Top tips for finding the property you want
Finding the ideal property isn’t always easy. Most buyers have a wish list they want to meet when they approach the real estate market, but more often than not, compromises are necessary.
We’ve put together some handy advice that could help you find that home you have always dreamt of.
Look at stock listings
The more properties an area has available, the greater choice you will have when finding your next property. However, this needs to be balanced with a thorough assessment of the market – why are there so many homes for sale?
Figures from SQM Research show that in April, a number of capital cities experienced a considerable fall in stock listings. The most pronounced falls were seen in Sydney and Melbourne, where year on year levels were down 13.7 per cent and 18.2 per cent respectively.
Most buyers have a wish list they want to meet when they approach the real estate market.
This was in stark contrast to Perth and Darwin, where listings were up 18.9 per cent and 42.7 per cent from April 2014 results.
If you’ve got your eye on a capital city, you could find it more difficult than usual to secure the home you want. This might mean you face a longer wait to find your property, or that you have to move into a suburb further out to locate the home you want.
Build your own
A growing number of Australians are choosing to build their own property, rather than buy one that has already been constructed. This has a wide range of benefits, not least because you can construct it to the specification you have in mind.
The Housing Industry Association (HIA) reveals that more people than ever are choosing this option, as new home building approvals reached a record high in March. New dwelling approvals hit 19,419 over the course of the month, up 2.8 per cent from February.
Once you’ve secured that all-important construction loan, you can then get to work on finding the ideal piece of land for your venture.
Buy a new build
If the thought of constructing your own home is a step too far, you might find your perfect property in the form of a new build.
New build properties have their benefits.
The April Australian Industry Group/Housing Industry Association Australian Performance of Construction Index shows that residential construction remains strong across the nation. The rate of growth slowed 4.2 points from the previous month, but the index still returned a positive reading of 51.6 points.
New builds have several advantages over existing properties, as you might be able to choose certain features such as the kitchen, carpets and light fittings.