How much airspace do you own in Australia?

President Donald Trump of the United States is said to have been an early adopter of the trend, purchasing the airspace above the buildings surrounding Trump Tower in New York City, ostensibly to avoid the wrath of city building codes that would have otherwise prevented the construction of such a large structure on such a small city block.

 

At least in Australia, airspace “purchases” are believed to have been made through strata subdivisions or other easements secured by developers over the land below, most likely as overhang easements. Easements are essentially rights tied to a piece of land that allow the owner of that land to utilise land that belongs to someone else. An otherwise landlocked property with an easement over surrounding land to utilise a roadway to drive between the landlocked property and the street is a good example.

 

They basically work as an exception to the rule that a person’s property rights are absolute, and they come in a variety of shapes and sizes. Before purchasing a property in australia, you should thoroughly explore any easements that may exist, and you should seek legal guidance on what another person may be entitled to do with your own property.

How much of the air above my home is mine?

The surface owner’s rights in Australia are sufficiently extended downwards to allow the exploitation of minerals, which includes anything that may be mined. The rules that control airspace are a little more complicated. Because the sky is considered a public highway, you can’t prevent commercial aircraft from flying over your home. Furthermore, the court has the authority to order you to demolish structures that encroach on airspace.

 

When private aircraft, including drones, fly close to the surface, they are considered trespassing. However, when it comes to aeroplanes flying over land, there is still some legal ambiguity.

 

There shall be no culpability for trespass as long as an aircraft traverses a property at a reasonable height, taking into account all facts and circumstances. On the other hand, if the aircraft causes damage to personal property, such as if it crashes into the ground or a structure erected on the ground, there is strict liability as a legal trade-off.

 

Why is airspace going to be the big real estate trend?

 

Airspace development is the process of utilising underutilised roof space in strata complexes to construct new properties. With land at a high and in short supply, this vacant space is quickly becoming a precious asset, as many strata owners will soon discover.

 

Strata owners have the option of selling their airspace to entrepreneurs or banding together to take on the project themselves. Strata owners require council consent as well as backing from their neighbours in order for airspace developments to proceed. In New South Wales, for example, a project can only be allowed if at least 75% of the property owners agree.

What is the best time to purchase or sell your property?

The best time to sell your house is determined by your unique circumstances, but  once you have decided to sell your property the perfect selling season is an important factor.

If you’re looking for a new house in thomastown or getting ready to say goodbye to your present residence, you’ve probably heard myths about the greatest times to buy or sell.

 

When it comes to home buyers and sellers, the rewards often go both ways. For example, sellers may wish to avoid the winter months because the weather may deter purchasers, or they may want to avoid summer sale dates because they will be travelling during the holidays.

 

Is it a good time to sell my house? Understanding property cycles. 

Any of the following circumstances could play a role in determining the optimum timing to sell your home:

  • A rapidly expanding family.
  • A change of employment.
  • A need for capital unlocking arises.
  • Getting a return on an investment.
  • You can’t afford to keep the house any longer.
  • An opportunity presents itself that is too fantastic to pass up.
  • Investing in retirement.

 

In general, it’s best not to sell a home during a period of upheaval in your life or when you’re unable to present the home in its best light.

 

A lot of personal criteria, as outlined, contribute to determining whether or not it is a suitable time to sell your home. It can also be influenced by where your local area is in the property cycle. The property market, as you probably know, follows a cycle in which values increase, decrease, stabilise, and then rise again. Knowing what stage of the property cycle your suburb or street is in might help you figure out if now is the right time to sell.

The supply (number of properties for sale) and demand (number of persons wanting / able to buy a property) are the two main drivers of the property cycle. Property prices will rise if demand exceeds supply.

 

There are four key phases – 

The value stage: Prices have remained unchanged, causing many individuals to assume that now is a good moment to buy.

The expansion phase: Prices begin to climb slowly at first, then quickly.

The peak: The market’s apex is reached at this point. Prices will have risen very quickly – by as much as 20% year on year – but will have reached the peak of the cycle.

The correction: This is when the prices have leveled off. People frequently confuse a correction with a crash, but a correction can also simply be a lengthy, gradual period of price stagnation.

 

When Is The Best Time To Sell A House?

Based on the latest studies, it appears that listing in the new year and planning to sell between March and May will increase your chances of success. This will put your home on the market during a time when most sales have historically occurred and buyers are most engaged. Make sure you do everything you can to enhance the worth of your home in order to increase the amount of money you have at the end of the day.

You should also look into the state of your local real estate market – is it a buyers’ or sellers’ market? Have any properties identical to yours recently sold? What did they accomplish? This will improve your chances of reaching your objective.

 

When Is The Best Time To Buy Property?

If you’re looking to buy a home, though, spring may be the greatest time. There are a lot of options, and there isn’t much competition from other buyers. You might also think about buying in the winter, as real estate experts discovered that buyers got a better deal on average during the colder months.

Is buying Land a good Investment in Australia ?

