Is it the right time to sell your home in Sydney?

Is-it-the-right-time-to-put-your-home-on-the-market-in-Sydney_157_6015572_0_14101761_300If you’re on the cusp of selling your house but aren’t quite sure if it’s the right time to make the leap, then new figures from CoreLogic RP Data could give you all the incentive you need. While it’s hardly a secret that the price of a home in the New South Wales capital has continued to soar high above the rest, the difference in price point between other capital cities puts it in perspective. It could offer all you need to approach your real estate agent while the going is hot.

The research shows that over the three months to May, the median selling price of a house  in Sydney was $880,000. Units also had a strong showing at $638,000. These sums are impressive enough in themselves, but they are also significantly more than anywhere else in the country.

For instance, Sydney’s closest property rival, Melbourne, pales by comparison. With the second most expensive median house price, the Victorian capital is still $259,800 lower than Sydney’s. Similarly, for an apartment in Melbourne, the median sale price is $158,000 below that of the Harbour City.

What’s more, values have continue to rise strongly – 16 per cent over the previous 12 months – which could see the price difference stretch out even further. CoreLogic Senior Analyst Cameron Kusher expects the prices to keep on their upward track, which could be a promising sign for those selling their home.

Gain a profit 

Residential sales in Sydney have been seeing fantastic results recently – and the profits that vendors are making at sale could be a fantastic incentive to put your property on the market, if only to make use of the booming conditions. CoreLogic’s latest Pain and Gain report for the March quarter has revealed that just 2.4 per cent of Sydney vendors resold at a loss over the period. Even better for prospective sellers, this proportion has dropped from 3.1 per cent a year earlier.

Not only are the vast majority of resales making a profit, but a staggering volume of vendors have recorded a profit of greater than 100 per cent on the original purchase price. Some 31.7 per cent of properties posted this result over the three months to March, and in the Ashfield, Hunters Hill and Marrickville Council areas, not one seller recorded a loss. In fact, in Hunters Hill, the median profit was an eye-watering $672,500.

These prodigious sales could indicate that it’s an opportune time to get your own home ready for market.

Economic juggernaut

If rising prices and potential for profit aren’t enough to encourage you to sell, then the growing population base and blooming economic conditions could help you along. As Australia’s largest city, property has remained in high demand and will likely continue to do so. Mr Kusher pointed out that Sydney holds the most employment opportunities and low interest rates are encouraging households to purchase a house or, increasingly, buy an apartment.

The City of Sydney has shown that the population is swelling, flying past the 200,000 mark. The council also highlighted its expectations of 250,000 residents by 2022 and the large number of units being constructed is supporting this population growth. In fact, City of Sydney said there are 8,000 dwellings due for completion in the council’s jurisdiction in 2017-2018.

This could reflect just how popular Sydney is as a destination for real estate and speaks volumes for those selling their home in the Harbour City.

For property appraisals and assistance with selling your home, make sure to get in touch with your local real estate agent. They can offer insights into a suitable listing price, as well as vendor marketing to set your sale on the right course.

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