For many, the beginning of a new year is the time to plan your property goals for the year ahead. What are your property plans for 2019?
Let us help you plan for a successful year; what is your home worth today? How do you maximise the value of your real estate? Is it time to liquidate or accumulate? Whatever the question, we are here to help!
The question on everyone’s mind is ‘what will the market do in 2019?’ Depending on who you ask, most will have a different answer!
The second half of 2018 was the beginning of a steadying market and we experienced a decrease in prices across the nation. After years of strong growth, a peaking market and some suburbs experiencing an increase of 40% in prices, it was no surprise the market had to steady at some point. However, in comparison to the growth experienced in the past 5-7 years the drop is minor and not as drastic as some media outlets have publicised.
For example; the median house price in Croydon peaked in mid-2017 at $825,000, however mid 2018 saw the median price placed at $760,000. When compared to a median price in mid-2014 of $534,000 you can see the drop is quite minor.
The question is- will the market continue to slow? Will it begin to increase? Is now the time to invest with future growth possible? With some sitting back trying to predict what the market holds, you may come out on top by jumping in early.
Only time will tell, however if you are selling and purchasing in the same market then it is all relevant meaning you may get less than what you expected on your property but will probably pay less for your new home.
Ultimately, we are still seeing some strong results for properties with an effective campaign and priced accordingly. In a steadying market, please be wary of agents ‘over-promising’ to secure your listing. Ensure your chosen agent has an effective campaign, strong negotiation skills and plan in place to assist you in achieving a great result.
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