These strange times have prompted many questions surrounding the property market over the last couple of months. One of the most frequently asked being, ‘is now the right time to sell my house?’
Covid-19 has affected so many factors of our lives; however from what we have seen at Compton Green, buyer interest in our market hasn’t been affected in a negative way at all. In fact, quite the contrary. We’ve actually witnessed an unexpected influx of enquiries with regards to property purchases on all types of homes all across the Inner West. Driven by record-low interest rates, this huge demand for property is being met with a low supply, which means now could be the perfect time for you to sell.
Different to the media’s prediction of a significant price drop, we believe the market will stay reasonably steady throughout this period.
Why? There are a few key factors driving this stability.
- The Inner West overall has had steady growth for the past few years, particularly in sought after areas such as Williamstown, Yarraville and Newport. These suburbs continue to see growth, as do surrounding suburbs such as Footscray, which is tipping into the million-dollar mark now.
- We are seeing high demand for property, powered by avid buyers and low supply of properties. The prices are holding their value despite any external factors that usually affect them. Far from the unlikely prediction of a 15-20% drop. The media’s doom and gloom forecasting has scared off potential vendors, so much so that it’s keeping the prices stable due to basic supply/demand economics.
- All types of properties, apartments and houses, have been actively selling during this crisis. We’ve even seen homes snatched up now after years on the market with no interested buyers. The key is to know that good properties like typical family homes and functional homes in the core suburbs of the Inner West, will always sell. With the high demand and low supply chains we are currently experiencing, it’s these types of properties that will sell but will also hold up the median price value across the real estate market.
Deciding on the right time to sell is dependent on a variety of factors and each person’s situation is unique. However, if you are contemplating selling your home and have been questioning whether or not now is an appropriate time to secure a good price, it’s our belief that it is just as good a time as ever. The current real estate climate has most certainly changed and will continue to do so, but this time shouldn’t be overlooked- It might just be the opportunity you’ve been waiting for!
Interested in seeing if there is an appetite for your property in the market? We can drop by and provide you with an appraisal without any obligation to take it further.
Get in touch here, we’d love to hear from you.