First home buyers feel nervous enough venturing into the property market. They have a gut feeling they need to save a deposit for their home – but what else is involved? Property is big business, which means big regulations. Big regulations means paying someone – or a team of people – to navigate the delicate and often frustrating paperwork to get your first home purchase across the line. So what are these “hidden” costs? Here is a primer to help you on your way.
Property markets have begun the new financial year strongly, with CoreLogic's July Home Value Index showing continued gains in capital city prices in July. CoreLogic’s aggregate of Australia’s eight capital city property prices rose 0.8% over the month to a new record high. However, the overall gain masks a fall in property prices in four of Australia’s eight capital cities over the month. And the rate of growth is slipping. The annual rate of growth hit a recent peak of 11.1