Of course, with only seven weeks of the official selling season to go, if you’re wanting to sell then now is the time to make your move. Buyers too have every reason to feel confident as a result of lower interest rates, increased housing stock and average time on market between 21 and 30 days.
It seems buyers are also happy to move a little further out to secure a larger property at a lower price provided there are good transport links, shops, restaurants and schools close by.
Wolli Creek, for example, is within walking distance of three train lines and that’s just one thing that makes the suburb exceptionally appealing.
Due to more affordable home loans and fewer investors in the market, the gap between the cost of repaying a mortgage and renting is narrowing and this is certainly the case in Wolli Creek, where at the moment it only costs about $50 a week more to pay off an average two-bedroom apartment than to rent it.
Of course, that all important deposit remains the biggest hurdle for buyers new to the market.
The latest research indicates the property market will continue to gain momentum in 2020 mainly driven by price increases and predictions of “moderate” growth for house prices of around 4.5 per cent across all capital cities (with units expected to grow by around 3.9 per cent).
Bottom line is if you’re still on the fence about selling and you’re cashed up, then don’t wait to see what the market’s going to do three or six months down the track. Strike now while the iron’s hot and there are plenty of buyers out there wanting to move now.
As with any property decision, talk to us here at Day & Hodgson first and we’ll advise you on the best way to proceed. Likewise if you’re looking to invest or need a property manager, we can take care of that too.
