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Mortgage

The Perfect Plot: 5 Tips for Finding the Right Location for Your New Home 

December 2, 2023 by Reporter Leave a Comment

Photo: Avel Chuklanov / Unsplash

The location of your home can significantly impact your daily life, commute, and overall happiness, making this one of the most critical decisions you’ll make in the purchasing process. To help you make an informed decision, we’ve compiled five essential tips for finding the right location for your new home. 

1. Know thyself

Who would’ve thought ancient Greek maxims could be useful when searching for a new home? It turns out the old “know thyself” truism is as valid now as it was when it was inscribed on the Temple of Apollo. 

Whether you’re calling home builders in the Ocean Grove area or exploring display homes in Cairns, you’ll be wasting your time if you haven’t defined your priorities and lifestyle. Some key questions to ask include:

  • Do you prefer a bustling metropolitan environment or quiet suburban vibes?
  • What amenities are essential for your daily life? Think schools, hospitals, parks, and shopping centres?
  • How long are you willing to commute?
  • Are you looking for a community feel or a more private scene?
  • How does your budget align with the cost of living in different areas?

Answering these questions will help you narrow down your options and focus on areas that best suit your needs.

2. Know the neighbourhood

Once you have a clear understanding of your priorities, start researching potential neighbourhoods. Here’s what to look for:

  • Safety: Check crime rates, read local news, ask questions on Reddit, and chat with current residents to gain valuable insights into the safety of an area.
  • Schools: If you have children or plan to in the future, research the quality of local schools. 
  • Commute: Calculate the distance and estimated commute time to your workplace and anywhere else you frequently visit.
  • Amenities: Check the availability of amenities that matter to you, such as parks, public transport, restaurants, and cultural attractions.
  • Future development: Investigate any development plans in the area, considering whether they may impact property values and the overall atmosphere.

3. Know your long-term goals

Are you planning to stay in the area for many years, or is this a temporary move? Consider:

  • Property appreciation: A location with steady or increasing property values may offer a good investment opportunity
  • Future plans: Are you starting a family, changing jobs, or retiring? A location that aligns with your long-term goals can save you from needing to move again in the near future.
  • Resale value: A well-located property is more likely to attract buyers when the time comes to sell.

4. Explore the area

Schedule visits to your top choices, and explore the neighbourhoods during different times of the day and week. Pay attention to:

  • Traffic patterns: Observe traffic conditions and congestion during your visits, especially during rush hours.
  • Noise levels: Listen for noise levels in the area, including traffic noise, neighbour activity, and proximity to loud venues.
  • Community vibes: Interact with residents to get a sense of the community and its overall atmosphere. 
  • Property condition: Evaluate the condition of other homes in the area to see if they meet your standards.
  • Accessibility: Test the accessibility of the location by driving or walking to schools, grocery stores, and public transportation.

5. Seek support

Consider seeking professional guidance from a local real estate agent. A knowledgeable agent can provide valuable insights, help you access exclusive listings, and generally help you navigate the complex process of buying a home.

Choosing the location of your new home is a crucial decision that will significantly impact your daily life and long-term satisfaction. So take your time, explore your options, and use the tips above to find the perfect plot that feels like home.

Filed Under: Australian, Property, Real Estate Tagged With: Home loans, Mortgage, Property loans

Bankwatch – Rate Cut Update

October 2, 2012 by Reporter Leave a Comment

2 October 2012  – At its meeting today, the RESERVE BANK OF AUSTRALIA Board decided to lower the cash rate by 25 basis points to 3.25 per cent, effective 3 October 2012

rate cut australia

Treasurer Wayne Swan welcomed the RBA’s decision, saying "Australians deserve cost of living relief and today that’s what they got".

Change in rate cut – Oct 2012

Monetary policy decisions are expressed in terms of a target for the cash rate, which is the overnight money market interest rate.

Interest Rate Cuts History 2008–2012

Effective Date Change in cash rate
Percentage points
New cash rate target
Per cent
3 Oct 2012 -0.25 3.25
5 Sep 2012 0.00 3.50
8 Aug 2012 0.00 3.50
4 Jul 2012 0.00 3.50
6 Jun 2012 -0.25 3.50
2 May 2012 -0.50 3.75
4 Apr 2012 0.00 4.25
7 Mar 2012 0.00 4.25
8 Feb 2012 0.00 4.25
7 Dec 2011 -0.25 4.25
2 Nov 2011 -0.25 4.50
5 Oct 2011 0.00 4.75
7 Sep 2011 0.00 4.75
3 Aug 2011 0.00 4.75
6 Jul 2011 0.00 4.75
8 Jun 2011 0.00 4.75
4 May 2011 0.00 4.75
6 Apr 2011 0.00 4.75
2 Mar 2011 0.00 4.75
2 Feb 2011 0.00 4.75
8 Dec 2010 0.00 4.75
3 Nov 2010 +0.25 4.75
6 Oct 2010 0.00 4.50
8 Sep 2010 0.00 4.50
4 Aug 2010 0.00 4.50
7 Jul 2010 0.00 4.50
2 Jun 2010 0.00 4.50
5 May 2010 +0.25 4.50
7 Apr 2010 +0.25 4.25
3 Mar 2010 +0.25 4.00
3 Feb 2010 0.00 3.75
2 Dec 2009 +0.25 3.75
4 Nov 2009 +0.25 3.50
7 Oct 2009 +0.25 3.25
2 Sep 2009 0.00 3.00
5 Aug 2009 0.00 3.00
8 Jul 2009 0.00 3.00
3 Jun 2009 0.00 3.00
6 May 2009 0.00 3.00
8 Apr 2009 -0.25 3.00
4 Mar 2009 0.00 3.25
4 Feb 2009 -1.00 3.25
3 Dec 2008 -1.00 4.25
5 Nov 2008 -0.75 5.25
8 Oct 2008 -1.00 6.00
3 Sep 2008 -0.25 7.00
6 Aug 2008 0.00 7.25
2 Jul 2008 0.00 7.25
4 Jun 2008 0.00 7.25
7 May 2008 0.00 7.25
2 Apr 2008 0.00 7.25
5 Mar 2008 +0.25 7.25
6 Feb 2008 +0.25 7.00
 
Glenn Stevens, RBA  Governor said The outlook for growth in the world economy has softened over recent months,Growth in China has also slowed, and uncertainty about near-term prospects is greater than it was some months ago.
 
He also said the terms of trade have declined by over 10 per cent since the peak last year and will probably decline further

Filed Under: 2012, Finance, Rate cuts Tagged With: Loans, Mortgage, Ratecut

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