In true covid style, this thing is lingering.. So, if you’ve been thinking “is now the right time to sell?” read on.
The thought of selling because you’re doing it tough really sucks, but the decision for to sell for some in this current market is the lesser of two evils.
As Australia officially enters its first recession in almost three decades, unfortunately some people won’t be able to hang on. With rising interest rates, an explosion in cost of living expenses and for some, job insecurity its all too much, begging the question “would we be better of to sell?” Regardless of where you source your news, it’s usually ugly spruiking and painting a bleak next 12-24 months (sorry no crystal-ball theories attached). So, on the upside, if you’re considering selling here’s 4 great reasons
- You’ve still made money. (Unless you’ve bought within the last 12 months eeek..) With a glass half full attitude, property prices according to RP data since Covid had increased by 26% on average across Geelong*. Yes, things have pulled back now but overall. Most people have made money.
- Competition. Sellers Vs Sellers that is. The longer home owners under the financial pump wait to sell, the more competition there is likely to be with would be sellers. inevitably meaning a decline in price. As of right now, the competition is under control, not just in Geelong, but Victoria as a whole, meaning most have a fair share of buyers.
- Demand. Although buyers are fussier than ever, the appetite for well-priced, quality homes is still strong. The things that have made Geelong a brilliant place to live and invest are still there. Great lifestyle, easy access to Melbourne CBD etc etc. I’ve been saying for a while now stock levels are what’s keeping the market stable.
- Interest rates. Sellers, hear me out! Buyers still have access to “cheap money”. Despite the FOMO of those good old 2% interest rate days, at the time of publishing, Macquarie Bank are still offering fixed rate interest rates in the 4% range, (LVR dependent). History tells us that’s still a good rate. Combine that with less competition on the buying side, smart /qualified and cashed up buyers are making the most of it.
Clearly this isn’t financial advice, it’s just my perspective. If you want Geelong Real Estate Co advise, contact us. And as always if you’re thinking of buying, selling, leasing, or referring call us anytime. We’d love to help.