2019 market in review

By Kirsten Friedli

As we head into a busy 2020, I thought it was a good idea to reflect on the market-influencing events of 2019 that led us to where we are today.

Early 2019 saw the findings of the Banking Royal Commission being publicly aired, a tightening and then easing of lending regulations, a Federal Election, and declines in property values across Australia. Property values in the Macarthur, however, were far less impacted than other Sydney metro areas.

It wasn’t until the start of the new financial year that saw an easing of lending policy, auction clearance rates increasing across both Sydney and Melbourne, and the result of the Federal Election that brought stability to the market, with no changes to negative gearing and capital gains tax.

As we moved into the Spring market, we saw confidence start to grow from the outcome of the federal election, lower mortgage rates, and policy changes from APRA which relaxed home loan servicing tests for borrowers.

In the late part of 2019, there was a surge in consumer confidence, with a large increase in properties coming to the market – most of these sold and settled before the end of the year.

After a lull over the holiday period, the market this week is starting to pick-up. Days on market are expected to decrease over 2020, as property values gain momentum.

If one of your new year’s resolutions is to sell your home and upgrade or move to a more desirable location, now is a good time to consider putting your property on the market.

What should you consider doing before putting your property on the market?

PAINT

  • Repair exposed nail holes, stains, and imperfections in your wall’s paintwork.
  • Paint door trims and all areas showing wear and tear.
  • Remove the older wallpaper and give the wall a fresh coat of paint.

KITCHEN

  • The kitchen should be spotless and clutter-free.
  • Make sure all cupboards and drawers are working properly.
  • Benchtops should be in great condition. If it needs to be replaced, consider installing a stone benchtop, which will likely add value.
  • Replace or repair leaky taps.

LIGHTING

  • Make sure all switches and lights are working properly.
  • Install brighter bulbs in rooms with less natural light.

BATHROOM

  • The bathroom should be spotless with no clutter.
  • Replace or repair leaky taps.
  • Clean grouting between tiles, and if missing, repair.
  • Replace any chipped tiles.

CURTAINS AND WINDOW FURNISHINGS

  • Replace damaged curtains or blinds.

FLOORS AND CEILINGS

  • Replace old carpet, or consider polishing floorboards underneath, or another modern flooring alternative.

OUTSIDE

  • Grass should be mowed, plants and trees cut back.
  • The yard should be clean and free of debris.
  • Gardens beds should be tidy and weed-free.
  • House exterior and windows should be clean

Should you want an accurate appraisal of your home, please contact our office for a detailed property report. This will give you up-to-date information as you consider your real estate options. As always, this is obligation FREE!