Category Archives: Home Buying

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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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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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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