Great news for residential property owners of real estate nsw, property values increased 4.9% over the December quarter, making the yearly growth for Sydney property 14.3%.
Harcourts real estate CEO for New South Wales Rob Forde announces real estate nsw owners will be euphoric, however he adds that the statistical data raise the issue of housing price for first home buyers."First house purchasers are having to come in with an extra 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 home purchasers active in the outer city limits, with first home buyers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers needing to get into real estate nsw are having 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 options available to first home buyers of real estate nsw is to buy an apartment instead of a costlier free standing home and Forde asserts that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release apartments in the CBD selling off the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first home buyer enthusiasm with more first home buyers purchasing real estate nsw than ever seen before, "The big plus for first house buyers is that so long as real estate nsw expands in price, the bigger their equity. The first home buyers of one year gone, now have at least 14.3% more equity in their property than they did when they first bought. This is a gigantic driver for first home buyers, the other motivating factor is low rates. "
First house purchasers are becoming very cutting edge in ways to come up with capital asserts Forde, "Elders are definitely in the equation, with a lot of parents turning up to auctions or entering into co-ownership agreements with their child and more often than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time buyers and folks realise they had a far easier time and so are now happy to help their children out. "
The other frequent event with real estate nws is the first time customer who purchases a property with the objective of hiring 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 house owners there are many more people who plan to stay renting ," concludes Forde.
Harcourts real estate CEO for New South Wales Rob Forde announces real estate nsw owners will be euphoric, however he adds that the statistical data raise the issue of housing price for first home buyers."First house purchasers are having to come in with an extra 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 home purchasers active in the outer city limits, with first home buyers accepting the necessity to commute 50km or more into the CBD. "The average first home buyers needing to get into real estate nsw are having 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 options available to first home buyers of real estate nsw is to buy an apartment instead of a costlier free standing home and Forde asserts that this is the option that most younger buyers take. Although Forde adds that apartments are not cheap either, with new release apartments in the CBD selling off the plans for a minimum of AUS$500,000.
Forde reveals that price has not dampened first home buyer enthusiasm with more first home buyers purchasing real estate nsw than ever seen before, "The big plus for first house buyers is that so long as real estate nsw expands in price, the bigger their equity. The first home buyers of one year gone, now have at least 14.3% more equity in their property than they did when they first bought. This is a gigantic driver for first home buyers, the other motivating factor is low rates. "
First house purchasers are becoming very cutting edge in ways to come up with capital asserts Forde, "Elders are definitely in the equation, with a lot of parents turning up to auctions or entering into co-ownership agreements with their child and more often than not, the childs partner. Getting into real estate nsw is rather a money challenge for first time buyers and folks realise they had a far easier time and so are now happy to help their children out. "
The other frequent event with real estate nws is the first time customer who purchases a property with the objective of hiring 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 house owners there are many more people who plan to stay renting ," concludes Forde.
About the Author:
Harcourts Australia offer real estate for sale, land and places on sale, rentals and commercial leasing, agricultural property sales, way of living real estate and business right across Australia.
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