Tag Archives: Buying Real Estate

Who has the final say in your household?

Couple-talkingAccording to Census data as well as a recent survey of industry leaders, women are fast becoming the key decision makers when it comes to buying and selling real estate in Australia.  It seems that women have overtaken men in home ownership, and according to many industry experts, it’s women who tend to have the final say when it comes to choosing the next home for their family.

According to those surveyed, men will typically have a few items on their wish list, such as a shed, deck or double garage, while women tend to form an emotional connection with a house and fall in love with the lifestyle it offers.   They seem to come at it from very different perspectives, and it appears more often than not it’s the emotional connection that wins.

But just how accurate is this research?  Do these opinions really reflect what is going on behind closed doors in your Mudgee home?  When it comes to the big decisions – whether it’s buying or selling Mudgee real estate, choosing the right school for your child, planning your next holiday or a job move – who typically has the final say?

Mudgee Real Estate Buyers Beware!

If you’re considering purchasing real estate in Mudgee, make sure you read this first!  With a financial services company recently hitting the headlines for overvaluing housing under the guise of “independent financial advice”, and a series of companies pushing second-rate products to unsuspecting investors, we though it appropriate to let you all know exactly what you need to be looking out for in order to avoid the traps of property scammers.

  • Any company pledging to offer financial advice in Australia must have an Australian Financial Services License and disclose their remuneration including any commissions they make off referrals by way of a Financial Services Guide.
  • Buying property though a Self Managed Super Fund can be a great way of accumulating wealth if done properly.  Unfortunately, many people are not seeking professional financial advice to ensure their fund is compliant, and are subsequently left paying the penalty when they get it wrong.
  • When you are buying a house, make sure you go through a real estate agent who respects your opinions and needs.  Do not buy from an agent who tries to pressure you into buying a property; the decision to buy should always be yours, and should always be one you feel good about.
  • When you’re considering purchasing an investment property, your real estate agent needs to tell you why they are recommending a specific house to you; is the property promising a better return, or lack of risk?
  • Real estate agents are required to disclose any third-party commissions they will make from the sale.  Be sure to request this if it is not made clear, so that you have a complete understanding of referral fees they may be getting from external parties.

If you are looking for a Mudgee house to purchase, and would like to discuss your needs with a professional, please visit our Professionals Mudgee Real Estate office.  Our Professionals team will be happy to educate you about our local market, and help you make the right choice for you.

A Few Ideas to Help You Get Into the Mudgee Property Market

Buying a house is likely to be the most expensive purchase that many of us will make in our lifetime, and unfortunately for some, average property prices can seem like they are just too far out of reach.

Saving up for a deposit and having the ability to pay off a mortgage may seem difficult, but for those who are looking for a cheaper way to get into the property market, there are alternative pathways you may consider taking to allow you to buy a home sooner without having to invest as much initially.

Here are a few ideas:

Buying as a group – Rather than buying a property on your own, why not share the costs with others? You may have a trustworthy friend or relative who is willing to buy a home with you.

Buy an investment property first – If you are still living with your parents, or can’t afford the area you want to live in yourself, then why not buy an investment property first and let rental payments help cover the costs of your mortgage? Eventually you may build up enough equity to allow you to buy your own home down the track.

Buy cheaper – Another option is to buy an old fixer-upper home or a cheaper home that you can use as a stepping stone to your eventual dream home.

Above are just a few ways you can get into the Mudgee real estate market for less, but if you have any more ideas then feel free leave a comment and share them with the rest of the Mudgee community.

Changes to the NSW First Home Buyers Grant

Mudgee First Home Buyers may be interested to know that the NSW State Government has announced in the recent state budget that the first home buyers grant will be increased from $7,000 to $15,000 as of October 1st 2012. From January 1st 2014, the First Home Owners Grant will then be reduced to $10,000. This is welcome news for people entering the real estate market for the first time, however there is a catch.

The First Home Owners Grant will no longer apply for existing dwellings and will be focused directly on new dwellings. Therefore those who want to buy an existing home should take advantage of the current $7,000 grant on offer before it expires on September 30th 2012.

