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Tips for home buyers in Australian market

With low interest rate and RBA not likely to increase it in next few years, the market has become competitive. This article is a combination of tips from investors and property advisors.

Do not stretch

Do not stretch yourself to buy an expensive property with the hope of values rising in the near future. If you cannot afford a house, shift to a suburb and it will catch up in value soon.

Buy an investment

Instead of buying a house to live in, buy an investment property to let out. Use that as a stepping stone to buy what you want in future.

Plan the mortgage

Check your savings amount and get your mortgage preapproved so that you will get a scenario of where you stand.

Give it five years

When you buy a house, make sure you stick to it for the next five years at least. Early shifting will wind up in wasted cost of stamp duty and conveyance.

Auction tips

If you are planning to bid in an auction, make sure you do your ground work, before bidding. Speak to the local real estate agent to understand any potential problems. You can get a help of a buyer’s agent during bidding, so that you will not overpay for the property.

Source: http://www.smh.com.au/money/borrowing/markets-are-hot-but-dont-be-pressured-20131015-2vjcn.html