Sydney is home to some of the most pricy real estate in Australia. If you’re living in some of the more expensive suburbs, you might be surprised to know how exponentially residential properties in Sydney are rising. Fortunately, there are a few tweaks you can make to your layout to make your home more attractive to potential buyers. In this article we’re going to outline what’s happening with Sydney’s property market and what you can do to get a hefty return on your home.
How Do I Find the Current Value of My Property?
In short, the value of your premise is the total amount a potential buyer is willing to pay for it. The value of your property is going to fluctuate substantially depending upon your location, the characteristics of your house and other properties on the market. The best way to estimate the value of your property is to hire a professional appraiser. Alternatively, you might want to consider saving some money by using online tools such as the HPI calculator (House Price Index calculator). This software uses sales data ranging back from the 1970’s to help make an estimate of the value of your premise based on your location.
Is 2020 a Good Time to Sell Your Property?
The property market has been uncertain as a result of COVID19. However, the law of general equilibrium states that supply needs to meet where there is demand. As a result of COVID19, there has been a high degree of buyer intent with a lower level of supply. Hence, although some economists have estimated that property value has plummeted, there are buyers who are getting a substantial return on their investment. If you’re unsure about whether or not your property will sell for a profit, the best thing you can do is to contact a professional appraiser to get a better estimate of your circumstances.
Why Are Sydney Properties so Expensive?
Being Australia’s oldest city, Sydney is home to over 5.3 million residents, making it the most highly populated city in Australia. With some of Australia’s most recognised landmarks, the demand to live in Sydney far exceeds the supply of accommodation. Hence, the pricing to live there is considerable. To put this in perspective, the price for a house in Adelaide can be just over $500,000 less expensive. Due to restrictions on real estate with difficult mountain landscapes, it’s commonly perceived that Sydney is over-encumbered.
Is Sydney More Expensive than New York?
There has been speculation into whether Sydney is a more expensive city to reside in than New York or London. Although Sydney is considered to be the most expensive city to live in Australia, the median price for a house in New York is far more expensive than Sydney. The median price for a 1 bedroom apartment in Sydney is $1896 per month, versus New York which is $3394 per month.
Which Home Improvements Add the Most Value to a Home?
Although the primary determinant of the value of your premise is in relation to factors such as location, there are still a few inexpensive tasks you can take to boost the value of your premise and get a greater return on your investment. Three key home improvements that add the most value to a home are:
- A New Paint Job – A new coat of paint is among the most inexpensive tweaks you can make to a home to bolster the value of your property. There is speculation that ivory could be the most profitable colour for an interior recoat.
- Outdoor Features – Having an outdoor sanctuary is always attractive for potential home-buyers. If you’re looking for landscaping Eastern Suburbs services in Sydney, Stone Lotus have a reputation for stunning outdoor features. If you get them a call, they may be able to help you revitalise your outdoor space.
- Update Your Bathroom – From the buyer’s perspective, the quality of a bathroom reflects the integrity of the building and it’s previous owners. Ensuring you’re not only deep cleaning your bathroom, but also working to keep up with the latest design trends is incredibly attractive for a potential buyer.
What Brings Property Value Down?
Undoubtedly, there are a myriad of external and internal factors that will hinder or skyrocket property value. A few key factors that will bring property value down are:
- Building characteristics – The internal and external integrity of your building is fundamental. Not only should you be concerned with the aesthetic appeal, but also the repairs, maintenance and quality of the building itself. If it doesn’t look pristine when they buy it, you can expect to receive less in your pocket.
- The economy – The demand and supply for building in your area is one of the key determinants of property value. As the property market rises and falls, you can expect the sale price of your property to follow. Hence, it’s best practice to keep an eye on the economy to sell-off when the market is favourable.
- Local amenities – If your neighbourhood is ridden with crime, surrounded by bad schools, is too far from shopping centres and medical facilities, your property will be devalued. The location of your building in relation to general services and family-friendly living is imperative.
Where Can I Go From Here?
Bearing all of this information in mind, you might want to consider making a few changes to your home to get a better return on your investment. By carrying out your much needed general maintenance you’ve been putting off, applying a fresh new coat of paint, renovating your bathroom and adding an outdoor landscaping feature, you can expect to sell your property for a higher value than your initial investment. If you’re hoping to find out more information on your property in relation to the market in your area, don’t hesitate to call your local appraisers.