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9 affordable cosmetic quick fixes to revive your kitchen
Sydney and Melbourne regions have experienced the strongest value growth over the past decade while the other capital cities have generally seen comparatively moderate value increases.
Here are our top 10 gardening tools to help to make your garden shine this summer
That doesn’t cost a fortune
The most common time to sell an investment property is either when flipping a property, consolidating finances or when retiring. However, there are other…
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New building fire safety laws!
New laws to enhance fire safety in high-rise buildings came into force on Monday 18 December, and corporations using a banned product will be fined up to $1.1 million, and individuals up to $220,000.
The new powers form part of the NSW Governments 10-point plan in response to the tragic Grenfell fire in June this year. Under the Building Products (Safety) Act 2017, the government can ban building products for example, external wall cladding from being used in unsafe ways.
NSW Fair Trading also have the power to investigate building products that may be unsafe for certain uses.
Minister for Better Regulation Matt Kean said: Where appropriate, manufacturers or suppliers will be required to have their products analysed or tested to ensure they are safe.
Builders, building product suppliers, manufacturers and importers can be compelled to produce records so dangerous building products can be tracked and pinpointed.
The Grenfell fire was an absolute tragedy, and we have zero tolerance for shonky operators who are intent on selling or using unsafe building products.
Mr Kean said the new laws also include provisions for the rectification of building work.
NSW Fair Trading will notify the local council or relevant authority of any building that contains banned products for investigation.
If appropriate, a rectification order will be issued, and NSW Fair Trading will closely monitor the progress of all buildings that have been referred for investigation including making sure that steps have been taken to minimise the safety risks.
Theres plenty of advice out there on what you need to watch out for as a homeowner and the cost of buying a house. It starts off slow…a water rates payment here and there, followed by some accountancy fees. But its easy to get scared once all the costs of owning a home start to …
The last day to express post your presents this year!
Christmas is just around the corner and the cut off dates for posting your parcels are approaching.
According to Australia Post, if you are posting something via express post it will need to be sent by next week.
Want to make sure your parcels arrive for Christmas? If you’re sending something Express Post you’ll need to lodge your item before 1pm, Thursday 21 December 2017, Australia Post said.
Housing Affordability Report!
Clever home cooling is a hot issue this summer. A few heat-busting tweaks around the house can make a big difference to your indoor climate.
Top summer styling tips
Choosing lighting for your home!
Announcement that the Board decided to leave the cash rate unchanged at 1.50 per cent.
LEAVING CLEAN & GREEN!
To keep your home clean, you need to what stuff to be removed and how to organise the stuff at each corner. While it is inevitable that you are going to have to say goodbye to quite a few of your belongings when downsizing the stuff, the best way to often view your move is through a lens of living more sustainably and cleanly, as this approach will allow for a greater utilisation of space within your home.
Below are few tips on what stuff to be removed or how to organise:
->Remove unnecessary plastic
Replacing many of your plastic household items with long-term natural materials may change your attitude towards your own wastage and usage, reducing your need for space.
Firstly, get to know the different types of plastics used in everyday items. The big three plastic types to avoid are:
‘Polyvinyl Chloride’, common in clingwraps, cooking oil containers, and some Tupperware, is highly toxic.
‘Polystyrene’ is how it sounds, full of styrene, which is toxic for the brain and research suggests it leaches chemicals.
‘Polycarbonate’, contains anything that does not come under the above.
Note: For more information about the plastic types and how good or bad they are to our daily life is discussed here – https://www.lifewithoutplastic.com/store/common_plastics_no_1_to_no_7#.Wh7_wUqWbDc
Being aware of the different grades/types of plastic used in manufacturing, you can reuse certain items knowing that they will not leach the same level of toxins.
Look towards alternatives to plastic where you can. Buy in bulk and create storage out of glass and wood. In the kitchen, compost your veggies, use cloth bags for shopping, use glass for storage, and use natural cleaners. In the bathroom, avoid personal care products with microbeads, buy in bulk or make your own shampoo (or buy shampoo bars), use soap bars rather than soap dispensers, and source items made with natural materials (for instance, use a safety razor made from metal, rather than disposable razors).
Removing as much plastic as you can from your home is the first step to living cleaner. Creating healthier plastic-free living practices will help you reassess your lifestyle patterns and reduce your need for space within the home.
The most obvious part of living cleaner and creating space for yourself is to find places to hide items.
Storage solutions often revolve around organization. Aside from the weirder storage hacks found online, and the million usages for a coat hanger, there are obvious and achievable rules to follow.
Create storage space in dead space. Besides a single shelf in the obvious places, use shelving in unused spaces, such as above and either side of doors.
Find places to hang belongings. How many wasted doors and cabinets do you have that you could quickly attach some hooks onto for some easy storage solutions?
