Selling in Cooler Months
Traditionally, the real estate market is widely acknowledged as having its busiest activity occur across the season of spring – warmer weather, blossoming flowers, heightened levels of optimism in general, along with the motivation of moving and being settled into a new property by Christmas.
However, when the market is as buoyant as it is right now, the onset of winter is unlikely to slow the momentum that has swept across the nation’s housing market. Domain senior research analyst Nicola Powell said the ‘unseasonably hot market could continue for the next six months as a record number of new home loan commitments pointed to ongoing buyer demand.’
Research has shown that people have saved a lot of money over the past 12 months (particularly with international travel completely off the table and limited/sporadic domestic travel), and they have more money to put towards a deposit or for a renovation of a property in need.
Homeowners are being informed about this record market constantly through various media outlets, and indeed their own observations in their local communities, noting how quickly property is selling and finding out what prices are being achieved. It is certainly still very much a seller’s market and the onset of winter does not look like diminishing the heat.
CoreLogic’s national home value index recorded a 2.8% rise in March, the fastest rate of appreciation since October 1988 (3.2%). These exceptionally strong growth conditions remain broad-based, with values rising by at least 1.4% across each of the capital cities and ‘rest-of-state’ areas over the month.
Sydney led the pack for capital gains in March, with values surging 3.7% over the month and 6.7% higher over the first quarter of the year.
According to CoreLogic’s research director, Tim Lawless, “The last time Sydney housing values recorded a quarterly trend this strong was in June/July 2015. Following this brief surge, the pace of growth rapidly slowed as limits on investor lending kicked in to slow the market.”
If you are thinking of selling the timing could not be better. Talk to us to find out what price we could secure for you property in this booming market.