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Guest mickt

Question about Moving and Buying Issues in Oz

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Guest mickt

Hi all. My wife and I are due to relocate to Melbourne for work in the second half of this year. We've owned a property in Birmingham for the last three years and although we know we'll probably have to rent a place in oz when we first arrive, we would like to buy sooner rather than later. So I'm just wondering if anyone here has had any experience buying a place in oz either before or after moving there - and what issues I might need to look out for? Cheers, Mick

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Hi Mick

Personally I would hold off buying until you get here and get to know the suburbs. We find from our clients that around 95% of them do not settle in the areas they thought they would before leaving.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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general rule of thumb is to get furnished accomdation for 3-6 weeks, dont forget you wont have your container for a number of weeks when you arrive), so no furniture etc.

This then gives you time to survey areas, check out schools, rental accomodation of real estate for sale at the time.

 

If you do rent initially, and then need to break lease after a short period if you do find a house you would like to buy, its not a major drama here in Melbourne due to the lack of rentals in general. It might cost a little to re-advertise & possibly a couple of weeks extra rent. Always cheaper than buying too quickly and ending up somewhere that turns out not to be what you expected.


 

 

:wink:

 

 

 

 

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Guest mickt

Thanks for your replies. We have a pretty good idea of where we want to live / buy. I've spent some time in oz before and have friends in Melbourne too. I guess I'm more wondering about if and how I can buy before moving. It's not imperative but I wouldn't mind just checking out if it's a possibility...

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Guest iselinger

I am in Sydney but its probably the same situation. I bought 18 months ago and am just about to sell. Most sales are by Auction although a significant number never get to the auction as they are sold prior.

 

You will need a 10% deposit which is non refundable (except in cases of misrepresentation of facts) There may be a 5 day cooling off period but this can be waived. Check the contract carefully. The contract will probably specify settlement in 42 days but you can negotiate an alternative period.

 

Prices are not advertised. You can ask the agent for a guide price but they are unlikely to tell you the reserve.

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Thanks for your replies. We have a pretty good idea of where we want to live / buy. I've spent some time in oz before and have friends in Melbourne too. I guess I'm more wondering about if and how I can buy before moving. It's not imperative but I wouldn't mind just checking out if it's a possibility...

 

everything is a little dependant on your situation.

 

PR or Temp, employment etc as to the mortgage available.

 

Buying a house over the internet has major pitfalls. I found that the photos on real estate websites where much better than the actual property in most cases. An older house will definitely need to be inspected for any structural problems etc.

 

Actually buying when you are here if you get approval for finance is a doddle. See a house, put an offer in, if its accepted, negotiate settlement trms and sign on the dotted line. Thats it basically.


 

 

:wink:

 

 

 

 

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do you have to have a length of credit history in melbourne and how much deposit do you need to buy xxx any help would be grateful thanks

carole x

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