NSW is rejoicing right now, after many of the COVID-19 restrictions eased on Monday.
Those living in NSW now have more freedom to visit pubs, clubs, restaurants, museums, galleries and salons. More people are now allowed at weddings and funerals. Life is starting to feel a little more normal again.
The travel industry – one of the hardest hit industries – is also now open for business! NSW residents can now freely travel around the state, and given our borders are open, those living in other states can also visit us.
Our local resorts are open and taking bookings. This is great news for the cash flow of current owners – and even better news for those looking to sell their unit!
An investment unit that is producing an income is more likely to sell, and banks are more likely to fund the purchase.
But is now a good time to sell your resort apartment? Yes – now is actually a great time to sell!
Stock levels of strata properties (and homes) are low nationally AND locally on the Tweed Coast. Low stock levels equal higher prices, which is certainly what we are seeing. Last week we made sales in Peppers and Santai Resorts – both at close to asking price. Prices are not dropping at this point.
The Real Estate Institute has noted high clearance rates at auction for three weeks running, with Sydney and Melbourne both over 70%.
Lastly, bear in mind that tourism-zoned properties are typically lifestyle investments and are the first assets sold in a weaker economy. If property prices drop from October (as some are predicting), there could be many units on the market, which then leads to even lower prices.
If you are considering selling, now is the time. There is little competition and prices are steady.
If you sell now and the market does drop – then you have a great opportunity to pick up another investment at a lower price.
Achieve the holy grail of real estate – sell high and buy low. Don’t make the mistake of waiting too long …
See what your apartment is worth in today’s market… contact us for a free no-obligation appraisal.