Navigating the real estate market in Sydney, particularly in the vibrant Inner West, Inner City and Eastern Suburbs, can be a complex and time-consuming process. As a property buyers’ agent based in Leichhardt, we at Buyer’s Domain understand the intricacies involved in buying and selling property. Whether you are a seasoned investor, first-time buyer or family upgrader, understanding the timeline for these transactions is crucial. This article aims to provide clarity on the timeframes involved in buying and selling property, helping you make informed decisions.
Do You Sell First or Buy First?
One of the most common dilemmas property buyers face is whether to sell their existing property before buying a new one or vice versa. Each approach has its advantages and disadvantages, and the decision largely depends on your financial situation, market conditions, and personal preferences.
How Long Does it Take to Sell a Property?
Selling a property in Sydney involves several stages, each contributing to the overall timeline. On average, the process can take anywhere from a few weeks to several months, depending on market conditions and the property’s appeal.
Preparation
Before listing your property, it is essential to ensure it is in optimal condition. This may involve painting, touch-ups, landscaping, and other improvements to enhance its marketability. Depending on the extent of the work required, this preparation phase can take anywhere from a few days to several weeks.
Marketing and Listing
Once the property is ready, the next step is to market it effectively. This includes professional photography, creating a floorplan, and developing a compelling listing. A well-executed marketing campaign is crucial to attracting potential buyers and can take one to two weeks to organise.
Auction Campaign
In Sydney, auctions are a popular method of selling property. A typical auction campaign lasts about three to four weeks, during which the property is open for inspections, and interested buyers can assess its suitability. However, it is not uncommon for properties to sell prior to auction if a compelling offer is made.
Settlement
Once a sale is agreed upon, the standard settlement period in Sydney is six weeks. This allows time for the necessary legal and financial arrangements to be finalised, ensuring a smooth transition of ownership. This timeframe can be shortened or extended depending upon agreement between the parties.
How Long Does it Take to Buy a Property?
The timeline for buying property can be unpredictable, as it largely depends on finding the right property that meets your criteria and budget. As experienced buyers’ agents, we understand that this process can be akin to asking, “How long is a piece of string?”
Defining Your Needs and Budget
The first step in buying property is to clearly define what you are looking for and establish a realistic budget. This involves considering factors such as location, property type, and desired features. Having a clear understanding of your needs will streamline the search process.
Securing Finance
Before embarking on your property search, it is advisable to have your finance pre-approved. This not only clarifies your budget but also positions you as a serious buyer in the eyes of sellers. The finance approval process can take several weeks, depending on your financial situation and the lender’s requirements.
Finding the Right Property
The search for the right property can vary greatly in duration. Our agreements with clients typically last six months, but we are committed to taking as long as necessary to find the perfect property. On average, our clients successfully purchase a property within one to three months, thanks to our efficient and targeted approach.
Settlement
Once a property is purchased, the settlement period is generally six weeks. This timeframe allows for all necessary legal and financial procedures to be completed. The settlement period can be shortened or extended depending upon agreement between the parties.
Moving by Christmas?
While it may seem premature to be thinking about Christmas, the reality is that if you wish to be settled in your new home by the festive season, now is the time to act. Considering the timelines involved in both buying and selling property, starting your property journey in the coming months is essential to ensure a smooth transition by the end of the year.
In conclusion, the process of buying and selling property in Sydney is multifaceted and can vary significantly in duration. By understanding the timelines involved and making informed decisions, you can navigate the real estate market with confidence. At Buyer’s Domain, we are dedicated to supporting you every step of the way, ensuring a seamless and successful property transaction. For more information and personalised assistance, contact us.