There have also been changes made to stamp duty concessions with full stamp duty concessions now only available for properties worth up to $550,000 (the current amount is $835,000). From $555,000 to $650,000, stamp duty concessions lessen by 1 percent for every $1,000.

Stamp duty concession for off-the-plan apartments and house and land packages will be scrapped in favour of a $5,000 payment to anyone who buys a newly constructed home and for vacant land purchases, stamp duty exemptions will apply for land valued up to $350,000, and concessions will apply up to $450,000.

The change in property concessions will likely encourage new home buyers to look to new homes over established ones and it has been brought in to help promote property development in NSW.

With all of the changes about to take place in property concessions, it’s important for first home buyers to think about their property needs and either wait for the new grant to come into place if they want to buy a new property, or make movements now if they’re interested in buying an established home.

If you’re a buyer and need assistance looking for homes in Mudgee please don’t hesitate to get in touch with us via our Professionals Mudgee Real Estate office.

If you would like to find out more about First Home Owner Benefits you research information released by the NSW State Government at www.osr.nsw.gov.au/benefits/first_home/.

Are Big Houses on Big Blocks the Australian Dream?

In past decades we’ve always heard that owning your own home is the great Australian dream, but as finances become tighter for many especially in city areas, is this still true? And if it is, is it still a big house on a big block of land that Aussies are dreaming about?

For a long time, Sydney-siders just didn’t consider the option of a big block of land a possibility without spending a lot of money, and New South Wales saw a lot of residents move to places like Brisbane and Perth where city living could offer a big house on a big block at more affordable prices. This doesn’t appear to be the case any more though…

In recent times property data has shown that rural cities in New South Wales (such as our very own Mudgee) are becoming more popular for Sydney-siders. Where interstate migration used to be relatively high, we’re now seeing intrastate migration.

Buyers are starting to realise that they can achieve their goal of owning a big home on a big block of land by living in a rural city like Mudgee and travelling to the city when needed. You don’t need to move interstate for an affordable land package and lifestyle – there are plenty of wonderful properties in the Mudgee region and we would be happy to recommend some to anyone who is looking to upsize to their great Australian dream home.

How Low Can Interest Rates Go?

The Reserve Bank of Australia has again lowered the cash interest rate this month, which means pressure is again on banks and lenders to pass on at least a proportion of the rate cut to mortgage holders. But how low can interest rates go?

The futures market is currently predicting that there will be a fairly big drop in the official cash rate this year, potentially going as low as 2.50 percent by Christmas 2012. For homeowners, this could mean that the average basic variable home loan product could be as low as 5.10 per cent by the end of the year.

We saw some major drops on the stock market this week, and with uncertainty over the state of global economic conditions, it’s likely that the Australian economy will be held together by the RBA cutting rates again in coming months, but we will just have to wait and see what happens.

If banks and other lenders do decide to pass on this month’s full interest rate cut (which is unlikely), it would make for another bit of welcome relief for mortgage holders at least. We’ll wait to see what they do, and whether it opens up lending opportunities to more property buyers.

Want Insider Advice on Everything Real Estate?

We try to share as much real estate information as we can on the I Love Mudgee blog, because we believe that helping people to research and educate themselves in the language and processes involved in real estate is beneficial to helping them achieve their ultimate property goals.

So in this day and age where many of us are expected to be experts at everything whether it’s knowing our industry, being parents, finding our way around technology and social media, cooking MasterChef inspired meals or everything else, we would like to present REinsider – a free community resource from Professionals, offering hints, tips and up-to-date property information direct from industry insiders.

Whether you’re making decisions about buying, selling, investing and renting, the guides, information booklets and videos that are offered as part of REinsider can be used by anybody! Combine the forces of REinsider with our very own Showtime Magazine, and you’ll have just about everything you need to achieve your next property goal.

The website has all of the latest information and it is live right now – so jump onto www.REinsider.com.au (UPDATE: Link no longer active) and check it out for yourself.

What Makes A Home Family Friendly?

We quite often hear buyers refer to their dream home as being family friendly, so we thought today we’d clarify just what that means in terms of property searching, because for the most part, property searches are filtered by number of bedrooms, car accommodation, land size and other specific items.

