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While there’s no one answer, there is a well-tested formula for success, according to WBP Property Group executive chairman Greville Pabst, who has 30 years’ experience as a valuer and agent.
Pabst says many factors go into selecting a suburb, but regardless of which state or territory buyers are in, budget must always come first.
“First and foremost, you have to understand what you can afford,” he says. “Don’t torture yourself going to auctions or looking at homes you simply can’t afford. Set a budget and work from there,” he says.
Read the original article here.
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WBP Property Group executive chairman Greville Pabst said the price growth reflected the demand for inner city land, which typically offered two-bedroom homes.
“The four bedrooms are more for families and you don’t really have those in the inner city areas,Land appreciates and those two-bedroom cottages are sitting on higher value land.”
Read the original article here.
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Industry experts say buying an apartment, to live in or as an investment, is essentially the same as buying a freestanding home. But there are apartment-specific “rules of engagement” buyers should understand.
WBP Property Group executive chairman Greville Pabst — who has 30 years’ experience as a valuer and agent — said just as with a house, buyers should research the area and the developer and be discerning.
He also advised looking for a boutique development of under 25 apartments.
“In terms of affordability, it’s a given that apartments represent a more affordable option, but I think first-home buyers need to be cautious,” Mr Pabst said.
“Apartments are cheaper, but over the last 10-15 years, the capital growth performance just hasn’t been there across the board. Whether you’re looking at an apartment to live in or as an investment, you need that performance.”
TOP TIPS FOR APARTMENT BUYERS
1. Research the area, developer and capital growth performance of similar properties.
2. Buy in a “boutique” development with less than 25 apartments.
3. Remember the golden rule of property: “location, location, location”. Buy in the right suburb, on the right street and in the right position on the street or block.
4. Consider proximity to a “village” and other lifestyle factors.
5. Get professional, independent advice. Don’t rely purely on information from the selling agent.
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A range of measures aimed at helping struggling homebuyers break into Victoria’s relentlessly competitive property market were unveiled by the State Government on Sunday.
But increased competition could quickly push up prices in the sub-$750,000 bracket, erasing the benefit of any concessions, experts say.
WBP Property Group chairman Greville Pabst said the axing of the tax for first-home buyers on homes under $600,000 would “cause price growth very quickly.”
Read the original article here.
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The exact square-meterage is up for debate, but most property advisors say a very small apartment will have the banks concerned.
“Each bank varies, but 40 square metres can be a cut off for many,” Greville Pabst, head of property advisory WBP Property Group, says.
“Because they’re really small, therefore their marketability is challenged in the future and banks don’t like that. In the situation where they might have to take possession, they want to be able to get their money back.”
Read the original article here.
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