Buying your first home is a significant investment, and like any other aspect of life, knowledge is power. The more you know, the better positioned you will be to find the perfect place at the best price.
Here are some of the approaches we recommend to bolstering your property knowledge.
Walk the walk
If you already know where you want to live, great! Now, you just need to familiarise yourself with the area, so get out there and hit the streets.
Scope out the area’s key infrastructure. Does it have access to frequently running public transport? How long does it take to get to your place of work? Jump on a bus, train, or tram and time it. While you’re there, check out the local retail and hospitality scene, as well as nearby community and recreation centres, gyms, and supermarkets. If you’re planning to have children, it’s wise to work out which catchment area the suburb falls in.
Research the stats
Read the suburb reports to find out important statistics such as rental yield and annual growth. These figures can help you work out if the area you’re looking in has good prospects and is offering good property value, or whether there is a similar area with better prices. The team of experts at Urbis and Deloitte Access Economics issue regular reports which cover all this, and more.
Property and auction reports
No matter what kind of property you’re looking at buying, you’ll need to develop a holistic view of the market landscape and its trajectory. So, if you’re after an apartment in the outer suburbs, check out the prices and clearance rates of those in the inner-city, and vice-versa. The Real Estate Insitute of Australia releases weekly stats and figures which you can access without a membership.
Listen to podcasts
There are all kinds of information out there and not all of it is high-quality or well-researched. We recommend listening to podcasts like Talking Apartments by respected real estate agent Andrew Wood and The Property Couch with property experts Bryce Holdaway and Ben Kingsley. Both podcasts cover every aspect of buying your first home, and the information is presented in a digestible and entertaining way.
Independent financial advice
From stamp duty and equity to selecting the right mortgage, when it comes to buying your first home there’s a whole slew of new legalese to muddle through. That’s why sometimes it’s best to hire a financial advisor who has worked in the industry long enough to give you real-world advice.
Do your research first, though. There are some less-than-respectable companies out there who offer poor financial advice. Check out Government websites like ASIC to read a comprehensive guide to choosing your own financial advisor.
Subscribe to property websites
It’s a good idea to subscribe to property websites such as apartmentdevelopments.com.au which will send you up-to-date news. We cover everything from the latest market insights to suburb profiles and property price indicators. We report on the best architects and developers in the industry and the latest projects coming to market.
Learn what you should look for when deciding where to live or sign up today.