Selling your Sydney home in a changing market

As reported by Aline Tanner from realestate.com.au view the full story here.

Despite the fact that Australia’s property markets are currently facing a downturn or flat-lining, selling your home in a changing market isn’t necessarily all bad news.

Current data suggests prices are dropping and sellers inevitably worry about the impact these falling prices will have on their property’s value.

“Yet current property prices in many parts of Sydney are now about the same as they were in 2016, so sellers who bought their home more than two or three years ago will still get more for their property than they originally paid for it,” says Ashley Bierman, associate director, Ray White – Double Bay.

For anyone selling in a cooling market, if you then go on to buy in the same market conditions, your new home is likely to have experienced a similar price drop, which Bierman says makes it a great time to consider an upgrade.

Sydney’s property market has suffered the biggest downturn but vendors can still achieve healthy sale prices. Picture: iStock

Tips if you’re thinking of selling

In order to maximise your chances of achieving a good sale price in a changing market, Bierman offers sellers the following advice:

First off, enlist the help of a competent, experienced agent who specialises in your area’s particular market. “A good agent will be fully focused on creating and tailoring a strong sales campaign and delivering on their promise of achieving the best possible sale price regardless of what the market conditions are,” says Bierman.

Make some minor improvements that will add genuine value but that won’t cost too much, like a paint job, tidying up your outside spaces, etc. “Presenting the home in its best light is key. I’d absolutely recommend styling the property for maximum appeal,” says Bierman.

Having a layered approach to how you market the property will stand you in good stead. “Spread your marketing campaign across print, digital and social media, while maintaining a balanced approach and ensuring you target the right demographic.”

Have some buyers come through off market in the first instance in order to create a ground swell of interest while also gaining some insight around price. “Having the leverage of momentum, conviction and some initial price discovery helps sellers when it comes to setting the best pricing strategy to optimise their sale with the agent.”

Be prepared to be nimble with your sales process. “Whether you need to extend your campaign or change tack, try and keep an open mind and stay flexible,” advises Bierman. “Also, try and make the harder decisions as early on in the process as possible.”

Know your market

For some sellers, it’s well worth keeping in mind that certain areas of Sydney will stand firm despite fluctuating market conditions.

“Prestige markets such as Sydney’s eastern suburbs tend to hold their own in terms of value and appeal. They are less likely to be influenced by general market trends – a micro market within the broader market so to speak – and as a result vendors in premium suburbs selling high-end homes are still getting healthy sale prices,” says Bierman.

Sydney’s dwindling market is leading buyers to change the types of properties they’re interested in, which is good news for vendors selling a property located in an area seeing more buyer interest.

“We have started to see far more search activity in premium suburbs,” says Nerida Consibee, realestate.com.au’s chief economist.

“Right now, Sydney’s northern beaches and inner east are seeing the highest number of views per listing in Australia.”

“As prices fall, buyers turn their attention back to premium suburbs, either because they see good value, or prices have fallen enough to allow them to get back in,” adds Consibee.