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!
House Search Australia
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.
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.
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:
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