Are you thinking about buying or selling property in Sydney? It can be one of the biggest financial decisions you will make in your life, so being prepared and informed is essential. While it can seem intimidating to some, navigating the property market is not impossible. One way to make it easier and less stressful is to have a professional on your side who can guide you through the process.
Property conveyancing in the Sydney marketplace is highly recommended, as it will help your transaction run smoothly and quickly, ensuring your experience is a positive one.
Sydney property market landscape
Despite the fluctuations throughout 2020 due to the pandemic, 2021 has shown strong signs for the residential property market. It has remained resilient and median prices for both houses and units were up by nearly 4 per cent in March 2021.
Sydney median dwelling prices are now $1,112,67 for houses and $755,360 for units.
The current Sydney market has led to listing numbers remaining low, with properties advertised during March sitting at 25 per cent below the five-year average. Sales volumes are expected to increase though, as sellers make the most of booming conditions as our economy bounces back.
This is leading to an increase in buyers in the market, which continues to drive strong competition. The volume of buyers in Sydney is now outstripping the supply of homes for sale.
Sydney’s most expensive suburbs
Sydney has always been known for its expensive real estate and competitive market. This is all the more reason to have an expert on your side who can help you navigate the marketplace.
As the median house price in Sydney is now over $1 million, it can be a difficult marketplace for first-timers to navigate. But this is just the median price, there are a number of suburbs that have median prices much higher. Residential properties in the following suburbs are now sitting well over $1 million. Here’s the top 10 most expensive suburbs in 2021:
- Darling Point
- Bellevue Hotel
- Vaucluse
- Tamarama
- Double Bay
- Cremorne Point
- Centennial Park
- Dover Heights
- Mosman
- Longueville
Sydney suburbs on the rise
Just as there are suburbs that are known for being expensive, there are others that are on the rise in terms of opportunities and desirability. For property investors, it’s important to be aware of market trends and where the up-and-coming areas are. This can also help first time buyers who want a more achievable option for entering the market.
According to The Urban Developer, the five best suburbs for unit investment in 2021 are:
- Marrickville
- Leichhardt
- Randwick
- Surry Hills
- Neutral Bay
According to Different, the five best suburbs for house investment in 2021 are:
- Narrabeen and Collaroy
- Bardwell Park
- Fairlight
- Cronulla
- Petersham
Property conveyancing in Sydney
When you decide to sell, or find a property you want to buy, the first thing to do is to engage a conveyancer. Property conveyancing can work a bit differently depending on the state you are in. While the differences can be small, it’s important to know the ins and outs of the particular requirements of buying or selling property in NSW. Being aware of all the legal obligations will ensure that you are doing your due diligence and it can protect you from making any missteps.
For example, property conveyancing in Sydney comes with the following requirements:
- Sellers are obliged to disclose specific information about the property, known as prescribed documents, like recent title searches, the registered plan, Section 149 Council certificate, and drainage diagrams.
- Sellers are also required to have a Contract of sale prepared before the property is advertised for sale. This is best prepared by a lawyer or conveyancer, as the seller should have any special conditions noted in the contract and it should be thoroughly checked for any errors or inaccuracies.
- Buyers legally have a 5 business day cooling-off period. However, in the competitive Sydney market, it’s common for buyers to receive some pressure to waive their cooling-off rights.
- If the buyer exercises their cooling-off right, they will have to pay 0.25% of the purchase price to the seller.
While buyers and sellers aren’t legally required to use a conveyancer, it is in their best interest and highly recommended in NSW. Missing even the smallest detail could cause a sale to be cancelled or for buyers to come across some nasty surprises in their new property. The risks involved can far outweigh the costs of engaging a conveyancer to handle the process for you. What conveyancers do is give you peace of mind, and protect you and your interests in the transaction.
If you would like to enquire about our conveyancing services, you can get in touch with us by calling (02) 8256 4788 or requesting a free quote here.