Ask Margaret: is there a good time to sell in Sydney soon?
Hi Margaret,
I am currently residing in Wisconsin, USA however I own a two-bedroom townhouse in north-western Sydney.
I am interested in potentially selling this property with a view to buying a property in the USA.
When, in your opinion, would be the optimum time to sell in Sydney in the next 6-18 months, and why?
Thank you for any information and advice you may be able to provide.
Kind Regards,
Michael
Hi Michael,
I’d have to say that the optimum time to sell a property in Sydney is not likely to be in the coming 18 months at all! Of course this will depend very much upon where your property actually is, but if it is somewhere around the Hills District, which I imagine it is since that is North Western Sydney, then this is an area which is slated to continue with some respectable growth.
While the area has, over the past 15 years, had a population growth of almost twice that of Western Sydney, there is more to come yet. Industrial and office rents consistently rank well below the Sydney average, which means that business is well and truly attracted to the area. Purchase costs for commercial and industrial property also rank lower than the Sydney average and this should enhance employment growth.
While question marks still hang over the development of good transport infrastructure, this must come, since the population is showing no signs of slowing down. There are some significant land releases planned which, for a time, may cause growth to hover a little, but an upward climb should still be seen.
In my opinion, I wouldn’t be likely to buy in right now, as to do so would be at the cost of buying into a market which will boom sooner, however I also would not be inclined to sell, unless you bought the property for a song and already have significant gains. If that’s the case then selling now, or in 18 months’ time, won’t make a lot of difference. If not, then I’d be hanging around for the gains likely to be seen over the coming 10 years.
Margaret Lomas is a best-selling author and writes and hosts the popularProperty Success With Margaret Lomas and heads up the panel on Your Money, Your Call, both on Sky News. She is the founder of Destiny.
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