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Western Australia Leads First Home Buyer Market

More first home buyers are getting onto the property ladder in Western Australia than anywhere else in the country. The number of first home buyers has soared by an astonishing 31% over the past year, a study by Bankwest revealed.

A total of 19, 949 first home buyers entered the market in 2012/13. This is significantly more than the 15, 205 who made a purchase in the previous 12 months.

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How to Buy in a Hot Market

In a hot market properties go quick, meaning you need to be ready to make fast decisions when looking to buy. You may not have the luxury of time for multiple inspections, so it’s important to be clear on what you want when looking.

Property experts Rich Harvey and Gavin Hegney shared some tips on how to buy in a hot market.

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74% of Aussies Say It Is Time to Buy Property

A staggering 74% of Australians think that now is the right time to buy property. This is slightly less than last year when 80% of respondents responded positively, yet RP Data’s Nine Rewards Survey showed that most Aussies think it is still the right time to buy.

Results varied from state to state with fewer respondents in Sydney believing the time is right. Dwelling values have increased by 12.2% since May in Sydney, but 63% still think that now is a good time to buy.

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The Golden Rule of Property Investment

Thinking of getting in to property investment? While there’s plenty of tips and advice out there, there’s one golden rule to stick with.

According to property investment expert Michael Matusik, you have to be in it for the long-term. This is his golden rule and knowing that property is a long-term investment is the first step to building wealth.

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What to Know When Becoming a Landlord

Buying an investment property also comes with the responsibility of becoming a landlord. When preparing to buy, you’ll need to consider where the market is at and the kind of return you can realistically expect when renting a property out.

Here’s a few tips from The Telegraph to help you out:

Research

Understand the letting market and the potential capital growth on a place. You’ll want to buy where there is a high level of rental demand and steady capital growth too.

Finding a tenant

To make your investment worthwhile you’ll want to get someone paying rent as soon as possible. If this is your first time as a landlord it may be helpful to go through a letting agent who can advise on legal matters and find a tenant for you.

Tradesmen

Setting up a network of tradesmen to look after the property is important too. They will be able to deal with problems without racking up a huge bill for emergency responses. This is key in making your investment more profitable.

How to Avoid a Real Estate Agent’s Selling Tricks

Estate agents are seeking to get money out of you by selling a home on behalf of a client. They are not your friends and it is important to remember this. Telling an agent how much you have to spend or that you have fallen in love with a property will simply give them the fuel to get more money out of you.

Remember these key tips from The Guardian to survive the estate agent tricks:

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How to Stay Calm When Buying at Auction

Auctions are becoming far more common in Australia and there is plenty of competition when it comes to buying property at one. According to Property Observer, Sydney is posting 80% clearance rates, a sign of the interest in auctions.

When attending an auction it is essential that you stay calm and unemotional. Award-winning auctioneer Marcus Chiminello had some tips for anyone thinking of buying at auction:

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Brisbane Prestige Property Boom

The market for prestige property in Brisbane is experiencing a boom. There is currently $300 million worth of prestige property on the market, revealed news.com.au. Records for the highest value property sale are also expected to be set in the near future.

The state’s economy is experiencing a property led period of growth and this is reflected in the value of prestige property.

The city’s most expensive property is expected to sell for around $11.2 million. This would be a new record and demonstrates that a boom is taking place in Queensland’s capital.

Confidence has largely returned because of steadying growth since the global financial crash. The biggest impact this has had is that older couples who were holding onto the family property are now looking to snap up the best apartments.

Realtors are reporting a rise in high-powered businessmen who are looking for properties in the range of $2-3 million.

Luxury agent Josephine Johnston-Rowell currently has more than $100 million worth of luxury properties on her listings.

Gen Y Poised for Property Investment

Generation Y are looking to invest in property rather than buy a home. Research conducted by loan comparison site finder.com.au has shown that 50% of Gen Y plan to invest in property before buying a home to live in.

80% of these claim to be investing to establish themselves for the future while 14% are investing because they cannot yet afford their ideal home.

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Top Investment Suburbs Announced

The top investment suburbs in Australia have been announced. Research from Residex showed which suburbs are seeing the most investment as the property market picks up again.

