If you’ve been keeping a close eye on interest rates and the reaction in the property market, you might want to look even closer now that spring is here.
Traditionally, spring has always been a hot time for the Australian real estate industry – and that has potential benefits for both buyers and sellers.
Selling in a hotter property market
As a seller, spring is blossoming with opportunities. Any property with a garden is likely to be looking its best in the warmer spring months – with fresh, green buds adding life and energy to front and back yards, and splashes of colour from spring flowers bringing a pop of prettiness that can help a property look its best.
When it comes to prices, increased levels of buyer competition also heat up – and the potential bidding wars that can inspire could mean positive things for your sale price.
Timing also plays an important part in the increased number of people keen to buy and settle on a property as quickly as possible before spring ends. With many properties having settlements of between 30 and 60 days, buying in spring means settling before Christmas, in many cases – and that’s great news for anyone keen to see the festive season at a new address. Family homes, especially, can benefit from the timing of a spring sale, with many buyers keen to get their children settled into their new home well before the new school year starts.
Of course, all that added interest in the market means that you won’t be the only one deciding that spring is a wonderful time to sell. With more properties competing for the attention of potential buyers, this should give you the motivation to put some effort into making your home’s interior and exterior look as attractive as possible.
Speak to your agent to ask them what they think you need to do to add value to your home without having to spend too much money. You might find that simply investing in some thoughtful garden care in the weeks before the sales campaign is all you need to help your property shine this spring, as well as making sure you attend to any urgent repairs, and present your property in a way that’s clean, uncluttered and inviting.
Talking to your agent about matching your selling price to suit the reality of buyer expectations in this time of higher interest rates is a positive way to help achieve a quick, successful sale.
Tips for selling property in spring
Giving any property a spring clean is always good for the soul – and improves the impression the property has the power to make.
Consider doing these things to your place before you sell, to help it look its best.
- Wash curtains.
- Dust everywhere, including skirting boards, cornices, windowsills, and door frames.
- Clean under appliances and furniture.
- Get carpets and rugs professionally steam-cleaned.
- Declutter by packing appliances off the kitchen bench and reducing ornaments/photo frames or knick-knacks from view. Over-stuffed bookshelves and wardrobe interiors, as well as cupboards and drawers, can also benefit from tidying. The more space and storage your property has, the more appealing it will be to potential buyers.
- Remove extraneous furniture.
- Make things smell nice – airing out your property in the days before an inspection is helpful to remove any unwanted odours of cooking or pets. A scented candle or two will add a welcoming, fresh aroma.
- Replace/repair anything that’s broken – from door handles to hinges and drawers that don’t open smoothly.
- Let the light in – opening curtains and blinds, and some strategic placement of mirrors as part of your styling, can add a sense of airy light that helps your property look even more inviting.
- In the garden, get rid of any animal waste and dead branches. Make sure the weeds have been removed and the lawn is freshly mowed and edged. Decluttering this area by packing away pet toys and bedding, as well as kids’ toys and bikes, can make things look tidier and more spacious.
Buying in a hotter property market
Data from the Domain Buyer Demand Indicator shows that, by August 2022, demand for property has slumped from its peak in October 2021 by 27.7 per cent for apartments and 32.6 per cent for houses. That means much healthier buying conditions for buyers.
With more housing stock set to hit the market in the coming weeks, as the traditional spring market gears up, having plenty of properties to choose from makes it easier to find a property that suits your needs and your budget.
For those considering investing in property, looking at markets beyond your own area might be worthwhile. Buyers looking for a property to call home, should always have a realistic set of factors driving their search, including a budget that matches their finance approval boundaries.
Tips for buying property in spring
With the increase in stock set to hit the market across Australia, even with this year’s slower spring property buzz, buyers have more choice.
Create a checklist that includes the list of ‘must-haves’, as well as the things you are more willing to compromise on, and secure finance approval so you understand your limits before you inspect and make offers.
By looking at properties armed with the right information you need to make a smart buying decision, it will be easier to find what you’re looking for.
Choose a reliable conveyancing service for a convenience, secure settlement
Whether you’re buying or selling this spring, you can take control of achieving a smoother, successful settlement by engaging quality conveyancing services.
From reviewing a contract, to helping you draft your own, the experienced, trusted conveyancing team at Conveyancing.com.au have a presence across Australia to help you manage all your conveyancing needs.
This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.