RP Data and the Bureau of Statistics have recently released results from surveys indicating that people upgrading remain the largest buyer group.

Although there have been minor increases in investor and downsizer activity the “upgraders” are leading the field.

According to the ABS Housing Mobility survey a huge 45% of Australian home owners consider their homes to be too small.  This survey was conducted when interest rates were almost double what they are today.  At that time, the thought of upgrading came with significant financial drawbacks.  However, with interest rates sitting so low, it’s not surprising to see this trend.

With news headlines in December heralding that Australia now leads the world for the largest properties per capita it seems that we all want so much more.

New housing estates boast enormous homes with “parent’s retreats”, several living areas, outdoor living space and a whole lot more – do we really need it ALL?

My advice to prospective purchasers looking for the right real estate solution is:
• prepare a checklist of your requirements
• prioritise the most important points
• mark items that you are not prepared to negotiate on
• consider options that may be negotiable
• set yourself a realistic price maximum
• research – research –research – the best way to find out what’s on the market is to keep in touch with the local agent