Great news for suburban property owners of real estate nsw, property values increased 4.9% over the December quarter, making the once a year expansion for Sydney property 14.3%.
Harcourts real estate Manager 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 affordability for first home buyers."First home purchasers are having to come in with a further AUS$50,000, compared with this time last year and incomes have not increased by that much over the same time period. "
Forde adds that Harcourts have seen first house purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first house buyers desiring to get into real estate nsw are taking 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'll be. "
Alternatives available to first home buyers of real estate nsw is to buy an apartment instead of a dearer free standing home and Forde says that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release residences in the CBD selling off the plans for a minimum of AUS$500,000.
Forde points out that price has not dampened first house purchaser keenness with more first home buyers purchasing real estate nsw than previously, "The serious plus for first house purchasers is that so long as real estate nsw expands in price, the greater their equity. The first home buyers of one year ago, now have at least 14.3% more equity in their property than they did when they first bought. This is an enormous driver for first home purchasers, the other motivating factor is low interest rates. "
First house purchasers are becoming really cutting edge in tactics to come up with capital says Forde, "Elders are definitely in the equation, with many folks turning up to auctions or entering into co-ownership agreements with their child and more times than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time consumers and folks realise they had a much easier time and so are now happy to help their kids out. "
The other frequent event with real estate nws is the 1st time consumer who purchases a property with the intention of hiring it out, so 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 a lot more folk who mean to stay renting ," concludes Forde.
Harcourts real estate Manager 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 affordability for first home buyers."First home purchasers are having to come in with a further AUS$50,000, compared with this time last year and incomes have not increased by that much over the same time period. "
Forde adds that Harcourts have seen first house purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first house buyers desiring to get into real estate nsw are taking 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'll be. "
Alternatives available to first home buyers of real estate nsw is to buy an apartment instead of a dearer free standing home and Forde says that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release residences in the CBD selling off the plans for a minimum of AUS$500,000.
Forde points out that price has not dampened first house purchaser keenness with more first home buyers purchasing real estate nsw than previously, "The serious plus for first house purchasers is that so long as real estate nsw expands in price, the greater their equity. The first home buyers of one year ago, now have at least 14.3% more equity in their property than they did when they first bought. This is an enormous driver for first home purchasers, the other motivating factor is low interest rates. "
First house purchasers are becoming really cutting edge in tactics to come up with capital says Forde, "Elders are definitely in the equation, with many folks turning up to auctions or entering into co-ownership agreements with their child and more times than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time consumers and folks realise they had a much easier time and so are now happy to help their kids out. "
The other frequent event with real estate nws is the 1st time consumer who purchases a property with the intention of hiring it out, so 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 a lot more folk who mean to stay renting ," concludes Forde.
About the Author:
Harcourts Australia offer real estate for sale, land and homes on sale, rentals and commercial leasing, rustic property sales, lifestyle real estate and business right across Australia.
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