To buy or not the buy in 2023 – that is the question!

The real estate market has been quite volatile over the past three years throughout numerous lockdowns, which has changed how people live and work in their home environment.

These days, many people are seeking a permanent lifestyle and residence change to less centralized areas.

The shift in mindset, practices and attitude has changed the real estate market for now and perhaps for the next few years into the future.

TY Lawyers are experienced and knowledgeable property and conveyancing lawyers in Chatswood, ready to help you with property ownership journey. Get in touch today!

Key Property & Real Estate Trends For 2023 & Beyond

Some of the key trends that are being discussed in the real estate market include:

• Interest rate rises have slowed the property market down
• Overall there is a lack of properties on the market in comparison to other previous periods
• Property prices have started to rebound and improve after the downturn in 2022, but not at the rate prior to the pandemic
• Increased interest from overseas migration whilst decreased domestic demand due to increased difficulty obtaining credit
• Buyers are more price conscious, cautious and hesitant due to increased uncertainty

TY Lawyers in Chatswood are highly professional and personable conveyancing and property lawyers in Chatswood, ready to help you secure your dream property.

Government Grants To Consider When Purchasing A Property

If you’re in the market to buy, there is some assistance out there – you just need to look, research and check your eligibility before purchasing your property, so you know what you’re up for first!

Here’s a list of some of the government assistance available in NSW:

• First Home Owner’s Grant

If you’re buying or building your first home, you may be eligible for the $10,000 first home owner’s grant. It can be a house, townhouse, apartment or unit that is newly built, purchased off the plan or substantially renovated.

• First/Family Home Guarantee

The First Home Guarantee means that eligible buyers can purchase or build a new home with a deposit as small as 5%, or 2% for eligible single parents, without the need for lenders' mortgage insurance.

• Regional First Home Buyer Support Scheme
  

Eligible buyers can receive assistance by applying for the Regional First Home Buyer Support Scheme, where regional first home buyers can have a small as 5% deposit for the purchase, without the need for lenders’ mortgage insurance. 

• First Home Buyer Choice 

An eligible first home purchaser may choose to opt into First Home Buyer Choice, where the first home buyer will have a choice between paying upfront transfer (formerly known as stamp) duty or an annual property tax. 

The First Home Buyer Choice Calculator is an online tool that will help eligible NSW first home buyers make an informed choice, visit: https://www.service.nsw.gov.au/transaction/calculate-your-property-tax

In The Market For A Property? Let TY Lawyers Assist You!

TY Lawyers have extensive experience in property law in Chatswood. Please get in contact if you require the services of a conveyancing solicitor or property lawyer with your upcoming purchase!

You can count on our experienced team to assist.

Call today for a confidential discussion with one of our friendly team on: (02) 8007 0135.