September marks the beginning of the property selling season.
Analysts predict that spring will see the beginning of the turnaround for Sydney’s real estate markets, mainly due to prices and sales volumes stabilising towards the end of winter, following the earlier downturn.
With price discounting having stabilised, it is hoped the warmer weather will see more buyers actively participating in the market, which should result in prices starting to turn around.
So, if you’ve been wanting to sell, but have been deterred due to relatively unstable market conditions in recent months, now could be the right time for you to reconsider placing your property on the market.
Sydney’s Inner West
In fact, demand is still reported to be strong in a number of sub-sectors of the market. Homes around the $1.5million level in the Inner West continue to be in high demand.
The Inner West is fortunate in that many suburbs have relatively little supply due to houses being tightly held. Many Inner West residents looking to upscale to larger family homes want to remain within the area. This all contributes to stronger demand, helping to create a floor under prices even during times of general market softness.
During recent times, when the overall Sydney market has been struggling, a number of Inner West suburbs have continued to perform strongly. Houses in Abbotsford and Enfield grew at 20.3% and 17.8% respectively in the year to May 2018. Meanwhile, in the apartment market, Cabarita saw prices jump by 43.1% and Rozelle grew by 21.3% over the same time.
Still not sure?
When it comes time to sell your property, if you’re still having some reservations about less than optimal market conditions, here are some key considerations to ensure you’re placed in the strongest possible position:
• Team up with a good real estate agent
Not all estate agencies are created equal. You need to ensure your agent has a long track record of expertise in your specific market. This will ensure your agent understands the particular circumstances of your suburb, and what current demand levels are really like. Devine Real Estate is perfectly positioned to help vendors in the Inner West. With decades of experience in the local area, we understand how different types of properties are performing and can assist you in finding the right potential buyers.
• Present your property well
Spending a bit of time and money to ensure your property looks its best will boost interest from potential buyers and will ensure open inspections are busy. While it’s important not to over-capitalise, there are a range of relatively cheap fixes, such as a fresh coat of paint, fixing up the yard and decluttering, that can make your property much more visually appealing.
See our previous blog for the main tips for preparing your house for Spring.
Contact Devine Real Estate today for a no-obligation discussion about selling your property, and what price you can realistically expect this spring selling season.
Devine Real Estate
T: 02 8789 0217 | M: 0419 202 930