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PROPERTY PRICES ON THE NORTHERN BEACHES ARE HEADING IN ONE DIRECTION

Hotter than a boy band belting it out on stage (it’s ok….it’s a girl is writing this article 😉 are the latest release of stat’s on Sydney property prices….

Like a broken record, we all keep hearing of the hype surrounding the rapid increase in property prices around town, however the fact is that it’s all true.

RP data freshly announced that Sydney property prices are set to rise by approx. 10% with auction clearance rates recorded at 84% from last week-end, which included an auction that we held in Frenchs Forest, where the property fetched $33 000 above reserve!

The surge in property prices has created a little mini war where a battle royale is looming between first-home buyers & property investors.
Investors typically have more financial firepower when it comes to a bidding rivalry & data released this week shows that investors snapped up between 28% & 50% of all mortgages processed in August, depending on which state you live. The RP Data-Rismark Home Value Index reported the strongest quarterly gain in house prices in 4 years. Certainly something to sing about!
So, it’s good news for sellers, but not so great for first home buyers buyers who have been scraping a deposit together & now must fight cashed-up investors for properties, plus a growing number of wealthy foreign buyers.
In the interests of helping all you first home buyers out there, we’ve put together a few little points on how you can compete in the real estate market.
Firstly, get pre-approval for a loan. If a seller has a choice between a pre-approved offer or one that is subject to finance, it’s no contest.
It’s also important to think about supply & demand. If there is high demand for an area or property, you’re going to have to pay more & battle others for it. In many cases taking that first step on the property ladder makes more sense in an area where there is abundant supply & lower demand. You can always trade up later once you have built some equity in your property.
Remember that most property investors think with their heads rather than their hearts and will seek simplicity in their purchase. That means first-home buyers may have a better chance at grabbing a bargain if they target properties that need a little renovation work to get them into good shape.
Search for opportunities before they get listed by building relationships with agents, such as Novak (of course!).
Finally, take emotion out of your buying decisions, just like good investors do. New properties will always be popping up.
Sing it folks……buy, buy Northern Beaches pie…..

The Goss!
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PROPERTY PRICES ON THE NORTHERN BEACHES ARE HEADING IN ONE DIRECTION