Some vendors are trying to sell in winter, to get in before there is more competition from other sellers in spring and interest rates rise more.
Spring is a more conventional time to sell as gardens bloom. But this year vendors are mindful that more interest rates are on the horizon and their property will face more competition from other sellers in the busier spring market, and are hoping to make the most of selling sooner.Others are pushing ahead with sales due to lifestyle changes such as a growing family or a need to downsize.
“Even though [sellers] know prices are down, they know listing inventory is down now and are making their own assessment that it might still be a good time to go to market,” McGrath said.“The traditional drivers; births, deaths, marriages, divorces, are still the main reason properties are turning over. Life goes on, people for various lifestyle reasons [need to sell],” he said., hoping to get a better price by selling sooner rather than later, and are hoping to buy a smaller townhouse or unit.
The Farrars are hopeful but are also realistic about the price they’ll get, knowing buyers will be affected by rising interest rates. ANZ head of Australian economics David Plank said homeowners would be able to afford the hike in repayments. Village Real Estate managing director and auctioneer Huss Saad said anyone choosing to sell a renovated home now could expect good interest, as the rising cost of undertaking a renovation was affecting the market.
heagney_melissa Reading the piece in today’s Age, you have to laugh at the stuff Agents & real estate people trot out. Maidstone has a “Paris end “ ? Back in France & Paris in a few weeks, I’ll look out for similarities 🙃to Melbourne’s wild west.