2021 was a monumental year for the property markets around Australia. Houses sold for record prices, days on the market were reduced, and even settlement periods were slashed. All of this indicated a huge demand to buy homes and then move in reasonably fast. This trend hasn't slowed down this year.
So are you looking for a reason to sell in 2022? In 2021, 575,000 homes were sold, with many owners benefiting from peak pricing. That’s 575,000 reasons to book a property appraisal this year.
There are a few things to consider before putting your property on the market. Getting a property appraisal is one of them, as it will allow you to know how much your property might be worth and decide on the best strategy to achieve the highest selling price.
Units to gain in popularity
It is interesting to note that 2021 revealed some slight changes compared to previous years. According to CoreLogic, units and houses respectively accounted for 27 per cent and 73 per cent of the recent sales, which roughly equates to 155,000 units and 420,000 houses sold. The share of units in 2020 was a bit lower, sitting at 26 per cent.
In a year where house prices soared, and sellers wanted to make the most of the market's peak, it wasn't surprising to see more and more buyers having to compromise and settle for a unit. Knowing that the median prices didn't increase as fast as houses, we expect an even larger share of units to be sold in 2022.
Understanding where your property decisions take you
With more people looking to take advantage of peak market pricing, an increase in the sale of properties in 2022 seems to be on the cards. However, tighter lending standards may make it difficult for prospective buyers to enter the market. If listed properties aren't progressing to sale, the activity might slow down and, in turn, put downward pressure on prices.
In the current market, those looking to ride the wave of a sea change might give the lifestyle a go without the pressure of paying a mortgage. However, in the long-term, purchasing a property will always remain the goal for many Australians.
Those who haven't leaped recently will be waiting for the 'perfect time'. The thing is, there is no 'perfect' time. The recent market changes proved it. It has been so turbulent and unexpected that trying to determine when the best time to buy or sell is almost impossible.
What we do know, though, is that staying aware of where your property stands is essential. That's where property appraisals come into play. They are key in understanding the local market, how it fluctuates, whether an investment is worth it, if it is time to downsize or upsize, and more. Or, more simply, a property appraisal can tell you what type of worth you are sitting on.
Book an appraisal today
Understanding the different types of value that come with your property, owned or potential is incredibly important when it comes to making decisions about your future. Our team of dedicated and experienced professionals can assist you through the process.
For guidance during your buying or selling journey, contact your local LJ Hooker agent today or book a free property appraisal.
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links
