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NSW is a great place for buying real estate. Here are some tips to help you get started

Buying Real estate in NSW

If you’re new to the world of real estate, figuring out how to buy real estate in NSW can be overwhelming. From finding your first property to determining what kind of financing you need to negotiate with the seller and finally signing on the dotted line. There are lots of pitfalls that could cost you time and money. But if you follow these tips and use a little elbow grease, buying real estate in NSW can be an exciting and lucrative experience.

Location, location, location

This may seem cliché, but the truth of the matter is location does matter when it comes to buying a home in NSW. What could be more ideal than walking out your front door and being able to walk or bike somewhere or drive your car just minutes away? Think about whether you would want to be close to parks, stores, cafes, or friends and family, and make sure that these considerations are taken into account when deciding on where in NSW you want your new home. If there’s one thing I know for sure it’s that once we find our ideal location with regards to where we work and play then all the other pieces will fall into place.
As one of the most populated states in Australia. NSW has the highest average house and unit price across the nation with many suburbs exceeding a million dollars. A high level of competition can make buying real estate in NSW a daunting task. But with proper planning, it can be done easily.

Don’t forget financing before buying real estate in NSW!

When buying real estate in NSW, there are many options available that can be tailored to suit your needs. One of the most popular options is equity home loans. Which allow the homeowner to borrow against their property for the purchase of another property. With no repayments on your mortgage and minimal deposits required, equity home loans make owning more than one property easier than ever before. While also allowing you the opportunity to finance your dream home without tying up all of your savings in a single transaction.

It’s an excellent time to talk to a Sydney Property Realtor since they can help you create a budget and help you determine how much you can borrow.

Hidden costs of buying real estate in NSW

Purchasing property in NSW comes with many hidden costs that you need to be aware of. For a full list, please consult the Office of State Revenue.

  • Stamp duty is a tax levied by the NSW Government based on the property’s value. The cost can be substantial. When the property price is below $1 million, you will have to pay stamp duty at a rate of $8,990 plus $4.50 for every $100 you pay over $300,000. This means, that for a property that costs $650,000, you will end up paying a stamp duty of $24,470. A $1.3 million home in NSW will incur about $56,990 in stamp duty. NSW stamp duty Calculator.
  • Fees can be anywhere from $1,500 to $3,000 based on the intricacy of your contracts.
  • On top of this mortgage duty and land tax may be imposed, adding another $300-$400 to the total cost.
  • Pests and Building Inspections will be between $300 and $400.
  • Depending on the lender, a loan application fee can range from nothing to $1,000.Independent valuers fees – you will require an independent valuer to value the property you are planning on buying. This is generally $300 to $500.
  • Lenders’ Mortgage Insurance is required if you borrow more than 80% of the property’s purchase price. This is a one-time premium for the lender in case you default on the loan. Varies based on various factors, but is estimated at around $10,000.
  • To register an NSW title, you must contact the state government. The fee is $75.
  • A building or pest inspection will cost you $300 to $400, and a strata report will cost you $200.
  • These include monthly Council Rates and Strata Fees, which commence from the settlement. You may want to set aside an extra $500 to $800.

Different Ways to buy a Property in NSW

If you want to invest in NSW real estate, it’s important to be aware of the different options available.

Classified Goods

In the case of a residential property, a private treaty transaction refers to it. Vendors, or homeowners, set the price they would like to sell their property for and their real estate agent negotiates with prospective buyers individually to achieve a sale as close to this price as possible.

Shopping at an Auction

The auction is a public sale held by a professional auctioneer under strict guidelines. If the bids exceed the reserve price and you are the highest bidder, you must sign the contract right there and then.


When you purchase NSW property by tender, you submit a single offer, usually accompanied by a 5 or 10 percent deposit, and it is accepted or rejected by the vendor.

Off-the-plan purchases

By purchasing a property off the plan, you are paying for something that has not been built yet. The home may prove to be slightly different from the one you were told. However, it comes at a lower price point than many other properties.

Finding NSW property to buy

If you’re looking to buy property, it’s imperative to spend time researching the location. Here’s a website that can help:

  • Properties are available on Sydney Property Realtor.
  • I would like to recommend Australian Property Monitors and CoreLogic RP Data. They are both excellent providers of property data and information.
  • Domain.com.au, realestate.com.au, and agent websites like localhost/sydneypropertyrealtors will show you what’s available.
  • The following gives an overview of the possibilities – existing homes, new off-the-plan units, apartments or houses, or something else entirely. It may also be useful to have a look at the Department of Housing’s A-Z of Buying booklet.

Where to look for properties

For the actual property search in NSW, your local SPR (Sydney Property Realtor) real estate agent is a great place to start. They know the local market intimately and would love to assist you in finding your dream home.
For further information, local and state newspapers can be very useful as well as sites like Domain.

The Process of buying real estate in NSW

Negotiating a private treaty

When you have found a property you love and want to make an offer on, make sure you have carefully considered how much you are willing to pay, how much you can afford, and whether you want to make an offer at your highest price or low price.

Any counter-offer must be made in writing and signed by you. The agent has a legal obligation to forward all offers to the vendor as quickly as possible. Usually, the seller decides whether to accept or reject the offer and then negotiates the price until both parties are satisfied. The offer is accepted with a five-day cooling-off period during which you can withdraw from the sale.


In NSW, auctions are governed by strict guidelines. To participate, you must register with the vendor’s agent and receive a bidder number. Before the auction commences, the seller generally sets a reserve price, and if the bidding continues to exceed that number then the property is sold at the auction. The auctioneer oversees the process and all bids from potential buyers are recorded.

Also called a Vendor Bid, one bid is permitted and the auctioneer will announce this. If you are the highest bidder, you have to sign the contract of sale right there and then and pay your deposit (normally about 10%). It’s also important to remember that there is no cooling-off period.

Exchange of contracts and settlement of the sale

When a property is purchased either by private treaty or auction, signed sales contracts are exchanged between the vendor and the buyer. Unlike private treaties, sales at auction and sold by the seller usually do not have a cooling-off period. Private treaty sales usually have a five-day cooling-off period for the buyer; but auctions and a seller’s cooling-off period do not. If you are in the process of buying real estate in NSW. It is best to seek advice from a solicitor or conveyancer.
Settlement occurs about 6 weeks after contracts are exchanged, concluding the sale transaction.
For more information or to find out how you can buy NSW property, contact your local Sydney Property Realtors Agents Respectively.

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