Sydney - sell now or later?

[Stark100]

Hi all

I have an IP (2 bed unit) in Sydney (lower north shore) that I am planning to sell within the next 12 months (cash needed for another venture). With clearance rates as high as they are, and the general "heat" in the market, should I take advantage of this and sell now? Or wait 9-12 months? Crystal ball gazing required I realise, but interested in your thoughts. Do you think that an increase in supply as we head into spring will dampen down the market?

 

[Richard Feynman]

Take my novice opinion with a grain of salt, but if you're keen to sell in the next 12 months, I'd consider waiting until around October for the spring selling season.

Or longer if the market continues to gain momentum.

 

[Scott No Mates]

I prefer to use the market whilst it is still hot - things to weigh up include what is the auction market doing post calling the election?

winter can be a good time to sell as there is less competition. The property is a unit so unless there are extensive there is no presentation advantage.

 

[see_change]

That market is hot at the moment . We've been looking over the last 2 months for a 2 bedder in the lower north shore

There is very little on the market that is good , and anything that is , is being fought over . Multiple offers etc . We've looked at two properties seriously . One we got out bid on and the other has 16 contracts out and at least two unconditional offers that has the agent expressing suprise over ( so so property in bad street with potential ) . It's probably going to sell around 15 % above the offers over price , whereas agent told us he thought it would have sold around 5 % above .

I think last weekend was busier than before .

My gut feeling is that it will get busier. One agent who we have bought off said there is more coming on the market in the next 4-6 weeks time , after the election and with the spring selling season .

Now or later ? Depends on with how much certainty you want to lock in your money .

So IMHO , the current frenzy is probably adding about 5-10 % in terms of sale prices by competition between buyers . If that makes it really attractive for you go NOW . If the market quietness down after the election , prices could easily come back 5 % in your area.

Past the election is a crystal ball . There a thread on the election somewhere linking to an article looking at past senariors .the one one senario that didn't exist was hot before and hotter after , though that's what everyone ( including me ) here would be hoping for .

Cliff

Ps , if you want to pm me details ...... No agent fees ..... We're still looking

 

[Propertunity]

My guess is that if you wait a bit longer you will get a higher price.

Traditionally, Winter is quieter for real estate - it isn't.
Traditionally, when an election is called, real estate goes quiet as people sit on their hands waiting for the outcome - it isn't and they aren't.

Post election, post winter, interest rates will still be low, the supply issues will not have been addressed and nothing will change (as far as I can see).

I think we have at least all of this year and next year as good growth - but that's just my personal opinion.

 

[Stark100]

Thanks for all for the input. Decisions! Am off to the UK for a month so will sit on the decision for now I think. If I could achieve 10%+ over the "offers over" price suggested by the agents I have been talking to then I would be very tempted to lock that in...