Spring is here at last and buyers and sellers have been anxiously waiting for the spring selling season due to a drought of listings across the east and much of Sydney.
Buyers who have been waiting for more prestige-level homes to choose from most likely won’t be disappointed. The luxury market is a sleeping giant that we anticipate will wake up during this time of the year. There are some considerations to have in mind for all those looking to find a new home or sell their existing one in this market.
Here’s what buyers and sellers need to know as spring continues.
More listings, more choice
As can be expected, we have more homes coming up for sale at this time of the year. But while we do have more listings coming onboard, we don’t foresee it being so many that there will be any material change in the momentum of the local market.
Prices are still expected to continue increasing slowly for the rest of 2016 and seller activity will likely remain below their peaks of 2015, though will recover from the lows seen in winter. We don’t anticipate that buying activity will slow at all – on the contrary, it’s likely to continue to pick up over spring.
Already, the auction market has seen strong results for this time of the year. In the lead-up to the official start of spring, auction clearance rates reached a high of 80.7 per cent Sydneywide on Australian Property Monitors figures.
Over August, three-quarters of all auctioned homes successfully sold under the hammer and it was a slightly stronger month than August 2015. In the eastern suburbs, this hit more than 80 per cent, suggesting buying activity is still strong.
34 Windsor Street, Paddington
4 bed | 2 bath | 1 car
Auction Saturday 8th Oct at 12:00 pm
Impeccably redesigned to embrace a north east aspect and harbour glimpses, this generous wide-fronted terrace displays a stylish contemporary design for effortless indoor/outdoor living. It is set in a leafy cul-de-sac in a central blue-ribbon address.
Time to move for vendors
If you’re looking at selling in the east this spring, you want to be having those conversations with your chosen agent over the next few weeks to make the most of this season. Many of the most motivated buyers, who have repeatedly missed out in winter, and are anxious to purchase sooner rather than later, will be looking to secure a sale earlier in spring. This means you want to get your home on the market, presented well, as quickly as possible.
If you are looking to sell at auction, which will likely be one of the most popular selling methods this season, you should be discussing the length of the campaign as soon as possible. There are many buyers in attendance at auctions, but it’s best to make the most of the early-spring energy to ensure competition is strong enough to get the best result.
Buyer strategies emerging
People are increasingly trying to secure themselves an early purchase by offering good sums ahead of auction day, but it is difficult for sellers to accept these in a tight market. We still think it’s worth making early offers on the chance a vendor is looking for a quicker sale, but do be prepared to head to auction and compete with other keen buyers.
It is now more crucial than ever for buyers to be known to local agents. When you’re on our radar and we know what home you’re looking for, it’s much more likely we’ll think of you when listing a property and may even tell you about it before other buyers we’re less familiar with. This is an advantage for anyone trying to get into the eastern suburbs.
Prove you’re a motivated purchaser and don’t be scared to call to find out if we have any new listings coming up.
Sydney’s Eastern Suburbs Market Snapshot 2016
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.