Bexley/Beverly Hills Blog

Dreaming is for dreamers. That’s not to say we shouldn’t indulge. It’s more to make the point that we should also take action on our dreams so that we can start to turn them into a reality. Perhaps nowhere is this more evident than when we start thinking about the house of our dreams. To achieve that new reality, we might have to sell our current home. And the big question is always, “Is now a good time to sell?”

In the real estate market, timing is critical. To take one example: during the mid-stages of the pandemic, many unit owners put their property on the market because tenants had trouble keeping up with their rent, or they’d fled Australia to return to their home countries. This led to a glut of apartments on the market and rapid price falls, especially in the inner city and city fringes. Apartment owners who had the confidence to ride out that particular storm have seen prices rebound to almost pre-pandemic levels. Those owners who sold early mis-timed the market; many had no choice but to sell.

It’s no secret that house prices have spiralled upwards over the past year or so, with many Australians seeking more space as they continue to work from home and home-school children.

Most property investment gurus will tell you that, on average, property doubles in price around every eight years. Even if you own property in an area with lower capital growth prospects, your investment will secure your future. The longer you own your property, the better the prospects of capital gains.

Safe as houses

COVID-19 has driven home that there are many elements outside of our control. Worse, we really never know when they can hit. Taking charge of the things in our lives that can provide us with security ‒ like homeownership ‒ gives us a certain level of stability to our current and future life. And while it’s true that you can’t sell off a bedroom if you need to raise cash, property has proven to be a sound investment, especially family homes. 

Due to demand during and post pandemic lockdowns, property prices in Sydney have experienced rapid growth. This rise in prices is expected to continue for a while before it begins to settle. 

While all the major lenders and property pundits expect the current hot market to cool in late 2022, money is still cheap and we’re still seeing evidence of pent-up demand. However, sellers should not expect to extract too much more value from this market. And when, not if, the property bubble bursts, only prices of luxury and prestige homes are likely to drop. We expect prices to stabilise, rather than decrease, in most Sydney suburbs.

Take advantage of the sellers’ market

If you’ve done your dreaming and you’re ready to move to greener pastures, you are in a great position to sell now, perhaps to upgrade to a more spacious home, or downsize to a regional city or town. If COVID-19 has taught us anything, it is that the future is unpredictable. So don’t wait to fulfill your dream. Right now, housing stock on the market is relatively low, with low availability in many areas.

We believe that buyers who wait to extract more value from their homes could run the risk of mistiming the market. Once you’ve decided to sell, it’s worth getting sound financial and property advice. The ultimate aim is to ensure you can buy your dream home for the right price as well as achieve the optimum sale price for your current home.

Need help selling your Sydney home?

Our team’s experience and local knowledge gives us the advantage when it comes to advice on how to sell your home in Sydney.

If you’re looking to sell and need sound advice, our team is on hand to help. Get in touch today.