Dont just think 2D. There may be space-saving solutions on the wall, but what about under the bed, within the stairs etc.? Replace a wardrobe with a bed base that has drawers built into it, then use that saved space to house other items.
->Ways to turn your home into a green home
The easiest way to do this is to eat more veggies and compost the leftovers, but you can also install a compostable toilet, recycle your grey water to either be used in the garden or use it to flush your toilet (its as easy as keeping a bucket in your shower to collect wasted water), install solar panels, change to energy-efficient light bulbs, swap your plastic storage for bamboo/wood storage, but most importantly: get rid of the stuff you dont use. Do you have 14 forks and 11 knives? Are there only two of you in the home? Reconsider how many individual items you need and do this on the small scale. Starting small will lead you to reconsider the value of larger items in your home and help you live more comfortably with less, leaving you more cash and more space.
A property syndicate allows you to pool your resources with friends or financial partners to expand your investment options.
Watch the latest Housing Market Update for Sydney. The housing and economic data is derived from the CoreLogic Hedonic Home Value Index for the month of Octo…
Are houses getting built based on housing approvals?
NSW experienced it 45th consecutive month of record housing approvals. Figures released this week by the Australian Bureau of Statistics showed that NSW had 68,945 new homes approved in the past 12 months to September 2017 whereas greater Sydney saw 36,097 approved dwellings which is an 18% increase in the 12 months to August 2017, compared to the previous 12 months. Since June 2011, the number of homes under construction has increased by 156%.
Approvals need to appeal to the first homebuyers and downsizers, but houses are not getting built according to approvals instead many projects are kept on hold due to changes in the market conditions. The reality of the market place is that the majority of transactions for first homebuyers are for ‘established homes’ and not new dwellings. So, we have to wait and see that, “the approvals that get off the ground are the products that the market really needs and wants”?
The September housing finance figures released by the Australian Bureau of Statistics (ABS) shows that first home buyers continue to increase their presence in the housing market, according to the Real Estate Institute of Australia (REIA). The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 17.4 per cent and is the highest proportion since November.
Buying a house with a self-managed super fund (SMSF) is an exciting option for Australians. Here is exactly how you can start investing with your super.
You may not even be aware of it, but chances are, you could be putting your financial future in jeopardy by making these deadly property investment mistakes. Becoming aware of these mistakes is important if you want to avoid losing your hard-earned cash.
SYDNEY RENTAL MARKET UPDATE!
Sydney vacancy rates largely remained unchanged last month, according to the REINSW Vacancy Rate Survey for September.
REINSW President John Cunningham said the September results saw availability in the Sydney metropolitan steady at 2.0 per cent.
Vacancy rates in Outer Sydney remained unchanged at 1.8 per cent, while Inner and Middle Sydney rose 0.3 percentage points and 0.1 percentage points to 2.2 per cent and 2.4 per cent respectively, Mr Cunningham said.
In the Illawarra, vacancy rates rose 0.4 percentage points to 2.5 per cent led by Wollongong up 0.5 percentage points to 2.7 per cent. The Hunter increased 0.1 percentage points at 2.0 per cent with Newcastle up 0.2 percentage points at 2.9 per cent.
Across regional areas, New England had a vacancy rate of 3.3 per cent up 0.2 percentage points, Coffs Harbour remained steady at 2.4 per cent and Northern Rivers slipped 0.2 percentage points at 0.8 per cent.
Source: reinsw.com.au, thebalance.com.au
TRY BELOW UNIQUE WAYS TO SAVE FOR A HOME!
People have always found creative ways to save up for a home deposit. Second jobs; extra shifts; living at home for longer; sharing with flat-mates; these are just some of the time-tested options people have used to help their bank balance grow.
What if you could find other ways to help you save more quickly, without risking burnout or complete misery along the way and without foregoing too much of your independence and privacy?
As it turns out, there are plenty of options…
There are many people who successfully go from one house-sitting job to the next, along the way saving a bucket in rent. This can be a fantastic way to save up that home deposit sooner. Its a win/win for the owners of the house they get someone to look after their house (and sometimes pets) for free, and in return, you dont have to fork over one-third of your wages for a place to sleep. The shine would probably wear off after a while, but if you do it for a few months, this could help you kick some serious savings goals.
Uber and UberEATS:
Uber is a great platform that people from all walks of life are using to earn some cash on their own schedule, and with their own car. In fact, you dont even have to own the car yourself as long as you have access to one that meets Ubers requirements, and you are an insured driver for that car, aged over 21, with a valid open licence. In addition to Uber, you could become a delivery driver with uberEATS, delivering food to hungry customers. You dont even need a car you can use a motorbike, scooter, or bicycle.
Etsy is a good way to turn your hobbies into cash. In some instances, depending on your skills, you may not even have to outlay any money first! For instance, if you are good at design, you can create items such as patterned notepaper that others pay to download. If you are going to invest some money into getting your creative project off the ground, make sure you research what the buying trends are, and expected selling prices.
