Property prices in Sydney’s inner city and inner west continued to surge even during the lockdown and pent-up demand is now fuelling spring sales.
If you’re getting ready to sell in the new year, here’s what you need to do to prepare.
Three months of lockdown had little impact on Sydney’s property sales, with low-interest rates, pent-up pandemic demand, and government intervention all helping to push Sydney house prices higher. In fact, rarely have we seen such strong market conditions in the inner city and inner west, with prices rising, and the number of days they spent advertised on-market falling. Overall, Australian house prices are expected to grow by 22% by the end of 2021, before growth rates are tipped to flatten in 2022.
Eager buyers, who’ve been frustrated by a recent lack of stock in the market, are jumping on the spring listings surge. The latest PropTrack Listings report showed new listings of properties for sale on realestate.com.au reaching a record level across Australia’s capital cities in October and hitting a three-year high nationally.
While the Christmas holiday through to January is typically a quiet time for property sales, we think that this year may be the exception. Pent-up demand and less people heading overseas than usual may see more activity earlier in 2022 than usual.
If you’re hoping to sell in the new year, here’s your pre-sales checklist:
Keep an eye on sales prices
The market is moving fast right now, so keep your eyes peeled for sales of comparable properties in your area to get an idea of what sales price you can realistically expect to achieve. For example, according to realestate.com.au data, back in January 2021 you could pick up a house in Erskineville for a median price of $1,382,500, but by September it was $1,655,000 - a rise of almost $300,000 in just 8 months, or $37,500 per month.
Make friends with a local real estate agent
The best way to set your expectations correctly is to get a market appraisal from a knowledgeable local real estate agent. They’ll have all the recent sales figures to hand and be able to give you a good guide for your property. Ask them also about recent pre-market and off-market sales.
Keep up-to-date with market trends
Staying up to date with market trends can help you be aware of what unique aspects of your property you may be able to capitalise on. For example, recent search data from Domain showed ‘pools’ to be in hot demand right now as we approach summer, while lockdown, unsurprisingly, saw extra interest in properties with space for a home office and courtyards.
Prepare your property
Any smart home seller knows that the first step is having a big clear-out and clean-up of your property so that you can present it at its best during viewings. Take care of any maintenance tasks and repairs and consider booking professional cleaners for big jobs such as window washing or carpet steaming. If you will still be living in the property while it’s showing, it’s still important to declutter as much as possible. Consider putting extra goods in storage during the selling period.
Have a sales contract drawn up
Before you put your property on the market, you’ll need to have a lawyer or conveyancer draw up a contract of sale. This will include details of the owners, title, settlement dates, conditions of sale, and what is included with the property, such as furnishings or appliances.
Decide how you want to sell
Your real estate agent will be able to guide you as to whether a private sale or an auction is the best approach given the current market and your particular property. Most properties in the inner city sell by auction, but there are pros and cons to both. If you choose a private treaty, your agent will help guide you through the negotiation process to come to a final sales price.
Looking to sell in Sydney’s Inner City or Inner West? Contact our team today for a free market appraisal.