Considering purchasing your next house but not sure whether to sell off your present house or not? You’re not alone. Most NSW homeowners are torn between the possibility of never achieving their dream house and worrying about having two mortgages on the house simultaneously.
This is a stressful choice we are familiar with. The time constraint, financial unknown, and the emotional burden of doing the wrong thing can make you a night owl. It is one of the biggest choices you are going to make, and it is important to get it right.
And the good news is that you can be sure about your move with the right strategy and expert advice. In this blog, we’ll discuss the pros and cons of each approach and what 2025 market conditions mean for NSW home upgraders like you.
Understanding the NSW Property Market in 2025
The NSW real estate environment is on a booming trend. According to The October Housing Chart Pack by Cotality, national dwelling value increased 2.2 percent in the September quarter alone which is the highest monthly increase in dwelling values since May 2024. In the 2024-2025 financial year, the price of residential properties in the region of NSW rose by 3.5% and the median dwelling value now stands at 774025.
For upgraders, this creates both opportunity and urgency. Higher property values mean more equity in your current home, but it also means competition when buying your next home.
The Case for Selling First
Selling your existing property before purchasing gives you financial clarity and reduces stress. Here’s why many upgraders choose this path:
- Know your budget: You’ll have a clear picture of your purchasing power without guesswork
- No use in bridging loans: No reason to get expensive short-term funding to fund two properties
- Bargain like a boss: Cash customers can be bargaining power
- Lessen the financial stress: You will not be strained as you control two mortgage payments concurrently
The downside? You might need temporary accommodation if settlement dates don’t align perfectly. However, with proper planning, this is manageable.
The Case for Buying First
If you’ve built significant equity and have strong borrowing capacity, purchasing before selling offers advantages:
- Secure your dream home: No risk of missing out on the perfect property while waiting to sell
- Move at your pace: Avoid the stress of rushed moving timelines
- Seize the opportunities in the market: When the right property comes by, strike.
Remember that to purchase first, it is usually necessary to have bridging finance, or large savings. It will also be difficult to market your present home and at the same time find a new one.
What's Right for Your Situation?
The answer depends on your equity position, risk tolerance, and local market conditions. With 2025 presenting increased property listings and anticipated rate stabilization, many upgraders are finding favorable conditions for making their move.
At Ownit1st Loans, we work with multiple lenders to find financing solutions that match your upgrading strategy, whether you’re selling first or buying first. We make the loan process simple and help you understand your options every step of the way.
Want expert guidance?
Contact Ownit1st Loans.
FAQs
Short-term loan covering both properties until your current home sells, avoiding double mortgages temporarily.
Properties currently take around 30 days nationally to sell, though this varies by market conditions.
Yes, 120-180 day settlements give you time to sell your current property without rushing.
Not necessarily. Your equity from your current home can be used toward the new purchase.
The response lies in your equity position, risk tolerance and the local market conditions.