Given the current marketplace, investment in lands and property in Australia is a no-brainer. Talking in terms of capital growth, it is one of the best investments that can give you consistent results. So, if you are visiting and seeing all the properties for sale in epping vic, chances are you have in mind and idea to buy land in Australia. Before we tell you why it is an absolutely wise investment to go for it, did you know that Australia has more land than most of the other countries in the world? However as not all the land is habitable – a large portion of it is invested in farms, industrial property and other expenses, you have to be careful and choosy while selecting your property. The experts of real estate agent epping can help you find the right option that fits your needs and budget. This passive long term investment has a number of benefits which are as follows –

Less volatile than the stock market

One of the biggest advantages of investing in land is that it requires less effort than any other forms of investment and is a much safer bet as an investment strategy. You need to find someone who understands the pros and cons of real estate investment and also can help you in doing the paperworks; but even then, this will be a much more secure and profitable venture than crypto or other investments.

Better future potential

Buying the properties in Australia has always been a popular choice for the residents. The market has seen considerable results over the decades and even for mortgage brokers and investment clients, they remained a gainful option. There are mainly three factors that decides a real estate investment which is the ability to find a proper tenant who can deliver the rental income in time and help with the repayment; the ability to develop equity in the property which can be used over time and the scope to use the bricks and mortar as managed funds; and, let this assets accumulate over time.

Tax deduction

A very important factor for investing in land can be the beneficial points in terms of the tax deductions.  This is specially for the ones which have a rental property and can get wide exemptions from their Australian tax office. Be it from advertising costs to corporate charges, there can be reductions in the rates from insurance, council and land taxes.

Long term investment

As the investment property in Australia has always been an open market, there is a price growth which is there forever. The property market has always seen unmatched performance and property portfolio can help you secure one of the best assets. Whether in a capital city where you have the young professionals and international people coming in, a steady tenancy is always in demand. So if you have invested in a land where you can grow a property, it can definitely be one of the most interesting and enterprising options for asset development.

A more straight forward option

If you are wondering whether to go for a property or a land investment, let us tell you that the latter is a more straightforward buying choice. This is because vacant land sellers are more motivated than those who are selling houses. The prices are also often set in a more negotiable pattern. And when there is a house people are generally more attached to it which is not always the case with a piece of land.

Planning to buy a home in Australia? What to look out for?

Purchasing a home is a significant financial commitment. Purchasing your first house may be thrilling as well as stressful. It is a huge decision that demands careful preparation, research, and budgeting. It is vital to have a clear calculation of your budget before getting into this loan.

Make a list of the following:

  • locations that you prefer
  • fundamental characteristics
  • non-essential elements on your wish list
  • Knowing what you want will assist you in avoiding purchasing a home that does not fit your requirements.

It makes perfect sense, objectively, to take your time and obtain as much insight and understanding as possible before signing on the dotted line. Take a step back and make sure your decision is reasonable, well-researched, and well-considered, rather than an emotional or hasty one.

 

Be real with what you can afford

This is the first step you must do before commencing your search. Keeping the excitement aside, speak with the professionals to have a transparent idea on the scope and challenges of home loan repayments and other expenses associated with owning a property.  It is not the same as rent payment. Understand how much maximum payback you can give per month. Your housing deposit, which will be at least 10% of the property’s value, is the most important expenditure to consider at this time.

 

Know about the silent cost

Before you sign on the dotted line, make sure you consider these sometimes neglected fees and factor them into your budget:

  • Rates set by the council
  • Lenders that deal with stamp duty Mortgage Protection Insurance
  • Supplementary insurances
  • Fees for loans
  • Conveyancing
  • Inspections of buildings and pests

 

Research as much as possible

You’re significantly less likely to compromise (or overpay) for something you don’t actually want if you do adequate research. Here are some helpful hints:

  • Consider the regions where you’d like to live.
  • On real estate websites, look for recent selling prices and suburb profiles.
  • Consult with local agents to gain a sense of the market’s current state.
  • Take a look at what’s on the market in the neighbouring areas (and for how much).
  • See what similar residences sold for, as well as the sales and rental history, using our property profile reports.

 

Negotiate on your terms

Do not only rely on your impulse while buying your house. This is one of the biggest financial steps of your life and you would not like to make any mistake in haste. 

You always have the option of walking away. If you have a firm price set in your mind, and the terms are non-negotiable, you have all the rights to change your mind. The bottom line is that there will be other properties available.

Be mindful of your feelings. Real estate agents thomastown work for the seller’s best interests and will help you explore the best of the opportunities to get your deal finalised. Speak with the broker or agent to know how much time you have to decline the deal even after everything is final. 

Work with experienced professionals

It seems sensible to surround yourself with professionals when making such a large investment. Employ the services of the most comprehensive, licenced house inspector you can locate to identify any problems that could turn into costly repairs. Consult a mortgage broker who can create tailor-made financial decisions for your home purchase. You should also speak with a lawyer to avoid any conflict with the negotiation. 

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