Your Empire April Market Update
Your Empire April Market Update
Here is some great tips to help you navigate this weekend’s property hunting in Sydney, Melbourne and Brisbane from THE EXPATRIATE Property Specialist’s Chris Gray, Your Empire, Lauren Staley, Infolio Property Advisors and our host Zoran Solano, from Hot Property Buyers Agent in Brisbane.
This week the specialist will be answering the following questions;
What does everyone think about the interest rate pause?
How did the Sydney Market go for March?
At what point does the budget shift from buying in Metropolitan areas to a Regional Hub?
What can buyers do to optimise their borrowing capacity?
Should I wait until I can afford the right property? Or should I buy any property I can afford?
What are your key tips for people wanting to purchase a property?
For those who don’t have enough time to listen to the video, I’ve summarised the key points for you.
Zoran’s Question;
“What does everyone think about the interest rate pause?”
Chris - Sydney
A sign of relief, fantastic news, it is predicted to be 1-2 more rate rises .25%, but we are close to the top.
Lauren - Melbourne
Still no movement in the market (Lauren is waiting for the stock to return). There will still be 1-2 more rate rises, but the pause has impacted on buyer’s sentiment in a positive way.
Zoran - Brisbane
Easter Break, there is a delayed response on the market for both buyers and vendors.
Low stock in Brisbane, and the question is whether the pause in interest rate will have an impact on stock levels.
Zoran, let’s look at the CoreLogic Data
Zoran Question to Chris. “How did the Sydney Market go for March? “
Chris;
Sydney was up 1.4%, 1% is $10,000 on a 1 million dollar property, but the flow on affect was also seen in Melbourne and Brisbane also recording increases in the CoreLogic Home Value Index
Lauren;
Same as Chris, it is an indicator that the worst is over. There should be more stock after Easter when Sellers have to sell as they come off the fixed-rate home loans. It will be an interesting time between April and December, for sellers who want to take the financial pressure off and who “have” to sell, rather than “want” to sell. There should be more stock on the market.
Zoran:
In Brisbane there are an abundance of Active Buyers in the Market Place who have had nothing to buy to absorb the extra stock.
Zoran Question; “What can buyers do to optimise their borrowing capacity?”
Chris;
Find a mortgage broker who is used to working with investors with multiple properties who is willing to explore more boutique lenders to lend you the most money.
Go on a financial diet
Get a part-time job, if it is only for 6 months.
Get advise from a Mortgage Broker to calculate to maximum you can borrow for your income me, or work out what your income needs to be to borrow the right amount of money you need to get into the market.
Go to a Tax Accountant to maximise your income, instead of minimising the amount of tax you pay.
Zoran Question: “Should I wait until I can afford the right property? Or should I buy any property I can afford?”
Lauren:
Buy the right property, in the right location, with the right attributes.
If you can’t afford metropolitan areas, look at Regional Areas with good infrastructure, good railways, good schools, that meet your affordability needs.
We are seeing similar growth patterns in Regional Vic to Melbourne.
We look for solid capital growth and solid yields when purchasing an investment property.
Zoran Question: “At what point does the budget shift from buying in Metropolitan areas to a Regional Hub?”
Lauren
We always look at purchasing land 1st.
Then we look at smaller developments , with 1,2,3 on a block.
For Metropolitan Melbourne, your budget needs to be $700K+
If your budget is -$700K look at Reg VIC
Chris
$1.25 Million - $1.75 Million is 2 Bedroom
$$800K - $1.25 Million is 1 Bedroom
Under this look at the outer surburbs, like Newcastle and Hillside where the property was is $500K and rented for $600/week which is a great yield of 5%!
Zoran
Ask yourself what is your 5-10 Year strategy that will meet your needs over the next 5-10 years.
Zoran Question: “What are your key tips for people wanting to purchase a property?”
Chris
You can’t time the market.
Buy when you can get a mortgage, and buy the right property at the right price.
Lauren
The sentiment is the market is recovering, and this is an excellent opportunity for you if you are confident with your financial position.
