trying hard to buy a PPOR :eek:

[vs82]

Hello everyone,

I am new to his forum. One of my friend referred me on to this forum to get some advice and suggestions.

We have been trying to buy a property for about a month now. The budget is around the 650k mark. We were targeting few areas like - for houses: Glenwood, Castle Hill and Baulkham Hills... for town houses, duplex or villa - Bella Vista, Homebush, Asquith, Hornsby, Cherrybrook, Castle Hill and Baulkham Hills.

We must be doing something wrong because all good ones just don't stay on the market for more than a day. And I feel there is no stock at all... for the last one week I have been looking at the same houses getting listed and if there is one new house its already under contract.

Will there be new stock once spring sets in or this is going to be the case all along... any thoughts?

Also, given a choice between a 500sqm + block house in Glenwood and a townhouse in Bella Vista or Baulkham Hills or Homebush what will be a wiser option?

Kindly guide.

 

[Phiber]

gday,

properties in this area are in high demand so they can get snapped up pretty quick, but I was watching the castle hill and surrounding areas for several months and saw properties regularly coming up. Sure some got sold pretty quick after the first open, but still if you act quick you should be alright.
Have you been making any offers yet?
If so, how far off the asking price?

 

[Aaron_C]

vs82 - have you got finance sorted that would allow you to make quick offers?

 

[marg4000]

Get in touch with several agents who deal in the area of interest.
Let them know exactly what you are looking for and a price range.
Hopefully find agents who will let you know of new listings.
Have your finances in order (know exactly how much you can borrow).
Be ready to inspect properties at short notice.
Do your homework thoroughly so you have a good idea of values.
Be ready to make a prompt offer on a property you are interested in.
Marg

 

[travelbug]

I agree with Marg. Things are certainly picking up in those areas (and others). Let the agents know your budget and requirements.
We went to an open last week and after talking to the agent she said "we have something coming on the books next week that you may be interested in". It wasn't what we wanted but you get the idea how things get sold before the open home. Also don't wait until the open. Get in before if possible.

I could give you the heads up on a great house in Baulkham Hills that will be on the market in 3 weeks but it's out of your price range.

 

[Rolf Latham]

Hi VS

Thats the market in that locn, it is similar in other areas. Many other areas stock sits around for a while.

Small levels of stock with many willing buyers is normal for this area in housing stock ( less so with apartments_

If you want to buy there you need to pay the price and be in a position to act quickly, and thus you need to have your ducks lined up and be in a physical and emotional state to make a rapid decision.

ta

rolf

 

[JennD]

Consider Beaumont Hills (lots selling around that way) and maybe even spread your search to the nicer bits of Kellyville and Rouse Hill?

 

[Jacque]

Hello everyone,

I am new to his forum. One of my friend referred me on to this forum to get some advice and suggestions.

We have been trying to buy a property for about a month now.

Hi VS and welcome to the forum. I'm an active buyers agent in these suburbs and will be able to assist you with what's happening- but first, let me ask you, when you say you've been looking "for a month" does that mean during the week or just Saturdays? This makes a huge difference as those properties that are decent and listed on Mondays (whilst you're at work) may well not even make it to a Sat OFI or else be snapped up by a buyer already familiar with the agent. You ideally need to be in agents pockets and willing to inspect during the week at the moment.

The budget is around the 650k mark. We were targeting few areas like - for houses: Glenwood, Castle Hill and Baulkham Hills... for town houses, duplex or villa - Bella Vista, Homebush, Asquith, Hornsby, Cherrybrook, Castle Hill and Baulkham Hills.

Out of these, and I can't really comment on which area is best for your needs (without knowing what they are) Glenwood would meet the budget best for $650K. Castle Hill you'll get very little (or something on main roads such as Showground, Old Northern Rds etc) and B'Hills is getting increasingly harder (but still possible) Hornsby area is possible, but again it depends on how flexible you are on location, condition and features.

We must be doing something wrong because all good ones just don't stay on the market for more than a day. And I feel there is no stock at all... for the last one week I have been looking at the same houses getting listed and if there is one new house its already under contract.

Will there be new stock once spring sets in or this is going to be the case all along... any thoughts?

You're not doing anything wrong but perhaps you need to be more active. As has already been suggested, home buying needs to be treated like a project, and this involves calling every agency in the areas you're interested in (at the very least the 10-12 biggest players per suburb/area) letting them know you're a serious ready-to-go financed buyer and can move quickly for the right property.

Stay on agents minds, attend lots of opens so they don't forget you and have a soli/conveyancer ready to roll when you do find the right place. You can always utilize the 5 day cool off period should you change your mind or are unable to renegotiate with a poor building/pest inspection result. In a busy market, such as this one, it can be better to secure first (and risk the 0.25%) rather than carry out all searches beforehand and risk being gazumped.

We've noticed, over the last few weeks, that there has been heightened movement from the 20-25% odd FHB's out there, trying to get in before the $7K established FHOG expires in 2 weeks. Perhaps, in light of this, you may be better off waiting until Oct to recommence your search, if you're not in a huge hurry.

