5 Tips for buying in a hot market

IMG_1228We have all heard how strong the current Sydney property market is and need look no further than the past 8 weeks of auction clearances above 80%. However stepping back from the market and running a critical eye over those results you will find that the hottest part of the market still remains in the $500,000 to $1,0000,000 property range. This is the sweet spot for investors, first home buyers and up traders and will continue to be strong for some time. Here are my 5 tips for purchasing in this hot sector.

1. Organise your finance and get pre-approval before you start viewing properties. A good broker will sit down and look at your cash flows and ability to pay. They will also source the best deal available from Banks and other lending institutions. Remember, “Relationship Banking”, is dead. With so many suites of lending products available on the market changing weekly, it might be worthwhile speaking to an expert to get the best deal and package for your circumstances. Continue reading

Sydney Hotspot

IMG_2033After the recent $9.0 m sale of a Federation mansion in Springdale Road Killara, investors have finally been altered to one of the hottest areas in Sydney. The Lower North Shore suburbs of Lindfiled and Killara are attracting plenty of interest from overseas and domestic buyers.

Beautiful Federation houses in quiet tree lined streets, close to rail and arterial roads only complement the proximity to schools like Killara High, Knox Grammar, Roseville College, PLC, Abbotsleigh and Brigidine College. Magnificent houses sit on large blocks many with tennis courts and the best range in price from $4.0m to $10m. Continue reading

Palm Beach Real Estate

IMG_2005With popping Champagne and sunburnt skin a distant Summer memory, Palm Beach real estate is showing signs of life. Buying Houses Australia have helped secure 15 Sunrise Road for $3.55m directly from the vendor before commencement of the LJ Hooker marketing campaign. This compares with its last sale of $3.9m in October 2004.

On the whole the Palm Beach / Whale Beach market is around 20% lower than pre-GFC prices which is understandable considering much of the price appreciation was driven by Financial Industry bonuses, which like Summer is now a distant memory. What is surprising is the amount of stock listed and unlisted available for sale! Continue reading

Off the plan in Hornsby

IMG_1998Today was the first official marketing day for the new, yet to be built Lux Apartments in Hornsby. In a world where position is everything this new project undertaken by Chinese Developer Sonar and marketed by Vodaland, ticks every box. Closely situated to rail, bus, shopping centres and schools, I was amazed at the quality of finishes planned for this new development.

Starting at $360,000 with the most expensive apartment priced at $780,000 it’s certainly worth a look if Hornsby floats your boat.

In a late development it seems this project has been subject to a change of ownership after disagreement among the Chinese partners. Lets wait and see if there is any change to the development timetable. “By Shane Clinton”

Sydney Property Warning

imagesToday the Reserve Bank Governor Glen Stevens appeared before the House of Representative Committee on Economics for his bi-annual testimony. Ok stay with me here as we won’t be having an economics 101 lesson! But I will highlight a couple of important comments from his opening address and question time concerning the Sydney property market.

In his opening address to the Committee, the Governor stated, “It is clear that dwelling investment activity will rise strongly over the period ahead. Over the past three months, approvals to build private dwellings numbered almost 50,000. That is an increase of about 27 per cent from the figures of a year earlier, and is the highest three-month total in the 30-year history of this series.” A clear acknowledgement that lower interest rates have had the desired effect in spurring on the property sector. Continue reading

Interest Rate Update

Declining Housing MarketInterest Rates on hold, was the message delivered by the Reserve Bank of Australia Governor Glen Stevens after todays official meeting by the Central Bank. With official cash rates at record lows of 2.5% he indicated that he was not inclined to cut the cash rate from current levels and said, “on present indications, the most prudent course is likely to be a period of stability in interest rates”.

Stability in official interest rates is great news for home buyers  as interest rates on home loans should decline as competition drives in bank lending margins. It also should see 2 an 3 year fixed rates decline over the coming weeks. What a great way to start Autumn.

“By Shane Clinton”