A family friendly home is one that is suitable for one or many children to grow up in, from infancy to teenage-hood. Here are the things that we believe make a home family friendly:

  1. Proximity to desirable schools, amenities, shops and parks. If you’re searching on our Professionals Mudgee website, you can use the ‘Walkscore’ feature on each property to see how it rates for walking distance to different types of facilities including eateries, schools, entertainment, parks, banking, shopping and more.
  1. A family orientated neighbourhood. Talk to your preferred agent about the demographics of the area you’re buying in, having plenty of other families around you can help you build a network of friends and also help keep the neighbourhood safe.
  2. Transport accessibility and car accommodation. They’re not just something that city-dwellers definitely have to consider, here in Mudgee, you may want to consider how your children will get to school and how you and/or your partner will be getting to and from work, as well as how many cars/bikes/caravans/trailers etc you’re going to need to park on your property.
  3. Adequate area for your child or children to play indoors and outdoors. A home with a larger backyard, room for a play set and undercover areas outside, plus a separate rumpus or living area inside may be desirable for families who don’t want to feel like they’re living on top of one another.
  4. Necessary bedrooms and bathrooms. You can’t underestimate the necessity for an additional or separate bathroom and toilet. The more people in your home, the more likely there are to be issues when the bathroom is occupied, so having enough amenities in the home to accommodate everyone is recommended.

One of the greatest things about Mudgee is the fact that it’s hard to find areas that don’t offer family friendly homes like the ones described above. Whilst not all properties will tick 100% of the boxes, you can generally find something to suit your needs by weighing up what you absolutely need in a property and then looking for the added bonuses or budgeting to renovate or add onto the existing property at a later date when the kids get bigger.

If you’d like to chat property or anything “Mudgee”, please don’t hesitate to get into contact with us – Adam and Chandelle Woods, Professionals Mudgee  – 6372 2584.

Real Estate Investing in Mudgee

You’ve probably read about all the great benefits of investing in real estate in Mudgee, because of the rental demand being so high, so today we wanted to give you some references for your investment property research if you’re looking to invest… because if you are thinking about investing in real estate, Mudgee is the place to do it!

The below links will take you to some of the posts we’ve written about property investment and should answer some of the questions you might have if you’re looking to invest in Mudgee, or just invest in real estate in general:

Step 1 – Research
Step 2 – What to Avoid
Step 3 – What are the Benefits?
Step 4 – Myths
Costs of Property Investing
Maximising Returns
Tips and Questions
Why Invest in Mudgee?
Managing your Investment Property (PDF booklet download – 1.84Mb)

Investing in real estate isn’t for everyone, so you should always consider what the best option is for you based on your circumstances and always seek professional advice from your financial advisor before committing to any real estate transaction.

We live and breathe everything Mudgee, and know from our own real estate business that the rental market is very competitive, so good quality rental properties are being scooped up exceedingly quickly, so there are some very good returns to be made for the long term, savvy property investor here in Mudgee. If you’d like to see what properties we have on offer, you can visit our website, or give us a call to chat about suitable investment opportunities here in Mudgee.

What’s the Real Estate Market Doing at the Moment?

Locally we know that Mudgee has a relatively strong housing market because of the mining industry’s impact on building, investment, and rental demand. Quite often though, the media reports of Australia’s housing market is not as positive.

Last week, RPdata, one of Australia’s leading authorities on real estate market statistics, reported that the country’s property market is showing signs of stabilising with home values rising 0.2% in March 2012. Whilst this may not seem like much of an improvement, the positive news is that the housing market has not weakened, and our own capital city Sydney, is one of the main growth centres for the current market with home values rising 1.1% in the Jan-Mar 2012 quarter.

Finance approvals have played a major role in the stabilisation, with first home buyers coming back to the real estate market instead of continuing to rent, which we know first hand that weekly rents continue to rise across many parts of Australia, especially in regional towns like Mudgee where the mining industry has had such a significant impact on housing availability.

The RBA has also reported that many mortgage holders are paying off capital on top of their minimum mortgage repayments, which shows that home owners are coping better financially with managing mortgage dept than in recent years.

Overall it appears that Australia’s housing market could start to see a turn around, though when that happens is for the experts to speculate. We’re all for hearing positive news, so we wait in anticipation for more on the movements of the residential housing market – stay tuned!