16 Feb

Inner West Suburbs Property: Where Are The Buyers Coming From?

Wouldn’t it be interesting to go behind the curtains and see what exactly the buyers are doing in the Inner West Sydney and what are they aiming to buy? Buckle up because that is what we are going to do for you by analyzing the data which we have collected.

Inner West Suburb Buyers are Local

In accordance with our research that we recently concluded, the experience says that most of the buyers who are looking to buy a property in the Inner West Sydney are none other than those who are already living there. This means that most of the buyers making a move in this side of Sydney are around 80% local rather than being elsewhere from Sydney.

In addition, we have also noted that entry-level homes act like a magnet towards first or second-time buyers. This is probably because they like the area too much or are happy with the familiarization of their surroundings.

When some properties become a magnet as well

Any property can become a magnet for both, the locals and the non-locals. However, what makes a property so special? One of the obvious reasons would be an exceptional beauty but mellow and snuggly places with a large space allowing the individual or a family to have a lot of freedom inside the house is also something to be considered.

In addition, buyers who are interested in houses near commercial areas, or educational facilities will also be more willing to make a strong move from anywhere around the city to the Inner West.

It’s all about the individual preferences.

Where do the non-locals come from?

To be super honest, there is no definite rule that a buyer will come from the outside of Inner West or even outside of Australia.

A property may meet the requirements of someone living in the North Shore while it may be a complete deal breaker for someone living in Newtown or Ashfield (some neighbors of the Inner West Sydney). In addition, someone, for example an international student might be willing to cross every border all the way from the United Kingdom to move to the Inner West of Sydney.

Anyone who is willing enough to completely settle down in this area will also be willing to leave behind everything where they are currently residing, whether it’s Melbourne, Sydney or any other place.

Hence, it’s not about where the buyers are coming from but rather whether their requirements are being met and once they are met, any obstacle can be overcome.

What about the local ones?

Each of the suburbs in the Inner West has its own advantages and disadvantages. People from the Strathfield South are more likely to move to another suburb such as the Balmain East because of its uncongested roads, easily-accessible transport (bus stops everywhere) and spectacular views. However, the Balmain East is not a much commercialized area when compared with the Birchgrove or Glebe.

So what does this prove? It simply reiterates the fact that it all depends on the personal preferences of the buyers. According to some popular real estate websites like domain.com.au, Birchgrove and Glebe are the top most favorite and livable suburbs of the Inner West whereas others like Strathfield South, Wareemba and Wentworth Point are not the best preferences for someone who is looking to live in a peaceful area as these mentioned suburbs, especially Strathfield South is very noisy because of 24/7 congested roads.

So, what’s in it for you?

The point is, different properties tend to attract people from different geographical areas. It is a wise choice to get the help of a real estate agent as they will be able to tell you what and who your property is most likely to attract.

04 Feb

How Calendar Dates Can Affect The Property Market

Calendar dates dictate the market trends

Would you ever prefer going on a house hunting program on Christmas holidays? No? What about New Year holidays? Still no? Well, then what about school, Easter and other public holidays of the similar nature? Obviously no!

The point is that, calendar dates can make a major impact on the actions of the buyers and the sellers. Being aware of the public holidays can play a part in favor of you.

New Year brings new mindsets

Everybody loves making a New Year resolution and buyers are no different humans. With the New Year’s resolution comes a new encouraged mindset for those people who want to make a move once and for all, they’ll be excited and very motivated to step into the property market. Moreover, the property stocks usually become very low by the end of the year so buyers are interested to come back after the holidays to find new properties.

On the other hand, some buyers will ease off from the tension of the property world. They would rather prefer to clear their mind and go on a long vacation with their family. This mostly impacts the activity of the auctions because if there are no buyers, there will be no auctions so most of the sellers tend to stay quiet during the public holidays.

The effect of the Australia Day

The Australia Day falls every year on the 26th of January. With January ending with the Australia Day and followed by a holiday (28th January for 2019), the month of February will see an instant boost of auction sales. It also means that the competition will be extremely high because all the gates will be opened and auctions will be everywhere and clearance rate will be touching the skies in a matter of time.

Timing of the Easter holidays

This year, in 2018, the Easter is falling on the 1st of April which happens to be a Sunday. The holidays will last until the 15th as 16th is the first weekday. No auctions should be expected during the holidays as Easter is also one of those opportunities for the families where they want to go out and have some fun with their children. It is basically the enjoying time for the kids and the parents.

However, we may expect some quick stock clearance of properties by the end of March. Some people may set up private sales to quickly attract the buyers before the end of March. Sellers may even be thinking that a good enough sale may encourage a buyer to celebrate their Easter in their new home which, in a way, is pretty much possible if the property happens to meet the client’s requirements.

When the winter strikes

Winter falls in Australia from June to August and winter happens to be one of those seasons here in which the number of property listings fall. The sellers are well aware that the buyers are hesitant to travel in the winter days and hence the winter is a put off sign for them.

Nevertheless, the very encouraged buyers will still be making a move whether it is winter or not. The day and night does not matter for them nor does the change of seasons. So, the winter days can actually become a great time to attract some genuinely interested buyers.

The best-selling time of the year

In Australia, spring and autumn are the traditional months of listing properties. In spring, especially, everything is looking clean and green so this is a psychological factor which encourages even uninterested buyers to make a move during this time. So, with the increased number of listings come an increased number of buyers which can further mean an increased number of auctions. Everything is increased!

So, what does it mean for the seller? Well, with pages full of listings, you are going to have a hard-time displaying your proposed property. Thus, you should be putting your best forward so it can quickly attract the attention it deserves.

And, what does it mean for the buyers? The competition is extremely high. Everyone wants to grab their dream property. It is as if everyone has a pledge to shift to their new house by Christmas. Therefore, plan out and strategize your thinking. You have to be ready to outsmart other buyers at every single move so that nobody gets that dream house except for you!

The end of the year

You know, the word “December” alone pictures in our mind the picture of a holiday. The last biggest auction of the year is most probably to always occur in the first week of the December. And then, buyers will disappear. Not literally but they will no longer be interested to present themselves in the auctions because of the approaching holidays and so many upcoming events. Hence, it’s not usually recommended to start an auction campaign at the end of the year.

If you still want to sell your property, doing it through a private sale/off-market way would be a better approach as some serious buyers will still not back off from their dreams.

We bet you didn’t imagine the calendar dates to be impacting this much on the real estate business, or did you? Anyway, this article should help you in planning out your primary moves and backup plans for throughout the year.