Traditionally, Spring is a buoyant market for real estate, with many vendors waiting until the Winter freeze has thawed before putting their properties on the market.
While there are practically hundreds of separate “property markets” within Australia, coastal property – particularly in Sydney – is looking to have a bumper Spring.
Local real estate agent Stephen Bock from Ray White Seaforth office Busquets + Bock, believes we are in for a good Spring mainly due to the “flow-on” effect of the First Home Buyers market.
“Last year we saw strong growth in the first home buyer market and this has since had a ‘flow on’ effect into higher priced properties,” he said.
“Many buyers are now active as they realise prices are really starting to push up and rates will also potentially move upwards in the medium term. In addition, market sentiment has continued to improve over the last 12 months.”
Mr. Bock believes any region along Sydney’s coast will continue to perform well, as it will always be in “high demand”.
“I am seeing a massive increase in the number of people considering selling in the short-term,” he said. “I do believe we will see a lot more property on offer during Spring although this can lead to an over-supply of properties and prices can ‘dampen’ as a result.”
“While I believe we’ll have a reasonable season, I think the federal election may affect it somewhat.
He said there may be a lot of people who “sit on their hands” and wait until the Government has been bedded in, and in this case decided.
“I still think it will be an OK time for housing, but not as good as we would normally have.”
Steve Bock’s tips for homebuyers
- Do your research. Today this is easy with the information available through the internet. Also consult some good realtors in your area.
- Try not to be ’emotionally attached’ to the property you are looking to buy. This will help alleviate paying too much.
- Have your finances in order prior to shopping. In some cases a shorter settlement or being able to exchange quicker may help pricing terms.
- Don’t rush. Take your time and be prepared to make offers on a number of different properties. A lot of property should become available as we move into Spring. One of the best times to buy is at the end of the year as the market starts to wind down for Christmas.
- Form a good relationship with the agent handling the sale. If there are many buyers on a property it may be helpful if you ‘stand out’ as friendly to deal with.