The trend is towards investing in suburbs on the outskirts of cities that are likely to experience growth.

New South Wales continues to dominate in terms of growth, but the top suburb is now found in Queensland. Morayfield in Queensland is seeing the highest rate of growth with predicted annual levels being above 10%. Rental growth is also expected to be above 5.5%.

With interest rates currently so low investors are taking the opportunity to invest while times are good.

Of the top 10 suburbs, 6 of these are found in New South Wales, reported Your Investment Property. Suburbs in the Australian Central Territory and Western Australia also appear on the list, but New South Wales is clearly dominating the housing market at present.

Mount Annan, Sanctuary Point, and Karabar are three of the best performing suburbs in New South Wales.

4 Tips to Identifying a Property Hotspot

When investing in property the best way to maximise return is to recognise and buy in a hotspot. Hotspots will increase in value rapidly and over 5-10 years you can benefit from their dramatic growth.

Property expert Rich Harvey explained the key factors in identifying a hotspot.

Urban renewal

It is important to look for areas experiencing urban renewal. This process will add value, but if it is not occurring then an area can stagnate.

CBD access

Access to the CBD is essential because most demand comes from owner-occupiers and tenants who will need to be able to commute into work.

Rezoning

Areas that have been rezoned can also be fantastic investment areas because their new potential will encourage development. For example, old industrial areas that are set to be turned into housing can see dramatic growth in a short period of time.

Development projects

Suburbs that are close to new developments like hospitals and train lines can also become hotspots when the projects are completed. However, you don’t want to buy too close to these developments. Noise pollution from close proximity to a main road or train line can devalue a property.

Property Investment Making a Comeback

Property investment seems to be picking up again now that the economy has settled and become more stable. According to the Australian Bureau of Statistics, investors are applying for 45% of all home loan dollars. This is no surprise given that home loans are currently being offered with low rates of interest.

Property investment can be fantastic for generating wealth, but finance expert Paul Clitheroe warned that people need to take care investing in the market.

According to Clitheroe, purchase and sale costs are a key consideration that some people neglect to consider. These fees can reach as high as 5% for purchases and 4% for sales, which effectively means that buyers need to see a 9% appreciation before they begin to make a profit on the property.

Increased investment is certainly positive for the Australian housing market, but it is essential that people crunch the numbers to ensure that they are making a smart investment for the long-term.

Investors Drive Apartment Value Growth

Competition among property investors is driving well above average growth in the value of units in Sydney. One such investor is Nathan McIlroy who is selling his apartment on the back of an incredible 28% growth in the area, largely fuelled by investment.

Investors are paying over the odds for these properties simply because there is no other option. Demand is outstripping the supply and this means that missing out on a purchase now means paying more later on, explained news.com.au. Because of this competition prices have increased dramatically.

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Investors Drive Apartment Value Growth

Competition among property investors is driving well above average growth in the value of units in Sydney. One such investor is Nathan McIlroy who is selling his apartment on the back of an incredible 28% growth in the area, largely fuelled by investment.

Investors are paying over the odds for these properties simply because there is no other option. Demand is outstripping the supply and this means that missing out on a purchase now means paying more later on, explained news.com.au. Because of this competition prices have increased dramatically.

RP Data shows that 11 Sydney suburbs have experienced 20% growth and a total of 96 suburbs have seen unit value increase by at least 7%.

Growth has been largely attributed to the introduction of government incentives to buy new properties. When tied in with low interest rates investment becomes more appealing and, in a competitive market, people are willing to pay more.

Property Investment Making a Comeback

Property investment seems to be picking up again now that the economy has settled and become more stable. According to the Australian Bureau of Statistics, investors are applying for 45% of all home loan dollars. This is no surprise given that home loans are currently being offered with low rates of interest.

Property investment can be fantastic for generating wealth, but finance expert Paul Clitheroe warned that people need to take care investing in the market.

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How to Recognise a Top Property for Investment

When looking to invest in property it is important to identify all of the factors that will lead to good return. A well sought after suburb shouldn’t be your only criteria, advised Property Observer.

