Welcome to our Monthly Real Estate Report for April 2021
Finally, the wet season ‘La-Nina event is forecast to have come to an end and Autumn is upon us. And in my opinion, we are now in the best season of the year. Cool nights, stunning clear days, light westerly winds, warm ocean waters and great swells. What a superb time to enjoy our beautiful area.
Real estate wise, we have seen a flush of new listings hit the market, which is always good to see. However, it seems to be doing little to satisfy the intense demand still present from buyers. Sydney, Melbourne and the Byron Shire seem to be making up the majority of our offices out of area enquiries. However, one good thing to see is there is still healthy buyer activity from locals who are upsizing, downsizing or just having a small change in where they would like to live. Price-wise, we still seem to be on our upward trajectory. Hard to believe I know.
We are often asked by potential vendors ‘when is the best time to sell a property?’ Our answer generally is that it depends on a few factors, such as below;
- Normally the features of your property is a big consideration. For example, is it a home on the southern side of a hill in a dense forest? If so, a winter marketing campaign may not be the best timing as it will come across as cold and dark. Its features would shine more in the warmer months of spring and summer. So consider the features your property offers and when through the year you feel it will be most desirable. Additionally, homes with building features such as wood fires may present well in a winter marketing campaign.
- We get lots of vendors that will hold off selling their properties over winter and wait until spring, so the flowers are out and the weather is starting to warm up. However, generally, spring brings more listings, which will bring more competition for your home as buyers have more options. I generally find for the right property that winter is a great time to market, as a higher proportion of buyers that we are dealing with during that time seem to be genuine and there are fewer property listings to compete against, all leading to a better sale price.
- Market conditions are another factor. For example, any sellers in our market at the moment would be best off taking advantage of the higher prices and shorter sale periods on offer in this bullish market, as to say waiting for a few months down the track to sell when things can change.
- Location factors can also be a consideration. You may have a property in a holiday destination for example that is jam-packed over summer and quiet as a mouse in winter, so a campaign targeted over the busy period is the way to go if it’s possible.
- Another thing that will have a huge impact on when you sell, is your reason for a sale in the first place. If you are moving for a job promotion, children to start a new school etc, then of course the reality of waiting months for potentially better marketing factors may not be possible. So there will be times when the choice of when to sell will be taken out of your hands.
So a few things to consider for any would-be sellers out there and stuff that any good agent will be able to direct you on. Be sure to talk to your agent so they understand your circumstances upfront and they can make a plan that ultimately does what it is supposed to do, which is getting a sale at the right time at the best price for you.
Looking outside our area some incredible statistics have just been posted on Sydney as per the Domain Fairfax March property report. According to this report, Sydney’s house prices have soared to a new record of $1,309,195 after jumping $103k over the March quarter, or 8.5%. This is the fastest quarterly acceleration of house prices since Domain records began in 1993. For homeowners, this is the fastest rate of capital growth on record. Wow. What I also find fascinating is according to data, investors have been left on the sidelines and its owner-occupiers that have been the driving force behind the swift price leap. I feel that has to be a good thing. Like I mentioned in one of my previous articles, this is the main area I have noticed that was different to the property boom we experienced in the late 1990s to the early 2000s, where it was more a price spike driven by the investor market.
One quick thing on a more personal note that I would like to mention for our little office. Our dedicated, loyal, hard-working salt of the earth Property Manager Cassie Gilmore has decided to hang up the boots and pursue different interests. We cannot thank Cassie enough for her service over eight long years. We wish her all the best for the future and hope to see her around. Property management is one field of work that I feel is under-appreciated. Property managers now need to be well skilled with computer programs and trust accounting systems, up to date with extensive tenancy legislation, have a broad understanding of construction and building safety standards, plus be experts when it comes to problem-solving and conflict resolution. It is a demanding job even for the most organised of people. Any landlords out there maybe give a thought of appreciation now and then to the work carried out by your property manager.
Until next month, stay safe and be thankful for where you live. Should there be any real estate queries or assistance you may require, feel free to give our friendly, helpful staff a call on 02 6655 1049.