Our first home buyers start the home hunt

Our first home buyers start the home hunt

By Tegan Pratt on Jul 21 2017


When we last checked in with Michelle Moore, she and her partner Luke had decided exactly what they wanted out of a home, and were ready to start looking around the market.{Oh boy}

Recently, they have been looking around Cronulla for an apartment, after deciding they needed to live near enough to their places of work, the airport, the ocean and other points of interest. Given their active, creative lifestyle, they decided that an apartment would suit them well.

But finding a home is easier said than done - especially in the current market! There's so much to take in and a lot of competition - so how has Michelle been checking out what's available?

Out and about in the market
"We've been looking on the internet, doing most of our research there - but it's nice having a more relaxed approach too," she said.

"Looking in the paper, making it part of our weekend breakfast routine, it's a really nice way to go about it."
So far, they have seen about 20 homes, going out and getting a feel for the open home and auction process rather than seriously considering putting down a bit on each of these properties. But even in these earlier stages of the house hunt, there have been some gems cropping up!

At least three apartments particularly caught their eye, and Michelle and Luke went to the auction with more than just a passing interest in a purchase. But what they found was less than ideal.

"We're finding that even the homes we don't particularly like are going for well above what even the agents expect. One that we liked, we went to auction with our price guide in mind, but it went $30,000 above the maximum we had," Michelle said.

"It doesn't seem like much - but really, it's quite a lot."

Michelle identifies as the more enthusiastic one in the relationship, who is more geared towards impulsively going higher than she perhaps ought to. However, she says that partner Luke provides a great counterpoint, and they have worked together to set their upper limit of $800,000 - and to stick to it.

Dusting off and trying again
Even though properties are selling outside their set price range, Michelle and Luke are not disheartened. They are going out and seeing open homes every other weekend, and still have other options like buying outside of Sydney and being renter-investors until enough equity is built up in their real estate to buy in the Harbour City.

They also consult with a broker, roughly every six weeks - it helps them keep their finances in check and receive advice on interest rates and various loan products.

Most of the properties they have seen have the ideal setup for them: Two bedrooms, a single bathroom and space for parking. There's plenty available, and it is hopefully only a matter of time before they find the right apartment to settle down in.

But with Luke's band heading on a European tour soon, will the hunt be put on hold? We'll be back soon with another update on their plans looking forward, and get the details on the brain trust they have gathered for real estate advice. 

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