Big picture data says it's still a great time to sell
Deciding when to sell your home which is so often your great financial asset, is one of the biggest decisions directly affecting your wealth.
Sometimes, a sale will be forced due to personal circumstances or a change in employment. But if you have a choice in the timing, then it pays to study not only the price trends in your area but also the big picture events that influence buyer attitudes.
The constant media chatter around the timing of an expected increase in interest rate rise is an example of how commentary on economic issues turns buyers' heads.
As an experienced real estate agency in our area, we'd always suggest the most important data are the local price trends, the volume of properties for sale in your suburbs and the number of buyers.
Your home's value will be influenced by these factors and similar properties currently for sale in the suburb.
The leading real estate researcher CoreLogic has made a few big-picture observations about the current market based on its March data. Here are the highlights:
- Price growth is softening. It's been a red-hot 20.6% for the past 12 months, but February contributed just 0.6% to that growth.
- More deals were completed than 12 months ago. Volumes were up 33.7% compared to last February.
- Sellers are not much interested in negotiation. An average discount for February was just 3.2%. So, it's still a seller's market.
- There were 4.8% more properties advertised than during the corresponding period last year. This indicates homes are still tightly held, shoring up the historic value gains in 2021.
These insights, combined with the latest auction results, confirm that the market is still strong. The weekend of April 9 was one the busiest of the year for auctions with 4086 properties going under the hammer across the combined capitals – that's 86% higher than the number of auctions for the same time last year.
Despite the high volumes, the clearance rate is holding nationally 67%.
If you're thinking or intending to sell your home soon, we'd be delighted to help you. We can discuss local price trends, buyer expectations and the best way to market your property to maximise its value. We look forward to hearing from you!