Conventional wisdom may say that Spring is the prime season for putting your property on the market.
It also says that, with people on holidays and out of town, you should never think about selling in summer.
We think conventional wisdom is entirely wrong and that if you’re lucky enough to own real estate near one of Sydney’s beaches, summer could actually be the best time to sell. Here’s why.
Showing property at its best
Achieving the best price for any property means showcasing the lifestyle it could bring to any potential buyer. And lifestyle doesn’t come any better than summer by a Sydney beach.
From November to February there’s a buzz and energy to places like Bondi, Bronte and Coogee that’s hard to describe unless you’ve it experienced yourself. The cafes, bars and restaurants are full. The surfers, joggers and yogis are out in force. The streets become a cosmopolitan melting pot for visitors from around the world. And all of this happens right in amongst some of the best stretches of beach you can find anywhere in the world. It really is all that’s best about Australian living and there are a lot of potential buyers who get caught up in the atmosphere.
So if you own property near the beach and you’re thinking of selling or making a move, now really is the time to do it: when people fall in love with the vibe of Sydney’s Eastern beaches and need to be part of it.
Buyer trends in Eastern Beachside suburbs
At this time of year, we always see strong interest from several buyer demographics in beachside suburbs. And 2018/2019 won’t be any different.
- First home buyers. Places like Bondi Beach and Coogee have a lot of one and two bedroom units, making them a place first home buyers look to get a foot on the property ladder. Increasingly, we’re seeing younger families who are prepared to take a smaller space and little or no garden to be here. Who needs an outdoor area when the beach can be your backyard? Best of all, more first home buyers are entering the market than in past years, so expect this to be a key buying group this summer.
- Families. Quieter beachside suburbs like Tamarama, Waverley, Clovelly, Maroubra and Dover Heights are popular with maturing families, who realise that a base here gives them the chance to have it all – the beach, great schools and convenience. Houses with growing- family appeal don’t last long – like this charming property at 2A Barry Street Clovelly.
- Investors. Often look to make their move now, knowing there will be strong rental demand as well as the potential for solid capital growth over the long term. This is a place where investors can find their dream tenants without too much trouble: young professionals earning a good income and looking for the ultimate beachside lifestyle.
- Expats. Dreaming of the quintessential Aussie lifestyle, those rugged up in the northern hemisphere often use this time of year to buy a property by the beach that represents everything they miss about living in sunny Sydney. Often they’ll purchase as part of a holiday here but sometimes they’ll trust a buyer’s agent to track down and secure the right place for them.
- Downsizers. Getting a feel for the beachside atmosphere at this time of year leads many people at, or close to, retirement age to list the family home and snap up a semi or luxury unit by the beach.
What to do if you’re thinking of selling over summer
If you’re thinking of selling this summer, think about what you can do to emphasise the lifestyle aspects of your property and showcase them in the best possible light.
Think also about how you’d like to sell. In the holidays, sellers often need to be a little more flexible about when to show their property, so this can be a great time of year for off-market sales.
Spotlight on Bondi Beach
Bondi Beach – Australia’s best-known beachside suburb – is both larger and more densely populated than other Eastern Suburbs beachside suburbs. It also skews younger, with an average age of 33. By comparison, Tamarama’s is 35 and Clovelly’s is 37.
Part of the reason for this is that Bondi Beach is a hotspot for renters, with most homes being units. There are few houses, so those that do come available are often hotly contested.
Famous for: bars, cafes, shopping, restaurants, nightlife, the golden sand and the Bondi to Bronte walking track.
Popularity: Bondi was the 10th most searched for suburb for sales and rentals last summer on domain.com.au.
Median age: 33
Number of private dwellings: 7,981 (Houses 10.1%, Semi-detached/Townhouses 18.5%, Units 71%)
42% owner occupied vs 54.2% rented
Median house price: $3,042,500
Median unit price: $1,195,000