Looking to buy a property in the Eastern Suburbs? Well you are not alone!
Recently, Sydney was ranked as the third most liveable city in the world, which should give you an indication of how popular a place it is to live.
Within that, the Eastern Suburbs remain one of the most sought-after locations for home buyers. With the beaches of Bondi and Coogee being two of its main star attractions, as well as its fantastic shopping, dining and entertainment scene.
Anybody who has purchased a home in places like Dover Heights, Bronte, Little Bay, Clovelly or Bondi will tell you how competitive and stressful the process can be. So, to help you with your search, we have put together this quick overview of how to buy property in the Eastern Suburbs.
Once you’ve read this guide, hopefully it will make the overall undertaking seem a little less formidable to you.
Although you have identified the Eastern Suburbs as being the place where you want to live, within that it is worth narrowing down your search to a more specific area.
Each suburb within this region is different and offers wide variations in demographics.
For instance, up in Edgecliff, in the northern part of the region, they have some very big, older style homes.
Conversely, Scots and Kambala are popular areas with families on account of them having two of the most desirable schools in Sydney.
Bronte and Bondi, of course, is known for its million-dollar apartments, while over to its western part, Kensington and the university is an area inhabited by a lot of younger people.
When determining your desired location, try to pan out what the course of your daily life would look like if you did secure a property here.
What would your commuting time to work be? Which school will your children attend?
How far away are the nearest medical facilities and shops? What level of crime could you be exposing yourself to?
From the outset, all these factors should be considered to determine your preferred search area.
Now that you know what part of the Eastern Suburbs you want to live in, it is important to ascertain what kind of property you want to buy as well.
For example, do you want somewhere that overlooks the ocean? Or do you want a house with a bit of a garden?
How many bedrooms do you need to have? Are you after somewhere you can add value to eventually? Or a brand-new turnkey property you can just move straight into?
Also is this going to be somewhere you will live for a few years before upgrading to a bigger place? Or are you planning on making it your forever home?
Once you have answered all these questions you will develop a firmer appreciation of what you are actually looking for, as well as the price range it will typically sit within.
Decide on your non-negotiables and compromises
Unless you have it custom built, it is highly unlikely that you will find a place with the exact specifications of your dream home.
Therefore, it is a good idea to devise a list of what your non-negotiables are, and what your compromises are.
If you decide that you absolutely must have an ensuite bathroom in the main bedroom, or a swimming pool in the backyard, this will help to define your search.
Similarly, if you can compromise on only having a two-bedroom property, when in an ideal world you would like three, this also helps widen your search parameters.
Get a buyer’s agent
To find your desired property in the Eastern Suburbs you would be well advised to engage the services of a buyer’s agent.
As one of Sydney’s prime property market locations, you will need all the help you can get when it comes to buying a property in this area.
While there is high demand to live in these areas, there tends to be fewer properties for sale within them, then in other parts of Sydney. This creates increased competition, which can drive prices up, and therefore make it harder, particularly for first home buyers to make a purchase.
A buyer’s agent from the Eastern Suburbs will bring a lot to the table for you.
Not only will they have a deep understanding of the local real estate market, they may also have access to off market properties as well.
Furthermore, they should also have a good network of contacts within the industry, as well as sharpened negotiation skills, which could save you thousands of dollars on the final purchase price.
They will also be able to advise you against any potential mistakes you might otherwise make without them, and can even bid on your behalf – if the property you are interested in is being sold under auction.
Get mortgage pre-approval
When submitting an offer for a property in the Eastern Suburbs of Sydney, successful pre-approval for a mortgage, could well be the difference between having yours accepted or not.
Being pre-approved for a mortgage is something you can do to gain an advantage on your competition.
Doing so will make your offer more appealing in the eyes of the seller, as they know there are less likely to be any hiccups in the sales process. Congruently, it will also help you to narrow down your search to a particular budget level as well.
To gain pre-approval for a mortgage, it is worth making an appointment with your bank manager or a mortgage broker.
To help you generate a bigger deposit, you might also want to check out Joust guide to NSW first home buyer grants as well.
As a place to live, the Eastern Suburbs will always be in high demand. Especially now that Sydney is one of the top three most liveable cities in the world.
So, it pays to have a clear strategy on how you propose to buy a property there.
By reading this guide, we hope to have given you a clear understanding on how best to do that, and wish you the best of luck with your future