Buyers have more homes to choose from and more time to make a decision, so how can homeowners best position their property to secure a successful sale?<\/strong><\/p>\n The property market has shifted this year as homebuyers grapple with higher interest rates and property tax changes, while being spoiled for choice in many markets.<\/p>\n There were about 10% more homes on the market in July across the capitals than the same time last year, despite fewer homes being listed for sale, according to the latest realestate.com.au Market Snapshot<\/a>.<\/p>\n Total listings for sale were higher in July across all the capitals except Darwin and Hobart, with big increases in Brisbane, Adelaide, Perth and Canberra as existing listings take longer to sell.<\/p>\n So in an environment where buyers have more homes to choose from, and less urgency to make a decision, how can homeowners position their properties to get the best result?<\/p>\n Sydney real estate and Ray White Upper North Shore director David Walker<\/a> said pricing a home appropriately was one of the most effective strategies for appealing to active buyers.\u00a0<\/p>\n \u201cBe realistic about where the market is and price it in-line with what\u2019s on the market and really recent sales, not prices from 12 months ago,\u201d he said.<\/p>\n Median home prices in Sydney and Melbourne are about 4% lower than the all-time high reached late last year, while prices in the other capitals are still within about 2% of the peaks reached earlier this year, according to the latest PropTrack Home Price Index<\/a>.<\/p>\n While it can be hard to come to terms with selling for a price that\u2019s a little lower than was once possible, for vendors who are also buying a property, such as upgrading families, Mr Walker said a dip in prices could be viewed as an opportunity.<\/p>\n Buyers have gravitated towards new or renovated homes that are move-in ready, while homes requiring work haven’t attracted as many bidders, agents say. Picture: realestate.com.au<\/p>\n<\/div>\n \u201cIf you\u2019re buying and selling in the same market, yes you might not get as much as what you hoped, but what you\u2019re buying has come off a bit as well,\u201d he said.<\/p>\n \u201cIn Australian real estate, especially Sydney, things can change quickly. It\u2019s a buyer’s market now, but it\u2019s going to move back to a seller’s market quickly.\u201d\u00a0<\/p>\n \u201cYou don\u2019t want to miss the opportunity to get into a good buyer’s market. A lot of buyers wait and sit on their hands until the market starts picking up and they have the confidence to buy again, but by then the opportunities are more limited.\u201d<\/p>\n It\u2019s often said that you can\u2019t sell a secret, meaning marketing a property far and wide is the key to finding a buyer, especially one who might not be actively looking at new listings coming on the market every day.<\/p>\n Mr Walker said exposing a property to as many potential buyers as possible was crucial in the current market.<\/p>\nPrice it appropriately<\/h2>\n
How home prices changed around Australia in July<\/h4>\n
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<\/div>\nSpread the word<\/h2>\n