03.15.2023 Selling Advice

Autumn 2023: What Every Seller Needs To Know

Autumn 2023: What Every Seller Needs To Know

Considering selling in the next couple of months?

Here’s what you need to know.

Are you considering selling your home in Autumn 2023 but wondering whether the timing is right? We reveal the six things you need to know right now about the state of the property market in Sydney’s eastern suburbs.

1. Autumn is a key selling season

In Sydney’s Eastern suburbs, autumn ranks second only to spring as the most popular season in which to sell a home. People have their summer holidays out of the way, school is in full swing, and they want to make a move before winter hits. So we usually see a rush of properties coming to market and also an accompanying rush of buyers out inspecting homes.

Selling ‘in season’ often makes sense because people will be actively looking – something that can’t always be guaranteed at the height of summer or depths of winter (although increasingly, people are looking for property all year round).

The downside, however, is that even though there tend to be more buyers, there also tends to be more competition for their attention. This means you generally need to present your home well to stand out from the crowd.

2. But this year is a bit different…

This year, we’re not yet seeing the same rush of properties to market that we usually do at this time of year. The latest CoreLogic data shows that listings across Australia’s capital cities are tracking -17.0% lower than a year ago and -11.9% below the five-year average. It also reveals that listings have been tracking at below-average levels since September 2022.

Before you start to worry, right now, we’re seeing lower-than-usual levels of listings translate into a relatively healthy citywide auction clearance rate of around 70% – usually the sign of a seller’s rather than a buyer’s market. In September and August last year, when prices were falling, auction clearance rates were closer to 50%.

In fact, we even saw a small rise of 0.3% in Sydney’s median dwelling value over February 2023, after 12 months of declining prices.

It also remains a great market in which to upsize, as the gap between that next move is less than it was a year ago.

3. You still need to have realistic price expectations

That said, today’s real estate market remains a flatter one than the heady days of the pandemic property boom. With interest rates now at 11-year highs and still seemingly rising, people are unlikely to pay over the odds for any property.

If you’re looking at comparable properties to determine your home’s worth, make sure you’re using recent data and not figures from 12 months ago. What something sold for back then may not be a realistic figure for what you should expect to be offered today – even if the market has bottomed out, and may be about to rise.

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4. Patience is key to successfully selling your property

On the first weekend in March we put six properties to market, and four of them sold, for a total of almost $70 million. Not only does it demonstrate the strength of the prestige market in particular right now, this result is also indicative of the atmosphere in the market more generally. We have no doubt the remaining two properties will be negotiated into successful sales in the coming days.

It shows that while properties are still selling – they’re not always selling as quickly. While the auction clearance rate may be healthier, average days on market across Sydney increased from 26 in January 2022 to 41 in January 2023.

Just because a property doesn’t sell at auction, it doesn’t mean that it’s a poor property that won’t sell. With buyers wary of overpaying, many are playing their cards close to their chests. They’ll wait to negotiate directly with your real estate agent before making their offer. So stay patient and positive – if you’re realistic about price and you get the fundamentals right, your property will eventually sell.

As an indication of sales time frames, in Paddington realestate.com.au is quoting average days on market as 39, and in Woollahra it’s 42 days.

5. Get your marketing right

In today’s property market, how and where you present your property matters more than ever.

Traditional marketing may have consisted of a property listing in print and online. However, increasingly, the best agents today are using social media (including Facebook and Instagram), and investing in high quality video and photography and other digital methods to put your property in front of more potential buyers.

That way, your property gets in front of the people who matter and stands out from the crowd.

6. Work with an experienced agent with a good track record

Finally, in market conditions like these, it usually pays to choose a real estate agent who has longevity in the market and has seen similar conditions before. That way, they’ll be able to provide valuable advice and guidance to help you navigate the market and understand where it’s at. They’ll also use their negotiation skills to help you achieve the best price possible for your property.

Want more?

If you’re interested in buying or selling a home in Sydney’s Eastern suburbs this autumn, get in touch.