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The changing face of Australian Housing

Over the past few decades, there have been many changes in the Australian Housing market. The top three change are as follows:

  1. Lifestyle and house design
  2. Funding and affordability
  3. Material used in building

Lifestyle and house design

Australia has always been a country where people have loved outdoor activities. If you look at houses that were built in the 70s and 80s, it was built on a large block of land. The houses were much smaller in size with lots of land left for garden so that children could spend quality time outdoors. In the 70s, it was very common to build on block of 800-1000 square meters, fast forward to post 2000, the sizes of blocks have gradually reduced. Nowadays, the average size of land sold is around 400 square meters. On the other hand the built up area of the houses have increased from 125 – 150 square meters to currently around 300 square meters.
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The 5 step to buying a House in Australia

Below are the 5 key steps that you need to complete for buying your house.

  1. Borrowing – Even before you start to look at any properties, it is important to know how much you can borrow (from the Financial Institutions – FIs / Banks). Different FIs have different lending criteriaand hence the amount you can borrow varies. You will be very surprised to see how much the variance is from one FIs to the other. Don’t get too carried away by the FI that is willing to lend you the more than others. It is important to do a bit of research yourself and make sure you comfortable with the loan amount and service it easily. There are so many different kinds of loans that are available in the market, for eg. Fixed / variable, P&I / I only. I would suggest you talk to a qualified professional and then decide what is best for you.

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Selling your home – Four important things to remember

Is your house clean and tidy –In our house we tend to accumulate things in our garage and in our house itself, which we never use. They would be sitting there for ages, it may not matter to you as a home owner, but when a buyer comes to inspect the house, he / she really wouldn’t like to see that in the garage or house. Sometimes they are there for so long that it starts to smell.You have make sure all unwanted things and garbage is take away from your garden and garage.
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Planning to buy a House

Keep the following 4 things in mind.

Research

You have to start the buying process with a detailed research on the suburbs and house prices in those areas. Some of the growing suburbs are outer south east such as Clyde, Clyde north, Cranbourne East, outer west such as Wyndham, Tarneit, Rockbank area and outer north around Craigieburn, Wollert.
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Challenges faced while selling a House in Australia?

Selling a house can be a daunting task. Some of the questions which you should ask when you think about selling are:

  1. Is this the right time to sell?
  2. What is the value of my house and what do I do with the money after selling?
  3. What will happen if my house doesn’t sell at the price that I want?
  4. How can I do some research myself?
  5. How much should I pay as agent fees and marketing fees?

With so many knowledge based website available, we generally start by searching on our favorite topics. Now some of the information may be old and some may be relatively new.

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Buying a House in Australia?

House Price

In the past 20 years, prices of houses have gone up with inflation playing its role in house pricing. However, there have been short cycles of up and down as the market has slowly climbed up. For eg. Berwick, a suburb in the outer south east of Melbourne, median house prices has climbed from $350,000 to $655,000 from 2008 – 2019.

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