When June was coming up in Byron Bay, I was reminded what a brilliant place it would be in the fall or spring - the perfect climate with bright brilliant days with warm ocean water and good surf - who could ask for anything else. This place!
Wash
All those who participated in property in Australia thought that we were going to enter the boom period in the New Year 2008. Then the immaculate storm of financial crisis and interest rates pushing 10% was enough to distract from the market - especially the luxury end, which is usually very strong here. Also, the new government, elected in November 07, although they have not yet submitted anything concrete, intends to keep the real estate prices under control. Australia has the highest housing affordability ratio in the world after London. The average annual income on average is 7.5 times to buy a median value, a residential house. Some of the steps they can take is to free up more land on the outskirts of cities or to reduce some burdensome taxes — some say that the tax on state duties will likely go.
My own “Mea Culpa” should apologize for a few people I remember, because I don’t sell at the end of last year, thinking that your investment is the best strategy. I remind you how foolish it is to try to guess the market - in any situation. Especially now, when everything is so unstable and unpredictable!
Signs of weakness
In most capital cities there was a slight decrease in the average values of housing over the last quarter. Sydney, Melbourne Perth and Canberra decreased by 0.3-0.5%. The greatest decline in Hobart fell by 3.4%, and in Adelaide - 3.1%. “This is the first widespread decline in four years,” says APM general manager Michael McNamara. "It seems everything stopped on a piece of 10 pieces." He also said: "There are other signs of weakness: the number of homes for sale increased by 39 percent from 180,000 in February last year to 247,000 in February of this year."
Growth area
One of the growth scenarios for the real estate market is to acquire joint ownership. Here, one person, in itself, can only afford a landfill. But if they are combined with a friend or relative, they can share something half decent. The concept now even has its own website - does anyone have a website? You can go online and find a partner to help with a deposit and a mortgage, or, as in most cases when friends or relatives come together, you can get practical and legal advice.
Debt consolidation
If this is a time of contraction, it is best to consolidate the debt. Any unprofitable investment is probably best discarded. Check your current loan to see if you are getting the best deal. If you beat plastic and credit cards are maximized, they often work with an interest rate of 0f 18 - 20%, which is more than twice as much as a home loan. If it may be some time before you get the opportunity to pay off these debts, it may be advisable to combine it into a mortgage loan. Please write or call a free consultation to make sure you are in the best deal.
Real mood
Even real estate agents admit that there is very slow. They are usually so steadily seething and hacking that it is difficult to find out the truth. Most of them have to make these marketing / manifestation / positive thinking statements that are difficult to understand in a real story. There are buyers, but they are picky and sensitive to price and mainly in the market of tenant owners. Some astute investors I know think that this is a market for hunting deals, and since rates remain high and buyers stay away, many people will start selling at market prices. For the heartfelt among you, pay attention to the mythical investor Warren Buffet, who advises: “Get greedy when everyone else is afraid and afraid when everyone else is greedy!”
Rate your property
Want to know how much your property is worth. Australian real estate monitors have a special price - for $ 79.95 you can get an online estimate.
Attempt to solve the problem of housing affordability
Reading all the bureaus, I finally understood the meaning of the proposed government schemes. The grandly named first account scheme for domestic guests offers young people trying to enter the market with a bonus of up to $ 850 to encourage them to save at home. He also offers some tax breaks on these savings, which are still not clear to me.
Another initiative to reduce housing costs is the Housing Affordability Fund. This fund provides $ 500 million over five years to eliminate red tape and solve other administrative problems with the provision of new housing. This is missed because the bottlenecks are at the level of local governments, while state and federal officials in courses and fact-finding missions are likely to spend money. Hopefully they will come with something standing in a tray in five years.
