With so much in the news about housing prices in Sydney, and many of our readers left wondering if now is a good time to sell or not, we decided to get to the bottom of our current housing market. We sat down with Shaun Ramani, a local real estate agent based in Sans Souci, to get an insider’s perspective.
What is happening with the current housing market?
It’s clear that the Sydney Housing Market is experiencing a sustained correction. In the past few years, sellers have experienced a booming market, where agents were able to sell a property with their eyes closed. However, now we are experiencing a “level playing field” for both buyers and sellers. The primary reason for this shift in the market place is due to the increased tightening of the bank’s lending criteria – this came as a result of the pressure put on banks by the royal commission.
Is now a good time to sell?
Yes, don’t be scared by the media! Now is a great time because buyers are currently able to lock in low interest rates for the next 5 years. If you are thinking of selling, I would suggest sooner rather than later; there has been quite a bit of talk about an increase in interest rates within the next 6 months which will decrease a buyer’s borrowing capacity.
Now is also a good time to sell for the Australian community. Australian Prudential Regulation Authority (APRA) have tightened lending restrictions on foreign investors, which in turn gives Australian residents a better opportunity to buy property, in particular first home buyers.
Are houses actually selling in our area at the moment?
Houses are definitely still selling for great results. When selling your home, the key ingredients to a successful sale are presenting your home in the best possible manner combined with a high level of marketing to bring more buyers through the door. Some of my recent sales include:
23/10-12 Belgrave Street, Kogarah
2 bed 2 bath 1 car Apartment, sold for $726,000
5/10-12 Ida Street, Sans Souci
2 bed, 1 bath, 1 car Villa, sold for $902,000
2.09/528-538 Rocky Point Road, Sans Souci
2 bed, 2 bath, 2 car Apartment, sold for $780,000
If you’re thinking of selling your home, make sure you choose a real estate agent who will assist you from start to finish. Shaun will help to organise repairs and stage your home prior to marketing, will ensure you’re happy with promotional materials, and will provide you with weekly buyer feedback reports throughout the sales process.