Turn your skills into savings with sites such as Fiverr, where you can offer any kind of service starting from as per the site name $5. You could be proof-reading someones university assignment, typing up some notes from an audio file, or sketching designs for a childs bedroom; all sorts of skills are valued! You can also browse the wanted ads on Fiverr. The type of services can be very varied, and surprisingly simple and doable.
Airtasker is a Sydney-based company, but there are happy taskers all over Australia. Community members can bid to complete the task that users set. Think handyman services, data entry, delivery… we even know of one scenario that saw a busy dad pay someone $75 to put together a trampoline for his kids! Again, the types of services are varied, and you might be surprised what you find that you can do.
Sign up to take online surveys and get cash for doing so. You just need to shop around to find the best sites for this, as some can take up a lot of time for very little return. Why not use your breaks at work to fill out a survey, or scroll through them on the phone while youre watching TV?
Mystery shoppers are set assignments for various stores, generally in retail or hospitality. The assignments usually see shoppers ordering a specific item, or asking a question of the staff (without anyone knowing you are a mystery shopper), and then reporting on the experience. It may not earn you much money, but if you were going to go out for a shop anyway, you may as well get paid for it!
Build a time machine:
In true Back to the Future II style, you could travel forward in time and find out sports results, or travel back in time and place bets on events you know the outcome of. Obviously, there is an ethical component to this, not to mention the logistical difficulties of finding a working time machine.
Ok, a time machine may not be your best bet. However, you may be surprised by the amount of ways you can find to make a little extra cash here and there. Set a goal and be sure to bank all of your earnings, so that your savings add up. Then, its simply a matter of finding tasks that can fit in with your own schedule and unique talents, in order to save up for that elusive home deposit.
Auction selling conditions in popular near-city areas were generally upbeat at the weekend but real estate agents say house prices in Sydney’s struggling outer western suburbs are starting to pull bac
Watch the latest Housing Market Update for Sydney. The housing and economic data is derived from the CoreLogic Hedonic Home Value Index for the month of Sept…
Interest rates on hold at 1.5%
The Reserve Bank of Australia has kept interest rates steady at 1.50 per cent at its October 2017 board meeting. The RBA is likely to view the softening in housing market conditions as a welcome outcome and confirmation that macro-prudential measures have done the heavy lifting to cool the rapid pace of capital gains across the Sydney and Melbourne housing markets.
The first month-on-month decline in Sydney dwelling values since March last year when the previous round of APRA regulatory changes were flowing through to credit policies and reducing investor participation.
That previous slowdown in housing market growth reversed when the cash rate was cut in May and August last year and investment credit growth accelerated. No such lifeline is likely to eventuate this time around, and in all likelihood, we will continue to see the trend rate of growth easing across the Sydney and Melbourne housing markets. While the outlook for the domestic economy has improved, growth in wages and inflation remain subdued. Additionally, a cooling housing market should ease some of the pressure on the Reserve Bank to push the cash rate higher.
Early spring housing markets have produced mixed results with Sydney continuing to ease, Melbourne remaining robust but Brisbane flat.
Given that debt levels are at record highs relative to household incomes, household demand is likely to be sensitive towards higher interest rates.
Source: corelogic & domain
INVESTING IN PROPERTY MARKET:
Property investment is one of the best option for investors. It needs thorough understanding and ground work is required to grow your portfolio in property investment. Investment in property is a long term wealth and it generates steady income. If you are investing in commercial properties or purchasing property from commercial point of view, then you need to calculate the Yield accordingly and if the Yield is high, then the property is positively geared and pays for itself plus provides you with some additional income.
You need to have clear goal why you want to invest and especially in property, you must have patience to look around and hold back whenever necessary. You have to keep following and studying market conditions to understand what to purchase, where to purchase and when to sell etc. You should know that prices rise when demand exceeds supply. So you should be in a state to figure it out, when there is demand and when it is not. You must learn how to read a property market from its supply and demand qualities.
Chose the right area and buy the right property. Be prepared to hold your property for at least 5+ years to make profit. Do not rush to sell it immediately after a year or two if you dont see any solid gains. Property prices always fluctuate based on demand. So in short capital growth cant be predictable. You need to habituate the strategy of buying, holding and selling in the right time. Once you are familiar with what you are doing, then automatically you end up creating wealth. Also you need to understand the risks such as property vacancies and sometimes the damage caused to your property by bad tenants.
Set up budget and make sure that your investment doesn’t stretch too far taking you outside your comfort zone. Try not to put yourself in financial stress by taking wrong steps. Buy the best property that fits your budget, but not outside of your budget.
If your property is in vacant position then you lose rent, knowing that you need to chose to invest in such area where there is potential, prime location and fine environment etc.
Potential – for e.g. any developing opportunity
Location – for e.g. close to train station, shops, medical centres, schools etc.
