Similar to countries such as the United States, Canada and the United Kingdom, the property market in Australia is struggling to know which way it will turn in 2010. Some experts predict a drop of more than 20% in property values whereas others predict a 5% increase or more.

Probably the main determining factor in property prices will be employment. Only people who have a deposit will be able to purchase real estate and new builds if the unemployment rate continues to rise and some predict that unemployment rates will soar to as high as 8%, compared to 4.5% in 2008.

To help people meet their mortgage repayments, the Australian Reserve Bank, back in 2008 cut interest rates by a massive 3% to help people meet their mortgage repayments and with strict Government lending rules now in place, the amount of mortgages given to unqualified people has been significantly reduced.

The amount of repossessions coming onto the market has also been cut down due to these strict lending rules which have enabled the market to remain stable throughout the last few years.

A new grant given to first time buyers by the Australian Government has also helped, however, this is only beneficial if the people can keep up with the monthly repayments.

Throughout Australia, debt levels are at an all time high, with more people borrowing from credit cards and banks to keep their heads above water and for people to purchase new properties they will have to take on more debt, which unfortunately they can’t.

Many home owners are having a hard time paying their debts and many have lost their full time jobs and are now working only part time. Part time jobs increased by over 40.000 in 2008, whereas full time jobs dropped by 44.000 in the same period.

Another factor that will affect the property market in Australia is the world economy. Countries such as the USA, Japan and other European nations are suffering a recession and even the big player, China is experiencing a slow down. Every country, all over the world will be affected and Australia, unfortunately, will not be spared.

Overall, it will be the unemployment issues that will affect the property market in Australia and although predicted to be generally weak in 2010, it should hold out pretty well for the first 6 months or so but where it heads in the next few years is uncertain.

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As a result of various reports of counterfeit real estate transactions, a massive variety of prospective home buyers have lost their trust in buying properties. Thanks to the small quantity of buyers, large number of home sellers have been forced to trust offers that are below their anticipated profits. So as to resolve this issue that is unfavorable to both home sellers and buyers, participating in a home inspection is perceived as an answer to bring back the positive image of buying and selling properties.

Requesting for a home inspection might at times make home buyers feel embarrassed thus they worry that this is makes the home sellers feel uncomfortable. Most of buyers think that by requesting an inspection they’re insinuating that the seller was not able to properly care for the property. Bear in mind that initially, this process is a common prerequisite for you to be informed of the current situation of the property. Doing this could not be seen as a move that questions the home house owners’ capacity to care for the property. This is also a useful manner for you to have a grasp of the possible expenses that you’ll make within the future. The report given by the conducted inspection can most in all possibility contain the particular repairs that you wish to make with the property.

Conducting a home inspection isn’t solely helpful for the home buyer, but for the house seller as well. Having an inspection report at hand can be an insurance for the home buyer that the property you’re selling is in an outstanding condition. And this could then lead to instantly obtaining an great deal. This procedure can also be an effective advertising strategy for you to be able to sell your home immediately. Having an inspection report can additionally prevent wasting time and effort of getting to accommodate very fastidious patrons who who goes through even the smallest details of your house. As a home seller, you ought to also remember that before you have a home inspection facilitated, you must set your expense limitations. Discuss beforehand with the potential buyer as to what costs you are willing to shoulder. You’ll also negotiate that each of you get equal share of the expenses.

It’s crucial for each the home buyer and owner to have the inspection conducted by a professional. Take note that you need to ask for certifications and portfolio of his past inspection jobs. This means you will be ready to have a concrete plan of the standard of his work. Another necessary factor is that generally 2 or 3 inspections are needed to be implemented on the property. Separate evaluations are required in some cases. As an example, there are elaborate wiring, installations or construction done in several components of the property. You must be present during the particular inspection because your assessment of the property will somehow differ from his. Lastly, make certain that these areas are properly checked – irregular elevation on floors and roofs, capacity level of the sewage and drainage system, supply and level of sanitation of the water supply, pipes, connections, and electrical boxes of the wiring and plumbing structures and sturdiness of materials used for the insulation, walls, and ceiling.

The result of a properly conducted home inspection is an assurance for home buyers that they’re purchasing valuable properties. Home sellers can have heightened confidence that their properties can be sold at a good price. And as a final reminder for both the client and seller, although the real estate market may not perpetually be favorable, do not cheat throughout the inspection just be able to achieve your required deal outcome. Things could backfire unexpectedly, therefore, both parties in the end will not be in a position to enjoy a full blown profitable transaction.

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