Wednesday, November 13, 2013

Property is running HOT… but for how long?

There is no doubt that the property market is running hot across Australia. The market conditions right now are the best we have seen in years—conditions we may not see again for some time! For example, at Toop&Toop in October, we had one of our best months in sales for years; we have listed and sold a phenomenal amount of quality properties.

This trend seems to be appearing Australia-wide. According to an article in the Financial Review on Monday, November is shaping up to be the strongest property month on record for Sydney, where they are expecting in excess of $3 billion in sales!

The buzz around property is hard to ignore and everyone is looking to property once again. Investors are getting back into the market in droves, those with property are looking to up-size using the equity of their existing properties and as a result, first home buyers are struggling to get into the market because of this increase in competition.

Over the recent weeks we have talked a lot about the benefits of this market for buyers—there is no doubt that this is a great market to buy in, but what about those wanting to sell? 

We are finding that sellers want to know if they should be taking advantage of this market, and also if it's too late to do something before Christmas?

The great news is—for those wanting or needing to sell—now is the perfect time! There are still 3 weeks left before Christmas to list a property and 6 more selling weeks of the year. The demand for property right now is strong, and if you need to sell, right now is a perfect time.

So how long will the market be hot? It is always hard to judge. We are starting to hear some stories surface around uncertainty in the New Year. Dr Andrew Wilson from Australian Property Monitors has mentioned that he did not think this current momentum would be sustained into the New Year. "Unemployment is trending up towards 6 per cent so we expect a moderation in activity." Just this week we are hearing the government talking about the Federal budget being worse than originally thought and these factors could have the potential to impact the property market in the New Year.

One thing is for sure—you can never predict the future. Right now the property market is in full swing, there is a strong demand for property and finance conditions for buyers are the best we have seen. The momentum in the market is here right now and if you want to sell in 2013, it's not too late. 

Give us a call and we can put the backing of Toop&Toop behind you to take advantage of this market and help you achieve a premium price for your property.

Genevieve Toop

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