What’s ahead for the spring selling season?

Spring is on the way, and that means it’s traditionally the best time of year to sell property.

If you are hoping for a spring sale in 2023 or are keen to keep an eye on the current market, it’s a good idea to know what has been happening locally and what is predicted for the coming months for our area.

Let’s take a look at what’s ahead for real estate in spring and how property has performed so far this year.

Property performance in 2023

According to CoreLogic, the early part of the year saw the Aussie property market turn a corner and move into the upturn phase.

There may have been twelve months of endless interest rate hikes, but the property market seems to have weathered this, with property prices continuing to rise in areas where homes and apartments are most sought after.

The combined value of Aussie capital cities rose by 1.2% in June; a little less than the 1.4% rise seen in May. Overall though, the trend remains upward around the country.

The biggest factor contributing to higher prices is one of supply. Buyers are gaining confidence and there are plenty who are making cash purchases, but sellers have been few and far between. As a result, values have held steady.

In general, Aussie dwelling prices are up across the nation, rising 2.8% in the June quarter. This is most likely due to supply not meeting demand.

Another indicator of market conditions is the time it takes to sell. This year, Australian properties are spending an average of 34 days on the market, which is relatively low. What’s more, many homes are selling before they even make it to the market because the owner has received an offer that is too good to refuse.

Auction results

Off-market home sales are great if you’re in a hurry, but auction is the strategy if you want to achieve absolute top dollar, particularly in suburbs like Neutral Bay.

In Australia, auction clearance rates have been sitting over 70% for 11 weeks now.

Auctions are recommended in a seller’s market because they create a more competitive bidding process. Buyers are more likely to compete with one another for your property as opposed to putting in an offer and taking it from there.

We are talking to a lot of clients about spring auctions and have plenty of buyers waiting for the season to start so they can place their bids.

Spring is selling season in Neutral Bay

With all of the above in mind, it looks like this spring will continue the seller’s market trend in Neutral Bay. Volume is still lower than demand and there is plenty of interest from buyers, many of whom missed out on properties in autumn.

One word of caution… there has been a lot of forecasting around the ‘fixed rate cliff’ and property owners beginning to sell because interest rates have gone too high. This is affecting outer areas more than inner Sydney but there is always the risk interest rates will continue to climb and the fallout will hit prestige suburbs. The offset of this will be a sudden surge in listings. If you want to avoid being caught up in this, now is the very best time to take action.

Spring is about to be in full swing! Talk to us about a strategy to prepare your place and get it on the market to take advantage of what will be a busy time for buyers. We can also discuss an auction vs private treaty strategy with you.

Let’s get the ball rolling on your Neutral Bay property sale. Get in touch with HPA today.