Real estate is regarded as a fantastic investment choice since it has the potential to produce passive income without being subject to heavy income tax laws. Residential real estate investments guarantee long-term profits. Buying a local property for sale in Canberra is beneficial due to its affordability and quick rise in resale value.
Canberra belongs to the Australian Capital Territory region and is the capital city with a population of 453,558. In Canberra, the median house price is $779,050. The average home price in prominent Australian cities like Melbourne and Sydney are $918,350 and $1,168,806, respectively.
Factors To Consider When Buying A Property
There are different types of properties in Canberra you can buy right now. They include studio apartments, single-family homes, multi-family homes, duplex houses, townhomes, villas, office buildings, malls, land, retail business buildings, etc.
Here are the primary factors one should consider when acquiring a home in Canberra.
- Location And Neighborhood
The property location has been a major factor in people’s decisions to purchase real estate. After acquiring a property, it is possible to alter almost everything you want except its physical location. As a result, carefully inspect both the property and the area. All essential elements should be conveniently accessible from their site, including connectivity choices and other social components for everyday use. You should also ensure that the surroundings and the entire neighbourhood are safe.
- Home Size
Another factor to pay attention to is the size of the home, whether you are looking for a small-sized, medium-sized, or huge residential property. Also, create a list of how many bathrooms and bedrooms you wish to have. In addition, make sure to consider the size of the kitchen and yard.
- Construction Approvals
It is best to inspect the building and structure plan as approved by the local body in Canberra. Before buying the property, it is crucial to verify official approvals for equipping services like water, power, sewage treatment, etc.
- Property Taxes
The chosen area’s property taxes probably vary greatly, so you should be aware of that before buying. You can ask local householders for tax information or consult the municipality office. Make sure to ascertain whether upcoming property tax will increase when purchasing a local property in Canberra. The valuation charge makes up the two halves of the land tax you pay in the city, and the fixed land tax rate is $1,392. The average wage that people earn here is $48,169.
- Proximity To Amenities
The proximity to facilities will impact the possibilities for investment in the property. Individuals look for standard and high-end amenities when buying a property, like restaurants, shopping, grocery shops, and entertainment. Libraries, children’s playgrounds, swimming pools, and other amenities are also frequently taken into consideration by buyers.
- Budget
Owning a property in Canberra will require you to save up a sizable sum of money. You must confirm your budget and check the available payment options offered by Canberra’s leading institutions. If you decide to use a home mortgage, discuss the various payment options with the bank.
- Home Inspection
A home inspection is vital as it often reveals severe problems with a property. Such issues include foundation concerns, pest infestations, roof deterioration, wall cracks, mould, inadequate insulation, decay, outdated wiring, etc. Before you finalize your choice, it is critical to be aware of these problems. Also, you can ask the seller to pay for these repairs or get the property at a lower price.
Conclusion
You can find various residential, commercial, and office properties in Canberra at different price points. When buying a home in Canberra, paying attention to the above tips will ensure you make a worthy investment.