In the first half of 2018, the market has started to level out, bringing stability to a once-surging market.
While generally, this may prove a tougher time for sellers, it opens advantages for buyers and sellers if you’re looking in the right area.
The market has slowed down, bringing stability
There’s no denying that in the past 6 months we’ve seen a significant break in the surging Sydney property market. Fitch Ratings predicted the slowdown in Australia at the beginning of the year in their Global Housing and Mortgage Outlook 2018 report.
Since September 2017, the average number of days a Sydney house takes to sell has risen from 45 to 63, with units increasing from 54 to 64 days. This drop is paired with the reduction in Sydney auction clearance rates from around 80 per cent to the mid-50s.
This stable market has opportunity for Sydney upsizers
As a result, sellers are experiencing greater ‘hang time’ in the property market, but for those who are also buyers, they’ve gained an advantage as demand has dipped.
And therein resides our competitive advantage for the savvy upsizers – let’s unpack what you should consider before you pack up.
1. Think about when the right time is for you to buy and sell
With Spring sales about to get underway on the streets of Sydney, buyers will typically have greater selection. This means upsizers will have more time to shop around and find the perfect property for the right price.
Sellers may face a more competitive field due to the uptake in properties on the market, however those with properties in the Potts Point and Elizabeth Bay market can rest assured on this blue chip market’s consistent strength and stability.
2. Understand where you want to upsize
As we predicted at the start of 2018, the 2011 postcode has remained stable, so both buyers and sellers in the area have an advantage at hand. The property mix, local amenities, transport options and market strength are all important factors to consider.
This is where tapping into a wealth of local real estate expertise can give you a competitive advantage in a potentially crowded market. But, if you’re staying in or around the 2011 area, you would already know the benefits of living in the 2011 postcode.
3. Understand what upsizing means for you
Upsizing doesn’t necessarily mean moving from an apartment to a house. It could mean seeing your personal taste come to life in a designer renovation, updating your urban crash pad or taking up the opportunity to own a piece of an iconic new development.
Whatever you’re looking for, there’s an art to finding the right property, and that’s where understanding the breadth and depth of the local property market is invaluable to fulfilling your dream of moving house.
Are you ready to discuss how to sell your home and what upsizing means for you? Get in touch with our team today to learn how to upsize your property.