If you’re wondering whether now is a good time to sell your property in Australia, then a conveyancing solicitor can help you make the right decision.
If you own a house in Australia and are wondering, “Is now a good time to sell my property?” then you need to consider a few key factors. To help you make the best decision, you should consult with a conveyancing solicitor to help you navigate the complexities of selling your home. Reliable but cheap conveyancing can make sure you get the best deal possible with minimal hassle.
How the market fluctuates
The most important factor to consider is that you want to make sure that you get the best possible price for the house you’re selling. House prices tend to fluctuate on the back of economic conditions, for better or worse. When prices go down, it’s a good time to buy because you’re more likely to get a good deal. When prices go up, then it’s a good time to sell as you might make a decent profit. If you sell when prices are low, you might end up making a loss on the true value of the property.
However, according to the law of supply and demand, house prices tend to self-regulate over time. When prices are low, many buyers enter the market, driving demand up. As houses get snapped up, demand increases as supply drops and prices rise. With prices up, demand tapers off as fewer people can afford to buy, and so the supply of houses for sale goes back up and prices come back down.
Is now a good time to sell?
Currently, Australian house prices are peaking at record highs, particularly in major city centres such as Sydney, Canberra, Hobart, Melbourne, Brisbane, Adelaide, Perth and Darwin. Throughout 2021, housing prices rose by a record 25% on average across all these major metropolitan areas.
This means that, right now, it’s a seller’s market. If you sell your home now, the price you can claim for the property will be the highest its ever been. However, the challenge you might encounter is in finding buyers who can afford it.
The unsustainable price high, according to economists, is likely to cause prices to plateau and start dropping off later in 2022. Although predictions maintain that housing prices will remain high into 2023, they are not likely to maintain the record high prices that they enjoy now in early 2022 for much longer than a few months.
Of course, unless you have other properties in your back pocket, selling now might make you a buyer immediately afterwards. With prices so high, you might not want to consider that possibility carefully.
If you’re wondering if now is a good time to sell your property, then contact Ownit Conveyancing now. We are low-cost conveyancing solicitors, offering affordable conveyancing services to home sellers and buyers alike. Contact us now to see how we can help you!
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