The difficulty of affording a home in Australia stems from a combination of economic, demographic, and policy factors. Here's an overview: 1. High Demand, Limited Supply Population Growth: Australia's population growth, particularly in urban centers like Sydney, Melbourne, and Brisbane, has fueled demand for housing. This is partly due to natural growth and high levels of immigration. Supply...
A full turn-key house: A complete, move-in ready solution A full turn-key house is an upgrade offered by home builders, ensuring your home is fully completed with all necessary additions, such as internal wall painting, flooring, and blinds. Opting for a full turn-key package provides peace of mind, knowing that your home is truly 'move-in ready.' Once you receive the keys, you can either move in...
Population trends significantly influence the property market by affecting demand, supply, and pricing. Here are key ways in which population trends impact the real estate market: 1. Population Growth and Demand for Housing Increased Demand: Population growth, particularly in urban areas, drives up demand for housing. More people means more need for homes, which can lead to higher property prices,...
What is a single contract and why should you choose it? When buying off-the-plan, navigating the paperwork can be overwhelming. A Single Contract offers a solution by combining the land purchase and construction into one agreement. This approach is different from traditional new-builds, which often require you to manage separate contracts and payments. Benefits of a single contract: 1️⃣ No...
The Australian Federal Parliament has passed the "Help to Buy" legislation, introducing a shared equity scheme aimed at assisting low to middle-income earners in purchasing homes. Key Features of the Help to Buy Scheme: Government Equity Contribution: The government will provide an equity contribution of up to 40% for new homes and up to 30% for existing homes.Eligibility Criteria: Income...
Three ways to understand the value of your property. Understanding the value of your property involves assessing several key factors. Here are three ways to approach this: Acknowledging the Land: The value of the land itself can vary based on location, size, zoning regulations, and the potential for future development. Land in desirable areas or with unique features (e.g., waterfront, proximity to...
Stamp duty, also known as land transfer duty, is a tax imposed by the Victorian government when you buy property in Victoria, Australia. The amount you pay depends on several factors including the property's value, the type of property, and any concessions or exemptions you may be eligible for. Key Aspects of Stamp Duty in Victoria Calculation: Stamp duty is calculated as a percentage of the...
What is a European laundry? A European laundry is a compact and space-efficient laundry area, typically found in European homes or apartments, where space is limited. Instead of having a dedicated laundry room, the washer and dryer are integrated into other areas of the home, such as a bathroom, kitchen, or hallway closet. The appliances are often stacked or placed side by side, and they might be hidden...
The popularity of house and land packages. A house and land package is a real estate offering where you buy both a piece of land and a new home that is either already built or will be constructed on that land. This type of package is often marketed by builders or developers and offers several advantages: Convenience: It simplifies the home-buying process by bundling the purchase of land and the...
What does a property median price mean? The property median price refers to the middle value of a list of property prices arranged in ascending or descending order. It is a statistical measure used to represent the typical or average price of properties within a specific area or market segment. Property median prices, here’s what it signifies: Central Tendency: The median price represents the...