Do I need a conveyancer to buy a house
Yes, you need a conveyancer to buy a house in Australia 2022. You can buy your dream valuable property in reasonable price. You also know How to choose conveyancer in Australia
Australia’s Property Boom and Why You Might Need a Property Conveyancer
Australia is in the midst of an incredible property boom, but what does this mean for you and your plans to buy a property? Is now the right time to think about hiring a property conveyancer?
Unless you’ve managed to avoid the news diligently this past year, you’ll be aware of Australia’s property boom. Other terms you may have heard for it are ‘property bubble’ or ‘property frenzy’, although they all boil down to the same thing: house prices have skyrocketed, and it’s increasingly harder to get your foot on the property ladder.
Now more than ever, buying a house is a treacherous battle filled with many highs and lows. People are buying homes from out of state without even viewing the property in person. People are hiring building and pest inspectors to attend inspections with them so that they can put down offers on the spot. It’s become a highly competitive blood sport even to get your application considered for your dream home. Luckily for you, there are things you can to do better your chances of securing a property.
What is a property boom?
A property boom occurs when there is massive growth in home loans, prices and auctions, driving up the average relative cost of all surrounding properties. Property booms can eventuate for many different reasons, although the ones pinpointed for the 2021 Australian boom are:
- Record low interest rates and banks competing with each other to offer better deals on this – ever since the Reserve Bank of Australia dropped their interest rate to an astounding 0.01% in November 2020, other banks have been engaging in price wars to beat it. This has resulted in many people taking out larger loans than they would previously have.
- The First Home Buyer grant from the government has encouraged many young people to start trying to buy a house earlier than they may have intended. While these grants are mainly a positive thing, there’s no doubt that they have caused an influx in young property buyers, contributing to the boom.
- Covid-19. Ah, of course, the global coronavirus pandemic. Firstly, many people with money saved up to travel have instead put these savings towards buying a house. The pandemic has also encouraged the rise of inflated house prices across particular sectors – for example, south east Queensland, which has retained a relative Covid-19 free status for the entirety of 2021, has seen a peak in people purchasing houses.
The concept of a property boom is that it must officially explode at some point, and house prices will drop. This is also not a great thing, as it then makes many people’s properties worth less than their existing mortgage on it.
However, the current market trends show no sign of slowing down: the median Sydney house prices have risen 19% in 2021, Melbourne has inflated by 15%, and Brisbane 14.6%. Overall, Australia wide the rise in house prices has gone up 18.4%.
What does this mean for me as a buyer?
Unfortunately, while the house price has been nearly 15% over the last year, the average salary rise has only been 1.5% in the second quarter of 2021 – for reference, this is lower than the expected inflation rate of 3.8% for the same period. So, if your income is not increasing, but the property prices are, this obviously makes it incredibly difficult to purchase your home. If you’re eligible and willing to meet the requirements – usually this involves buying a home or building under a specific monetary value and living it in for a required amount of time – you may be eligible for the Home Builder or the first homeowner grant. These can be great stepping stones into getting your home, although people are struggling even with these tools due to the state of the market.
Expanding your views
Many potential first home buyers are expanding their views to get on the property ladder, even if it is a far cry from their original plan. Specific regional jobs offer free or heavily discounted housing, which can be a great saving tool for many. Other buyers are expanding their ideal location to two suburbs on either side to see more properties available. A few years ago, you might have had a wish list a mile long – now, you need to cut that down and figure out precisely what you can and can’t live without.
You need a property conveyancer
A skill set you’ll need in this property boom is speed and accuracy. It’s a seller’s market, and tens of buyers often put in applications for each and every home. If you want to have a chance at snapping up a home, you’re going to need to work quickly. This is where pre-hiring a property conveyancer will be your biggest asset. Property conveyancers deal with hundreds of properties and successful sales and know the common property legal documents like the back of their hand. If you want to compete with other people, you’re going to want to put in an offer first – a conveyancer can help you to do this. They will do so by evaluating the building and pest inspections, thoroughly inspecting the Contract of Sale, and giving you an informative rundown of all the details so you can go ahead with your offer with faith in the house.
In most Australian states it is possible for individuals to carry out their own property conveyancing, but this is inadvisable unless you have legal experience. It is a time consuming and high-risk decision to do your own property conveyancing, with significant ramifications such as costly delays or fees if you make any errors.
Again, in this seller’s market where houses are flying off the books, minor or major faults may be glossed over by sellers expecting the sale to move too quickly to be caught out. An experienced, trustworthy property conveyancer will be able to pick up on this and inform you before you go ahead with any offer.
Is hiring a property conveyancer expensive?
Hiring a property conveyancer can actually end up saving you time and money as they can assist you to navigate the tricky legal aspects of a property transactions and avoid any pitfalls that could jeopardize your sale or purchase.
It’s also worth noting that property conveyancers are usually a much better option than hiring a solicitor due partly to the fact that their area of specialization is narrower than a solicitor. A solicitor is qualified to handle a broad range of complex legal issues, whereas a property conveyancer’s field of expertise is specifically to do with legal matters relating to real estate.
Property conveyancing fees can vary depending on factors such as the value of the property, the type of property and whether it is a standard sales transaction, as well as the area that the property is located in.
It’s advisable to ensure that you hire a real estate conveyancer through a reputable local business with licensed conveyancers such as Jim’ Property Conveyancing to ensure an efficient and streamlined process, and great value for money. The overall cost of hiring a conveyancer through Jim’s Property Conveyancing in Melbourne or in Property conveyancing Brisbane generally ranges between $700 and $1500, although in some cases there may also be additional charges for disbursements usually ranging between $150-$500. Call them for a confidential chat on 13 15 46.
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