After a period of soaring prices, Australian property sellers have been facing a new landscape in 2023. Interest rates have climbed and prices have fallen or plateaued from their peak levels, yet recent months have seen surprisingly positive results. With many property owners deciding to sit and wait out the interest rate rises, clearly there’s a lot to consider for anybody thinking about listing their home.
So as a seller, is it best to take advantage of current conditions with the lack of stock and plenty of buyers about right now – likely yes. However, choosing to sell isn’t just about current market conditions, but also your own personal circumstances. Those with growing families may need to upsize into a bigger home yesterday and others are desperate to downsize from houses that no longer serve them, while others have more time on their side. Either way, it’s a good idea to understand the current real estate climate, the pros and cons of waiting vs selling now, and knowing what economists are forecasting for the market in 2023 and beyond. With markets varying so much even from suburb to suburb, it’s a great idea to talk to your local real estate expert to get a clear understanding of your local property market.