Environment – for e.g. type of crowd, safety and demand.
Condition – for e.g. how old and its condition.
Vacancy state – for e.g. how many properties in that area are vacant and how often they go vacant?
Rental price – for e.g. what is the max and min rental prices for a xx bedrooms house\unit?
Returns – for e.g. if it is commercial property, then Yield should be high.
Note: Also try to find if any other developments will happen in the surrounding area where you are looking to invest, and make sure that new developments should not impact your investment.
There are different types of properties in the market, you have to spend lot of time for research at initial stages to understand from all the angles until you find your ideal property. The other important thing is keep your finances in a healthy state so that you can able to produce cash flow.
Any learning process, you cant be perfect right from the beginning you start, you make mistakes, you will learn a lot through number of mistakes which you finally become master. You never go wrong if you do in a right way.
All the best!
INVESTING IN STUDENT ACCOMMODATION:
Student accommodation investment is one type of property investment option if someone would like to have a look at. You see capital gains growth in a stagnant manner instead of generating huge increases, but there are a range of other benefits that may tip the scales towards making this a viable investment for you. There are some pros and cons which you need to be aware, please go through them.
Student accommodation often results in a higher rental yield than renting to professionals.
Australian universities attracting high numbers of international students, so there is a high demand for your property and less risk of being left without an income with your investment.
You create links with universities and get their support in finding tenants.
Instead of selling and living on capital gains, high yield can be an attractive incentive for investors to use as cash flow.
You don’t need to provide a car space, because students living close to university often don’t require and also many of them can’t afford a car.
There is sometimes the opportunity to increase your yield if there is enough room in the property to increase tenant numbers.
Student accommodation is a low-cost entry point for investors and as such low-risk compared to other property investment options.
Student accommodation may cost similar to regional investment but when compared it is less risk than regional investment.
You may not be able to avoid management fees if they are contractually linked to the investment.
You will often experience a high turnover of tenants, making it harder to stay on top of the reliability of any given tenant and how they treat your property.
You may not want to live in the investment, which means you may not be able to make the most of tax concessions as an investor.
Lower capital growth in student accommodation may mean that it works in your favour to pay it off quickly. This may be a con if it places financial pressure on you that goes beyond an acceptable risk.
You may find it harder to communicate with international students who don’t have a strong grasp of English.
Holiday periods, which are extensive in the university calendar, may leave you without a source of income sometimes.
*So, for a beginner property investor, investment in student accommodation provide a greater certainty of income as long as there is a large and growing student population and higher education is recession proof. Keep an eye on student market updates and take steps accordingly.
SELLING A HOME IN DIFFERENT SEASONS!
A home can be sell at any season, but it has to be presented very well according to the season to welcome buyers inorder to attract them towards your property, which is a most important task.
*During the Winter season turn on the heaters or fire place some time before the inspection time, so that the property becomes warm enough while buyers step into the property which helps to receive them with a warm welcome.
There are always sellers and buyers, so every property that is ready for selling you can find the buyer easily. But every seller wish is to get a good price for their property. So how to get a good price is the most important task rather than just selling your property.
Hence the process that your agent has to follow is – present your property accordingly based on current season, introduce your property to all types of local and regional buyers and negotiate the price effectively with the buyers etc.
At my business, we are helping our clients by providing entire decor\presentation package for all types of property i.e., Interior home display service, Home tidy and declutter service, Landscapping and garden beautification.
HOUSING MARKET UPDATE!
INTEREST RATES ON HOLD!
The RBA met industry expectations a day back, announcing its decision to hold the official interest rate at the record low of 1.5 per cent for September. The cash rate last moved in August 2016, shifting down to the current rate.
The ongoing evidence of slower housing market conditions were likely one of the key topics of conversation for the RBA when they held the cash rate at the historically low level of 1.5% in September. CoreLogic home value figures released last Friday confirmed that the pace of capital gains has slowed in Sydney and Melbourne. These are the two housing markets that have caused the most concern for policy makers because of the previously high rates of capital gain that had been running since early 2012, coupled with record high levels of household debt and high concentrations of investment.
Surging dwelling values in Sydney and Melbourne had prompted some market commentators to call for a rate hike, however tighter credit policies have so far done much of the heavy lifting to cool the exuberance across Australias two largest housing markets. With growth conditions across the housing sector moving back to a more sustainable level of growth, the likelihood of a cash rate hike in 2017 appears highly unlikely. Record high household debt remains a key concern for policy makers. Furthermore, wages growth is continually subdued.
With the household debt to income ratio tracking at 190%, households have become more sensitive than ever to the cost of debt and the RBA will likely be very mindful of the capacity for Australian households to service their debt without a broader dent on household consumption. Mortgage rates are already pushing higher for investors and interest only borrowers, which is likely a key contributor to the slower housing market conditions in Sydney and Melbourne.
