Excellent news for residential property owners of real estate nsw, property values increased 4.9% over the December quarter, making the yearly trend for Sydney property 14.3%.
Harcourts real estate GENERAL MANAGER for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistics 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 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 house purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first home purchasers 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're going to be. "
Alternatives available to first home purchasers of real estate nsw is to buy a house instead of a more expensive free standing home and Forde claims 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 highlights that price has not dampened first home buyer keenness with more first home purchasers purchasing real estate nsw than previously, "The major 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 ago, 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 purchasers, the other motivating factor is low IRs. "
First home buyers are becoming very cutting edge in techniques to come up with capital asserts Forde, "Elders are definitely in the equation, with many elders turning up to auctions or entering into co-ownership agreements with their child and very frequently, the childs partner. Getting into real estate nsw is rather a fiscal challenge for first time consumers and parents realise they had a much easier time and so are now happy to help their children out. "
The other frequent event with real estate nws is the first-time buyer who purchases a property with the aim 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 plenty more folk who plan to stay renting ," concludes Forde.
Harcourts real estate GENERAL MANAGER for New South Wales Rob Forde says real estate nsw owners will be ecstatic, however he adds that the statistics 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 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 house purchasers active in the outer city limits, with first house buyers accepting the necessity to commute 50km or more into the CBD. "The average first home purchasers 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're going to be. "
Alternatives available to first home purchasers of real estate nsw is to buy a house instead of a more expensive free standing home and Forde claims 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 highlights that price has not dampened first home buyer keenness with more first home purchasers purchasing real estate nsw than previously, "The major 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 ago, 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 purchasers, the other motivating factor is low IRs. "
First home buyers are becoming very cutting edge in techniques to come up with capital asserts Forde, "Elders are definitely in the equation, with many elders turning up to auctions or entering into co-ownership agreements with their child and very frequently, the childs partner. Getting into real estate nsw is rather a fiscal challenge for first time consumers and parents realise they had a much easier time and so are now happy to help their children out. "
The other frequent event with real estate nws is the first-time buyer who purchases a property with the aim 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 plenty more folk 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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