With fast increases in both interest rates and the cost of living, it’s no wonder the Inner West property market is currently changing. However, it’s not all doom and gloom. Here are our top tips for selling in this changing property market and why an experienced real estate negotiator like the team here at Belle Property Balmain is worth their weight in gold.
Why is the Inner West market changing?
The property market rises and falls primarily due to supply and demand. When demand is high and supply is low, prices increase. However, we’re currently at the stage where demand has declined due to buyers becoming nervous about rises in both the cost of living and interest rates.
The other factor defining changes in the Inner West market is a shortage in rental properties. Available Sydney rentals are at their lowest level in five years. This is why it’s essential you work with a knowledgeable real estate agent who knows your local market and who potentially has a list of investors looking for a property like yours.
Top tips for selling in a changing property market
First impressions last
Firstly, you want your property to stand out from the crowd, so presentation is key. Simple things like a fresh coat of white paint, maintaining your garden and a massive decluttering can vastly improve your home’s appeal. If it’s within budget, you might also want to seek assistance from a professional home stager. There’s a reason this profession is currently booming, as they know how to make your property attract more potential buyers.
Work with an experienced real estate agent
In a changing property market, you want to work with an experienced real estate agent who’s survived and thrived throughout all the property cycles. At Belle Property Balmain, with over 30 years of property cycles behind us, we’ve been there and thoroughly understand the market.
A good agent will be honest with you from the beginning and manage your expectations regarding price and method of sale. They’ll also work their expert real estate negotiation skills to ensure everyone gets what they want.
Get a feel for the Inner West market
While your agent can tell you all about current market conditions, alleviate your worries by doing your own research. Attend both local open houses and auctions to gauge buyer interest. It’s also beneficial to note down the agent’s quoted price and to check the eventual sales price to determine which way the market is going and manage your expectations when it comes to selling your own Inner West property.
Why you should still sell in a changing property market
We have to bust out some figures right now to show how perception is often different from reality. So pre-pandemic, Sydney’s average annual capital growth rate over a 10-year period was 5.5%. But in the last two years, prices have increased a whopping 25 to 30%. So even if prices drop 10%, we’re still above where the property market would be if the pandemic never happened.
This changing Inner West market with its price reductions and interest rate rises means we’re just getting back to normal pre-pandemic market conditions. Plus, remember that people always have a reason to sell and buy property, whether it’s for work, downsizing or moving closer to family. With the Belle team on your side, we’ll make sure you get the most out of the changing market.
Can we help with your Inner West 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 supports homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
