Positive sentiment continues to strengthen in the property market with national values rising 1% in the three months to April.
It’s a relief after the tapering values we saw between last May and February, which encouraged owners to pull back from the market and buyers to hesitate.
The new data indicates the worst is behind us. In the bellwether market of Sydney, prices have now risen 3% over the past three months.
The four largest capital cities have all recorded a rise in values in the past three months, according to data released by industry researcher, CoreLogic.
Auction clearance rates are also slightly above the five-year average with sentiment in this sector now lifting.
CoreLogic says that home sales are trending around the previous five-year average.
The head of research at CoreLogic says that it’s “reasonable to assume more people are fast-tracking a purchasing decision simply because they can’t find rental accommodation”.
If you’ve been one of the thousands of owners who held back from the market when prices were tapering, this could be the ideal moment to reignite your plans.
Below, we’ve outlined some recommendations for preparing to sell in a re-emerging market.
Timing dilemma
Trying to time the market is tempting but doesn’t always work out. None of us possess the perfect crystal ball. Instead, focus on selling your property at a time that suits your circumstances.
Pricing Strategy
Despite the improved market mood, you should price your property competitively. An increasing number of properties will come onto the market, and you will all compete for buyers. An overpriced property can lead to a prolonged selling process.
Be unique
Work with your agent to highlight the unique selling points of your property. Showcase special features and renovations that make your property stand out. Smart marketing and staging can bolster your sales price, whether selling by private treaty or at auction.
Negotiation strategy
In a rising market, you could get multiple offers. With your agent, work out how much you want for the property. Shooting higher when the offers come in is tempting, but some owners see deals evaporate when they ask for too much.
Be agile
With stronger buyer interest, be ready to accommodate multiple inspections. And if a great offer comes in, you might need to move out faster than anticipated. But that would be a good problem to have!