Soul destroying is how some people describe the process of trying to sell a property in an area that is in a particularly slow market, especially when knowing that properties just a mile away can be selling quite easily and at good prices.
When you’re thinking of selling your home, it pays to meet with your mortgage broker in Kwinana or wherever your area is, so that you are fully prepared with knowing what size of home loan you can achieve if you sell your property within a range of valuations.
Why Properties Sell Quickly
In some areas, property moves very quickly and there are usually reasons why one area sells better than another. One example is Bokarina in the Sunshine State where properties are selling very quickly, especially as the rest of Queensland is a notoriously slow market at present. There is a major hospital project in the middle of the area which makes it extremely attractive for people who want to work there and for those who like to live relatively close to a hospital.
Bokarina isn’t a particularly large suburb, but as soon as a property comes onto the market in that area, it’s going to get sold very quickly. Where demand becomes so high, property prices rise quickly, as homeowners know that they can get more for their property, because there may be a queue of people wishing to buy their home.
Some Properties Take Longer to Sell
In some areas of the country, properties do take much longer to sell and this is because there is much less demand for properties to be purchased in that area. For example South Australian homes are selling much slower at present, with properties in Thebarton taking an average of 60 days to sell, but over in Camden Park, homes are taking average of 71 days to sell.
Back closer to home, the most searched for areas in Western Australia include Lockridge, Redcliffe and Ferndale. Craigie holds the current average fastest selling time with just 36 days on the market.
The Real Estate Institute of Australia’s Housing Affordability Report shows that house prices are currently at their lowest level for three years, partly due to a rise of income and low interest rates, in an area where a lot of properties are for sale, which means that demand is much lower.
To show a comparison of how properties compare in different areas around Western Australia, the most searched for areas currently include Leederville, Mount Hawthorn, Brentwood, Carine, Bateman, Ferndale, Bull Creek, Duncraig, Guildford and North Perth.
If you’re hoping to sell your property quickly, apart from Craigie, properties in Padbury are averaging 40 days on the market, Heathridge 41, Leederville 44 and Greenwood, 47.
Whether you live in an area that is moving quickly or slowly, you will be able to build up a view of how quickly your own property might sell and whether you’re likely to get the full asking price or have to accept a slightly lower offer. Your mortgage broker will help you reach the stage where a home loan can be pre-approved so that if you need to move into a property where demand is high and you will need to make an immediate offer to be able to complete the deal, you will be armed with all the best sets of information to help you make the right decisions.