Strategies help to buy your first home

More than half of Australians are uncertain what to do about their property intentions. Picture: Aaron Francis/The AustralianSource:News Corp Australia

The survey underlines the intense interest in the property market despite the coronavirus pandemic.

Aussie Chief Customer Officer, David Smith says the result is missed opportunities and unrealised goals for potential home buyers.

“In a market which sees property prices across Australia’s capital cities continuing to fall, interest rates remaining the lowest on record, a range of refinancing options, access to lender cashback incentives, and a range of government initiatives and grants available, there are many opportunities for both first home buyers and homeowners to secure their goals,” he said.

That home hunters are looking for expert advice is illustrated by the fact that 36 per cent of those surveyed, said they were “more receptive to speaking to a broker about their property plans because of COVID-19”.

A good time to buy – David Smith, Aussie chief customer officer says.Source:Supplied

On the ground, sales agents and buyers agents say property seekers have more questions about the property market and what is going on, than they ever have.

The research again highlighted the spotlight COVID-19 has put on our home situation and our re-imagining of what we want.

More than one in five (22 per cent) of those surveyed said their property goal is more important now than before COVID-19 restrictions and more than one in four (26 per cent) said their housing plans had accelerated because of COVID-19.

In order to gain more confidence as a home buyer, property expert Andrew Winter, co-host of Love It or List It Australia and Selling Houses Australia on Foxtel’s LifeStyle channel suggests starting at your lender to get the big picture of what you can and can’t afford before you start looking.

He then suggests you spend at least six weeks familiarising yourself with the market and ensuring you have a strategic approach before making your move.

Winter also says buyers are better off avoiding ‘off-market’ purchases and that commissioning a buyer’s agent is an avenue worth exploring.

COVID changing our financial habits

It’s not surprising then that a Finder survey has discovered 63 per cent of Aussies, around 12 million of us, have changed their financial habits since COVID-19 hit Australia in mid-March.

Graham Cooke, insights manager at Finder said homeowners could be looking at new ways to increase their income.

Steel yourself for the road ahead. Picture: Aaron Francis/The AustralianSource:News Corp Australia

“With such an unpredictable future ahead you should be doing all you can to shore up your finances now to avoid running into trouble later on,” he said.

“Property owners with a spare room or a studio out the back should consider renting it out to make some extra money to put towards their mortgage.

“For shorter term rentals you could consider putting your place up on Airbnb. While travel between states is off the cards for the foreseeable future there are a number of Aussies itching to travel within their own state.”

Auction continue to perform well

Australia’s real estate market as a whole continues to perform well despite the COVID-19 pandemic.

According to CoreLogic in Sydney this week there are 679 auctions scheduled. This is up on last week’s 668 and well up on the 503 this time last year.

Plenty of buyers are in the market for a new home but don’t know how to turn their dreams into reality.Source:Supplied

Despite level four lockdown restrictions, there are 235 auctions planned for Melbourne this week, an increase on the 191 that went under the hammer last week.

Across the smaller cities, CoreLogic says there are set to be more auctions held this week than last week with the exception of Hobart.

Originally published on news.com.au
By James MacSmith