The softer property market of the past few years has naturally made some sellers more skittish than usual about moving forward with their property plans.
But given that the market is always cyclical, it’s really about finding the time to sell that’s right for you and your family.
It’s no secret that the property market in Sydney and elsewhere across Australia has seen a slowdown in recent times. However, there are always fluctuations in real estate prices, and we’re already seeing some positive signs pointing toward recovery, with a recent rebound in auction activity across Sydney, according to Domain Property Group. The city and east saw auction clearance rates of 78.4% in July and 67.9% in August, and these numbers will inevitably see a further boost during the traditionally busy spring selling season.
Blue-chip areas like Sydney’s east have largely been insulated from the downturn to date. In particular, the upper end of the eastern suburbs property market has remained very robust. Some excellent results are still being achieved – in the past year we’ve reached a suburb record in Centennial Park and set a new per square metre rate in Paddington – and this is particularly true where vendors are patient and have realistic price expectations. What’s more, with the heat taken out of the property market, it may be a perfect time to move up the property ladder or downsize your home.
Picking the best time to sell
Unless you own a crystal ball, you’ll never be guaranteed that it’s the ideal time to sell as far as the market goes. While we wish we could tell you categorically that the best time to sell is now, or maybe next February, or even two years ago (before the slump), the reality is that no one can tell you the perfect time to sell. What you can control is whether it’s the right time for you to sell to achieve your future property and lifestyle goals.
For example, if you’re holding off on selling because your children are in the middle of doing their HSC and you don’t want to add the stress of moving, then it’s irrelevant what the market is doing.
Conversely, if you have a major lifestyle change that makes a move imperative or the time is right for a sea change, then what the market is doing becomes irrelevant, particularly if you are in fact buying and selling within the same market. Yes, you could achieve a lower price, but you may well also find a better bargain.
5 reasons people decide to sell
Changes in personal circumstance – Factors such as a divorce, a change in personal finances or a new job are among the reasons people may need to sell. Growing families frequently need to sell in order to find more space or upsize, while other families find that now that the kids have flown the nest it’s time to downsize.
You’re on the move – The latest ABS Census data showed that 14.8% of Australians moved elsewhere within Australia during the past year, with Queensland topping the list of destinations people move to from other states and territories. Around two percent of Australians (1.8%) made a move overseas in the last year.
It’s feels like the right time for you – Calendar events can have a big impact on the property market. The property market warms up with the weather in spring and remains strong throughout the summer. While there isn’t a “bad” time to sell a good agent will advise you on whether to hold off or sell fast.
Being close to the right schools – As children grow, schooling becomes a critical factor in deciding where to live for most families, with a desire to be close to Sydney’s best schools in the eastern suburbs.
You want a lifestyle change – Sydney’s East offers many different lifestyles, from beachside and harbourside to the cosmopolitan inner city life. If you’re ready for a change of scenery, why not seize the day? And if you see the perfect property there’s no point in hesitating.
At the end of the day, you need to weigh up what’s right for you and your family, rather than trying to predict the market. If all signs point to yes, you’ll likely be glad you sold when you did.
If you’re looking to sell in the Eastern Suburbs contact my team today.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.