The forecast for Australia’s 2023 property market
If you’ve been following real estate trends over the last few months, (and if you haven’t, there is never a better time to start!) you’ll have witnessed the settling of property prices after the dramatic increase experienced across 2021 and 2022. The good news is, it’s forecast that these price changes may continue into 2023, bringing more affordable housing to families across Australia.
Get purchase ready
Buying a house is a huge investment, and can take up a lot of time and resources. Organising your finances in advance, including necessary paperwork, will help reduce delays when liaising with lenders, who will request a range of details in order to start the process.
Review your living expenses and establish a budget
There are two things to consider when you are looking to buy a home, the first is if you are able to afford the purchase, and then it’s whether you’ll be able to maintain a steady income to keep it. Although we can’t predict the future, reviewing current and past spending habits, regular outgoings and your current financial position can help to predict the likelihood of being approved for a home loan, as these are the considerations lenders will review in the application process. Use our budget planner as a guide to drawing a realistic picture of your financial potential and what lifestyle changes you might need to make to hit your savings goal.
Consolidate debts, cancel unused credit cards, pay off and close BNPL accounts, and simplify your finances
Starting your loan application with a good financial record can help improve your chances of receiving approval from a lender. Of course - this isn’t always possible! Life happens, credit card balances grow and missed payments can sneak up on even the most organised of clients. This is why it’s important to start clearing or consolidating outstanding debts whilst you’re saving for a deposit.
Check your credit file with our team
Generally, lenders review credit files to determine if you're a suitable borrower and meet their basic lending criteria. For applicants, this can also become an insight into what deals are available and your chances of securing a good deal, or the likelihood you’ll be rejected. Keeping a note of your credit file and how to improve your score is essential for property purchases, which is why our team offer guidance on your report as part of our services.
Find specialists to guide you through the process
Whilst you’re busy getting your finances in order, it’s time to recruit the manpower needed to work with you towards those final steps of purchasing your dream home.
Engage a buying agent and take advantage of their real estate knowledge to find properties you may not have found through general search tools, negotiate a better deal and save you time and stress.
Engage a broker to help you secure a home loan which suits your specific needs and circumstances. They can guide you through the home-buying process from start to finish, including post-settlement support.
Engage a solicitor/conveyancer to understand the costs and risks of buying a particular property you are interested in.
Research
Now we’ve cleared the ‘admin’ of purchase preparation from our 2023 checklist, it’s time for the part of home buying that everyone enjoys! Although researching the market is still an administrative element of the process, working out your property’s desirables and must-haves of your is an exciting step, as you can begin to see your dream home taking shape with your estimated financial budget. Here are some desirable to consider during your research:
- Do you need parking?
- How many bedrooms?
- Would you like to have a swimming pool?
It’s important at this stage to consider current property trends and what is more likely to add value to your home in the long run. For example, properties with multiple bedrooms, and off-road parking, maybe easier to sell in the future in your area of choice, as this criteria could be in high demand.
Fortunately, you’ll have all the expertise behind you at this stage to make an investment choice, but it can always pay off to be clued up in the market yourself! Contact our team today to discuss your options.