QUESTIONS to see if they measure up.  Simply become a member on www.invested.com.au (it’s free) and look under Articles to read SELECTING AN EFFECTIVE RESIDENTIAL PROPERTY MANAGER

Make sure your investment is protected by an outstanding property manager.

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Market Update - Sydney Property News

With Sydneysiders still suffering the highest median price of any capital city in Australia, it’s the opinion of many property forecasters that well located units currently represent the best value for money in terms of yield and affordability.  Residex’s John Edwards is particularly upbeat about them in his latest newsletter along with his opinions on other state markets.

With upcoming generations preferring to rent rather than buy, units may well become the first and only choice for many younger home owners seeking longer term security with housing.

With the Sydney rental crisis a hot topic in recent news, the REINSW’s call to the state government to reduce current taxes on stamp duty and land tax appears to have fallen on deaf ears again.  However, at least the Iemma govt has admitted that a rental crisis exists.  Read more here…

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Useful Links and Snippets

Want to know more about your legal rights when it comes to property?

Then check out this highly useful NSW site for those tricky questions.  It’s a free resource and may assist in guiding you to the right department or person for your specific enquiry.

www.lawaccess.nsw.gov.au

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What’s in a title?
Company? Community? Strata?
If you’ve often wondered about the differences between them Jimmy Thomson explains it in simple english here

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Suburb Spotlight - Winston Hills

Approximately 33km from the CBD, Winston Hills lies in the northwest region of  Sydney, in Sydney’s Hills District.

It’s serviced by bus transport to both the CBD and nearby Parramatta, and is made up mainly of freestanding family homes.

Some facts about Winston Hills:

• Approx size 4km sq
• Population just under 12,000
• Predominantly families in the area
• Predominant age group 30-39yrs
• Over 87% owner occupied housing
• Current median house price $509,000

(Source: RPData)

Welcome to House Search News for July 2008

DID YOU KNOW?

That approximately 7 out of every 10 buyers in a capital city suburb buy locally when they move house? This goes to show you that we’re creatures of comfort and familiarity when it comes to relocating.

If, however, you’re planning to move out of the old neighbourhood and into somewhere completely new, consider short term renting until you’re ready to definitely buy, as it can be an expensive mistake if you find the area wasn’t quite what you ideally wanted.

This also provides you with opportunity and time to research and buy into a new area, without undue pressure.  Admittedly, moving twice isn’t something that many of us enjoy but so many home sellers end up selling for less than what they wanted under pressure because they’ve purchased first and can’t afford the financial implications.

Far better to be in the drivers seat when it comes to purchasing what is often the biggest financial commitment you’ll ever make.

Warm Regards

Jacque Parker

Director
House Search Australia

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Are pools worth it?

I was recently interviewed by the Sydney Morning Herald in this article about pools and their value pertaining to property.  If you’re seriously considering building, buying or investing a home with a pool attached, you may want to read this article first.  They really can be blue heaven or hell!

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Market Update - Sydney Property News

With the Melbourne median price snapping on Sydney’s heels, forecasters such as APM believe that Melbourne may well catch up and take over as our country’s most expensive capital city by 2009.  Read the full article here for more of the story.

The Minister for Fair Trading, Linda Burney, announced last month that 11 Sydney real estate agencies were being fined, and two more reprimanded, for allegedly quoting “misleadingly low prices to potential home buyers at auctions”. Three were fined $2200 and the rest were fined $1100.

Underquoting in real estate has been under investigation by the Department of Fair Trading for some months now as complaints have come in from the purchasing public.  Full story in this article.

RPData, Australia’s leading real estate data information provider, report that, across Australia, the number of listings for 2008 is above average and now currently stands at 129,000 listings.  This is compared to 108,000 this time last year.  It is their belief that this indicates clearly that Australia is in the midst of a buyers market.

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Useful Links and Snippets

INVESTSMART

Fairfax Digital’s site, powered by both Domain and Australian Property Monitors, Investsmart, is a free resource for those interested in finding out current capital growth rates, median housing prices and rental yields, as well as suburb overviews.

