Some believe that pre-Christmas is a quiet time for real estate, but as the auctions and sold prior transactions in Sydney last week show, it can be a good time for real estate sales. There is an opportunity to help cover the cost of purchase and annual rates when purchasing in tourist areas like Merimbula by immediately letting the property for holiday rental over the peak season of January and even February to bring in an income.
Stephen Nicholls, Property Editor from Domain.com.au on Monday 10th December reports that the strong weekend auction clearance rate in Sydney of 61.7 per cent recorded by Australian Property Monitors on Saturday – the biggest auction day since March – took many by surprise. He muses that the interest rate cut from last week may have influenced buyers, with the prospect of having more money to spend and he thought it was interesting that 28.8 per cent of the auction sales reported to APM happened before the big day.
“I think people want to get their stuff sorted before the end of the year” said Agent Teresa Natoli, of Ray White Surry Hills, which Mr. Nicholls thought may well be the main reason with Matt Lahood, the director of sales for McGrath Estate Agents, agreeing, saying the big jump in sold prior to auction transactions was reflective of the time of the year. “From a buyer perspective, it allows a purchaser to get set before Christmas and in some cases even move in”.
A sale pre-Christmas can benefit both the vendor and purchaser. With the influx of holiday makers in Merimbula the enquiry level increases, but many are dreamers and tyre kickers so if you are a vendor it can be beneficial to have your sale done and dusted with the chance to relax and enjoy your holiday in peace. If you are a purchaser it is so much easier to have the property settled before Christmas activities take over and you have the option of letting the property as holiday accommodation or use it for your own holiday accommodation, or in the case of purchasing your permanent home you will have plenty of time to get settled in during the holiday season.
Vendors will often be more open to offers at this time as they are ready to settle. Banks are busy pre-Christmas and timing becomes tight, so Purchasers should always make their first offer their best offer and it is advisable to seek finance prior to making an offer.