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.
I recently read an article on the Your Investment Property Website about some fascinating research from the Property Council of Australia. The researchers found that the population NSW grew by 109,000 people last year alone, and 5 years before that the Greater Sydney population increased by as much as 326,568. This sudden yet continuous population growth calls for one thing…
You read the title right: Sydney rents and prices continue to go up.
House prices in Sydney increased by 4.1% over the last quarter and unit prices are also going up by 3.1%. Over the past year, Sydney house prices went up by 19.97% with unit prices going over a sedate rate of 11.56%. Long story short, houses in Sydney will reach the price tag of $1 million within the year.
Buying properties is not exactly in the same league as buying clothes or mobile phones. Buying properties is a huge decision, and you need to consider both financial and legal factors that will make your purchase a success, or at least make the entire transaction as smooth as possible. It doesn’t matter if you’re buying a 3-bedroom house in a local suburb in NSW or a commercial office space in a quaint spot downtown. Buying properties should be done perfectly.
Sadly, this is not the case, as many people end up committing these 4 costly mistakes property buyers make.
There’s a tried and tested strategy for making money in the real estate industry. You buy property, you renovate it, and then you sell it at a higher price. But is this really something of a success story given by real estate agents who made it big, or is it no more than a myth?
Of course, when an agent tells you that he bought a property for $300,000, renovated it, and sold it for $450,000 12 months later, you’re more inclined to believe it and think that renovation is something that can be done to improve the value of your home.
There are some factors, or rather circumstances, that can make or break any property investment that follow the aforementioned model (buy, renovate, sell).
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