If you are thinking about buying a property in Canberra, it is important to navigate the market. In this article we will look at the role of surveyors and how they can help you make the right decision.
Surveyors are professionals that perform surveys of land and buildings to determine the legal boundaries. They also prepare maps, plans and survey drawings to provide accurate information for construction projects.
Boundary Surveys
Boundary surveys are a common way to determine the exact boundaries of a property. They can be helpful for constructing fences and home extensions, but they’re also important to know if you plan on dividing up a large piece of land into smaller lots or updating an old survey.
Surveyors in Canberra use a variety of techniques to locate the boundaries, dimensions and geographic features of your property. These include assessing public records, measuring natural and man-made landmarks, identifying the size of a property, determining visible utilities and examining topography.
A boundary survey can be ordered for a number of purposes, including plotting out a construction project or to secure a loan. It’s also useful for homeowners who want to establish easements or install new utilities.
Building Surveys
If you’re planning to buy a property, it’s wise to engage the services of a qualified surveyor. These professionals are able to identify issues with a building and provide advice about how they can be rectified.
In addition, they will advise you about the condition of the building and its maintenance. In many cases, a survey can save you thousands of pounds in repair costs.
The cost of a survey will depend on the size or value of the property, and different firms of surveyors will charge different fees. Nevertheless, the savings you make from having the survey performed will usually outweigh its costs.
Despite the slowdown, Canberra’s property market remains healthy. While prices have slowed in some areas, there’s still a demand for new builds, entry-priced homes and units.
Property Inspections
Home inspections are a way to assess the condition of the property you’re interested in buying. They can help you avoid a bad purchase deal or arrange for repairs before you close on the house.
They also help you determine whether a seller is willing to negotiate a lower price for the house. If they aren’t, you can request another inspection or cancel the sale altogether.
A home inspection is a process in which a certified surveyor inspects the exterior, interior and foundation of a house. It includes checking for issues with the roof, electrical and plumbing systems.
Home inspections are usually a requirement for both buyers and sellers of homes. They are also required for properties that have recently been foreclosed, according to Domain.
Valuation
Valuations are a key component of the property market, helping to determine the worth of your Canberra home. They are done by a certified property valuer, who will use a number of different methods to establish the market value.
They will use a direct comparison approach, which will look at the subject property and similar properties in the area. They will also use a summation approach to determine the property’s value.
Inflation and the RBA’s recent interest rate rises are taking a toll on Australia’s property market. According to CoreLogic, the median property price in Australia has dropped -4.2% since the RBA’s first rate hike in April 2022.
Real estate agents say Canberra’s housing prices are falling much less than Sydney and Melbourne, and that the market is more resilient than many other capital cities. However, they expect the next interest rate increase to further erode borrowing capacity and drive further falls in house prices.
