Property - Buyers Advocates

Buying Property in Australia: Finding the Right Advice

Buying a new home in a new country can be a challenging experience. Every nation has different types of ownership and legal rights for buyers, and in each country the behaviour of the property market is different.

The Australian property market certainly has its own peculiarities. Australian cities offer a wide variety of different housing, but most Australians favour detached houses with a private garden. The result is most cities consist of widely spread suburbs.

Finding the right property to suit your needs can be frustrating and time consuming. In Australia, the cost of ownership is high with the typical family home costing around 7.5 times the average annual salary.

Recent history of Australian Property

Australian housing is expensive by international standards – but it’s also proven to be one of Australia best performing investments.

Over the last ten years, capital city house prices have increased by an average of 9.1% p.a. according to the Australian Bureau of Statistics and without the volatility seen in other parts of the world. For instance while US house prices fell 26% and UK house prices fell 11% in 2008, Australian house prices fell just 3.4%, despite the dire predictions of many economists. In the following year, 2009, Melbourne and Sydney house prices recorded increases of 20%+.

This strong and consistent growth trend does mask the dynamic nature of the property market, which can leave buyers with more questions than answers.

How to choose the right property:

The properties most in demand in Australian cities generally match the following criteria:

• Offer a generous amount of living space
• Are located on quiet residential streets
• Are near public and road transport infrastructure and healthcare facilities
• Have local amenities, such as schools, shops and recreation facilities within a 15 minute walk

Over the last 30 years, more and more Australians have shown a preference for living closer to the centre of major cities and particularly in areas with beaches. It’s these areas which tend to perform the best.

Seeking the right advice:

If you’re a newly arrived resident looking to purchase a family home or an apartment to live in, you may wish to consider using the services of a property adviser or buyers agent. They can help you avoid the common pitfalls and can take the stress and risk out of buying property

These professionals use their experience and knowledge of the market to act on your behalf. To ensure you have engaged a suitably qualified and experienced buyers agent, you should ensure they can answer the following questions:

• Are you a licensed real estate agent?
• Have you worked in this area for at least 5 years?
• Are you being paid by any party other than me?
• Can I contact one of your clients as a reference?
• How to choose a property adviser.

There are a number of reputable Property Advisers across Australia, including WBP Property Group, which offers Residential Advice, Certified Property Valuations and management services.