Stock levels aren't great, and are down on this time last year for many of the suburbs as above. However, I wouldn't be too concerned as lots of vendors list in Spring so you still have a good 3 mths to look forward to.

Also, given a choice between a 500sqm + block house in Glenwood and a townhouse in Bella Vista or Baulkham Hills or Homebush what will be a wiser option?

Kindly guide.

No-one can guide you here, as it's very much a personal choice, especially if it's for a PPOR. If you're into renovating, an older house on a larger block might be a better choice than something smaller, newer and shinier, but it really comes down to personal preference.
Best of luck with your search!

 

[neK]

We have been trying to buy a property for about a month now. The budget is around the 650k mark. We were targeting few areas like - for houses: Glenwood, Castle Hill and Baulkham Hills... for town houses, duplex or villa - Bella Vista, Homebush, Asquith, Hornsby, Cherrybrook, Castle Hill and Baulkham Hills.

Be patient. One month isnt a very long time.

I was looking for 10 months. Every saturday without fail I was visiting 5+ properties until i found the one I was after...

That said, i did get frustrated and impatient (and wanted to punch every RE agent in the face) and probably rushed into my purchase.

I realised afterwards there was a bigger house with everything (though my wife said it looked ugly) i wanted for 10% more than my purchase price 100m from the place i bought that got sold 1 month later.

Guess the moral is be patient and if you miss out, something else will come along

Good luck!

 

[vs82]

Thank you

Thank you for the warm welcome and your suggestions...

As suggested by all I have informed most of the agents that we are ready to go and we would take a quick call if we like the property... have made requests to most agents if the property could be viewed during the week...

I did see a few properties yesterday... we liked two but the strangest thing was the agent refused to give a copy of the contract... and said he will only give it to my solicitor if i pay the .25% with a signed contract... i thought that was very weird... how can you pay the money and sign on something with out checking the special conditions?

Like... I got to know from a friend that apparently a lot of properties in tuscan waters in glenwood have a developers clause that every five years close to $5000 has to be spent of maintaining the facade of the house... Another property in Bella Vista we liked had 24 easements on the property...

When I drove past glenwood in general I saw that there are many developments coming up... I was thinking a good idea could be buying a land and building something you like... any idea how much a two storey house cost?

@jacque - first off... thank you for the welcome... you mentioned that you are a buyers agent in these area... what does that mean... do you look for properties on behalf of people... how does your service work?

Also I was also thinking it might be because of the FHOG so it will be wise to may be let these two weeks go... but keep looking.

@neK Also thank you for tip on being patient... I think that is missing at this stage... the thing is we are supposed to move out of our current property soon and did not want to move into a rented property... but its better to be patient and look for a house rather than rush into something and make a huge mistake.

@JennD - I was not very keen on Beaumont Hills, Kellyville and Rouse Hills mainly because of the travel time to the city and it take two buses... from glenwood its one direct bus.

 

[Jacque]

Hi VS

How much time do you have before your own settlement? If it's less than 8 weeks, I don't like your chances of securing something as you'd really need to move on something in the next 2, depending on the vendors circumstances.

As to your questions - all our services and fees are on our website (see below), but we currently wouldn't be able to help you immediately anyway (sorry!) due to workloads with existing clients. Earliest start date is now Oct 8th.

The agent seeking the 0.25% first sounds dodgy- curious to know who this is so feel free to PM me- happy to help you with advice here non-gratis

Best of luck- I wouldn't rush in too much if your time is really limited. Nothing wrong with taking a 6 mth rental and then having the cash in the bank to buy- no pressure, less stress all round and you can take your time selecting then...

 

[jrc77]

Hi VS
Best of luck- I wouldn't rush in too much if your time is really limited. Nothing wrong with taking a 6 mth rental and then having the cash in the bank to buy- no pressure, less stress all round and you can take your time selecting then...

I would second this - especially if you rent around the area you want to buy then it gives you a great chance to really get to know the local area before committing a lot of money.

Jason

 

[vs82]

Hi VS

How much time do you have before your own settlement? If it's less than 8 weeks, I don't like your chances of securing something as you'd really need to move on something in the next 2, depending on the vendors circumstances.

at this stage i have exactly 7 weeks before the settlement... thats why the urgency... but like you say its not a great idea to push it at this stage.

As to your questions - all our services and fees are on our website (see below), but we currently wouldn't be able to help you immediately anyway (sorry!) due to workloads with existing clients. Earliest start date is now Oct 8th.

I'll go through your site and if we get really tired of the process and dont want to do the running around... I'll definitely get in touch!

 

[vs82]

I would second this - especially if you rent around the area you want to buy then it gives you a great chance to really get to know the local area before committing a lot of money.

Jason

Thanks jason... it is a good idea... you are right I'll get an idea of the streets and the area...

 

[neK]

vs82, don't be afraid of renting. Its for a short term thing anyway.

If possible (and you can bear it), stay with inlaws, you'll save heaps more money that you can put towards your new home.

I stayed with my inlaws for 7 months, at which point it got too much and decided to move out. Wife was quite happy at the rental for the short time we were there and would have gladly stayed there had we not purchased our ppr.