If you want to take advantage of this booming property market, how do you sell high and find somewhere to go when not much is for sale?
Thoughts - contemplated renting, but not many of those either….
Sell House in Hot Market and Where to Go Next?
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Hi, im sure i had posted many years ago… and location is 2 hrs north of Sydney.
Hey there. So that'll be around Central Coast/Newcastle? It's already significantly cheaper than say Sydney. Are you open to heading further Northwards towards Brisbane? Property prices there appear to be much lower.
oh u must be that guy who calls himself 'never posted before" or something like that(I forget the exact name) and as soon as you post something, you get it promptly deleted to preserve your name integrity but now changed your name to this for some reason and then im guess this thread will also be deleted and poof - no record of you ever posting anything, including any comments whatsoever on this forum.
That's the million dollar question. People are selling high but are having to buy high at the moment. Even crap holes are being snapped up for huge amounts. I'm hoping in March when jobseeker and jobkeeper come to an end prices may drop a bit. If you have family maybe you could move in with them and see if the market settles a bit?
Its crazy, isn't it! Half the time they don't even make it to market, or an offer has been accepted as soon as its online.
Will be interesting to see how Job Keeper impacts the housing market.
Isn’t this just like trying to time the stock market?
If you sell now, you are assuming that prices will fall in the future. Also consider costs of selling and buying that will take a chunk out of your profit.
Yes kind of. I guess what im seeing in our suburb is prices are highly inflated compared to what they were even 3 months ago..
Like stocks generally they go up, and then we go through a market correction.
Whilst i understand that long term property gain is ideal, as property will generally increase over the years.
Also understand the taxes involved in buying and selling. Its just a matter of if im wanting to wait, and what other options are available should i choose to sell in this market.I understand family, renting, downsizing, or changing suburbs are options. Are there any other options other than staying that you can think of?
Buy a rundown house for cheap and renovate.
Better: To have bought a rundown house 2 years ago, used COVID money to renovate and sell now….
Even the extremely run down houses are being snapped up currently. Plus they now too overpriced . If the market does drop off after March you're going to be stuffed. Unless this is the new "normal". I'll decide after March…
@subywagon: are you thinking that people post March will have to sell due to lack of income or this will make an impact on buyers?
im not sure banks would be lending from Job Keeper, so i would assume supply would have to go up, and buyers have more options resulting in lower prices?
@You Saved What: I'm thinking there will be less money out there in general causing more businesses to fail. I'd think that this will have a flow on effect with more people losing jobs and their source of income and being forced to sell their properties. If this occurs then there could also be less competition for buying properties plus with a flood of stressed sales appearing on the market sales may slow down and become more of a buyers market.
This is just my own pure speculation from what I've read about businesses being propped up by the covid payments that were already in a bad way before covid hit. I believe we may have been heading towards a recession anyway no thanks to our economic expert Liberal gov.
Also I think banks do consider certain government payments towards income of partners when applying for home loans and there were various payments that received covid supplements, not just Job Seeker I think
I'm personally am waiting until after March to see what I will do, it's not very far away anyhow.
Sell, spend a couple of years abroad?
You've heard about Covid-19, right?
Plenty of flights out, and places like Vietnam are doing better than us.
Gov will approve travel for long term departure.
We bought our place for $400k nearly 5 years ago, now a couple of houses down the street are both trying to sell for around $750k, I'd love to sell mine for that much but it all comes down to your question "where to go next".
Problem is selling and buying in a high market… so it would have to be renting, family, or something else….
Just cant figure out the something else.
Just cant figure out the something else.
Sleep in a van..
want to take advantage of this booming property market
A few options on a continuum:
Full advantage - sell and rent, camp, squat, move back in with parents, etc. until crash. Or sell as long deferred settlement as possible - e.g. 3 years - perhaps to expat.
Partial advantage - sell and buy something lower value - e.g. sell for $1m, buy for $0.5m - equivalent to taking 50% profits, less transaction costs, which are substantial.
"No" advantage - do nothing. However, you've still benefited from the unrealised gains, and you could give some back when it crashes, but unless you've bought recently, you'll probably still be ahead.
If you’re upgrading sell when the market is low. If you’re downgrading sell when the market is high. (that’s what I’ve been told)
Good time to sell if you’re looking to move to a cheaper property, either due to size or location. Or if you have somewhere else to live for a while and are confident the market will go down within that time frame.
Or if you have somewhere else to live for a while and are confident the market will go down within that time frame.
Which can also comeback to bite you if you're guess on timing doesn't work out.
Friend sold their place in Sydney during peak covid worries expecting to be able to upsize without too much issue due to an expected weakish market.
They haven't found anything and the crazyness of Sydney prices sure isn't weakish at the moment.
“Cat: Where are you going?
Alice: Which way should I go?
Cat: That depends on where you are going.
Alice: I don’t know.
Cat: Then it doesn’t matter which way you go.”
If the houses sell so quick why not find something to buy first and lock it in. Then put yours up for sale.
Very hard to horsetrade on the property market if you’ve only got one horse.
A one home owner would normally let the long term rise in values give a tidy “profit” down the track.
More than one property allows for selecting when to sell and when to buy, without “having” to find a new home quickly.
If you are at the mercy of the market you have to be extremely lucky or extremely canny to get rich quickly in the property game
Buy first and use bridging finance since it wont take long to sell your property
Hot market? That's relative. Hot compared to a crap market, but not hot compared to what it would have been if covid didn't happen.
The market is down quite a bit due to covid. Sure prices are going up, but not to the level they would be without covid. If you aren't in a rush, wait until the vaccine kicks in and the economy starts to pick up and people start getting their jobs back or getting job security in their current jobs. Then loads more buyers will hit the market pushing prices much higher once confidence is back in the economy.
Also depends what you want to buy? Like for like in the same city? If so, then it doesn't matter if the markets are up or down. But if you want to downsize and pay off some debts, for example, then best to wait for the expected boom in prices in the coming months.
I read recently that Sydney on average is sitting around 3x lower than pre-covid for home price increases per annum, so a big upside to come once confidence picks up.
My understanding is that Supply and demand is what is driving prices up, as a lot of buyers not a lot of property.
I would assume post Covid and economy back on its feet, more buyers, more house and growth level to slow down or recorrect?
Unless it’s an investment property you don’t sell to take advantage of he market unless you are prepared to rent for a while.
If it’s a home, you upgrade because you need to move or want more/less space, not because profit.
Welcome to your first post. Not even a simple hello?
It helps to provide more details including your location around the country as situations will differ.