Being prepared at this time year allows you to be a step ahead in a busy spring property market. Latest insight from CoreLogic, confirms national Dwelling Values are up by 0.9%, as we cap off our first month of spring.
With the latest interest rates today announced at a record low of 0.75 per cent, plus improved access to credit and strong economic growth in Victoria, the time to buy is now.
CoreLogic head of research Tim Lawless said “Although housing values are now consistently tracking higher, at least at a macro-level, the national index remains 6.8% below the October 2017 peak, indicating that buyers still have some time to take advantage of improved housing affordability before values return to record highs.”
If you are thinking of securing a block of land, here are the first three questions to ask yourself to make the most of the optimistic market conditions.
What are my priorities?
Lots of factors need to be taken into account when deciding which community fits you and your lifestyle. How far do you want to travel to work, or to see family and friends? Do you want/need to be close to public transport, school, shopping, parks or community facilities? What infrastructure is planned? All these questions should play a role when choosing your ideal block of land
To start prioritising write down ten points you would like in a community and number them from 1 to 10, 1 being the most important and 10 being the lease. Items on the top of your list will be the must-haves and from now on when looking at communities, ask yourself if the location, amenities and community facilities satisfy your top priorities.
What is my budget?
It’s important to establish your budget before you begin your search. Review your finances so you know exactly what you can afford. When considering your budget, don’t forget other fees and charges, which could include:
- Mortgage insurance
- Stamp Duty
- Conveyancing fees
Speaking to a finance broker to obtain a pre-approval at this stage will make things a lot easier once you find your preferred lot. A broker will also help you understand any rebates or grants you may be entitled to. For further details regarding government grants visit www.sro.vic.gov.au
Which block is best to based on my priorities and budget?
George Brazier, our River Valley Sales Representative, can help you choose the best block of land for you based on your desired location, size and budget. He’ll work through factors to consider such as slope, shape, requirements for fill and easements, all of which may incur site costs when constructing your home.
For astute buyers who have been strategically waiting in the wings, now is the time to take action. No matter which stage you are at, at this time of the year it really pays off to get your priorities down pact and ride the momentum of the positive market conditions.
Contact George today on 0409 577 055