Great news for home property owners of real estate nsw, property values increased 4.9% over the December quarter, making the annual trend for Sydney property 14.3%.
Harcourts real estate CEO for New South Wales Rob Forde claims real estate nsw owners will be ecstatic, however he adds that the stats raise the issue of housing price for first home buyers.”First home purchasers are having to come in with a further AUS$50,000, compared against this time last year and salaries have not increased by that much over the same time period. “
Forde adds that Harcourts have seen first home purchasers active in the outer city limits, with first home buyers accepting the necessity to commute 50km or more into the CBD. “The average first home purchasers desiring to get into real estate nsw are having a look at an AUS$400,000 plus spend, and the closer that spend is to AUS$400,000, the further away from the Sydney CBD they will be. “
Alternatives available to first home buyers of real estate nsw is to buy a house instead of a costlier free standing home and Forde claims that this is the option that most younger customers take. Although Forde adds that apartments are not cheap either, with new release apartments in the CBD dumping the plans for a minimum of AUS$500,000.
Forde highlights that price has not dampened first home buyer keenness with more first home buyers purchasing real estate nsw than ever before, “The big plus for first house buyers is that so long as real estate nsw expands in price, the larger their equity. The first home purchasers of one year ago, now have at least 14.3% more equity in their property than they did when they first purchased. This is a big driver for first house purchasers, the other motivating factor is low IRs. “
First home buyers are becoming extremely cutting edge in techniques to come up with capital asserts Forde, “Folks are definitely in the equation, with numerous elders turning up to auctions or entering into co-ownership agreements with their child and very frequently, the childs partner. Getting into real estate nsw is rather a financial challenge for first time consumers and folks realise they had a way easier time and so are now happy to help their youngsters out. “
The other common occurrence with real estate nws is the first time buyer who purchases a property with the objective of renting it out, so that they can still receive capital gain. “Demand for quality real estate nsw rental accommodation is high, and for all the potential first home owners there are plenty more folks who mean to stay renting ,” concludes Forde.
Harcourts Australia offer real estate for sale, land and places on sale, rentals and commercial leasing, rural property sales, way of living real estate and business right across Australia.