10.04.2023 Selling Advice

3 Things Sellers Need To Know About The Property Market This Spring

3 Things Sellers Need To Know About The Property Market This Spring

The national media is reporting a bumper start to spring.

Does that reflect what we’re seeing here in Sydney’s eastern suburbs?

National news reports are heralding a “bumper start to the spring selling season”. But what are we seeing on the ground in Sydney’s eastern suburbs?

We look at three things sellers need to know about our local property market right now.

1. Covid has redefined the selling seasons, but spring still matters

As we wrote a few weeks ago, CoreLogic released some interesting data showing COVID has altered the patterns we usually see in the “seasons” of the property market. This means the spring selling season is no longer the same spike it once was. Instead, listings are released across winter (previously a real low season for the property market).

That said, since 2020, the property market has really been defined by a lack of listings. CoreLogic reports the total number of listings for Sydney remains -7.2% lower than the five-year average.

Because there are fewer properties for sale, buyers have had less to choose from. This has kept prices buoyant, but it has also meant many would-be buyers have missed out or had to settle for second best.

The good news is that realestate.com.au data shows an 18.4% surge in listing volumes for August 2023 compared with August 2022, making this the busiest end to winter in more than a decade.

Realestate.com.au attributes most of this activity to improved seller sentiment and says Sydney’s monthly sales volumes are now up 24% on a year ago.

This reflects what we’re seeing out there in the market, with more listings, more buyers, and more activity.

2. Price rises are real

This lack of stock has had a real impact on house prices. According to CoreLogic, dwelling values across Sydney have risen by an average of 8.8% from their January low. This is despite interest rates being at their highest levels in 10 years.

Some of our local suburbs and property types have far outperformed the average.

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Four-bedroom houses in Bondi are up 18.1% compared to 12 months ago, and three-bedroom houses in Woollahra have also increased 18.1%. Meanwhile, one-bedroom apartments in Edgecliff are up 16.2% since last year, and one-bedroom apartments in Centennial Park are up 15.5%.

As these price rises show, there is a lot of action in the entry-level market. But the prestige market is also busy, with several records set and broken over 2023.

Auction clearance rates across the city reflect a healthy property market, sitting at 72.5% (up from 57% a year ago). In mid-September, the clearance rate for Sydney’s eastern suburbs sat at 67.3%, according to CoreLogic.

3. Sell when it’s right for you

While many people stick to the idea that Spring is officially the best time to sell, we believe the best time to sell is always when it’s right for you and your circumstances. After all, different properties suit different approaches, and there are benefits to selling in any season.

If you want to sell in Spring 2023, time is running out. We have just two months until the last auctions of the year, so any sales campaign must be limited to just a month.

If you can’t make that deadline, don’t despair. You still have options. Over the past two years, we’ve taken an innovative approach to launching listings for the new year, setting them live before Christmas. This has given us a longer sales campaign and takes advantage of the fact that many people remain in Sydney over December and January.

Anecdotally, there is almost always an increase in web traffic over the holidays. This has helped us sell many properties before the end of January rush – once the traditional “start of the year” for the property market.

Our team continues to show properties between Christmas and New Year – when people are on holiday, but many businesses are closed.

Read our article Choosing a real estate agent: 10 questions you should ask

Looking for more advice about selling your property in Sydney’s eastern suburbs this spring? My team and I are here to help – get in touch today.