Is it a good time at the moment to purchase my first home in QLD?
Im totally new to the real estates and dont know much about the market, Ive talked to broker recently and she has found me a 'good' bank loan.
But just to make sure is it a good time at the moment ? i can wait.
FYI: I'm thinking of buying a small apartment near the city..
thanks
Insure yourself well through your superfund.
What do you mean by it?
income, trauma, tpd, life.
You mean buying insurance that super offers?
Apartments usually won't gain 80% loan.
Timing is relative. Property prices? or interest rates?
Depends on who you talk to, if you talk to a real estate agent, then its always the right time to buy a place, if talking to an economist then its never the right time. If you can afford it, and you can still pay the bills even if you lose your job for up to 6 months, then its the right time. You should also take into consideration your age, that interest rates will rise sooner or later, and may go to 10-12% in the future 1-5 years time. So make sure you can still afford the place at the highest interest rate that may come in the future.
I wonder whether interest rates will hit historic normals of 10ish per cent again. It would cause the Australian dollar to skyrocket and harm our exports and also may burst the property bubble, with so many half millin dollar mortgages now. I think the RBA will be too soft, as they have been in every decision they make, due to Australian household debt and savings/asset ownership being house oriented. I'd personally like higher deposit rates, but I can't see fairness returning to the decision making while mortgage riddled homeowners dictate government polcies and RBA decisions.
It doesn't take a rocket scientist to count the cranes in Brisbane and realise we'll soon have (if we don't already have) a huge glut of apartments. Just do a rent search for apartments in Brisbane to see how many vacant ones there are offering 4 weeks free rent, iPads, gift cards etc. Caveat emptor.
I#ve heard of this comment since forever. Listen to garetz. If it's going to be your house to live in, then price changes in the short term will have no effect on you. Or you can wait for the 'right time' (in this case you sound like you're waiting for houses to drop), then you can pay rent and wait if the house drops. But then it might not, and you'd have wasted money on rent instead of owning your own house.
listen to garetz, do your budgeting.
The best time to buy a property has always been yesterday.
mine wasn't yesterday…its many moons ago. haha!
The best time to plant a tree is 20 years ago. The second best time is today.
The best time to buy a house is just before you plant that tree…
how about purchase a house a bit further out from the city for the same price as the apartment. -rent this out as an investment property.
rent an apartment in the city where you want to be.
enjoy the lifestyle you currently want with the option to move into your purchased house at a later date or enjoy the better capital capital gains derived from houses.
And there's probably attractive tax benefits if you can live in that house for 12 months first, and then rent an apartment in the city.
6 months I believe is the requirement.
Well in QLD you lose part of your stamp duty concession for a first home owner if you sell or lease the property within one year of occupying it.
You can also get a partial capital gains tax exemption for the period that it was your main residence.
It's always a right time to purchase property IMO. Providing you don't pick anywhere high risk and do your research, you'll always win in the long run.
Maloney's 'bought 16 properties in mining towns'. As I said, don't pick anywhere high risk and do your research.
"It’s not the only town or suburb suffering from a rush of speculative investors who inflated the markets, Domain Group senior economist Andrew Wilson said.
“The whole Central Queensland region is affected and had clearly been in a bubble – it hasn’t bottomed out yet,”
As everyone else said - the right time is when YOU feel is the right time for you
As someone who purchased an apartment as my first home, I personally wished I had just purchased a small unit with some land. Now that I am wanting to sell it, I've quickly come to realise that the value has increased very little (despite the housing prices in the area increasing signifcantly) and that the market is saturated with apartments! The other thing to think about is the amount you'll have to put into paying body corporate fees (mine was about $2200 per year). I don't want to put you off buying an apartment, just want you to consider a few things that I didn't think about when I jumped into it.
Good luck with it all!
Which city/area are you referring to? Just curious.
Sunshine, VIC
"47% of the 1,043 people surveyed said they had made a costly money mistake[…] Property investment was almost as risky, with an average loss of $106,104".
From: What are Australians’ biggest money mistakes?
https://www.finder.com.au/what-are-australians-biggest-money…
From: What are Australians’ biggest money mistakes?
Ozbargain. Ive bought multiples of things i really dont need or will use in this lifetime like eneloops and condoms.
Eneloops… how quirky. Lifetime supply of Turningy LSD (Low Self Discharge) here :)
I wouldn't be rushing in to buy anything at the moment. I'd be saving like mad though.
http://www.zerohedge.com/news/2016-10-11/aussie-property-bub…
Anyone getting henny penny about the property bubble is overlooking that Australian banks are highly profitable right now. They would be shooting themselves in the foot to go foreclosure happy. Banks would lose more money by popping the bubble with aggressive foreclosures.
The answer is always yes.
Well here are two contrasting yet good articles about whether to buy your first house now…
http://www.abc.net.au/news/2016-10-21/gen-y-should-consider-…
http://www.abc.net.au/news/2016-11-01/why-gen-y-should-buy-a…
Just another question regarding the research you need to do for first home buyers, well really any home buyers. People say do your research to make sure it is worth it, what aspects are you looking at in your research.
Do you look at:
What else would you look at and where would be the best places to find these?
Mate if you have a good job then go for it. Just not sure if you should be buying an apartment…. maybe buy an established property or new home instead
Renting an apartment is better than buying one in my opinion… there are a lot of uncertainties with body corporate fees etc
But if you have stable income then you will not regret buying a home in the medium/long term. Lets face it you will have to make this decision some day - so why not jump in pond right now than waiting for later?
If it will give you security and peace of mind, sure. There are many crystal ball gazers, ignore them and do what makes you feel comfortable. At the end of the day there is no 'right time'.
Just don't over extend yourself with what you can afford. Insure yourself well through your superfund.