Contributor: Jamie Horne – Principal – Indigo Real Estate
The Yackandandah real estate market continues to experience strong buyer and renter demand, albeit with some notable changes, specifically to buyer demographics, budgets, and the conditions some buyers are proposing for a purchase.
Evidentially supported by recent sales, buyer activity and demand are strong for residential homes up to $800,000. Quality, lifestyle, and small acreage properties continue to achieve results above $1,000,000.
Rental demand in Yackandandah and surrounds also remains strong with a broad range of prospective active renters with budgets ranging from $300pw to $750pw.
We are now seeing buyers enter the market with differing proposed conditions and it is opportune to revisit the ideal process when purchasing a home.
- Know your budget: If necessary, speak with your lender to confirm your capacity before putting in an offer. This is even more important in the current rising interest rate cycle. A pre-approval from six months ago, when rates were lower, may no longer be valid.
- Stamp Duty: Be sure to factor in the cost of Government Stamp Duties for your purchase.
- Research properties: Once you have a clear idea of your budget, and borrowing capacity, start researching properties that meet your needs and attend open homes and inspections.
- Research which legal representative you will engage for conveyancing before you make any offer to buy.
- Make an offer: Once you have found a property that you are interested in, make an offer. The real estate agent will guide you through this process. You may also wish to consider arranging for building and pest inspections.
- Deposit: If your offer is accepted, be prepared to pay a deposit of 10% of the agreed price.
- Subject to Sale: We are now seeing some buyers wanting to submit offers ‘subject to the sale’ of another property. Whilst some vendors may consider this, it is not ideal. If this is applicable to you, let the agent know before inspecting a property or making an offer.
- Settlement: Once your offer has been accepted, you will have a period of time to satisfy any contractual conditions and proceed to settlement. This involves paying the balance due, stamp duty and legal fees, and transferring ownership of the property.
- Moving in: After settlement, you can move into your home. This can be both exciting and stressful so it’s important to be well-organised, including the connection of your utilities.
- Questions: If you have any questions or are unsure of any part of the buying process a good real estate agent, or conveyancer / solicitor will be able to assist.
Buying a home can be a complex process, but with the right guidance and support, it can also be an exciting and rewarding experience. By following these steps, you can ensure that you find the right home and enjoy all the benefits of home ownership in and around Yackandandah.
This article is for informational purposes only, you should not construe any part as legal, tax, investment, financial, or other advice.