Australian property prices have fallen 0.8 per cent in the past year according to data from CoreLogic, and many are wondering whether that trend is set to continue.
Westpac’s monthly consumer sentiment report seems to show that most Australians don’t expect that trend to change and expect home prices to remain flat or to go lower over the next year.
Is now the time to sell up?
A gut response for many property owners may be to sell their property before prices get any lower however people shouldn’t be too quick to put up a ‘for sale” sign.
If you bought your property with a long time outlook then it’s best not to focus too much on short-term market movements.
Over time prices are likely to go up again. The best thing you can do is to try and not continually check price movements and worry about small price falls. If you have time on your side you will be able to ride out any downturn.
On the other hand if you need to sell in the short term then it may be worth investigating further.
Certain areas may see more losses over the next year and if you suspect that to be the case where you are then it might be best to get out of the market sooner rather than later, but only if you can’t afford to stay in the market until things improve.
Every property market is different
A lot of the figures that get reported are very broad and they may not accurately reflect what is happening in your local area. The main price falls are being seen in inner Sydney and Melbourne but there are areas even within these markets that are still seeing price gains.
Get local advice
You need to chat to local agents to get a good idea of what the local market sentiment is. It’s very possible that properties in your area are seeing gains and not losses and if that’s the case you don’t want to rush to the property exit prematurely.
If you’re after advice about selling in outer western Sydney contact the Professionals Outer Western Sydney team.