According to Tim Lawless, the Head of Core Logic, there were various reasons for this revival of property prices after it reached a rock bottom in June 2019. These were three rate cuts by Reserve Bank, loosening of lending standards by the regulator and the win by Coalition in the Federal elections in May which ended the apprehensions about the tax policy.
Another aspect to be noted that favours the sellers is the fact that very few properties are advertised for sale. Therefore, there is less competition in the market and high demand for properties.
So, what could be a better time than now to sell your property without an agent?
Since the real estate trends in the Australian market are favourable for the sellers, they can benefit from the conditions and attempt for sale by owner instead of engaging a real estate agent.
Why is for sale by owner beneficial to the seller?
- The most obvious advantage of selling a property without an agent is that you do not have to pay a commission to an agent which means substantial savings. This is because real estate agents charge a % of the total amount of the proceeds as a fee which is quite a large sum.
- When you sell your home without an agent, you are in complete control of the sales process. You can take all the decisions regarding the sales on your own.
- Selling a property without an agent implies that you will have to price it yourself. Since the market conditions are favourable, you can experiment with the prices and try quoting a higher price and maybe you might be able to sell it at a higher price than the market price.
- As per stats, for sale by owner houses sell much faster than those sold by agents. This is because agents give divided attention to the sale of your property and miss out opportunities for selling it. On the other hand, when you sell it on your own, you will be able to give your focused attention to the sale and sell it faster.
- A real estate agent markets the property based on the information that you have provided him about the property. There are chances that he may miss out on some important details about the property while trying to sell it. However, when you sell your property on your own, you will be able to market it effectively. This is because you know your property the best and you will be able to highlight all the special features of your property to the potential buyers.