With the holiday period drawing to a close, attention is turning back to more serious matters for 2020. It is set to be a big year, with lots happening.
Last year, things got off to a rocky start for many, property-wise. Around the nation, the market plummeted thanks to a combination of lender reluctance after the Banking Royal Commission and uncertainty ahead of the federal election.
Many property owners found they had plenty of willing buyers but few who were willing to pay a premium. This was the case in western Sydney and numerous localities around Australia, where properties went stale or were removed from the market.
Mosman, on the other hand, bucked the trend.
Because of the nation-wide downturn, many local property owners decided to hold off from selling. As a result, stock was limited and the premium property price stuck fast.
In a nutshell, Mosman held strong in 2019. Recent statistics from Domain show the average time on market for a three-bedroom house was just 66 days, while a four-bedroom home sold in an average of just over three months. Domain also reported in December last year that Mosman is one of Sydney’s most searched for suburbs online.
Last year, De Brennan property was able to achieve two suburb records mid-year after impressively short sale campaigns.
Should you sell your Mosman property in 2020?
The price is right
The average price of a home in Mosman as of December 2019 was $3.6 million, while an apartment sells for an average of $1.002 million.
If you purchased your home between 2012 and 2017, or any time before that, you have likely made a very healthy profit. The figure is probably even higher if you have strategically renovated your home to improve its appeal. It’s likely that selling will contribute an excellent return on investment from that purchase you made several years ago.
In terms of monetary value, 2020 is an excellent year to sell Mosman property. Prices are high as the suburb remains in high demand. Local buyers, expats and international investors all have their eye on homes around the area.
Property Observer recently reported Mosman has been one of the city’s busiest suburbs for auctions over recent months. With so much interest in property, there are plenty of buyers missing out. They are increasing their budgets as they prepare for the next auction.
A good time to downsize
One thing that is very noticeable around Mosman is the demand for luxury apartments. As the older generation looks to downsize, they want to remain close to home.
However, new apartment developments are limited in the area, especially when it comes to convenient properties with lifts and secure parking.
It is a peculiar situation, with premium apartments being as highly sought after as homes. For this reason, if you’re thinking of downsizing, now is an excellent time. Stock is only going to become more limited so it makes sense to buy now and have more funds left over from your home sale.
The ‘perfect’ time to sell
Some homeowners get stuck waiting for a 100 percent perfect time to sell. They want to wait for the precise moment when the hands of the property clock hit 12 so they know they are selling for top dollar.
However, the only way to know for sure that the peak is reached is when things begin to fall. And if you haven’t sold by then, it’s too late.
To figure out if the time to sell is close enough to perfect, speak to a real estate agent. Take a look at how things are faring in your area and what the current demand is like.
If your agent has recent experience with local buyers and sellers, they will be able to share data that backs up your instinct to list your Mosman property for sale.
At the end of the day, the decision to sell your Mosman property in 2020 is entirely up to you. But having the right information from a real estate agent will help you feel more confident, no matter what you decide.
