With changes afoot in the Australian property market, homeowners might be selling up sooner rather than later to catch the strongest real estate prices they can. We weigh up the benefits of selling this year.
Should Australian property owners sell now?
The current Australian real estate news is all about the market declining – and when that happens, people naturally start to move ‘selling the house’ further up their list of priorities. As we’re now seeing signs that the Australian property market is receding, it’s likely that a lot of people will look to sell their property this year.
It’s important to research Australian property market trends to find out everything you need to know about what the macro trends are, but also to research property in your suburb to get across what’s happening in your local area.
The benefits of selling sooner rather than later
If the time is right for you, selling in the near future could be a good move for a number of reasons:
Get the best price for your property at the tail-end of the property boom: Property prices are falling – but not significantly, yet. Depending on how long you’ve owned the property, selling now is still likely to return a strong gain from your initial investment.
Interest rates remain low, so it’s a good time for buyers to negotiate a mortgage: People looking to buy might be tempted to wait it out until property prices really fall in order to nab a bargain, but with low-interest rates, those who are ready to buy are in a good position to do so. It’s also a good time for you to renegotiate your mortgage – you can take advantage of low-interest rates as well.
If the market keeps falling, you’ll avoid getting a lower price for your property: If you hold out for too long, prices might really start to fall, which could lead to a disappointing sale price for your property.
Buy your next house in a slower property market to capitalise on the next boom cycle: If you sell your house now, you may be able to maximise your next investment by buying when prices are at the lowest point in a cycle. That way, even if you ‘lose’ some money on the property by selling as the market slows, you’ll likely gain it back in buying a new place at a reasonable price.
Deciding when to sell your house can be a daunting prospect, especially when the market is slowing. Speak to an experienced real estate agent who can guide you on all the particulars of your local area – they will be able to give you expert information on what buyers are looking for in your suburb, what similar properties are selling for, and when to sell to maximise your sale price.
Thinking of selling soon? Start the conversation with one of our local real estate experts by getting a free property report to learn more about your suburb’s sales history, and other pertinent information that will help you get a better idea of your home’s worth. It takes just 30 seconds to fill in and request your report.