ASK THE EXPERT: HOW TO READ THE PROPERTY MARKET

TO SELL OR NOT TO SELL? WE ASKED A PROFESSIONAL WHAT TO LOOK FOR AND HOW TO READ YOUR LOCAL MARKET TO GET THE BEST PRICE FOR YOUR PROPERTY IN ASSOCIATION WITH BETTER HOMES AND GARDENS REAL ESTATE

The state of the real estate market is often a hot topic around the barbecue. Is it strong? Is it quiet? It’s the source of much speculation, but when you consider that property is probably the most sizeable investment you can make, any insight into its nuances can be valuable.

Multiple factors can have an impact on the property market, such as interest rate changes, new infrastructure, changes in zoning and recent sales. So if you’re looking to sell, how do you know it’s the right time?

DO YOUR HOMEWORK The first step is to arm yourself with the right sources to familiarise yourself with the property market as a whole. Sign up for newsletters, research recent sales online, attend open house inspections and go to as many auctions as you can. This will help you become familiar with the process and feel more comfortable with market values so you can decide if you are ready to sell or buy.

Someone very familiar with the process is Lloyd Allen, principal of Better Homes and Gardens Real Estate Crows Nest, on Sydney’s north shore. “Speaking to your preferred real estate agent can give you a good overview of what the current market circumstances are,” says Lloyd. “That will help you to interpret your situation and decide how best to proceed with your plans.” GET A FEEL FOR THE MARKET IN YOUR AREA Once you’ve got a grasp on how the market works, you can start to focus more on your local area. Speak to your neighbours and local friends about nearby properties for sale. Taking a look at local open for inspections is also a good idea.

Set up email alerts in your search suburbs and ask an agent you trust for their observations on what’s happening locally. Better Homes and Gardens Real Estate offers a service called Home Finder, an online tool that matches your property requirements with its listings and ensures you won’t miss a property that ticks all your boxes.

SELLING IN A STRONG VS A QUIET MARKET

With pros and cons to selling in both markets, overall it depends on your expectations and objectives. “When you are selling in a strong market, there are normally fewer homeowners doing the same thing,” says Lloyd. “There are more buyers actively looking to purchase and the market enjoys high demand and clearance rates.”

In a quieter market, there may be fewer buyers and sales. The number of properties on the market can play a role in the sale prices being achieved. For many owners it’s a decision to sell now or wait until the market is stronger.

“Often there are more vendors in the market than there are buyers, so the supply and demand relationship of the industry forces volumes and prices to contract,” says Lloyd. “That said, less stock and fewer properties for buyers to inspect can also be beneficial.”