Australian home prices recently experienced one of Australia’s worst property downturns in generations. But there’s good news. Home prices may have found some solid ground. The real estate industry is experiencing a revival in auction demand. New data shows buyers are increasing, compared to the same time last year.
The latest CoreLogic data reports a clearance rate of 72.8%. Out of 262 auctions, 190 properties sold. That’s a 25.9% increase compared to the same week last year. In Melbourne, the clearance rate reached 70.6%, which was an increase on last year’s 56.2%. Across all the capital cities, the clearance rate reached 65.4% compared with 52.0% in the same period last year.
Adam Rigby, founder of Upside, Australia’s biggest fixed-fee agency is positive.
“Auctions are a great way to sell right now. Buyers are back but supply is low so many properties are selling above reserve. The signs are there throughout the entire sales process. Our average open home attendance in July sitting at more than double the yearly average. Buyer interest is back, and savvy homeowners are taking advantage” said Mr Rigby.
He says now is a good time to make small improvements to get top value if you’re considering selling.
“There’s a sliding scale of how much value you can create versus how much you spend,” says Mr Rigby. “It’s no secret that styling your property pays off. Our real estate agents estimate that it adds around 2.5% to the value of your home. This can also help your house sell faster.
Here are the secret tips you need to know to increase the value of your property. These hacks will help you maximise the results of your sale and you can do it all without breaking the bank.
1. Choose low-fee agents
Fixed-fee selling is a great way to reduce sale costs. You’ll know exactly what you are paying for upfront. Upside, for example, charges a flat-fee of $8,900 for private treaty sales. They charge $9,700 for auctions, compared to commission which are often in the 2-2.2% range, but can climb higher than 3%.
2. Add a coat of paint
Paint will spruce up a room and cover up wear and tear. This is a fast and effective way to revitalise a home for sale. Keep colours neutral. Stick to white, off-white or cream.
3. Invest in new plants
Plants offset harsh looking fascias. They also soften the edges of a a home. Indoor plants and flowers make a home feel fresh and modern. The breathe new life into tired-looking rooms.
4. Improve curb appeal
Research shows 80% of Australians want a home with a yard for their family and pets. Having a well-presented outdoor space can win over potential buyers. Landscaping can cost thousands. But there are plenty of little touches you can add that will make your backyard shine. Start by trimming hedges and mowing the lawn.
5. Open up the space
Everyone wants a space that feels big and open. You might find that removing items of furniture works. Or consider replacing them with smaller pieces creates an impression of space.
6. Hang up mirrors
Mirrors are an inexpensive and fast way to give a feeling of space to a room. Here are some great spots for a mirror:
- Behind the sofa
- A shelf in the living room
- The headboard in a bedroom
- In a hallway to make it look bigger
7. Quick fixings
Kitchens are expensive to renovate, but they’re also the room that sells a house. If your kitchen is looking tired, freshen up the space by painting cabinets. Finish the look with new knobs or handles.
In bedrooms, invest in affordable new linen to make brighten a room and make it feel more inviting and cosy. Add cushions and a throw to complete the look.
For more information visit www.upside.com.au