The headlines may say property prices are falling, but there is plenty of good news when you drill down to specific cities, suburbs and figures in different parts of the country.
While it’s easy to be distracted by tales of doom and gloom, the truth is that if you’re selling, you will probably be buying as well. If you’re strategic, you can use almost any market conditions to
your advantage.
Take a more in-depth look at property prices as they stand towards the end of 2022:
Top performing cities
Not every postcode is experiencing a downturn. According to openagent.com, the top-performing suburbs in each state as of
October 2022 were:
• Warners Bay, NSW
• Melton, VIC
• Dundowran Beach, QLD
• Burnie, TAS
• Armadale, WA
• Salisbury, SA
All these suburbs sit in the top ten performers thanks to their popularity with sea changers and family-friendly locations. Homes are still rising in price and are selling quickly because there is plenty of interest from buyers.
Meanwhile, there is little sign of a downturn in the territories. Investors and buyers continue to drive average house prices up in Darwin and Canberra.
Price changes
Rising interest rates have led to a decrease in average national property prices but these figures look at Australia as a whole.
News of big price drops should be taken with a grain of salt. When you drill down into actual figures, you will see that some of the suburbs that have taken big ‘hits’ are the ones that rose stratospherically during 2020 and 2021. A slowing in the market is not as dramatic as it sounds when compared against year on year increases during the pandemic.
Many of the suburbs that are ‘settling’ are in higher-end parts of Melbourne and Sydney. These suburbs had astronomic growth during the pandemic. Values have dropped over recent months but their owners are still likely to be ahead financially.
If you’re thinking of selling, take the time to speak with your agent about actual figures in your area. Compare average prices to the amount you initially paid and you’ll have a clearer idea of how
much profit you stand to gain if you sell.
Make your move
While the headlines may trigger nerves over selling property due to the switch to a buyer’s market, the fact is you are likely to become a buyer after you sell. If you are set to make a purchase in a similar or less costly suburb, you could still come out on top.
Instead of panicking about market fluctuations, reach out to a real estate agent and start working on a strategy together. You’ll be able to identify the best way to take advantage of current conditions.
And remember that property is a long game. The market always goes up over time so if you buy a quality home in a good area you should find you can come out on top over time.
Is it time to buy or sell? Get in touch with your local Professionals agent today.
