Excellent news for home 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 CEO for New South Wales Rob Forde says 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 an additional AUS$50,000, compared against this time last year and wages 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 home buyers accepting the necessity to commute 50km or more into the CBD. "The average first house buyers needing 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 house purchasers of real estate nsw is to buy an apartment instead of a more expensive 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 flats in the CBD unloading the plans for a minimum of AUS$500,000.
Forde highlights that price has not dampened first house buyer enthusiasm with more first home purchasers purchasing real estate nsw than previously, "The big plus for first house buyers is that so long as real estate nsw expands in price, the greater 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 bought. This is an enormous driver for first home buyers, the other motivating factor is low rates. "
First home purchasers are becoming really leading 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 financial challenge for first time consumers and folks realise they had a far easier time and so are now happy to help their youngsters out. "
The other frequent event with real estate nws is the 1st time consumer who purchases a property with the objective of hiring it out, in order 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 plan to stay renting ," concludes Forde.
Harcourts real estate CEO for New South Wales Rob Forde says 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 an additional AUS$50,000, compared against this time last year and wages 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 home buyers accepting the necessity to commute 50km or more into the CBD. "The average first house buyers needing 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 house purchasers of real estate nsw is to buy an apartment instead of a more expensive 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 flats in the CBD unloading the plans for a minimum of AUS$500,000.
Forde highlights that price has not dampened first house buyer enthusiasm with more first home purchasers purchasing real estate nsw than previously, "The big plus for first house buyers is that so long as real estate nsw expands in price, the greater 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 bought. This is an enormous driver for first home buyers, the other motivating factor is low rates. "
First home purchasers are becoming really leading 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 financial challenge for first time consumers and folks realise they had a far easier time and so are now happy to help their youngsters out. "
The other frequent event with real estate nws is the 1st time consumer who purchases a property with the objective of hiring it out, in order 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 plan to stay renting ," concludes Forde.
About the Author:
Harcourts Australia offer real estate for sale, land and homes for sale, rentals and commercial leasing, rural property sales, life-style real estate and business right across Australia.
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