Easy to use, great for the basics; especially if investing.
Check it out today at www.investsmart.com.au/property

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Property investors contribute 23% of the 7.5 million residential dwellings in the current Australian property market.

Public housing, by contrast, only provides 6%

Without private property investors, over 20% of Australians who currently rent would have nowhere to live.

(Bill Zheng, Investors Direct)

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Suburb Spotlight - Ryde

Approximately 12km from the CBD, Ryde lies in the central northern part of metropolitan Sydney.

It’s well serviced by transport, has excellent sporting facilities and is currently undergoing infrastructure upgrades to it’s major shopping precinct.

Some facts about Ryde:

• Approx size 7km sq
• Population just under 21,000
• Predominantly families in the area
• Predominant age group 30-39yrs
• Over 63% owner occupied housing
• Current median house price $695,000

(Source: RPData)

Welcome to House Search News for June 2008

SYDNEY’S BEST SUBURBS!!

The inaugural edition of the “Sydney Morning Herald Good Suburbs Guide” recently reviewed 641 Sydney suburbs, with some surprising results. See entire article link below for more details; Northwest residents will be pleasantly surprised to note that Baulkham Hills and Castle Hill were top picks in the BEST FAMILY category, with Northmead a winner in the BEST VALUE category. Bronte, a beachside Eastern suburb, was voted the overall winner. Not affordable for all, however, with a current median house price of $1,785,000.

NSW investors will be pleased to see the demise of loan stamp duty at the end of this financial year, as the duty gets officially axed July 1 2008. Though a relatively small saving, it’s a step forward in the right direction for encouraging investment in NSW.

Hope this finds all our Australian readers enjoying the delights (and rain!) of our current winter- an opportune time to look for property, when the competition is at home warming themselves in front of the fire!
Warm Regards

Jacque Parker

Director
House Search Australia

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OFFER NOW EXTENDED FOR OUR FREE BUILDING & PEST INSPECTION!

Engage us for a full search Option 1 during the months of June or July and receive a building and pest inspection ABSOLUTELY FREE!!

Valued up to $695 this service is for any property in our search areas of Sydney.

Take advantage of this limited offer by contacting us today.

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Market Update - Sydney Property News

Whilst the petrol crisis continues, the importance of location and proximity to public transport becomes vital for many homeowners and investors here in Sydney. Those away from major train and bus routes suffer most, as the increasing travel costs eat into household incomes, placing strain on both mortgages and rents alike.

Though we have been insulated somewhat from the sharpest fuel increases, due to the strength of our dollar, the issue is still real and unlikely to improve anytime soon.

Property hunters likely to use public transport need to ensure “walking distance” on real estate ads mean just that! Also look out for new and improved bus services such as T-Way and upgraded dedicated bus lanes along the major roadways into the CBD.

On a lighter note, check out the results of the recent SMH Good Suburbs Guide here. More detail can be found in the book, available at bookstores or online www.smhshop.com.au
Sydney really is a wealth of diversity when it comes to our suburbs, from beachside to semi-rural, there’s somewhere for everyone!

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Useful Links

FREE AUSTRALIAN PROPERTY INVESTORS SITE

Enabling investors to make more prudent property investment decisions, the PIAA (Property Investors Association of Australia) site is jam packed full of news, information, articles and resources as well as market reports and guides on the current state of property markets in Australia.

It’s free to subscribe, so take advantage of another free resource, expand your property knowledge and join up today.

www.piaa.asn.au

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Suburb Spotlight - Pymble

A well established leafy suburb of Sydney’s upper North Shore, Pymble is made up largely of older homes on large residential blocks and has the benefit of rail access.

Some facts about Pymble:

• Approx size 7km sq
• Population just under 10,000
• Predominantly families in the area
• Over 87% owner occupied housing
• Current median house price $1,175, 000
• 21km from Sydney CBD

(Source: RPData)