Tuesday, July 1, 2008

House search status: nothing

Happy Financial Year! Here's hoping the situation gets happier for home buyers as we celebrate a new year with cuts in stamp duty, reduced taxes and a baby bonus increase (not that I'm expecting). However, in the last five months of the last financial year, we have seen a dramatic increase in fuel prices, child care costs and the interest rate has gone up 0.5% as well.

Every time i visit a friend's newly purchased home, I inevitably come home and log on to RealEstate.com.au to check out what their area is getting. I've come to realise that probably the single most influential factor in home buyers are the people around them. That's how the mortgage brokers get business. People who buy a house are inevitably going to tell everyone within earshot (or facebook-shot) that they have just purchased a new home. After the usual questions of how much and where did you buy, the topic of which mortgage broker/bank did you go with?

Also the location where someone has chosen is also a factor. Some people choose Mt Lawley for the closeness to cafes, restaurants and a direct road into the city. Others prefer a new house away from the city centre, citing the proximity to schools and nicer houses as their reasons. Some are going with units in North Perth or Subiaco for investment purposes. For every person you talk to, your circle of knowledge about real estate and how that whole industry works is broadened. You're that 2c wiser. So a tip from someone who still hasn't bought a house, talk to everyone. People love to show off what they know. Some might even help you look for your house taking the ??? out of househunting.

With the passing of 30 June 2008, new stamp duty rates and REIWA cheering on how great things look despite everyone else predicting downturns... its Game On.. Round 2.

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