If you’re thinking about buying a home over the next two years, it’s best to avoid the so-called dangerous suburbs where prices are expected to crash based on an index.
The Price Predictor Index showed that homebuyers should stay away from 66 suburban areas in the country. Queensland has the most number of vulnerable places with 26 listed areas, followed by 17 in New South Wales and 10 in Northern Australia.
Most At Risk
The index listed Bowen Hills, Fortitude Valley and Kelvin Grove as some of the Queensland suburbs where prices are predicted to fall shortly. Average unit prices in these regions are worth more than $400,000, so spending that amount as an investment could be a risky move.
If you’re planning to buy a home in Townsville, a lawyer is sometimes necessary for property transactions particularly when you need to comply with certain regulations. The suburb isn’t part of the “most dangerous” list, but don’t forget about new conveyancing rules for homebuyers as well.
First-time buyers of properties from a residential developer should find out if the company paid taxes to the Australian Taxation Office, as part of new regulations imposed by the government. Consider how electronic conveyancing can help in regulatory compliance, aside from its other advantages.
The Council of Australian Governments launched the Property Exchange Australia to improve conveyancing between buyers and sellers. It aims to hasten transactions with fewer errors compared to manual transactions, while it may save you up to $250 on different expenses at the same time.
Whether you plan to buy a single-family house or an apartment, knowing the best places to find properties is only part of the process. Legal counsel will be important if you plan on buying from a developer, and there are tax rules that need to be met before a sale.