mandoz

Hi there

Just after a bit of advice really. Have property in the inner west and we have been itching ever since ever to sell it, as we have been back in the uk for coming up to 4 years

Problem is as we 'are' back in the uk we are not overly trusting of agents feedback, (according to them its not gone up in 6 years). They will make similar money whatever they sell it, but if they put it on for under its value I guess they will get 'their' money quicker.

We are not in it to make a killing, by any means we would just like to get our money (original deposit) back and stop having to subsidise it as we have a young family. Also current exchange rates are favourable.
Problem is it is rented and wer could not afford for it to be empty sat on market for ages.

I cant see us moving back in the near future and if we did we probably wouldnt settle on sydney again as it feels too expensive (we would have to be working less hours than more to make another upheaval viable)

So just to get an opinion- is this a REALLY bad time to be selling? Or should we just hang on in there? I know no-one has a crystal ball but it would be good to get some general feedback.

NickyC

The agents advice actually sounds quite accurate to me.

The top of the house price boom in Sydney was around December 2003. Only a very few houses have risen in value since then - but plenty have dropped, particularly in the western suburbs (not inner west).

Prices are around here (eastern suburbs) are practically identical to what they were six years ago - so I'd say that if you can get a 2003 price for your house then you will be doing very well.

ABCDiamond

Same as outer west Sydney. Prices now are still only about the 2002/03 prices. There has been no real net price movement, on mine, in the last 6 years.

I won't sell mine down there just yet, as I would like to leave it a few years till the prices rise again one day.

However, in your shoes, wanting to move the money back to UK at $2 for the £... That may be a different matter. If FX rates change back to $2.5 to the £, how will that affect your money even if prices did rise again.

The property does not have to be empty to be able to sell it. You can sell with a tenant in place, with a notice to leave when it is sold.

IvanM

I agree that the FX is probably the best reason to sell now. The rest is crystal ball stuff.

mandoz

Hi

Thanks for your feedback guys- much appreciated.

If it is only worth what we paid then even with current fx rates we would be at a loss because of the cost of fees and also because we have borrowed off this property quite a bit when we first moved back to the uk (please dont flame me- we had a bloody ridiculously tough time when we got back here)

The confusing thing is, when I look on domain similar properties in the same area places are priced at $100-135, 000 more than 'our' original price.

In fact there is one in our road which is $300,000 more .

Of course there are differences. That property is end of terrace and they have done it up beautifully. I have been inside it when it sold the first time and they had put a third bedroom in the attic and turned the other bedroom upstairs into a bathroom. Surely this isnt $300,000 worth diff though. If it is I will be sending dh out on the next plane with some tools

I am going off on a tangent so will stop there.

So if it is worth the same will have to hold on, I also dont want a property sitting on the market forever as some of them are. I know I can sell with the tenants but they have a young family and I want to be fair to them.
Months of people trapsing in and out of your home every weekend when you have little ones would probably drive them out eventually.

lucierainbow

Would the tennants be interested in buying??

IvanM

Houses I am seeing are going for 10 - 20% under the listed price.

If you need the cash then now is a good time. All other short term options are just as good as gambling. Otherwise you will need to think long term ie 10 to 20 years.

Try and find actual sales in your area not what estate agents are saying.