Wollongong has welcomed a total growth of 32.6% over the last 12 months. In Wollongong, the median house sale price is now $1,065,000 and the median sale price for a unit $675,000.
But it’s no secret that the national housing market has begun to slow. Due to a variety of factors including stretched housing affordability, higher fixed term mortgage rates and the RBA cash rate rising. This slow has been felt acutely in certain areas, while other areas like The Illawarra continue to be comparatively competitive.
“While the macro trends are softening, conditions remain diverse across the major regions of Australia,” says Tim Lawless, research director at Corelogic Data.
Market update continued…
“Advertised stock levels remain 42% lower than previous five year average across the regions while the volume of home sales is holding 20% above the previous 5 year average,” says Lawless.
The imbalance between supply and demand is continuing to boost in house prices even as the trend in growth is slowing.
If you’re thinking of selling, don’t think you’ve missed your chance. There are advantages to buying and selling in a slower market as Tim Bartlett explains;
“When the buoyancy comes out it slows down the pace of the market. Suddenly sellers who were previously worried about selling and finding that next place now have a bit more time on their hands,” he says. “It’s much less hurried.”
Read our latest article “Storm clouds or silver linings” to find out why it’s a great time to sell and upsize.
Selling in Winter
Spring has always been touted as the best time to sell but there are some distinct advantages to not following the crowd and selling in winter instead.
Typically there are fewer homes listed for sale during winter. You can use this to your advantage. Less availability means more competition among buyers which can help you reach or surpass your asking price.
Selling when there are fewer properties available means you will have more buyers inspecting your property. Listing in the colder months can also help you draw out serious buyers. As winter is a less popular time to buy, you can expect that the people looking at the market tend to have their finances in order to be ready to jump on the right property.
This can lead to a quick sale.
Selling in winter continued…
There is an ease to selling in spring when you can throw open all the windows and doors and let the sunlight pour in. But remember, most properties will be light filled and warm in spring. If your home is north facing or has a lot of natural light – showcase it. Buyers will see that even in winter the property is light filled.
Winter is your chance to stand out from the crowd. It’s your chance to make your home feel like home to buyers.
It doesn’t take a great deal of styling either. All it takes is some warm coloured cushions, a few thick throws and heating (this not only shows your house has heating but will encourage buyers to stay longer because they’re comfortable). If you have a fireplace, light it and let buyers inspect the property to the sound of a crackling fire. A warm atmosphere will help your buyers visualise the house as their home.
Tax deductions for homeowners
The home office has become a household norm for many people. According to the Australian Taxation Office, if you own your home and live in it without earning an income from it, you’re not eligible for any tax deductions. But, if you work from home, you may qualify for more tax benefits than you think.
You can claim running costs such as utilities, mobile phone, internet, office supplies and more. You can also claim depreciating assets like office desks, chairs and equipment however there are a few provisos surrounding this.
Deductions can include interest on your home loan, home insurance and maintenance costs. Speak to your accountant and the ATO about the tax benefits you’re entitled to.