Buying a home for the first time is exciting but it can also be time consuming and overwhelming.
Firstly, you need to make sure you are completely ready financially, which is multifaceted in itself. But you also need to be aware of the best areas to buy into, so you get the best return on your investment.
Here is a brief look at the best areas to buy in and a glance at the important financial aspects to cover before you commit.
What does the current housing market look like across Australia? According to a chief economist at Domain, the biggest cities in Australia are going to have more robust housing markets, and they will be more reliable long-term. This means buying in these areas, while expensive, have greater financial advantages over longer periods of time and there are better benefits like taxation. Investing in these markets is a good strategy to earn long-term rewards.
Examples of suburbs with the highest growth numbers, according to Your Investment Property, include:
New South Wales: Bendalong and Malua Bay
Queensland: Collinsville and Blackwater
Victoria: Ravenhall and Ararat
Michael Yardney's Property Investment Update predicts that the city with the most growth by 2021 will be Brisbane with over 12 per cent growth, followed by Canberra, Perth and Adelaide. Sydney is predicted to be last on the list at just under 3 per cent growth. ANZ predicts that Hobart will have the greatest housing prices in 2019, and that Melbourne's prices will grow more than Sydney's.
First-Home Buyers Grants Taking advantage of the national First Home Buyers Grant (FHOG) scheme in Australia can help you afford home ownership. There are eligibility requirements for this one-off grant, depending on the state you live in, including:
You are over 18
The home is brand new
You or your spouse have never owned a property
The home's value is under $750,000
If you are eligible, you will likely want to take advantage of this scheme. The grant cap is $600,000 if the transaction was made after 1 July 2017.
You also want to ensure you can get approved for a home loan before you commit to buying your first home. If you’re looking to purchase your first home, we can assist you with the entire home loan process. Contact us today on 0419 898 898 to fine out more information.