If you’ve been searching for a property for a while, you would be well aware of the increasing property prices – excellent news for all property owners. There has been 2% growth in Brisbane house prices in August alone and 18.3% in the past 12 months^. While current market conditions won’t last forever it is a reality that we are seeing exponential growth in Brisbane’s premier Bayside suburbs. In the current market there are many conflicting thoughts and feelings for homeowners. Many homeowners are hesitant to list their home prior to purchasing as they are concerned they will be left without anywhere to go. So, what is the best way to find yourself in the next property?
Speaking to your broker or financial professional about your options is the first step to gather certainty around your circumstances. Traditionally ‘Subject to Sale’ clauses are negotiated into contracts to allow homeowners time to list and sell their home while being able to secure their new home allowing a simultaneous settlement. However, the current level of competition makes it very difficult to include a ‘Subject of Sale’ clause into a contract as most vendors will opt for a contract with the least conditions.
Your broker will be able to better clarify what is available to your situation. We often see clients choose ‘bridging loans’ allowing them to purchase their property prior to selling. We have excellent contacts if you are looking for a trusted mortgage provider. Call us for a confidential chat anytime.
If you are looking to be in your new home by Christmas, now is the prime time to both sell and purchase your home. Get in touch with us to discuss how we can make this a seamless process in a daunting market.
^Pricing and information provided by RP Data
^We are not financial advisors. It is recommended you seek independent legal, financial, or other advice relating to your unique circumstances.