The property market is performing very well at the moment. Figures from the Australian Bureau of Statistics show that in the first four months of 2013 loans for the purchase of owner-occupied homes rose 8.3% compared to the same period last year and 12.6% higher than two years ago. Investors are especially active with investment loans up 18.3% compared to last year and 25.7% compared to two years ago.
Sydney’s auction market has been a high performer since Easter. This has been the best result since the boom market conditions of autumn 2010 when house prices were rising sharply. Sydney had a drop in house prices of 1% in April, it experienced a rise of 3.9% over the previous year.
There isn’t a great deal of new property entering the market right across the board and this limited supply is creating fierce competition. The number of buyer inspections are very high and with the cash rate remaining at 2.75% buyers are decisive and most vendors are enjoying multiple party interest on their homes. This coupled with an erratic share market and dropping vacancy rates is seeing investors viewing property as a safe and attractive investment.
Now is a great time to be buying and with competition fierce we would welcome the opportunity to utilise our contacts and market knowledge to secure you a quality property either on the market or through our extensive contacts and relationships with the agents to secure one before it hits the market.
· Make sure you have your loan approved so you can act fast as to not miss out on quality properties.
· Do all of your due diligence on the property – Strata search, building/pest inspection and valuation.
· Research the area you are looking in and see what properties are selling for.
· Consider using a buyer’s agent to secure the best properties in the blue-chip areas. We do this every day and can source the quality properties before they hit the market.