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Tuesday, January 20, 2009

My Expereince of Australian Property Market

Often I visit Sydney for Business purposes and have found it amazing how the Australian dream to own a house is so much hard work. Accompanying my friends who are looking for houses in some western suburbs of NSW for last so many months.They still are unable to find the ideal house which would help their Budget and requirements.

The current scenario of property market offers too much to buyers and is supposed to be a buyer market but I have actually found that the prices are over priced as compared to last time I came to Sydney. I think the sellers are adding the First home owner grant to their benefit rather then the buyer.A lot of my weekends are spend with my friends helping them in looking for houses across Glendenning, plumbton, Acacia Gardens, Stanhope Gardens and Glenwood.

No wonder I am hardly any help to them when it comes to selecting the suburb but my experience in Indian property market as developed a niche in recognising a Good House. The ingredients of a good house for me would be its land size, location -close to public transport,schools,child care facility, Indian gas cooking ,wardrobes in rooms, decent toilet and lastly to see that you wouldn’t need to spend any cash to actually move in repairs, painting and cleaning.

What I have heard from my friends check list is that he need to check if it is a full brick ,brick veneer or weather board. Whether the security system is installed, kitchen exhaust is available,air conditioning is available.

Through my new experience of Australian property market I have come across many good tools which I would like to share as that what this blog is all about ,sharing my experiences.

To check property prices in the area you are looking Suburb Profile

MFAA Loan Calculators

Financial Calculators

To find out the price the property you are looking for was sold last time just send a text message to 19767474 with the address details along with suburb and postcode.

Its amazing how the Australian property market is so well advances as compared to Indian counterpart.Wish there were such tools available from us back home.Things would been so easy.

While I was writing this blog my friend insisted that I should add this checklist provided by him called

My Handy Checklist once you are Interested in a Property in Auction

1) Detailed recent sales in your chosen suburb.
You can email for free property report.
2) Ask for contract and refer it to your solicitor and conveyance
3) Conduct at least two inspections at different times to check on noise and traffic.
4) Get council and water rates, get a quote of Building Insurance,Removalist.This will help you determine your Budget for Auction
5) Organise building inspection and pest report and a survey report if necessary.
6) Ask your lender to issue you a blank cheque for the time of Auction
7) Arrange Building insurance before advising lender of the purchase. Note building insurance is separate from Mortgage insurance. You need to pay Mortgage insurance if you are borrowing more then 80% of the cost of property.

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