Interest rates and global instability have both played their role in the recent changes in the Australian property market. But is it really all doom and gloom from here?
We take a look at how the current market is really affecting vendors and buyers and how you can still get the best price.
Buyers have healthier choice of options
The market is quite balanced at the moment moving from a seller's market to a friendlier buyer environment.
The R&W team has seen a higher volume of listings on the market, with the increased choice giving buyers a sense of comfort rather than a sense of urgency or fear of missing out on a property.
“Buyers have a healthy choice of options available at the moment and some are speculating that prices will fall and are holding off on committing to a purchase unless they have a deadline,” Residential Sales Consultant, Tina Fotopoulos said.
“More sellers are coming onto the market as prices have seen the value of their properties peak and feel it is time to capitalize on the growth,” she said.
Interest Rate Levels to Remain Affordable
The recent interest rise has prompted a knee-jerk reaction of caution from buyers who have been actively looking to purchase. But there is no need for concern.
At 0.35 per cent now, the cash rate is still low. As it climbs incrementally over the next few years, we’ll see a much-needed softening effect on the property market. Buyers will be in a better position to secure a good property for a reasonable price
“We do not expect this to affect the market in the long term as the rate levels will remain affordable despite future increases,” said Tina.
The Key to A Successful Sale
It’s all about presentation
The condition and presentation of a property is extremely important in a transitioning market when it comes to achieving a strong sale price in a slow market.
“We've moved from a selling in isolation scenario to a selling in a competitive environment and first impressions are crucial,” Tina said.
“In a transitioning market, the presentation of the property is the most important factor that the owner can control. A property will be judged immediately when it is advertised online and then again upon inspection,” she said.
Market your property the right way
Let’s not forget the importance of marketing your property. A superior advertising campaign in conjunction with a beautifully presented property gives the owner the best chance of standing out and attracting multiple buyers to their home. Whether it's print, digital advertising or letterbox drops, it's vital you leave no stone unturned during the marketing strategy of your property.
It's all about experience
Work with a team that not only flourishes in the boom time but also when the property market falters. With over 50 years of experience in the local area, R&W Marrickville | Dulwich Hill & Hurlstone Park have the necessary knowledge to guide you through the market changes.
“From preparation and presentation of the property to developing buyer interest, we have the local knowledge and ability to create a customized sales strategy for all our properties,” Senior Sales Consultant & Licensee, Aris Dendrinos said.
“We know exactly what buyers are looking for and attracted to. We can provide specific expertise to an owner about how to present their property to capitalize on this,” he said.