Excellent news for suburban property owners of real estate nsw, property values increased 4.9% over the December quarter, making the annual growth for Sydney property 14.3%.

Harcourts real estate CEO for New South Wales Rob Forde announces real estate nsw owners will be happy, however he adds that the stats raise the issue of housing cost for first home buyers.“First home buyers are having to come in with a further AUS$50,000, compared against this time last year and incomes have not increased by that much over the same time period. “

Forde adds that Harcourts have seen first house purchasers active in the outer city limits, with first house purchasers accepting the necessity to commute 50km or more into the CBD. „The average first home buyers desiring to get into real estate nsw are having a look at an AUS$400,000 plus spend, and the closer that spend is to AUS$400,000, the further away from the Sydney CBD they're going to be. “

Alternatives available to first home buyers of real estate nsw is to buy a house instead of a dearer free standing home and Forde says that this is the option that most younger purchasers take. Although Forde adds that residences are not cheap either, with new release apartments in the CBD dumping the plans for a minimum of AUS$500,000.

Forde highlights that price has not dampened first home buyer enthusiasm with more first home purchasers purchasing real estate nsw than ever seen before, „The major plus for first home buyers is that so long as real estate nsw expands in price, the bigger their equity. The first home purchasers of one year ago, now have at least 14.3% more equity in their property than they did when they first acquired. This is an enormous driver for first house purchasers, the other motivating factor is low rates. “

First home buyers are becoming extremely leading edge in techniques to come up with capital claims Forde, „Folks are definitely in the equation, with many folks turning up to auctions or entering into co-ownership agreements with their child and very frequently, the childs partner. Getting into real estate nsw is rather a money challenge for first time consumers and folks realise they had a much easier time and so are now happy to help their youngsters out. “

The other common occurrence with real estate nws is the first-time consumer who purchases a property with the aim of hiring it out, in order that they can still receive capital gain. „Demand for quality real estate nsw rental accommodation is high, and for all the potential first house owners there are many more folks who mean to stay renting ,“ concludes Forde.

Harcourts Australia offer real estate for sale, land and homes on sale, rentals and commercial leasing, rustic property sales, lifestyle real estate and business right across Australia.