Mortgage Broker and Home Loans Preston

 

 

 

Buying a property in Preston

Preston is a suburb in the northern region of Melbourne, Victoria. A vibrant, multicultural suburb that is home to wonderful cafes, old school bakeries, and a smorgasbord of restaurants. This suburb is an archetype of being both old and new with its thriving and eclectic community of artists, young and vibrant individuals, and families. Here's a suburb review focusing on liveability and culture in Preston:

Preston offers a mix of housing options, including period-style homes, modern apartments, and townhouses. Rental and property prices vary, making it accessible for various budgets. The real estate market is competitive, so it's advisable to research thoroughly.
Preston is well-connected to the Melbourne CBD and neighbouring suburbs through public transport. The Preston Train Station is a major transport hub, and several tram lines run through the area, providing easy access to the city and other parts of Melbourne.
Residents of Preston enjoy easy access to a range of amenities, including supermarkets, shopping centres, medical facilities, and educational institutions. High Street, in particular, is a bustling thoroughfare with numerous shops, cafes, and restaurants.
Preston has several primary and secondary schools, as well as educational institutions for higher learning. This makes it a suitable suburb for families, and it's within a reasonable commute to universities in Melbourne.

 

Property Update: Preston

Last month Preston had 218 properties available for rent and 236 properties for sale. Median property prices over the last year range from $1,185,000 for houses to $575,000 for units. If you are looking for an investment property, consider houses in Preston rent out for $640 PW with an annual rental yield of 3.1% and units rent for $500 PW with a rental yield of 4.9%. Preston has seen an annual compound growth rate of 6.3% for houses and 3.4% for units

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Do you need a pre approval to buy a property?

The short answer is that no, pre-approval is not necessary to make offers and secure finance for your desired property. However, there’s no denying that pre-approval can make the entire process easier.

Having some certainty about how much you can borrow narrows down your search to properties within your budget, and allows you to

• Make offers confidently within your budget
• Avoid overbidding at auctions
• Plan and budget for your repayments

Pre-approval also helps ensure the financing process runs as smoothly as possible so that you can get into your home quicker. It may even make your offer more likely to be accepted, since the seller can see that you are serious about purchasing and are unlikely to pull out. 

Worried about the extra hassle of securing pre-approval? That’s where Sam Farfoud comes in as your trustworthy mortgage broker! Let Sam take care of all the hard work of applying - you won’t have to worry about a thing. Sam will complete all of the necessary paperwork, and keep you informed throughout the entire process. Get in touch today to discuss your finances and secure pre-approval.

Property and finance information

Learn more about everything you need to make your property journey as successful as possible with our free downloadable guides.

• First home buyer's guide
• Step-by-step guide to home ownership
• Understanding guarantors guide
• Building your home guide

 

Interested in buying a property, contact Sam Farfoud on 0467 809 990

Book an Appointment Today!