Last Updated Sep 25, 2017 · Written by Craig Gibson
Every market has distinct selling seasons in which the volume of listings and clearance rates are significantly higher than the rest of the year.
For many Australian locations that time is spring, when longer warmer days are not only more conducive to renovating, but also allow you to show your property off at its best, especially for those all important open house inspections. Present it right and you could maximise your ROI and sell in the shortest possible timeframe. You don’t want your home languishing on the market for months, or longer.
Let's take a look at what the spring property market forecast looks like, and how you can maximise your chances of a sale.
After nearly a decade of unparalleled growth, spring 2017 could see price growth moderate for the Australian property market, though it does depend where you live.
There is a huge variation in performance between capital cities, with Sydney, Melbourne, Canberra and Hobart showing strong gains in 2016/2017, Brisbane and Adelaide (weak to moderate), while Perth and Darwin continue to experience negative growth.
So what can we expect for the remainder of 2017 and 2018? Leading property data provider CoreLogic’s Australian Home Value Index Forecast predicts:
Other factors that are likely to come into play as 2018 looms, include higher interest rates and tougher lending standards for some buyers. An oversupply of units in some inner city locations is also going to place uncertainty in the market. And even though price growth may be softening, this is cold comfort to the many first home buyers. The reality is that housing affordability continues to be poor, especially for first home buyers, and unfortunately there is no end in sight.
Planning is the most important part of any refresh, reboot or reno, no matter the size of your jobs. You also want to present your property in the best light, without splashing too much cash and compromising your ROI.
The first step is to decide if you need a refresh, some minor repairs or a larger structural renovation? Be flexible enough to consider all options, such as maximising the existing potential of your property. You also need to bear in mind what buyers are looking for. The more detailed your brief the more accurately a tradie will be able to cost your job. You also need to renovate with the market in mind. That means installing features that buyers are likely to want, so you need to know the local market well and what features buyers are looking for.
Then visualise your project, or better still sketch out your ideas, or use an online planning tool to work out if it makes sense. This will also give you something concrete to show tradies when it comes time to getting quotes.
If you have opted to refresh, reboot or reno you need to look at what projects are going to get you the most bang for your buck. Look to these 5 cost effective projects to get your home looking a million dollars, or more:
Painting is every renovators best friend, especially if you want to give your home a spring makeover without breaking the bank. Many people DIY, but if you don’t have the time or skills then an experienced painter will be all too happy to help out - for a fee of course. And if you think there is not much to painting, then you clearly haven't lifted a brush before. Not only can they repair all the holes and imperfections but also help you choose a neutral colour scheme that will appeal to as many prospective buyers as possible.
Your garden is likely to need a spruce up after winter. Look to prune, trim, mulch and weed so your property looks smart and inviting - you wouldn't want an overgrown jungle putting off a prospective homebuyer. A local garden maintenance service can help you get this done without much sweat and is a cost effective spruce up. Or you may want to undertake a more ambitious landscaping project - as long as it is is going add real value.
It is all too easy to overlook all the small jobs that need doing around your property. This could be anything from a leaking tap, to a torn flyscreen or a door with a shonky hinge. Best to get all these fixed so buyers can’t find even the smallest fault with your home. If you have two left hands or are simply too busy hire a local handyman to help you get everything in order.
There is one thing that will put off prospective buyers and that is clutter, or the feeling that your home isn’t spacious enough. Tackle a room at a time - you will be surprised how much ‘stuff’ you can accumulate over the years. This is why you need to get started months before you list your home for sale. Or get a professional organiser in to give you some helpful hints.
A thorough pre-sale clean should one of the last tasks to tick off on your pre-sale checklist.Use a professional home cleaning service, who often offer a pre-sale cleaning service, so you can make sure your windows, bathrooms, kitchen and any surfaces are all spotless. And don't forget your carpets too.
Sometimes getting the professionals in makes sense. This is especially true if you don’t have the time, know-how or tools for the jobs on your list.
You also need to be sure that they are right for your job. Not only do they need the right qualifications, insurances and licenses, but they also need to have customer references to prove they are great at what they do. Don’t be afraid to ask for references or samples of their work. And if you are hiring for a big project, like an extension or building job, then you also need to have a contract to cover them and you.