A continued softening of the residential sales market in the eastern states, and rental increases in response to tight vacancy rates, will ultimately lead to improved residential investor yields, creating new interest to re-stimulate the market and values. The negative impact of the drought on the rural and regional economy, however, can be expected to have a negative multiplier effect that may be particularly evident in rural and regional towns and cities, and may have a flow-on effect to the capitals
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Make a shortlist of properties
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You will probably see a lot of properties, so it’s a good idea to buy a notebook and make notes on every property you visit. At some point you are going to need to make a decision and let the real estate vendor know you’re interested in going ahead with buying a property. Final questions that may help you decide whether or not this property is the one you want might include:
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- What is the property like at different times of day?
- Are there any noises, such as plane traffic, that seem to be a regular fixture?
- Are there noisy kids next door who are always playing in the garden?
- Can you really afford to make those ‘essential renovations’ you were planning?
- Is anyone across the road looking to build up, and in so doing block your view?
- Have you compared other house property prices in the area with this one to ensure you’re not paying too much?If not, try www.rpdata.net.au.
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How To Find The Right Property?
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One of the most common ways of finding a suitable property is through local newspapers, which list properties for sale, inspection and auction times, real estate agent contacts and auction results.
Searching online is equally popular; you can look at real estate agent offices, real estate industry magazines and real estate websites such as www.domain.com.au and www.realestate.com.au, as well as individual real estate agents’ websites – almost all have websites.
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Homes are usually open for viewing on Saturdays although they may be open for viewing on other days of the week, or only by private appointment. Check online or in the newspapers for details of when homes are open. Remember to take your notebook with you. The REIA advises that buyers should also consider talking to builders who
are constructing houses in areas you have shortlisted, as they may know of new properties for sale or the value of properties in that area. Consider attending real estate industry seminars and auctions. Some people use a buyer’s advocate, a professionally qualified property consultant who acts solely for the buyer by sourcing suitable properties and representing the buyer throughout the buying process. And don’t forget good old-fashioned word-of-mouth. You never know, that friend of a friend who’s selling a house may have the very thing you’re looking for.
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