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Spring selling season is typically the busiest time of year in real estate, and this year’s spring selling season is shaping up to be another big one.
Here are some tips if you’re buying or selling an investment property during spring selling season.
What to expect this spring selling season
This year, interest rates are going to play a big role in determining springtime property prices. At the start of last year, there was a lot of uncertainty around interest rates and buyers were nervous about what their cost to borrow would be, which led them to hold off on buying. If the Reserve Bank keeps interest rates on hold, which is what many experts predict, we’re likely to see strong demand for properties towards the end of 2023.
We’re already starting to see that. Spring selling season has started off strong - the first week of September saw 2,291 homes go to auction which is 25% higher than last year’s spring selling season according to CoreLogic, when rising interest rates and falling property values saw a reserved start to the season.
Experts are predicting stock levels to ramp up later in the spring selling season, with sellers wanting to offload their properties before Christmas. All in all, we can expect a fairly cutthroat spring selling season so investors should be quick to make an offer.
Tips for buying or selling during spring selling season
Whether you’re looking to buy another investment property or want to offload one, here are some tips for navigating spring selling season.
Start your home buying journey early
Register for email alerts on real estate websites. This will ensure you're among the first to receive notifications about new properties hitting the market. Additionally, establish contact with real estate agents in your desired area and discuss your housing preferences. Demonstrating your seriousness may lead them to notify you before properties become publicly available while they finalise marketing materials and photography.
It's crucial to stay informed about local property market trends and their potential impact on your property. Engage a knowledgeable real estate agent who specialises in your area and comprehends the desires of buyers or sellers. You can also conduct your research by downloading a property report to assess local property prices and comparable sales.
Stand out amidst stiff competition when selling
Consider hiring a professional stylist or stager, as well as a skilled real estate photographer, to present your home in the best possible light. Remember that the exterior of your property is just as important, as first impressions are paramount.
Organise your finances
Ensure you can demonstrate a stable income, a substantial deposit (often up to 10% at auction), and pre-approval to expedite your purchase. Have all your documentation prepared to avoid missing out on your next investment property.
Seek out the best investment loan rates
Even though interest rates on home loans are still quite high, we offer some of the most competitive deals in the market. Take for example our Variable Investor Home Loan with an interest rate of 5.99% p.a. (6.01% p.a. comparison rate).
Check out our competitive low-interest investment home loans.