With the Sydney property market continuing to climb, many homeowners are wondering how much their home is worth.
This article will consider impacts on the housing market that may influence where housing market prices are headed next year and in the future. We will consider what changes may occur and we suggest where you should go for some solid, dependable advice.
How have Sydney house prices changed over the last year or so?
House prices in Sydney have continued to increase by record levels according to the Australian Bureau of Statistics. It’s expected with occasional fluctuations they will continue to climb next year.
What does this mean for homeowners who are considering selling their homes?
Circumstances are important
In a booming property market, the reason for selling your home matters!
If you are moving to a similar size and type of property, or even if you need more living space for your family, then your benefits will be minimal because the property you buy will have increased in price at a similar rate as your current home. A real estate professional may be able to help you maximise the profits on your current house or suggest locations with lower house prices for your move.
If you are downsizing because the family have moved out, then any profit from the sale of your current home may be used to top up your retirement fund. You will want to sell near the peak of the market and before prices start to drop. You should ask for advice from a real estate professional.
What does the future hold for property prices in Sydney and Australia as a whole?
It’s hard to say exactly what the future holds for Sydney and Australian property prices, but most experts agree they will continue to increase long-term. The current trend points towards a steady rise in prices over time as Australia becomes an increasingly more desirable place to live.
How will the reopening of Australia’s borders affect house prices?
As Australia’s borders reopen and the country becomes more accepting of immigrants, students and workers from overseas, we’ll likely see a significant increase in demand for housing. This will lead to an overall rise in Sydney property prices as well as across the nation.
If you’re a homeowner in Sydney, it’s possible your property will become even more valuable in the coming years as the population continues to grow and demand for housing increases.
How important is it to consult a real estate agent before selling a home?
It’s not essential to consult a real estate agent before putting your home up for sale. Most of us could advertise our homes ourselves and find a buyer over time, but we may not be getting the best price!
An experienced agent will be able to help you price your property correctly, market it effectively, and they’ll negotiate with potential buyers on your behalf. They’ll also have extensive knowledge of the current state of the Sydney housing market and can give you advice on whether now is a good time to sell.
What are the benefits of working with a real estate agent?
A real estate agent can help you get your property sold quickly and for the best possible price!
They’ll also bring years of experience in all aspects of selling homes to the table, from valuing and marketing your property to negotiating with buyers. Because they’re paid a commission by the seller for their services, real estate agents have little incentive to drag out negotiations and will be keen to close a deal quickly.
Where can I find expert help?
Property professionals are generally optimists, especially since their earning potential is linked directly to the property market. In reality, nobody can know what will happen in 2022. The Coronavirus pandemic seems to be continuing while we are all trying to establish a ‘new normal’.
The government and big business are keen to open Australia’s borders and live as we did before the pandemic but the medical profession isn’t convinced we are over the worst of the virus yet.
All of this uncertainty affects jobs, migration to, and from, Sydney, and house prices. You should seek advice from successful, experienced real estate agents.
MGM Martin – the help you need
MGM Martin have years of experience in real estate in Sydney. We understand the housing market and the forces that cause it to fluctuate. We have continued to work, safely, throughout the pandemic and the numerous lockdowns and we would be delighted to have a chat with you. We can advise on the current value of your property and will provide a reasoned estimate of future values based on our knowledge of Sydney property.