Real Estate NSW Price Expansion
Excellent 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 Manager for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistical data raise the issue of housing price for first home buyers."First home purchasers are having to come in with an additional 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 home buyers active in the outer city limits, with first house purchasers accepting the necessity to commute 50km or more into the CBD. "The average first home purchasers 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 will be. "
Other alternatives available to first home purchasers of real estate nsw is to buy a house instead of a costlier free standing home and Forde asserts that this is the option that most younger customers take. Although Forde adds that flats are not cheap either, with new release residences in the CBD dumping the plans for a minimum of AUS$500,000.
Forde highlights that price has not dampened first house purchaser enthusiasm with more first home purchasers purchasing real estate nsw than ever seen before, "The serious plus for first house buyers is that so long as real estate nsw expands in price, the bigger their equity. The first home purchasers of one year gone, now have at least 14.3% more equity in their property than they did when they first purchased. This is an enormous driver for first home buyers, the other motivating factor is low interest rates. "
First house purchasers are becoming extremely innovative in ways to come up with capital says Forde, "Elders are definitely in the equation, with many parents 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 buyers and parents realise they had a far easier time and so are now happy to help their kids out. "
The other commonplace occurrence with real estate nws is the first-time buyer 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 house owners there are plenty more folk who mean to stay renting ," concludes Forde.
Harcourts real estate Manager for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistical data raise the issue of housing price for first home buyers."First home purchasers are having to come in with an additional 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 home buyers active in the outer city limits, with first house purchasers accepting the necessity to commute 50km or more into the CBD. "The average first home purchasers 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 will be. "
Other alternatives available to first home purchasers of real estate nsw is to buy a house instead of a costlier free standing home and Forde asserts that this is the option that most younger customers take. Although Forde adds that flats are not cheap either, with new release residences in the CBD dumping the plans for a minimum of AUS$500,000.
Forde highlights that price has not dampened first house purchaser enthusiasm with more first home purchasers purchasing real estate nsw than ever seen before, "The serious plus for first house buyers is that so long as real estate nsw expands in price, the bigger their equity. The first home purchasers of one year gone, now have at least 14.3% more equity in their property than they did when they first purchased. This is an enormous driver for first home buyers, the other motivating factor is low interest rates. "
First house purchasers are becoming extremely innovative in ways to come up with capital says Forde, "Elders are definitely in the equation, with many parents 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 buyers and parents realise they had a far easier time and so are now happy to help their kids out. "
The other commonplace occurrence with real estate nws is the first-time buyer 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 house owners there are plenty 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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