Importantly, mortgage rates for owner occupiers are generally unchanged, and for some products have actually fallen over recent months. The hold decision will be welcome in markets outside of Sydney and Melbourne where growth conditions have generally been mild to negative and the macro prudential conditions being imposed nationally due to the strength of these two cities is generally seen as a negative for other housing markets across the country.
It is a common thing that people think of downsizing their homes at some point of a time in their lives due to number of reasons such as financial, personal, to reduce maintenance costs etc. So, its better to know the pros and cons that are involved with regards downsizing.
The larger your home, the higher household costs. Its known to everyone that it costs a lot more to heat or cool a large home than it does a smaller one. And the same principle applies when it comes to other things like watering and maintaining a larger garden or running any electronic devices that seem to multiply when you have more rooms or spaces to fill. Hence by downsizing you can significantly reduce your overall household expenses and benefit financially.
Larger homes with multiple inside and outside living areas can provide mini sanctuaries where family members can easily get away and segregate themselves for the sake of privacy or relax from stress etc. Though the whole family be living under the same roof but you may find that they are not really living close because of segregation, which leads losing the sight of each other and increase the gap between individuals. In such cases, a smaller home can help to move close and rebuild, strengthen the bond between family members.
Note: This may not the case with all the families, but if the situation is similar to the above mentioned, then downsizing is the best.
If the house is larger, you have to spend enormous leisure time of yours for household cleaning, gardening, vacuuming and any other maintenance work etc. When we grow older or busy with our daily lives, it becomes harder to maintain larger house or you have to end up hiring cleaner, which again an addition to your maintenance costs. So, in such cases downsizing will help with less work and you end up saving some dollars with low maintenance costs.
On the other side, the larger your home the more stuff you buy usually to fill the spaces in order to look your home beautiful and elegant. Smaller your home then you may not need to spend high and fill with too much stuff.
Though there are some financial savings, but you need to be aware some of the costs that will incur such as moving costs, stamp duty and other known expenses that are involved when you buy a property.
Note: If you end up selling your property to a good price, through the hands of right agent, then all your moving costs & other expenses will cover in that.
Some challenges you may come across are finding the right home, in the right location and within your estimated budget range. And also due to the increasing demand for smaller properties it may take more time and cost you bit more or less to find your desired home.
You also need to understand that when you downsize your home, you have to compromise with some of the luxuries such as huge open space, size of the rooms, greater backyard space etc. But gradually as the time passes, you will adjust it and start enjoying with what you got.
Usually people develop attachment to their properties, because they love their own property and spend unbelievable and numerous hours in taking care of that property. So with all such hard work and affection they established, its very emotional when moving away from that home for whatever the reason.
So downsizing or upgrading whatever the situation is a bigger decision again. If you are planning one of the above mentioned, you talk to your known people who ever involved in similar situations and also talk to your agent to help you understand the things that will be involved which helps you to get a good insight before stepping forward.
HOME: How to sell? Where to buy? How to select?
Knowing what you need before hand wins you to achieve it!
When it comes to buying or selling a property, homework is must, it could not only save you money, it also helps you make the right decision when the time comes.
In the current world you can able to find plenty of the information on Internet, most of the information is free, also you can approach your agent for advice. Once you got all the information, put together and then go ahead. But without doing any homework if you try to take steps, you may end up losing good choice, though there is a right option in front of you because of confusion state.
Once you considered of selling your property for whatever the reason, then your immediate thought is how much I can get for this property? And where do I have to move or invest after selling? Challenges while selling are:
Choose your agent to stand with you to help you out without any stress during the entire sale process.
Next how much price you get for your property? Note down that, if you or your agent dont do homework in understanding your property and the current market conditions, then you end up without selling or selling it for low price with much stress during the process. To avoid this you both need to do right property analysis on your property.
Next is marketing, where most of the people commit mistakes here, because of not knowing the importance of target marketing. In todays world people are busy with their lives unless you touch them and let them know that your property is for sale, otherwise they are going miss it and you are going miss top dollar, which means a good marketing is a strategic technique, only few agencies know that. Of course it cost little bit high but you end up getting 10 times more of your investment.
Next step is, type of sale? It depends upon your property location and the competition, your agent will advice you on that.
Last and the most important step is Negotiation! Though your property is well presented with good marketing, but if you dont negotiate in an effective way, you end up missing expected top dollar. Your agents role is key part here.
Note: Selling is not just choosing an agent that you know or your friends know and going to the market. Through the entire sale process, you and your agent need to work together for a good sale! So finding the right agent and the right process are all important.
Buying or investing, you may need to figure it out in several aspects, such as your buying capacity, expenses involved, location and priorities.
Based on whether you a first home buyer or looking to upgrade to bigger home or a investor, your priorities are entirely different, for e.g. some like to buy close to station, some like close to schools and some like to buy if there is a potential in it, but the goal is where and how to find the home that you are wanting. Again in this case the sources that helps you are information from internet and your agent, without above two sources you cant get what you needed.
