Who is Selling

Still trying to sell 2 of mine. Impeccable timing no doubt . Downside is people are lowballing, upside is tyre kickers are gone.

 

You'd think so....

I've had some bored morons come look.... unbelievable

 

PPOR (Sydney lower north shore) not even listed yet with an agent. Two good offers already from parties who heard we might be selling through the bush telegraph

 

They were Mormons not Morons and they came to see you not the house! ....that's why they were bored

 

Perth - My neighbour has had every trade I can think of at his his house for the past two months. I’m guessing a sale coming up. Wait and see. I think if the property is spot on for buyers may still sell. A few negatives/ average Property won’t. Just my guess. Every state is different also.

 

Yesterday a townhouse 2 doors up from me sold via online auction, I could hear the auctioneer the whole time.
Sale price was 1.19mill and it would have been better 2 months earlier I reckon, but still not terrible.

 

Im selling an ex display IP off market.

No advertising or staging.

Had only one potential go through the unoccupied property in 3 weeks.

 

I’d like to sell a couple around the $1m mark and trade into something a little more blue chip. Can’t see myself doing it though. It’s a good reminder to keep some powder dry.

The areas I watch listings are reminding me of post GFC market sentiment. This is coupled with the fact there is a deadline on expat sales of these properties due to the CGT changes. I think there is going to be some cracking deals.

 

I'm an expat who is currently selling due to these CGT changes. We are in the sweet spot of these changes, having owned and lived in our PPOR for 20+ years. House is now too big for us, so we were going to sell anyhow, the CGT changes have just brought that forward a few years. However there doesn't seem to be a wave of expat sales. I've asked my accountant and many local agents about expat sales. They didn't know of any. Nearby properties that I know are rented out and the owners are abroad are not up for sale. What's going on? Why aren't expats selling?

There are multiple reasons:
- many expats don't know about these changes
- if you have not owned your property for many years, then is this CGT hit enough to make you sell before the deadline?
- if you are still within six years and plan to move back, then you have some protection against dying/injury/divorce etc.
- if you are over six years, and plan to move back, you could take out a life insurance policy to cover death/permanent injury to cover the CGT in this case
- you could just take the risk, and eventually move back to sell

I think many expats are also looking at a plan B. This would involve invoking a CGT event to reset the cost base to lock in the current capital gain. Options could include:
- spouse transfer (if one is a tax resident and the other not)
- sale to a trust
- sale to a company
- sale to a relative

So I'm not expecting any "cracking deals".

 

Good news

I started this thread just to get an idea whether buyers are completely out

 

We all know staging is very important!

 

I've been watching a few online auctions myself, and quite a few lowballs and passed-ins for 700k - 900k townhouses VIC.

 

Hehe

 

I sold a townhouse in Sydney inner west beginning of April, absolutely the worst time to sell just after auctions and opens we’re banned. Didn’t *have* to sell as I have a stable income but wanted to be a bigger buffer as I’ve been doing house renovations and it carried the most mortgage debt and land tax, so cash flow was a drain. I actually planned to sell it months ago and was happily expecting to sell in the recovery; gave notice to the tenant but when the bad headlines appeared a week later, asked my tenant to stay, but they had found another place by that time - and I still had to wait until the notice period ended and the covid panic got worse and worse by the time tenant vacated. The price I would have got if I had sold 4 weeks earlier would have been at least $100k more. And what’s worse is it’s a longer settlement so I’m still waiting for my money and couldn’t take advantage of the stock market dip to buy anything. Seriously, selling a property is like turning the Titanic.

Did I regret it? Of course, right after contract exchanged. But if I had kept it, I would have also worried about not having the large buffer, and tenant claiming hardship (all my other IP tenants have asked reduced rent, or moved out and I relet for $100-$150 cheaper/wk) so it was about risk management too.

 

We settled on sale of an IP in regional NSW on Thursday.
Strong 1st home buyer market, received 3x offers in 1st week. Negotiated to the top of our asking range.

We are now looking for a PPOR in the Adelaide Hills area. Not sure if it's quite low balling times there yet, fairly strong market for people selling quality.

 

when was the offer signed

 

Id have to check exact date, but aroubd 4 weeks ago.

 

Trying to work whether you got lucky, as fear sets in buyers become scarce or just low ball

 

Which part of regional NSW has strong mkt?

 

Dubbo, fairly good if in the 300 to 400k pricerange for first home buyers