Do you long for a lovelier location, crave being closer to aÂ better school or have dreams of something fancier and with moreÂ bedrooms?
The upside of a softening property market is that thereâ€™s never been a better time to upgrade.
â€śIt really should be a good time to upgrade as while the price of your home might be falling slightly, a more expensive home will also be even more affordable,â€ť says BIS Oxford Economics associate director AngieÂ Zigomanis.
Industry leaders also say there is great opportunity in the current property climate.
â€śThe thing with a softening market is that you have a much better chance of being able to afford a better location that you might not be able to buy normally,â€ť says Ray White chairman Brian White.
â€śSome peopleÂ might be nervous about buying in a falling market, but the property market is all about cycles and you should take advantage of theÂ adjustment.
â€śOur group did $2.75 billion in sales in Australia in August which was consistent with July so thatâ€™s giving us more confidence that most of theÂ adjustment in the market has alreadyÂ been made, and thereâ€™s now aÂ lot more stability.
â€śInterest ratesÂ have edged up, but not dramatically,Â either,â€ť says White.
For those who have decided that now is the time to get back in the property market, there are some key factors to take into consideration.
Home owners should certainly draw up a list of priorities for what they want in an upgrade and see it as an opportunity to move, for example, from a main road to a quieter street, to a house with a granny flat or to one with space for all the family.
Of course, home owners upgrade for a myriad of reasons â€“ everything from wanting to live in a leafier suburb, to be closer to good schools, to having more space for a growing family or having grandparents to stay, to needing multiple living zonesÂ to give older kids their own separate areas.
Take the over-sized terrace on Manlyâ€™sÂ Quinton Road, 10 minutesâ€™ walk from the beach, which is currently for sale through Stoneâ€™s Adam Moore.Â A three to four-bedroom, fully renovated house, it comes with a selection of both formal and informal spaces for family gatherings and guests.
â€śItâ€™s a large-sized terrace house offering a lot of space,â€ť says Moore. â€śItâ€™s also been totally restored to have big open-plan areas with period features, so it would be great for a growing family.â€ť
â€śItâ€™s very low maintenance and has dual access, and is on one of the best streets in Manly for street parking.â€ťÂ
The current owners bought the house in 2016 and did a half-a-million-dollar renovation. â€śThis means a buyer is picking up the renovation almost at cost,â€ť says Moore.
James Bennett, the principal of Belle Property Lane Cove, says heâ€™s seen the number of people making upgrade decisions rise sharply.
â€śPeople just have to recognise how their own property also sits in the market,â€ť he says.
Looking to the long term will also pay off.
â€śImportantly, I would suggest a five to 10-year plan so they know what theyâ€™ll need in the future, so they wonâ€™t have to move again in three years.â€ť
A spacious family home with an ultra-private backyard and a stylish pool.
Itâ€™s headed for a September 26 auction throughÂ Peter Chauncy of McGrath Crows Nest.
A beachfront three-bedder with a flexible floorplan, including a self-contained retreat.
David Bain of Raine & Horne Dee Why-Collaroy has set the price guide at $3.5 million.
A brand new, architect design terrace with no renovations needed, located in a peaceful suburban street.
Jonathan Viewey of Viewey Real Estate has scheduled an October 6 auction.Â