Knowing the Market
Researching the market
Start your research by getting some general ideas about how much you’re likely to pay for a new home.
A good first step is to look at property listings. You can find these:
- in real estate agency windows
- on the internet
- in newspapers’ property sections.
If you’re thinking about a certain suburb or neighbourhood, you should make sure you have a clear idea about property prices in this area.
Do this by:
- using SmartMaps to find out what properties have sold in the area, and for how *much (you must pay a fee for this service)
- attending open inspections in the area
- talking to friends or family who have recently bought a home in the area
- talking to a licensed real estate agent.
These factors have a long-term impact on housing prices:
- General economic trends
- Changes in the balance between housing supply and demand.
Look at things like:
- Media reports about trends in house prices, supply and demand
- Property agents’ reports about these trends.
Knowing the full cost
When you buy your home, you have to pay more costs than just the asking price. You should also be aware of things you’ll need to pay before and after the main purchase.
Before you buy
- Transfer duty (previously known as stamp duty)
- Professional valuation
- Property inspections
- Real estate agent fees
- Legal fees
- Conveyancing costs
- Search fees, such as a Title search
When you buy
- Bank or mortgage fees
- Home and contents insurance
- Moving costs and utility connections
- Smoke alarms and electrical safety switches
After you buy
- Ongoing maintenance costs
- Home Owners Association costs