First home buyers: your time is now
Forget insulation and financial planning – a recent survey showed that 44 percent* of people paid more for their first home because they ‘really liked it’. Here’s how to put that emotion to good use – and make the most of a falling market.
The past few months in the inner west have seen a lot of value in the property market. With price drops of up to 15 per cent on the previous year, and interest rates on hold, there’s a lot to love if you’re trading up, or if you’re a first home buyer. But remember, it’s only a buyer’s market if you buy! Here are our tips on how to make the most of a strong position.
1: Don’t dilly dally. After last year’s price declines, we’re expecting things to steady out here in the inner west over the coming year. It’s pretty much impossible to predict the peaks and troughs of the property market (and plenty of people go broke trying) so waiting for rock bottom is a risky strategy. By the time you read about it, you’ll have missed it.
2: Choose a good suburb. If you’re thinking about future resale, location and lifestyle are what will ultimately make your home more desirable, so it’s best to avoid oversupplied areas and cookie cutter apartments where you have no point of difference over your near neighbours. A well-located property will always hold its own.
3: Negotiate. There are fewer buyers competing for properties right now and that means FOMO (fear of missing out) shouldn’t be a driving factor. Many vendors are open to a discussion on price so if you’ve found the home for you, don’t be afraid to start the conversation.
4: Think long term. If this is your first home, you should be looking five to 10 years ahead. Despite the various ups and downs, property in Sydney has roughly doubled in value every 10 years for the past 30 years. Once you’re in, don’t obsess about market fluctuations. When did you last hear someone in say Newtown say, “I wish I hadn’t paid so much for my house 10 years ago.”
*Stat: Commonwealth Bank
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