You also need be aware of expenses, such as stamp duty, land tax, solicitors fee, building inspection fee, building and contents insurance(Note: Make sure that you insure your building at the time of settlement which is a mandatory step for borrowing finance), and any renovations are required after purchase? Besides you also need to get approval for finance. Note: To gain some more knowledge on grants and borrowing capacity, please go through couple other articles from my fb page\group- How to increase your borrowing capacity & First home buyer grants & exemptions. So by doing some homework, if you try to know all the above things before hand, then you can work out well with the budget you got on hand.
Chosing a property involves very important steps, do not end up in bad situation by taking wrong steps. You cant just chose a property by looking at the pictures or outside of it. Know its location, its condition, surrounding developments, type of neighbours, environment, its potential and future etc. I am not telling to go in detail with all the above elements, but you need to understand your priorities and go accordingly what you exactly needed at that time.
Note: While buying a property, clarity is must because its an bigger investment of anyones life, so you cant step back that easily if you take wrong decision, otherwise you end up with stress and losing some dollars. Take support of your agent, when needed.
Also note! if you have a question on whether to buy first or sell first? then it all depends on your financial situation, speak to your agent on that.
All the best!!
Watch the latest Housing Market Update for Sydney. The housing and economic data is derived from the CoreLogic Hedonic Home Value Index for the month of July…
A path to enter into the property market!!
To enter into the property market, you dont need to earn a six-figure salary or have any assets. Granted that property prices have soared in the recent years, starting up a property investment portfolio is still a realistic prospect for a determined investor.
The challenging part is getting started where a lot of beginner investors get stuck. Because you need a mortgage to start with, and you may see things that your finance may wont get approved or you may be limited to on how much you can borrow. So, how to overcome such challenges?
Ofcourse your borrowing capacity depends largely on your income, therefore the amount you earn will restrict the mortgage you can get and the property you can buy.
*But there are several ways to overcome above challenges and increase your borrowing capacity.
While lenders have now become strict with their lending policies, but you may still get your loan application approved by showing them you can pay off your mortgage. You also need to show them you have a solid employment history and that you are paying off all your debts consistently and the other most important task is that you have to keep your credit history clean. Below are the tips that elaborate with the steps to be taken to become a home owner.
Reduce unnecessary expenses
In our daily lifes major part of our income goes to rental expenses. So, if you would like to enter into the property market, try to share accommodation with your friends or family members if possible to save good part of your income.
Next limit your general expenses such as spending for drinks and dinners in restaurants, travelling etc for some time. Keep in mind that each dollar savings when you add up at the end the total becomes bigger.
So, besides using above tips to save money, try to organise to make things easier by directing automatically a portion of your income into a separate savings account. So you can show these records to your lender to let them understand that your savings are consistent.
Note: Your guarantor can give you guarantee to just a portion of the loan or also split the loan between you and them. This is how your guarantor can push you up to enter into the property market!
All the best!!
Source: propertynews, propertymarketinsider
To the first home buyers!!
Be prepared for all the expenses that are involved with a first home buying. You are required to deal with several offices and people to get the things cleared, for e.g. tax office, revenue office, lender, solicitor, and building inspector. Below are some inputs for you to keep in mind.
Exemption & Concession:
In NSW, the State Government has abolished stamp duty for first homebuyers on new and existing houses up to $650,000 and there is a concession for houses worth up to $800,000, whereas in other states, there is no stamp duty exemption. Attached chart gives you an idea, how much you can save on stamp duty exemption and the grant that you receive on a new home.
Note: There is $10,000 grant on new homes only if the property value is <= $600,000
Land tax: (Note: No land tax for principal place of residence, unless if you are going to run a business on that residence then you may end up paying some land tax with concession.)
As mentioned above, depending on your local council rules and regulations, you have to pay land tax accordingly, which may range from approximately $500 to $1,000+.
If you are getting into the property market without a 20% at least, you must purchase Lenders Mortgage Insurance. This is the insurance against the borrower in case borrower fails to pay back the loan, then insurance company will pay to lender.
Note: In order to reduce insurance repayments, either you have to pay more deposit or find a guarantor. Beware that if you cant or dont pay the loan back, your guarantor will be in trouble.
Solicitor fee, Lender fee, and other expenses:
Solicitor fee could be up to $1000 roughly.
Mortgage establishment fee, could be around $500.
Building inspection is must before settlement, which could cost you up to $1,000.
Like above, few more expenses may add up. So, the advice is take the time to fully understand all the financial commitments that will come across while purchasing your first home.
Source: revenue.nsw.gov.au, realestateview,Genworth
The key factors why the residential property market demand was changed when compared to two years ago!
Do you know that Chinese investors invested $31.9 billion in Australian real estate last year which is the highest level since the global financial crisis. But now their interest in Australian property market is starting to wane, its because of the following factors.
