Thinking of Selling Your Sydney Home in 2022? Here’s what we’re seeing.
The real estate industry has been booming the past year, especially on the Northern Beaches.
People trying to balance their new home-working lifestyle are flocking to suburban communities that offer them the conveniences of metro and rural living. And while interest rates are at an all-time low, many people are deciding to buy, which has encouraged property owners to sell at incredible prices.
The unpredictability of COVID makes it hard to accurately map the trajectory of the property market. However, we know there is potential for shifts with the upcoming Federal Election in May 2022, and the New South Wales election in March 2023. Not to mention, banks tightening home loan lending and interest rates tipped to rise.
With these in mind, you may be wondering when’s the right time to sell? Well, this is the sign you’ve been looking for!
As your local Sydney property experts, we have the facts to help you make an informed decision.
Our expectations for the Sydney Real Estate Market in 2022
The number of homes available to purchase has always been a major factor in housing value trends. 2022 is seeing more homes competing in the market while affordability is restraining homebuyers as they’re having to choose amongst so many high-priced selections. In addition, a tighter lending criterion is also set to be imposed by regulators, reducing the borrowing power of home hunters and ultimately impeding buyer demand.
With the upcoming Australian Federal Elections, further volatility in the market is likely to continue. Some possible new real estate regulations may be introduced, depending on election outcomes, making investors increasingly undecided about homeownership.
Sounds like average news on the horizon… or is it?
If you’re looking to sell your property this year, there are more favourable conditions for you right now.
These include:
- Confidence in post-covid recovery.
As vaccination rates rise, more people are readjusting their lives, especially now that the Omicron surge is slowly subsiding and businesses are still operating.
Restrictions are also easing again, making travel more accessible. This means demand for housing could increase. More people will likely be looking to invest in residential properties in key cities where convenience meets lifestyle.
2. The rising popularity of high-density living in coastal areas.
High-density living is expected to become increasingly enticing in 2022, as the difference between house and unit values widen to approximately 38%. However, we may see a shift in demand for properties such as townhouses, apartments, units etc., especially in coastal areas. In fact, the Sydney Northern Beaches house median was up to 46% over the year to September.
So, why are people moving over to beach areas?
Well, a lot of young people, especially professionals, prefer high-density living in these areas since it offers advantageous locations with proximity to their workplace, key transport routes and educational institutions- not to mention its affordability and position for future growth.
3. The Australian Federal Election.
Amidst uncertainties that come with changes in the political landscape, this just might be a golden opportunity right now, as real estate becomes a major focus for all parties over the next few months.
Australians are currently dealing with a political dilemma concerning housing. As we head towards a federal election, themes such as housing affordability amidst high home values, employment rates and gross domestic product growth are pressing issues that all parties are looking to address.
4. The excellent results we’re actually seeing in the market
As our Upstate team are in amongst the real estate market every day, we’re already seeing very high numbers of enquiries kick off the year, and our open homes across January and February have been as busy as ever.
What does this mean if you’re thinking of selling?
We may not know for sure what changes the elections will bring to the real estate industry. However, as government policy is a major driver of the economic landscape and the Australian economy is predicted to gain momentum, the real estate industry is set to be more positively affected.
As wages go up in response to Australia’s recovering economy, it should help more home buyers enter the market. This is also supported by the growing influx of people relocating to Australia’s key cities and regions as homeworking conditions continue to trend and the quest for lifestyle homes is still in demand.
So, if you’re thinking about selling this year, it’s time to talk to Upstate today. Don’t leave it too late.
Let Upstate help you navigate through 2022
Whether you’re looking for a sign to sell or you just want to discuss your options, talk to us.
Our team of Sydney real estate experts use reliable market research, experience and expertise to determine your best course of action when you’re looking to sell your home.
We’re skilled, agile, client-focused and tech-savvy – let’s just say we do things differently and it’s all for your benefit. Rest assured that you’re in very capable hands!
Let’s discuss your options
Our Upstate real estate specialists can make your property goals come true. That’s because we’re a big agency, with the heart and determination of a boutique one.
Speak to your local Upstate team today and we’ll show you the possibilities that earn excellent results. We look forward to chatting with you soon.
The Upstate Team
