The property market
There are signs of a near-boom in some Sydney neighbourhoods, where the market has begun to recover after a period of weakness. We must still be vigilant and get expert advice before selling or buying.
According to Domain data, the auction clearance rate in Sydney topped 69 per cent in February, the highest since October 2021. However, some pockets experienced a clearance rate between 70 and 80 per cent, indicating strong price increases.
The City and inner south regions of Sydney recorded 79.7% clearance rates, while the eastern suburbs recorded 74.8 per cent.
Several factors are driving the market’s strength, including first-time buyer incentives, tight rental markets, returning migrants, strong buyer pools, and a lack of inventory.
Are you planning to sell your home in Autumn 2023 but are still determining if it’s the right time? Here’s what you need to know.
1. A key season for selling
Autumn is the most popular selling season in Sydney’s eastern suburbs, second only to spring. Summer holidays are over, school is starting, and people want to move before winter arrives. So we usually see a rush of properties coming to market and buyers looking.
2. It’s a bit different this year
Fewer properties are hitting the market this year than we usually do. According to CoreLogic data, listings across Australia’s capital cities are -17.0% lower than last year and -11.9% below the five-year average. The report also shows listings have been below average since September 2022.
3. Be realistic in your expectations
Today’s real estate market is flatter than in the glory days of the pandemic property boom. Interest rates are now at 11-year highs and rising, so you are unlikely to pay over the odds for a home.
The most common mistake people make when determining their properties’ true market value is relying on old data or industry experts who will tell them what they want to hear.
4. Getting your property sold successfully requires patience
A sale by auction does not guarantee a sale on the auction day. Buyers are playing their cards close to their chests and worrying about overpaying. So if the auction property gets passed in, they will negotiate with the real estate agent soon after.
You will sell your property if you are realistic about the price and understand the fundamentals.
5. Make sure your marketing is effective
Nowadays, it is more important than ever to present your property in the most effective manner possible.
Most buyers begin their search for properties online through social media platforms and real estate websites, which is why you should invest in high-quality video and photography to increase the number of potential buyers viewing your property.
6. Work with an experienced agent who is well-versed in similar markets
The last tip is to choose a real estate agent who has worked in the market for a long time and has experience dealing with similar situations. In this manner, you will be able to receive valuable advice and guidance to help you navigate the market and understand its current state. Additionally, they will use their negotiation skills to help you obtain the highest price at the most favourable terms.
Want more?
Feel free to contact me if you want to purchase or sell a home in Sydney’s Eastern suburbs this autumn.