While there’s no doubt early 2020 brought uncertainty to the property market as the pandemic began, the sector has come through largely unscathed in Australia.
Indeed, as we approach the middle of 2021 low-interest rates, a return of consumer confidence and government stimulus packages have helped the market remain stronger than expected.
While Sydney house prices suffered a slight decline in the early part of the pandemic, they bounced back with a vengeance. By January this year, house prices had increased by their biggest margin since the start of the pandemic.
In the 12 months to January, just about every Sydney suburb saw a rise in house prices, with over 100 suburbs experiencing double-digit growth. This surge pushed the median house price for the city to $1,211,488 – that’s almost $50,000 higher than pre-COVID prices.
And the suburb with the biggest increase in median house prices? Alexandria, which rose a massive 30.9 per cent.
So if you’ve owned your inner city or inner west property for a few years you may be surprised at just how much it could be worth in today’s market.
The market’s hot
CoreLogic’s latest data tells us that property prices are continuing to grow, with an 8.8 per cent increase in Sydney prices in the three months to May 2021. In amongst that, Sydney unit prices rose an average of 4.7 per cent over the quarter, while house prices shot up by an average of 19.5 per cent.
There’s been an increase in the number of listings, too. According to Tim Lawless, CoreLogic’s research director, this indicates vendor confidence. “More homeowners are taking advantage of strong selling conditions while they remain skewed towards vendors rather than buyers,” he says.
But what about the season?
All of the above might have you thinking it’s a good time to sell. But isn’t spring the best time to put your place on the market?
Typically we see more property come onto the market in Spring, and while there’s currently strong demand from buyers, more stock can water down prices. So if you want to beat the competition, getting in first and selling in winter has a lot going for it.
While in other parts of the world, and even other parts of Australia, winter is considered a drab time of year to sell your home, that’s not the case for Sydney. In fact, the average number of rainy days in a Sydney winter is the same as for spring, so you can still rely on the sunshine to show your home off to its best advantage.
Plus, the winter weather can sometimes work to your advantage. Western-facing windows that make for a hot, harsh house in the spring and summer can let in the winter sun and create warmth in your home.
But more than any of this, if we’ve learnt one lesson in the last 18 months it’s that we don’t always know what’s around the corner. So with the market going from strength to strength right now, this could be the perfect season to sell your home, whatever the weather.
For the best advice on selling in today’s market, contact my team today.