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.
House Search Australia
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!
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.
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.
Useful Links and Snippets
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
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)
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