Having one’s own house is the dream of millions of people not only in Australia, but across the world – Dubai is seeing an increase in interest and many Australians have been flocking to UAE real estate agencies. Nonetheless, owning a house has long been part of the ‘Australian dream’. The findings of a recent poll indicate that nearly seventy five percent of Australians consider an own house to be an integral part of the way of life in the country.
Unfortunately, an almost equal number of respondents feared that the home of their dreams will forever remain beyond their means, and not without reason. According to the recently released annual report of Demographia, Australia is among the most expensive housing markets across the world. No less than four Australian cities (namely Sydney, Melbourne, Adelaide and Brisbane) figure among the twenty most unaffordable housing markets in the world, with Perth figuring hard on the heels at number twenty one.
The good news is that the housing market in Australia is finally showing unmistakable signs of cooling down. Add to it the current oversupply in most areas and the political sensitivity of the situation, and there’s good reason to believe that the trend will continue. Getting a house of your own could become a lot more doable. Here are a few things that can help you realise it.
- Plan the Finances: Buying a house is a long term investment. One you take the plunge, you are going to spend several years paying off the mortgage. With a household debt crisis looming, the last thing you want is to find yourself up to your ears in debt like millions of fellow Australians. So, before embarking on that project, get a realistic picture of the cash outflows it will require and your own earning capacity.
- Get the location right: Your choice of location should be dictated by two factors: affordability and convenience. Once you have done your financial planning, shortlist the locations which are realistically doable, given the state of your finances. Once you have the shortlist ready, you can start filtering based on access to transport, proximity to good schools if you have kids and availability of recreational and entertainment facilities.
- Find a Good Agent: A good real estate agent can recommend good house and land packages, negotiate a good deal for you, steer you through the regulatory process and get you professional help, should complications arise. Much as you may be tempted to try and do it yourself, keep in mind the fact that buying a house is a complex transaction. Unless you have the necessary expertise yourself, find yourself a good agent. It is definitely worth the price.
- Have Patience: Last, but not the least, buying a house involves considerable investment in money as well as time. The impact of the decision you take will be felt for several years. Therefore, think well before taking the plunge. If there is even the slightest doubt, have no hesitation in deferring the decision. Houses are available aplenty in Australia. So hang on until you come across the one that ticks all boxes, even if means a long wait.
