More home-hunters are looking to buy property in a different state – but why?
In the year to August, 22% of all enquiries to buy property on realestate.com.au came from buyers based in a different state, compared to 17% in the previous 12-month period.
Some people are looking to buy interstate for reasons of affordability. New South Wales, for example, which is the priciest state, recorded the highest share of local buyers making enquiries in other states and the lowest share of receiving enquiries from other states.
Meanwhile, some investors are targeting out-of-state locations that seem to offer better returns. The prime example is Western Australia – where property prices have been booming – which experienced the biggest increase in interstate enquiry over the past year.
Here are some due-diligence tips if you’re thinking about buying interstate:
- Use data to research the suburbs where you’re thinking about buying
- Order building and pest inspections of homes that seriously interest you
- Consider hiring a property manager to conduct property inspections for you or a buyer’s agent to manage the entire process for you
Finally, please contact Strategic Brokers for a home loan pre-approval before you start your property search, so you can get certainty around your budget.
