A smart time to sell on the Northern Beaches?

A smart time to sell on the Northern Beaches?

If you’re on Sydney’s Northern Beaches, be it North Narrabeen, Narrabeen, Elanora Heights, Ingleside or Warriewood, 2023 is actually shaping up as a great time to sell your home.

The property market has had its ups and downs over the past few years. However, there is little doubt that selling your Northern Beaches property in 2023 will yield positive results, mostly because our part of the world has a unique profile and doesn’t always align with national trends.

Here are three reasons why now is an excellent time to sell.

Stock is limited

One of the main drivers in the Northern Beaches property market in 2023 is the fact that supplies are low.

When demand outstrips supply, sellers can dictate prices, and that’s exactly what’s happening in our area at the moment.

The thing to keep in mind about the Northern Beaches is that buyers know it is a more high-end postcode. The people who have money to spend aren’t as impacted by interest rates, and often have enough cash to either make a full purchase or pay a large enough deposit that their mortgage is manageable. It’s giving them room to move in terms of budget, which is not necessarily the case in other parts of the country.

More of us are working from home

Experts are saying that Australian working habits have stabilised after the pandemic, and working from home appears to be here to stay.

According to the Guardian, figures have shown Aussies are spending 27% of their working hours at home. All of a sudden, this makes the Northern Beaches a much more appealing place to live because the daily trip to the city is no longer necessary.

With leafy suburbs and the ocean nearby, the Northern Beaches have proven highly popular with those working from home, and will continue to do so. If you have a home office on your property or the ability to create one, it will be a considerable help in selling your Northern Beaches home in 2023.

Renters are breaking the cycle

Low rental vacancies rocking the country are seeing many renters desperate for a change.

With rental prices reaching astonishing prices, especially in Sydney, many renters now see buying their own homes as a viable option.

Add to this new first-home buyer incentives soon to be put into effect by the federal government, and it’s no surprise that more buyers are entering the market.

The new government incentives include the First Home Guarantee that allows eligible home buyers to purchase their first home with as little as a 5% deposit. As of the new year, eligible buyers will also be able to partner with siblings or friends to take advantage of the government’s offer to act as guarantor on a home purchase. There is also the new option for first-time NSW buyers to pay land tax instead of stamp duty, which reduces purchasing costs.

According to the Financial Review, first home buyers are not as intimidated by entering the market as once they were and are growing bolder. It’s helping to keep buyer numbers strong and prices steady.

Skip the interest trap

Speaking of interest rates, you may have noticed the cost of your mortgage has jumped to the point where it’s time to sell up, release equity and downsize. This will help ease cost of living pressures and if you have a larger home it doesn’t necessarily mean you have to leave the beaches.

It’s predicted that there will be a rise in homeowners who don’t want to deal with too-high mortgage costs by spring, so it is a good time to get in ahead of the crowds while stock is limited.

Time to sell?

Even in a seller’s market, you need the support of a quality local real estate agent if you want to achieve top dollar. The right agent will help you present your home so it is the most covetable option for your ideal buyers, and will also have purchase-ready individuals and couples in their network.

If you need to sell your home in North Narrabeen, Narrabeen, Elanora Heights, Ingleside, Warriewood or anywhere nearby, get in touch with Hunter Estate Agents today.

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