When to sell .. Sydney

Discussion in 'The Buying & Selling Process' started by Tension, 17th Sep, 2016.

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  1. Kangabanga

    Kangabanga Well-Known Member

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    Lol sounds like local investor fatigue :D

    Where are the chinese with big pockets?
     
  2. KYu

    KYu Member

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    Sentiment is like what @See Change said.

    I've ended up selling before auction for a price I would say is at the lower end of what I expect to be fair market value. There is no real contender as the others that might attend the auction actually pulled out, so I didn't have any other choice apart from taking it off the market and rent it out. And it seems like there are a lot more units coming up for sale in the area (agent's feedback and what I see on realestate popping up this two weeks around my area). Don't think the number of buyers are growing but there are still a lot of people looking, property will still sell but the competition isn't as crazy as a year before.

    Mine is still a B grade unit, and I do need the money so I think I sold it at the right time. Time will tell if this is a good decision.
     
    Cia likes this.
  3. Cia

    Cia Well-Known Member

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    Manly is really at the upper end of any unit market in Sydney, @See Change maybe that's why the market has stalled there?
     
  4. See Change

    See Change Well-Known Member

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    I'm talking about the last 1-2 months . Recent figures going around had Manly at the top of unit growth in Sydney for the last year with a 30 % increase in the preceeding year .

    cliff
     
  5. virgo

    virgo Well-Known Member

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    Just had a phone call from an agent asking whether i am still in the market...surprised as this is the first time agent is calling me after what? how many months????
     
  6. schmick23

    schmick23 Active Member

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    I'm going through this at the moment, sell or not to sell. To be honest, I'm completely overwhelmed and not sure what is the right or wrong answer.

    Our situation is that we currently own a Townhouse (2/2/1) which relative to what is available in our suburb now (Rosebery), would be considered larger than most. We want to upgrade to a home as family will be on the horizon in the future.

    I'd like to potentially keep it but as homes get more and more expensive in Sydney, being able to keep it, plus purchase another property, is becoming harder and harder.

    Looking at the signs around the area about the impending supply increase of apartments with Green Square coming online, Rosebery itself has at least 3 - 4 developments coming up, Mascot is turning into a new Zetland, now is probably as good a time as any to sell. There have been some very good sales in the area of properties similar to our own.

    Why I'm hesitant is that our unit is a little unique in that it is larger but is also has that 'Warehouse' type feel, so not as easily replicated. Also hesitant because I doubt we'd ever be able to afford another property so close to the CBD and 'Lifestyle' amenities that this property provides. Similarly, what if we sell ourselves short of potential future growth? It's already done us well but there's always that 'what if' right? The other hesitation is what if we do sell and can never buy back in. I have a colleague at work that's going through this at the moment and it sounds terrible.

    The property itself wouldn't be that cash flow negative but keeping it also crimps our borrowing capacity to be able to buy the family home.

    *sigh* Never sold anything before and my other half keeps telling me I'm adverse to change. I want to have my cake and eat it too! LOL. Any advice appreciate and/or general thoughts.
     
    Perthguy likes this.
  7. Stoffo

    Stoffo Well-Known Member

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    Why sell at all ?
    Sure it depends on you income and loans, but if you have a chunk of equity why don't you turn your PPOR into an IP ?
    All you have to do is find a suitable house in your price range :rolleyes:
    Best you make time to sit down with a broker to discuss your servicability ;)
     
  8. schmick23

    schmick23 Active Member

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    We've considered all that. Serviceability isn't the issue.

    It's more the fact that the area will be dominated by apartments shortly.

    Sell or not to sell is what we're struggling with. Consideration for long term impact of things like Green Square, etc. on values and rents in the longer term.

    For my other half, she has already sold in her mind for the reasons above. Similarly, I don't think she wants to carry all that debt.
     
  9. Stoffo

    Stoffo Well-Known Member

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    My strategy is to accumulate :D
    So never sell :rolleyes:
    Each to your own.........
    But "if" I was choosing to sell, in Sydney, i would list early Feb ;)
    After the silly season and school hols, after the mid summer heat, when life is good.
    (by mid to late autumn will see Syd/Melb cyles end)
     
    bondibch and Perthguy like this.

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