1. Limited flow of currency out of China
Until recently, China was one of the worlds fastest-growing major economies, with growth rates averaging around 10%. However, much of this growth is now fuelled by credit. In a bid to limit the capital leaving the country and stabilise GDP, Chinese government has set up strict policies for banks to limit and often block foreign transactions. As a result of these measures,foreign investment applications have fallen sharply over the past year.
2. Increased taxes for foreign buyers
NSW State Government recently increased the foreign investors stamp duty from 4% to 8% and the annual land tax surcharge from 0.75% to 2%.
3. Banks halting foreign lending
Buying off-the-plan is popular amongst foreign investors. However, to mitigate risk the major Australian banks have stopped lending to foreign property buyers. Hence 43% drop in demand from Chinese investors in off-the-plan properties.
4. Other factors are
New fines of up to $5,000 for properties that remain vacant for more than six months.
Some inflated prices which is negatively affecting rental yields.
Also there are many property owners who are yet to adjust to these changes and have very high price expectations which are unlikely to be met by the market.
Due to the above factors, now Chinese buyers have shifted their attention from residential investment to commercial i.e. to offices, retail and industrial property investments. it’s because commercial properties can offer much better yields, particularly in places such as the Sydney CBD and fringe suburbs, where rents have increased by up to 20% due to limited availability of stock.
Note: The current slowdown is a mixture of strict government policies and a tightening of lending. It is said that Australia has stable economic and political environment, clean air, quality food and sound education system, hence it becomes a favourate place for many to relocate, where the demand will keep continue!
Source: REINSW, Centralwealth
On 9 May 2017 the Government announced proposed changes to the threshold and withholding rate. The withholding tax will apply to real property disposals for contracts entered into on or after 1 July 2017 where the contract price is $750,000 and above. The FRCGW withholding tax rate will be 12.5% whe…
Advice to Sellers!
Before selling your property, its better sellers do some basic analysis, in order to go through stress free sale.
First look at the properties online similar to yours:
Find out properties similar to yours, know sale types: ‘by auction or by private treaty’ and what is asking price or for how much they sold if not in the market.
Next visit few open houses:
If you are ready to sell, you better check out few open for inspection properties – This helps you to identify property condition, it’s presentation and the competition.
Finally get a property report:
Invite your real estate agent for market appraisal for deeper analysis, where your property gets compared with others being sold and currently listed, which finally helps you to get a genuine price guide.
Note: Property reports are based on algorithms that compare the features of your property (land size, property age, number of bedrooms etc) to properties that are similar and near to yours that have sold recently. It then comes up with a price range and midpoint. Property reports usually always have a confidence rating of the price they have generated anything around 10% or lower confidence means the algorithm had good examples to compare to and the price is likely to be pretty close. Higher percentages mean there may not have been many like sales nearby and so the algorithm has struggled to make a good match.
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Agents, tenants and landlords can now serve notices by email following an announcement made by NSW Fair Trading on Wednesday 26 July 2017.
This means that written notice for putting up the rent, notifying access for an inspection, or to terminate a tenancy agreement can be served by email.
This change was made following a Government Bill which was recently passed that amended the “Electronic Transactions Legislation Amendment (Government Transactions) Act 2017” to include email service of notices into several different regulatory and related Acts, including the Residential Tenancies Act.
*Not allowed to serve notice by fax anymore.
*21 day notice period is required.
Note: Notice sent date is not counted, Days in the notice period are counted as calendar days, which includes weekends & public holidays.
Five years ago there were more than 150 suburbs in the sub-$500,000 club.
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Graph tells you housing market performance over the financial years!
Over the past 20 financial years there have only been two years in which combined capital city dwelling values have fallen.
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Housing Affordability Overview Chart!
on the wall? How high to hang pictures above the sofa? How high to hang pictures above the bed, the desk, on the staircase wall?
The truth is, it’s not as black and white as it seems, and it all depends on several factors.
Investors have poured into the market – and now it’s time to file their tax returns.
How much better would mornings be if you had a dedicated cabinet for your favorite source of caffeine? The pot rolls out, allowing for easy pouring, while the mugs, beans and sweeteners are within reach, too.
While the cash rate has remained on hold, the same can’t be said for mortgage rates, which have been edging higher since September last year. Arguably, higher mortgage rates have done much of the heavy lifting in slowing down home value appreciation and cooling investment demand.
Thinking of saving up to buy your first property? If you’re serious, start now.
From 1st July 2017, how much could first home buyers save?
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Australia’s central bank could increase interest rates eight times in the next two years, former board member John Edwards said.
Looking at data for the 50 most populous non-capital city council areas, the majority of them have seen house and unit values increase over the 12 months to May 2017.
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The Westpac and Melbourne Institute’s consumer sentiment index for June 2017 was released earlier last week and suggests consumer sentiment towards housing is turning negative.
