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  1. Home
  2. Property

Practical advice on when to buy and when to sell property

According to a property expert. - by Laura Barry
  • 10 Sep 2019

Australia’s property market is one that has experienced both rapid growth and rapid decline in the past 12 months. In 2019, banks have tightened their lending criteria and although some prices have dropped, many asking prices for real estate in Australia are just too far out of reach for young families and single people to get a foothold on the property ladder.

Practical advice on when to buy and when to sell property

Furthermore, it can be hard to identify the best times to buy and the best times to sell property in Australia. The property market is a complex and ever-changing landscape that requires constant supervision in order to predict its behavior, but not everyone have time for that. We spoke to Luke Harris, co-founder of educational platform  The Property Mentors, to get his advice on how to know when you really need to buy a new property, and how to know when to sell your property.

When to buy:

“It’s time to buy a new property when you have outgrown your current home and need to upgrade,” says Luke. “It’s also good to plan an upgrade into a larger property as your family grows in advance, so you aren’t in a rush when the time comes.”

“When your financial position allows you to upgrade to a new home, wait for a time when there are more sellers than buyers, so you can negotiate harder and have more choice,” says Luke. “Another indicator that it’s time to buy is when your employment changes. Consider moving closer to work for a better work / life balance, and if you’re planning for retirement this could be a great time to downsize and have little or no mortgage left.”

couple standing in front of sold sign
Getty

When to sell:

“We try to avoid selling property if possible,” says Luke. “Consider if keeping the property and renting it out is viable options for you. If you must sell, the best time is to sell when similar properties are selling quickly and the amount of ‘days on market’ for each property sold are low.”

“It’s time to sell when you are looking to downsize, and you may be able to cash in on the equity you have built up and pay cash for a smaller property.”

Luke also recommends thoroughly evaluating your current life situation to anticipate if it’s time to sell your property.

“When your financial situation is likely to change, sell in advance to avoid putting yourself in a bad financial position when the time comes,” says Luke. “If your relationship ends and you can no longer afford to hold the property, sometimes it’s better to sell the property straight away.”

You might also like:

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Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

How you can save money on your home loan by going green

How you can save money on your home loan by going green

This is how long it takes to save a home deposit in Sydney

This is how long it takes to save a home deposit in Sydney

The potential property hotspots for 2020

The potential property hotspots for 2020

{headline}

{headline}

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

The first mistake all first homebuyers make

The first mistake all first homebuyers make

{headline}

{headline}

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Everything you need to know about container home designs

Everything you need to know about container home designs

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

Airbnb drives up rent and property prices, study

Airbnb drives up rent and property prices, study

Maintain the value of your rental property by doing these four things

Maintain the value of your rental property by doing these four things

The hidden costs of buying a house

The hidden costs of buying a house

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