This winter vendors are mindful that more interest rates are on the horizon and their property will face more competition from other sellers in the busier spring market, and are hoping to make the most of selling sooner. | heagney_melissa
Some vendors are trying to sell in winter, to get in before there is more competition from other sellers in spring and interest rates rise more.
Spring is a more conventional time to sell as gardens bloom. But this year vendors are mindful that more interest rates are on the horizon and their property will face more competition from other sellers in the busier spring market, and are hoping to make the most of selling sooner.Others are pushing ahead with sales due to lifestyle changes such as a growing family or a need to downsize.
“Even though [sellers] know prices are down, they know listing inventory is down now and are making their own assessment that it might still be a good time to go to market,” McGrath said.“The traditional drivers; births, deaths, marriages, divorces, are still the main reason properties are turning over. Life goes on, people for various lifestyle reasons [need to sell],” he said., hoping to get a better price by selling sooner rather than later, and are hoping to buy a smaller townhouse or unit.
The Farrars are hopeful but are also realistic about the price they’ll get, knowing buyers will be affected by rising interest rates. ANZ head of Australian economics David Plank said homeowners would be able to afford the hike in repayments. Village Real Estate managing director and auctioneer Huss Saad said anyone choosing to sell a renovated home now could expect good interest, as the rising cost of undertaking a renovation was affecting the market.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What if there aren’t enough home buyers ready to pay what a seller is asking?Melbourne’s auction clearance rate was 53.9% last month, its weakest since lockdown, as rising interest rates pushed property prices lower and more homes on the market gave buyers more choice heagney_melissa
Read more »
Raw milk biz MadeByCow chases investor, Kidder Williams on ticketMelbourne dealmaker David Williams just can’t seem to stay away from food.
Read more »
Man arrested over alleged sexual assault of 11-year-old girlAn 11-year-old girl is in hospital following an alleged sexual assault in North Melbourne.
Read more »
Google Pixel 6a review: this mid-range master is a true bargainTop chip, brilliant camera, great software and solid battery life in a smaller body with a cheaper price
Read more »
Google Pixel 6a review: this mid-range master is a true bargainTop chip, brilliant camera, great software and solid battery life in a smaller body with a cheaper price
Read more »
Animal kingdom: First Nations stories told through immersive experience at Melbourne MuseumTyama showcases the knowledge of Victoria’s Indigenous peoples through the state’s native animals
Read more »