How to secure a property in a very hot market
The housing market in Sydney and around New South Wales is booming with both interstate and international travellers longing to find their forever home or investment property among our Southern shores. Sydney combines the best of the city with the best of nature and with the surrounding small towns becoming more popular and established with infrastructure, residents new and existing are finding it difficult to secure a property.
We are here to help you find and secure your dream property in Sydney’s hot housing market and with these handy tips – we are confident you will be settled and moved in no time.
1. Consider purchasing a block of unregistered residential land
Unregistered land is a plot or lot that is for sale before the availability of a certificate of title. Purchasing these lots in a residential area is a good way to secure the land before building if you can hold off on building the property until registration is available. Buying an unregistered block of land could benefit you financially with lower stamp duty costs, higher potential equity and a lower cost than buying an established home. With the popularity of Sydney’s housing market ever-increasing, jumping on a block of land before waiting for registration can be a great way to ensure you have space for your home.
2. Build your home from scratch
It is often easier and more cost-effective to find a house and land package or block of land to build your home rather than purchasing an established property. Building your luxury home with New South Homes ensures that you are getting a property built with experience, high-quality finishes and materials, and to your exact specifications. Building your home will lower the need for costly home maintenance and renovations and will allow you to include cost-efficient aspects that suit your lifestyle. With most established homes in Sydney being snapped up within 30 days of listing, building your home on pre-purchased land is an excellent and exciting way to secure your new life as a Sydney local.
3. Understand the market and your goals
It’s integral to enter the buying and selling market in Sydney with a clear idea of what type of property you are seeking, the parameters of your budget and the patterns of the market within the area you’re shopping in. Before deciding where to buy, consider revisiting your long- and short-term goals and the lifestyle you are seeking, and get to know the local real estate agents of the area you hope to buy in. Knowing whether you’re looking for a property to introduce you to the housing market, an investment property or a home that will grow with you can have a major influence over your search parameters. Understanding how your goals can shift or move with the market, and understanding the market trends, can help you to make quick and informed decisions when the time comes to make your offer.
4. Increase the scope of your search
Knowing your goals will help you to understand where you can compromise and where you cannot, and an aspect of this may be the location. If you are not tied down to a school or if you don’t mind a work commute, widening your search to include neighbouring suburbs or even the next town over may improve your chances of finding a property within Sydney. The Sydney CBD is surrounded by exciting small towns that are increasing in the quality of infrastructure and opportunity and are only a short drive to the city centre and surrounds. Additionally, choosing to buy in a different township may benefit you financially with property values increasing in lesser-known areas. You could be surprised at how quickly you find your dream home by adding a few kilometres onto your search radius.
5. Prepare your finances and legalities
Buying and selling a property can often be a crash course in accounting and property law. It is important that after finding your block of land or dream home you are ready to make your offer and settle as quickly as possible. Do your research on the best mortgage brokers and lenders available and speak to as many as possible about your plans so you can clearly understand the current housing financial climate, your abilities to borrow, the extra potential hidden costs and what it will take to get a pre-approval for a home loan. Seek out mortgage brokers and solicitors with positive reviews and a high success rate so that you’re not wasting any of your precious time and money that could be spent on your dream home.
6. Don’t give up!
Finding a home within a booming hot property market can be intimidating and discouraging, but don’t let that stop you! By considering our tips, knowing the market, having your goals clear and finances prepared, we are confident you will find a home that you love even faster than you think. It’s important to stay positive, focused and determined and get excited for that first night spent in your new home.
While auctions may feel panicked, house inspections may be packed and the offers don’t stop coming in, keep calm and carry on with the pursuit for your dream property. If you need to reassess your goals or finances, remember that the housing market is an ever-changing beast that you can grow and adapt to.
When you need help to build, design or discover your new home, we can help! With a dedicated team of experienced builders that you can trust, we can help you to build your new property and have you settled in no time. With over 35 years of experience, multi-award-winning quality, and a passion for our client’s long past handover, we pride ourselves on bringing the best custom-built homes to those in and around Sydney.
To discuss your New South Homes property, contact us through the quick links on our website, and we will be in touch to bring your property dreams to life.
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