First home buyers are now more confident despite the booming prices of properties.
A report from Genworth’s Street Ahead states that there’s a noticeable rise in confidence for first home buyers, with 66% believing that now is a good time to invest or buy properties. First home buyer confidence rose to 101.2% in March. Despite the market’s climate, people still have a positive attitude in investing in property.
Buying a home or property is a big investment. People will get to experience buying or selling real estate at some point in their life, and these are the biggest transactions that anyone can ever make. Buying houses or commercial spaces in Sydney need to be done properly so there won’t be any inconveniences experienced by both buyer and seller. For sellers, they usually ask help from a real estate agent or a broker to help with the transaction. For buyers, you have your buyer’s agents.
In most of the capital cities of Australia, the number of residential property listings went up in March of this year, but Canberra and Melbourne experienced an unseasonal fall in the listings. On a national scale, the number of unsold listings rose to 1.8% from February 2015, or roughly 358,167 unsold properties as of March 2015.
Despite experiencing a rise from the usual year-on-year lull for the month of February, Sydney listings are still down by 8.8%. The total number of residential property listings in Sydney is now 22,123. Asking prices in Sydney rose by 2.7% again for houses and 1.7% for units. This means that the median Sydney house asking price now amounts to $1,066,000.
A buyer’s agent is someone that acts as a middleman between property buyer and the real estate agent. In the market, sellers are eager to close out the deal with the highest price possible for any given property while buyers need to lock down the price at the lowest possible. If a property seller needs a selling agent (usually the real estate agent) to help them sell the property at the highest price possible, a buyer may hire a buyer’s agent that will help act as a middleman between both parties and negotiate for the lowest price possible, or at least reach a compromise between buyer and seller.
A new research, done by the Housing Industry Association, shows the different housing conditions in different cities other than Sydney and Melbourne.
The prices in Sydney have gone up by 19.3 per cent in real terms between 2010 and 2014, but they’ve only grown by 16.0 per cent in real terms during 2005 and 2014. Meanwhile, Melbourne price values increased by 6.7 per cent over 5 years and by 41.6 per cent over 10 years.
Best-selling market is an understatement when you’re talking about Sydney’s hot market. In fact, it’s now known as “extreme seller’s market” as dubbed by a new report. The latest Commonwealth Bank/CoreLogic Home Buyers Index (HBI) discovered that the number of new mortgages being processed by the CBA outpaced the number of properties advertised for sale in the city.
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