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 CEO for New South Wales Rob Forde claims real estate nsw owners will be ecstatic, however he adds that the statistics raise the issue of housing affordability for first home buyers."First home buyers are having to come in with a further AUS$50,000, compared to this time last year and incomes 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 buyers needing 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. "
Other alternatives available to first home buyers of real estate nsw is to buy an apartment instead of a costlier free standing home and Forde claims that this is the option that most younger buyers take. Although Forde adds that flats 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 house buyer fervour with more first house purchasers purchasing real estate nsw than ever seen before, "The serious plus for first home buyers 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 bought. This is an enormous driver for first home purchasers, the other motivating factor is low interest rates. "
First home buyers are becoming very cutting edge in techniques to come up with capital asserts Forde, "Elders are definitely in the equation, with a lot of elders 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 fiscal challenge for first time buyers and parents realise they had a far easier time and so are now happy to help their children out. "
The other commonplace occurrence with real estate nws is the first-time customer who purchases a property with the aim of renting it out, so they can still receive capital gain. "Demand for quality real estate nsw rental accommodation is high, and for all the potential first householders there are a lot more folks who plan to stay renting ," concludes Forde.
Harcourts real estate CEO for New South Wales Rob Forde claims real estate nsw owners will be ecstatic, however he adds that the statistics raise the issue of housing affordability for first home buyers."First home buyers are having to come in with a further AUS$50,000, compared to this time last year and incomes 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 buyers needing 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. "
Other alternatives available to first home buyers of real estate nsw is to buy an apartment instead of a costlier free standing home and Forde claims that this is the option that most younger buyers take. Although Forde adds that flats 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 house buyer fervour with more first house purchasers purchasing real estate nsw than ever seen before, "The serious plus for first home buyers 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 bought. This is an enormous driver for first home purchasers, the other motivating factor is low interest rates. "
First home buyers are becoming very cutting edge in techniques to come up with capital asserts Forde, "Elders are definitely in the equation, with a lot of elders 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 fiscal challenge for first time buyers and parents realise they had a far easier time and so are now happy to help their children out. "
The other commonplace occurrence with real estate nws is the first-time customer who purchases a property with the aim of renting it out, so they can still receive capital gain. "Demand for quality real estate nsw rental accommodation is high, and for all the potential first householders there are a lot more folks who plan 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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