"The Lowdown Down Under"

By Estela Lopez of Project Pegasus Inc.

First home buyers in Australia took out 26.5 per cent of all housing loans in January - the largest proportion ever recorded by the Bureau of Statistics. They were seeking to capitalize on the government grant before it reduces by September 30th, from 21k for new property and 14k for established, to 14k new and 10k established.

The Australian property market has been on the move, auction clearance rates around 80% for Melbourne, 69% Sydney, 45% Brisbane. The shortage of stock on the market has meant strong competition for fewer properties resulting in prices rising in most blue chip suburbs. The savvy investors know it’s the right time, but the herd mentality investors, are still sitting on the fence. Sydney’s median price has increased from $565,000 to $593,000 a rise of 6.56% in the last quarter. Other capital cities also followed suit with Melbourne’s median price at $498,000 a rise of 5%, Brisbane $452,500 (2.1%), Adelaide $382,500 (1.3%), Darwin $475,000 (3.35%). The only exception to growth was Perth with a median price declining by 1.36% to $469,000.

So what should you consider as a buyer anywhere ?

• Areas with history of capital gains, likely to have more appreciation due to access to shops, schools, beaches, transport and lifestyle appeal.
• Buy at a price slightly above the median if you want quality.
• Don’t pay too much or become emotional.
• Use a Buyers' Agent, getting to the front of the queue to sniff out those hard to find quality properties.

Our team motto is simple, "We strive for Excellence Efficiency & Ethics", that's what gets us customer loyalty. We will make your property search or next negotiation much easier saving time, money and stress.

Next report will feature Spain as we arrive in sunny "Costa Blanca" next month.

Hasta Luego.