We are in the position of having bought a new house before starting to sell our old one.
We were happy to do things this way – we waited a very long time before finding precisely the property we wanted, and did not want to take the chance of losing it while waiting for our house to sell.
Unfortunately, the market has dropped away under our feet in the meantime.
Four months of marketing the old place at what seemed a realistic price, which then reduced substantially twice, resulted in no offers.
An auction one month later resulted in one pathetic bid well under our (very reduced) reserve.
We are on the point of deciding whether to persevere with attempting to sell, or renting it out for a year.
I don’t want to bore you with details – suffice it to say that failing to sell will be horrendously expensive, while renting out will be only somewhat less so.
So – what do you crystal-ball-gazers, property developers (!), and would-be real estate moguls think the Canberra market will do in the next 12 months?
Uninformed opinions welcome too – this is RiotACT after all!