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How do I sell my property in Australia fast in 2020?
So many sellers Down Under are asking the same question. How to sell real estate in Australia fast in 2020.
We have a tough market, no doubt about that. There’s been a big drop in the number of homes being put up for sale.
Usually a drop in the number of homes on the market should lead to an increase in property prices – but we live in a post-Corona world. So, the classic economic rules of demand/supply don’t apply anymore, it seems.
The coronavirus pandemic has dealt delivered a death blow to many small businesses in the country, especially to those involved in the property market. From record low unemployment Australia has moved to record high unemployment.
The rental market, which was always a safe bet in Australia has been hit pretty bad by the fact that so many tenants are simply unable to pay the rent. How can they, when they may not even have an income coming in.
According to Domain, property prices are down by 15 and 30 per cent across Australia. In fact, property prices are down by 4 percent in Sydney and Melbourne since April.
Nicola Powell, an analyst with Domain says, "The trend shows an uptick in discounting. The market has only really just been impacted, roughly since mid-March, with listings declining, clearances declining and discounting rising.
"Hobart had the largest jump in discounting rates. Hobart will be more exposed to the economic shock of the coronavirus pandemic than other Australian cities due to the reliance on tourism, hospitality, the arts and recreation industries," she adds.
Michael Neal is a hard-working real estate developer who bought a property recently hoping to sell it later. Everything was going to plan until the Covid19 pandemic struck.
Neal says in an interview with the ABC, "The plan had always been to renovate it and sell. [But I] started renovating and the bushfires happened, so I was off fighting fires for three-and-a-half months."
"I was basically racing against time," Neal adds. “I missed out on getting it on the market by two weeks. It is taking a toll mentally."
Finding buyers is tough, and those who have shown an interest so far made low-ball offers, Neal adds.
"If someone came in close to under my figure, I'd sell. There's no problem with that," he says. "There's a few very low-ball figures, people hoping that I'm desperate to sell, but I'm not desperate yet."
"I'm of the opinion that it will sell for what it's worth and what it's marketed for. It's just finding that right person, which is normal."
So how to sell property in Australia fast in 2020?
Here’s what you should be asking: Who is still buying properties Australia, in spite of the Covid19 pandemic and the general uncertainty surrounding the global economy?
Like always it is wealthy individuals from the United States, Britain, India, New Zealand and the rest of Asia and the Middle East. Australia holds a strong fascination for many, any property there is a prized status symbol to show off to friends and business associates for the rich and powerful from around the world.
The only major difference is the Chinese are no longer buying because of the Cold War between Australia and China. Cash rich Chinese, remember, were among the biggest buyers of residential properties in Australia, especially in Melbourne and Sydney until the Coronavirus struck.
Regardless, there are a plenty of successful business owners, hedge fund managers, top business executives, movie stars, professional athletes, media personalities and other celebrities who are buying homes and apartments in Australia.
Any property in the Down Under will fetch premium rates. However, it would be a mistake to attempt to sell your overseas property in Australia on your own. You won’t make much progress by hiring a local real estate agency either.
The best thing to do in this scenario is to hire the services of an overseas property expert, who has contacts/professional relationships with high net worth individuals or sophisticated cash rich buyers from Russia, Europe, Asia, United States and the Middle East. Contact us to know more on how to sell your house or apartment in the Australia fast in 2020.