Who else got a bit of a surprise at the massive gains in the Australian residential property market? We’re currently at 32-year highs; in some areas, home prices have been rising by $10,000 a week.
However, the housing buying frenzy is expected to taper off in 2022. So if you’re looking to benefit from the current residential market price gains across Australia and on the Balmain Peninsula, you should act now.
National dwelling prices up by 20.3% over 2021
Sydney house prices were already up by 11.2% over 2020. In September, property prices across the country grew by another +1.5%, leading to the increase of the median Australian home price to +20.3% over 12 months – growth we haven’t seen since June 1989.
The value of Australian residential real estate has already reached a record $9.1 trillion – more than the combined value of super, commercial real estate and the ASX.
Currently, stock levels are at historic lows, thereby keeping sales at record highs, with everything on the market being snapped up almost immediately by homebuyers.
If there ever was a good time to sell your Balmain Peninsula, the best time is now while stocks remain low.
Selling your Inner West home: how to get started
It’s a fact: we’re seeing many frustrated homebuyers who are finding it increasingly harder to find a desirable property they can afford. In putting your property on the market now, you’ll tap into that buyer cohort and likely achieve the maximum price.
When you’re ready to sell but don’t know what to do to get your property out there, you need to start putting your team together.
If you’re not sure where to start, ask us. We can help with recommendations to help you put your dream team together: mortgage broker, solicitor, lending institution representative, home stylist, photographer and more.
With the right property team behind you, you can market your property so it stands out from the rest and attracts significant interest. Remember, more visitors and inquiries mean better offers.
By making your move to market your property now, you’ll be getting in ahead of the competitive stock levels we expect to see as we come to the end of the year and head into 2022. So if you’re considering selling, and want a quick sale for the optimum price, do it now.
Once the pent-up demand eases, we expect an end to this once-in-a-generation market. House prices are expected to stabilise as property investors come back into the market and focus on medium- and higher-density housing.
Can we help with your Balmain Peninsula home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
