{"id":37988,"date":"2022-04-11T09:14:36","date_gmt":"2022-04-10T21:14:36","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37988"},"modified":"2022-04-11T09:14:36","modified_gmt":"2022-04-10T21:14:36","slug":"why-sydney-homeowners-are-rushing-to-sell","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/why-sydney-homeowners-are-rushing-to-sell\/","title":{"rendered":"Why Sydney homeowners are rushing to sell"},"content":{"rendered":"

PHOTO: Whatever the weather, it is tipped to be a hot weekend of auction action. <\/span>CREDIT: <\/span>PETER RAE.<\/cite><\/strong><\/p>\n

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Sydney<\/a> homeowners are rushing to sell their properties today, with the city recording its busiest auction weekend of the year so far.<\/p>\n

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It is tipped to be a Super Saturday, with 1117 homes scheduled to go under the hammer. Domain figures show auction volumes are up 28.6 per cent week-on-week, and up 57.8 per cent on the same time last year.<\/p>\n

Vendors are hoping to capitalise on what may be the last week of favourable selling conditions before an anticipated loss in momentum in the property market, with two back-to-back long weekends, growing consensus of a looming rate hike and an imminent federal election.<\/p>\n

It comes after CoreLogic data this week revealed\u00a0Sydney house values had fallen, particularly in the more expensive suburbs, pointing to the start of a price downturn.<\/p>\n<\/div>\n

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Domain chief of research and economics Nicola Powell said she believed that there were \u201cheadwinds\u201d for the housing market in Sydney.<\/p>\n

\u201cWe will see activity ease in winter because that\u2019s what we anticipate across the colder months, but we are likely to see more auctions occur compared to other years,\u201d Dr Powell said.<\/p>\n

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\u201cPeople are cashing in now while conditions are still good, but we are going to see weakening in Sydney and Melbourne.<\/p>\n

\u201cWe\u2019re likely to see prices fall 5 per cent or even 10 per cent by the end of the year, but that depends on how hard interest rates are hiked by the Reserve Bank.\u201d<\/p>\n<\/div>\n<\/div>\n<\/section>\n

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Commonwealth Bank\u2019s head of Australian economics, Gareth Aird, said potential interest rate hikes would weigh on sellers\u2019 minds more than the upcoming federal election.<\/p>\n

\u201cSellers would be aware we\u2019re on the cusp of a rate hike cycle. I would imagine people would like to sell their properties before rates start going up because there will be buyers out there who expect prices to be lower, and they would like to be ahead of that before it happens,\u201d Mr Aird said.<\/p>\n

He said a pull-back in property prices was all but guaranteed at this point, with growing consensus among experts and the market alike.<\/p>\n

\u201cIf a lot of would-be buyers wait for prices to drop, then they\u2019ll invariably drop. Buyer\u2019s attitudes towards where they think prices will go is a very good driver of where prices go. It becomes a collective mindset.\u201d<\/p>\n<\/div>\n

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Most vendors listing their properties now are cutting their losses short, agents say, as they would still be ahead given Sydney\u2019s prices rose by 6.7 per cent in 2020 and a further 33.1 per cent in 2021, on Domain figures.<\/p>\n

Hurlstone Park vendor Katherine Gullotto and her husband Frank are doing just that, with\u00a0their property expected to sell under the hammer today.<\/p>\n

\u201cWe were conscious of putting it to sale before the election and with the murmurs of potential interest rate hikes,\u201d she said, adding that they also wanted to sell before the Easter break.<\/p>\n

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\u201cOur strategy was to sell now and buy in the second half of the year when there is a downturn.\u201d<\/p>\n<\/div>\n

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Ray White NSW chief auctioneer Alex Pattaro said the Gullotos were not alone, with 65 per cent of the roughly 1000 auctions in April for Ray White scheduled for the first two weeks of the month.<\/p>\n

\u201cSellers are trying to cash up in the market, but equally buyers are looking to purchase as soon as they possibly can,\u201d Mr Pattaro said. \u201cPeople have decided to sell before Easter so they can take a break, and sellers are looking to cash out with predictions that interest rates will rise and a change in government.\u201d<\/p>\n

BresicWhitney chief executive Thomas McGlynn said the two long weekends at the end of April were bringing many listings forward, but so too were other variables in the market.<\/p>\n

\u201cThe fact the federal election is going to be called, the fact there could be impending rate rises, all of these indicators suggest to owners now\u2019s a good time to take advantage of strong market conditions,\u201d he said. \u201cWe are contending with things that we haven\u2019t had to contend with in the past two years.\u201d<\/p>\n<\/div>\n

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He said many sellers realise that the best time to sell was Spring last year and want to capitalise on whatever momentum is left.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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