Hotspots

Often properties outside of prime locations can be better hotspots for investment because they have more room for growth. Looking at the two suburbs around an attractive area can often open your eyes to some real growth potential.

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How to Identify a Property Investment Hotspot

Identifying a property investment hotspot is one of the best ways to get a solid return on your investment. Hotspots are areas that grow in value rapidly because they have high demand. Peter Koulizos explained how to recognise an investment hotspot.

Is it close to the city?

Close is a variable term. If the area is a regional one then this means walking distance from the main street, but if it is Sydney then this could be 15 kms from the CBD. The important thing is to recognise whether people can easily and willingly get to the CBD.

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How to Adjust Your Property Investment Strategy Based on Market Cycles

Property values go in cycles and while there is usually an upward trend, there will be dips and valleys too. Your property investment strategy will need to adapt to engage with these different stages of the market cycle so that you can maximise your return on investment.

Property Observer outlined the basic stages in the cycle:

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Getting the Best from Your Investment Property

When you buy an investment property you’ve got a great opportunity to grow its value and give you a good return on your money. Get the best from your property investment with these tips from Deborah West.

Landlord insurance

Standard home insurance will not cover all that you need protected in your property. As the landlord, injuries that are caused even by the stupidity of the occupier can potentially be ‘your fault’, so you need to protect yourself against this.

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Aussie Property Values Continue to Grow

The future looks promising for property investment in Australia with the latest RP data showing that the market is continuing its growth spurt. Conditions in Melbourne and Sydney are at their strongest compared with the last few years.

Low interest rates continue to buoy the market in Australia and government initiatives encouraging the purchase of new properties have also helped to spur investors into action.

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The Mansion of Fashion Family Hits the Market

The cliff top mansion built by the family behind fashion chains Katie and Millers is being put on the market and is expected to go for around $5.5 million this November.

The clothing company owned by Ian and Sarah Miller – whose brands include Millers, Katies, Crossroads, Autograph and City Chic – generated a profit of $12.97 million in the 2012/13 financial year.

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Practice Makes Perfect in Property Investment

Just as an athlete or musician needs to practice to become an expert in their field, so too do property investors. Investor Michael Yardney gave his top tips to honing your skills for property investment success.

Learn the trade

In order to make the right decisions in property investment you first need to learn the factors that matter. There is a lot of literature on the subject and it is sensible to explore this in your free time to get as much basic information as possible. Keep a look out for training sessions with the experts too.

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Gold Coast Property Back on the Rise

Gold Coast properties have been missing from the bestseller list for a long period, but this could all be about to change. Real estate experts are predicting a comeback in property prices.

After the global financial crisis, property on the Gold Coast faced a lack of demand and a dramatic drop in prices. The crash caused the market to stagnate over the past few years, reported Yahoo!7 News.

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The Aussie Suburbs Selling Fast Aren’t the Ones You’d Expect

The fastest selling suburbs in Australia are not the traditional blue-ribbon suburbs with the highest value properties. Instead, they are the middle of the range and more affordable suburbs.

New statistics show that the best investment suburbs are those with an average property value of $600,000, reported the Herald Sun.

The phenomenon is similar to the same process that allowed Bondi Beach properties to increase in value by over 100% in just a decade. Redfern has a similar story, having been out of favour and then suddenly exploding in value.

The properties with the fastest turnover rate are currently those within the affordable range for first home buyers with a mortgage in the $600,000 range. Lower interest rates have made investment at this level more popular.

Whilst first home buyers may not be looking for investment, buying a property that will increase in value over the next 5-10 years is certainly a goal that you should be aiming for. Instead of buying in the high-end suburbs, now is the time to look at the up and coming areas for investment.

Sydney’s Housing Prices on the Rise

Housing in Sydney is becoming even more unaffordable with recent figures suggesting that property prices are growing at double the rate of Melbourne and Brisbane.

The rise over the last year of more than 6% is over double the rate of inflation and spells greater costs for new buyers in the market.

Figures from the Australian Bureau of Statistics show that the median cost of a property rose from $600,000 to $640,000 in the space of just six months last year.

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