Looking to sell property in Sydney? Here’s what you need to know now
16 August, 2019
If you’re looking to sell property in Sydney, there’s some new data out suggesting buyers are coming back into the market. And also that conditions for selling are improving.
It follows a period of slower sales, a drop in auction clearance rates and a fall in house prices in our capital cities, including in Sydney, Melbourne and Brisbane.
As an interior stylist in Sydney, I can agree that the market has been more challenging over the past 12 months. Many people have sought to minimise expenses and reduce debts rather than sell property in Sydney.
CHANGES IN THE PROPERTY MARKET
Lower interest rates and improved property sentiment post-election appear to be boosting home prices in Australia’s two biggest cities of Sydney and Melbourne.
The Reserve Bank of Australia has cut official rates by 0.5 per cent – two cuts of 0.25 per cent in June and July. The Reserve Bank has said this is lowering borrowing costs, especially for new borrowers.
Reserve Bank of Australia assistant governor Christopher Kent said recently that new mortgage customers and people refinancing have benefited from a lower cash rate thanks to discounting by banks to attract new borrowers.
He said the RBA expects new loan approvals to build on June’s increase if property market conditions continue to improve. With clearance rates having risen and prices showing signs of having bottomed.
House prices in Sydney rose by 0.1 percent in June, the first time in two years. But prices on average are still down 14.9 per cent on their peak according to Core Logic (July 2019).
And that positive trend is continuing into July and August with clearance rates at auctions rising above 70 per cent. They had dropped to 50 per cent or lower in some parts of Sydney at the bottom of the market.
BRING IN THE EXPERTS TO GET THE BEST PRICE WHEN YOU SELL PROPERTY IN SYDNEY
There’s still some caution in the market, but as conditions improve now could be the time to sell property in Sydney. Or to consider what you need to do to prepare your property for sale.
If you’re considering selling, research real estate agents in your area. Take note of the types of properties they have sold previously and the results they’ve been able to achieve. Websites like realestate.com.au and domain.com.au are a great resource for this research. But don’t be afraid to make an appointment to visit an agent of have them visit your home for an appraisal.
It’s also a smart idea to consult with an interior stylist before you go to market. I offer a pre-sale styling check service where we’ll go room-to-room throughout your home. I’ll help you decide what stays, what goes and if you need any new pieces to fill some design gaps. Depending on how your home is currently styled, I may recommend hiring furniture to best appeal to your target market.
If you’re thinking of selling, email me to discuss how I can help you maximise your sale price.
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