Superb news for suburban property owners of real estate nsw, property values increased 4.9% over the December quarter, making the once a year growth for Sydney property 14.3%.
Harcourts real estate CEO for New South Wales Rob Forde claims real estate nsw owners will be happy, however he adds that the stats raise the issue of housing cost for first home buyers."First home buyers are having to come in with a further AUS$50,000, compared with this time last year and wages 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 purchasers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers desiring to get into real estate nsw are looking 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 options available to first house 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 purchasers take. Although Forde adds that residences are not cheap either, with new release flats in the CBD dumping the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first home buyer keenness with more first home buyers purchasing real estate nsw than ever seen before, "The major plus for first house purchasers is that so long as real estate nsw expands in price, the bigger their equity. The first home buyers of one year back, now have at least 14.3% more equity in their property than they did when they first acquired. This is a big driver for first home buyers, the other motivating factor is low interest rates. "
First home purchasers are becoming really cutting edge in ways to come up with capital asserts Forde, "Parents are definitely in the equation, with a lot of 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 financial challenge for first time buyers and elders realise they had a far easier time and so are now happy to help their kids out. "
The other frequent event with real estate nws is the first time customer who purchases a property with the objective of leasing 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 a lot more folks who intend to stay renting ," concludes Forde.
Harcourts real estate CEO for New South Wales Rob Forde claims real estate nsw owners will be happy, however he adds that the stats raise the issue of housing cost for first home buyers."First home buyers are having to come in with a further AUS$50,000, compared with this time last year and wages 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 purchasers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers desiring to get into real estate nsw are looking 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 options available to first house 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 purchasers take. Although Forde adds that residences are not cheap either, with new release flats in the CBD dumping the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first home buyer keenness with more first home buyers purchasing real estate nsw than ever seen before, "The major plus for first house purchasers is that so long as real estate nsw expands in price, the bigger their equity. The first home buyers of one year back, now have at least 14.3% more equity in their property than they did when they first acquired. This is a big driver for first home buyers, the other motivating factor is low interest rates. "
First home purchasers are becoming really cutting edge in ways to come up with capital asserts Forde, "Parents are definitely in the equation, with a lot of 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 financial challenge for first time buyers and elders realise they had a far easier time and so are now happy to help their kids out. "
The other frequent event with real estate nws is the first time customer who purchases a property with the objective of leasing 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 a lot more folks who intend 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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