If you’ve glanced out your window over the last few days, you’ve probably noticed just how dark it is getting lately – and how early. Yes, there’s no denying it: winter in Australia doesn’t always summon up quite as much beauty as the spring or the summer. With such grim days and grimmer weather, you can bet that people aren’t quite feeling the property hunting buzz these days.
But could this slowing of the property market actually spell an opportunity for somebody wanting to unlock the equity built by their home loan? It might sound strange, but the winter could actually light a fire under your property-selling aspirations.
Freeze out the competition
Sydney has, after a brief moderation, quickly found it’s way back to the top of the property demand pile. With median value gains of over 13 per cent recorded by CoreLogic RP Data over the last 12 months, it’s clear the Harbour City is still the place to be if you want to see plenty of profit from your property.
However, during the winter, you’ll find that these high values don’t translate to a high desire to sell. If you take a look at CoreLogic’s data over the last few years, you’ll find that the winter is defined by a lack of auction listings, falling by a significant amount over the colder months. People head on holiday, or simply don’t want to deal with the rigmarole of a property sale while it’s so chilly.
Demand stays high
For those who want to beat out the competition, this is a great opportunity to put your property up for sale while there are very few others on the market. While listings might be down, demand stays up, as evidenced by the high auction clearance rate. In fact, CoreLogic reports that Sydney is beating out even Melbourne, with the capital of New South Wales being the only city that is tracking above 70 per cent clearance in recent years.
Clearly, selling your property in winter isn’t the waste of time that many people think it is! Ensuring you get the best price for your home is one of the most important steps towards taking control of your overall financial wellbeing. If you want to make the next stages towards a comfortable retirement that much easier, make sure you get into contact with the financial planning team at Customs Bank today!