The design world is full of lots of cool and unique things, but its also full of some pretty bizarre things as well. One of those things thats kind of hard to understand is the toilet sink combo. If youre scrunching your face up in confusion right now, dont worry I was too. In fact, Ive actuall…
The aim of the policy is to give first-home buyers an edge.
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This article is named 15 wonderful outdoor lighting to take your breath away.
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These are relaxing outdoor hot tubs you must see today!
Our household debt-to-income ratio has climbed to an all-time peak of 189 per cent, according to the RBA.
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Couples (64%) are around twice as likely to own a property compared to those on their own (33%) with singles getting a raw deal on both a financial and psychological level almost every step of the way.
This article is about 13 fancy 3D wall stickers for kids room.
They’ve been crowned the creme de la creme of Australia’s highrises. And they are right here in Melbourne.
The current and never-ending conversations around housing affordability, particularly around how millennials will get a head-start on the property ladder, has seen a whole raft of suggestions thrown at a possible solution.
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Take a quick glimpse in 15 seriously front door designs to inspire you for sure!
Australia’s great housing affordability crisis is nothing but
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You’re not alone! Expensive reno mistakes are even made by the experts.
or board that you can slide over the tub is just soooo relaxing! You can fill a glass with your favorite drink, put a few candles, or even bring a book in!
View 1963 Auction Results and follow your favourite suburbs.
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The Monthly Housing & Economic Update is written by Research at CoreLogic and provides an update across national housing and economic trends for the month.
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Bring on the hot cross buns!
Australia is grappling with a housing affordability conundrum, one that extends way beyond the realm of first-home buyers to potentially impact the wider economy as a whole. If anecdotal evidence isn’t enough, the statistics speak for themselves.
Dwelling value growth so far this decade has been less than half that over the same period last decade.
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Capital city dwelling values moved 1.4% higher over the month, taking the combined capital city index to an annual growth rate of 12.9%; the highest annual rate of growth since the twelve months ending May 2010.
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New flatscreen TV? Hide the evidence. . .
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The Reserve Bank of Australia has today decided to keep interest rates on hold at 1.5% amid global economic uncertainty and strong house price growth in Melbourne and Sydney.
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Free tomato preserving workshops are happening this Saturday 4 February at Auburn Centre for Community. These Workshops are hands on and you will not only learn how to make your own canned tomatoes and passatta but you will make your own to take home. Registration essential – visit: http://tinyurl.com/zjo3hpd
Every day feels like a holiday!
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Expect a big impact.
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SPRING is a good season for selling!!!
There are several reasons why spring is considered as a good season for selling. Winter has gone, footy season is over, the sun is shining, the gardens looks nice and green and the properties looks better when it is sunny.
As winter is over, people being more energised start coming out of their houses with their families going here and there. Buyers are much more inclined to go to an open house. For example, when its pleasant outside and not raining and miserable, more come out from their homes.
Historically, sellers hold off until this time and buyers who were keen to buy would like to settle before Christmas, so they can enjoy the festive season in their new home.
Because of all the above reasons, there is possibility more listings come into the market, to capitalise on the demand in the marketplace. So, one can maximise their profits in this season by adding some value and putting focus on their property presentation!
Untidy street example
A PERFECT HOUSE!!!
Single level homes are easy to care because everything is within reach for cleaning, painting, and repairs. Maintenance chores can be done quickly and safely. Temperatures inside a single-level house are easier to regulate.
Tall\High ceilings are good. Main advantage of a high ceiling include better air circulation as well as allowing more natural light. It was also said that higher ceilings promote clearer thinking, increased energy levels and an overall sense of happiness. Higher ceilings, coupled with lighter paint colours on the walls, really enhance this illusion of additional space even more.
In Australia, north or north-east facing let in sunlight. It is good having the main living spaces, such as the lounge, dining room, kitchen and backyard, where most people spend 90 per cent of their waking time at home, facing north or north-east. If you plant trees against those sun falling windows, your house will stay cooler. Sunlight is also a mood-enhancer. Houseplants improve air quality, and garden plants thrive in with enough sun falling.
Outdoor living areas, such as gardens, patios and decks are the must in your home. Being outdoors isnt just enjoyable, its healthy. Spending time outside lowers stress and reduces tiredness and foggy. children who plays outside in the natural world becomes stronger, smarter and healthier, their immune system builds, engage their senses and focus fully.
Use smart storage techniques to maximise your home storage. Different types of Boxes, trunks, containers, wall & door hooks, wardrobes, shelves etc., can be used.
Wide doorways make everyday life much easier. It’s more easier to move furnitures and navigated by users of mobility devices such as walking frames, wheelchairs or a childs pram. A curbless shower, lever type door handles, Rocker switches, etc. ease your life. Hardwood floors, matching furniture and neutral wall coloring are all part of a perfect home!!
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