How anyone keeps up with Australia’s housing market is beyond me. It’s like the last few seasons of Riverdale – I know something’s happening but for the life of me I have no idea what’s coming next and I can’t explain the plot to anyone else, let alone myself.
Unless you’re a pro in real estate, being able to predict prices and what’s to come is a tricky mistress, so the best we can do is take precautions that’ll hopefully minimise the risks and curveballs thrown your way when you’re in a position to buy a place.
Below are a few ways to make your foray into Australian real estate as smooth as possible.
It could be better to get in sooner rather than later
Sure, we can’t predict the future, but we can predict what’s happening as we speak. I guess that’s not really ‘predicting’ as such, but you know what I mean.
If you have the finances and the ability to apply for a home loan, it might be safer to go for it now rather than holding off and seeing what happens, just in case it just gets worse.
There’s also a range of incentives happening right now, which is even more of a reason to motor thy tush. For example, if you’re a first home buyer and have your deposit ready to go, Metricon can help you secure a home and land package and they’ll also give you $15k alongside the standard First Home Owner grant (so essentially, an additional $30k all for you).
Again, this is only really achievable for people who have the funds but if you do, well there’s no time like the present, as the overused and cliché saying goes.
Speak to professionals who know what they’re talking about
Whether it’s a mortgage broker, your real estate agent mate or a home lending specialist, getting as much intel as possible from people who actually work in the industry can give you a strong leg up.
Professionals with a firm grip of the property market will be able to give you some insight into what the near future holds for housing prices, areas that you could actually afford to buy a place in and steps to take that will reduce the overall risk associated with mortgages and home loans.
Seek out areas that are relatively unaffected
If you’re set on living the city life in, say, Sydney or Melbourne, you might be in a dicier position than people who are looking a little further out, or in states like Queensland, where the housing prices have remained relatively steady in recent years.
It’s not always feasible to move interstate or live too far away from work or family, but if you have a bit more freedom in your choices than people with kids etc, it won’t hurt to investigate different areas to live.
Make some sacrifices
The value of apartments don’t usually increase as quickly as houses do, but the decision to buy an apartment comes with its own sacrifices.
For instance, if you’re looking to invest in a property that you know will give you some decent returns in the long-run, an apartment might not be the way to go given how slowly the value increases.
But, if you’re planning on living there for a long while and a house is just out of your price range, an apartment can be a great compromise.
It’s all about your own personal situation, so what works for some might not work for others.
Lock in a fixed plan
Programs like Metricon’s HomeSaver give first home buyers a bit of a reprieve.
The HomeSaver program gives you the option to put up a $5k deposit instead of a 10% or 20% home deposit, locking in a home and land package with a customised savings plan.
The $5k deposit provides you with the services of Metricon’s financial partners to create a savings plan specific to your situation, with rewards like free appliances when you hit certain goals.
After you’ve reached the final goal, you’ll then work with Metricon to buy a home that suits you.
Head here to find a Metricon display near you and chat with their specialist team before you spread your wings and buy a nest all for yourself.