Home prices hit new peaks across half of the country
Home prices are rising despite higher interest rates and an increase in listings on the market. They are now at their peak in half the regions in our country. Click here to read more
With so many exciting options in the real estate market today, what type of property is ideal for a first-time buyer?
You’ve got your deposit saved. Your bank finance is pre-approved. You’re ready to go.
It’s time to start shopping for your first home.
But the days of virtually all first-home buyers choosing a detached house on land in a new suburban estate are over (although this type of home is still a winner with many).
Homes come in all shapes and sizes today and each type has its own unique benefits and limitations.
Here are your basic options and a few pointers to help you work out what suits you best.
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Potential downsides include:
If you like the idea of some of your own grass but are happy to trade size for a location closer to the city centre, a side-by-side or front-and-back duplex or terrace in a row may just fit the bill.
You’ll typically find them on suburban blocks that previously had one detached house before they were developed and subdivided into two homes because of the value of the underlying land. Usually found in our cities’ inner and middle-ring suburbs and often require sharing a wall with your immediate neighbour.
Potential upsides include:
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Townhouses and villa units are a good option if you want location and some extra amenities but don’t want the hassle of maintaining fancy landscaped gardens or cleaning pools.
Usually managed by a strata manager, townhouses are double-storey can be found in complexes with up to 50 more individual properties onsite.
The trade-offs are you are usually required to pay body corporate fees and their big numbers of virtually identical properties could mean slower long-term capital value growth.
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If living near the action is a must, a unit in a small block close to the city is a good prospect for a first-home buyer.
Discover a suburb that suits your lifestyle and budget
Ideally no more than 12 units in a three-storey block, for similar money to a detached house in the mid-to-outer suburbs look for a one- or two-bedroom unit within 10km of the CBD.
You won’t own your own garden but will share use of the property’s common areas and get easy access to the inner suburbs’ restaurants, shops and public transport.
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Market play: 7 buying tactics when your target suburb is unaffordable
f living on top of the action is your thing, a modern apartment home in a skyscraper is the ideal first home for you.
If you buy your high-rise home off the plan you may qualify for substantial stamp duty savings.
And if you go shopping for an established apartment you will be spoilt for choice, given how many occupy a typical tower. This stock volume may help you negotiate an affordable price.
Onsite amenities can include gyms, cinemas, spas, pools, shops and cafes. Of course this comes with a rub; weekly body corporate fees can cost $100 or more.
Potential upsides include:
Potential downsides include:
For more information click here https://www.realestate.com.au/advice/whats-best-property-type-first-home/
Home prices are rising despite higher interest rates and an increase in listings on the market. They are now at their peak in half the regions in our country. Click here to read more
The number of vacant rental properties across Australia has increased, improving conditions for renters looking for a home. Click here to read more