Spring is well known as the busiest selling season in Australia. Gardens are looking their best, it’s light for longer in the evenings and you can open those windows wide and let fresh spring air inside.
With the slower market conditions over the past year or two, many have wondered whether this spring will be as busy as usual.
The answer is that it depends on where you live. There are market indications that supply is significantly lower than usual in the eastern states, where prices have fallen more than the rest of the country. Would-be sellers are holding off in hopes of higher prices, meaning there’s less for sale than usual.
In fact, CoreLogic statistics show that Sydney listings are down a huge 31.6% from last year, and Melbourne listings even lower with a 32.3% drop. Brisbane and Perth follow at 21.5% and 18.2% respectively, with single digit drops in the remaining capitals.
On the other hand, buyer interest has definitely picked up. Lower interest rates have had the desired effect of enticing new buyers into the market. While lenders are still cautious about their home loan approvals after the Banking Royal Commission, the initial over correction is easing and borrowing is becoming easier once more.
One indication of an uptick in buyer interest is the improvement in auction clearing rates. They’re up for the first time since the beginning of the downturn in 2017: 72.8% in Sydney in August 2019 compared with 46.9% in August 2018, for example.
Another is the realestate.com.au finding that new home searches increased by 25% over the past 12 months, with three big jumps after the Federal Election and each of the two interest rate cuts. This is true across the country.
If you’re selling your home, therefore, it might just be a bumper spring after all. Demand is outstripping supply across the country, leaving buyers scrambling for fewer homes. In other words, it’s a seller’s market.
For sellers who choose not to wait until the next price surge, now is an ideal time to list your home. Less competition means you’ll be able to stand out and garner more interest. A good quality, well presented home at a fair price will always attract interest no matter what the market conditions.
If that sounds like you, follow our tips for a successful sale:
• Spring clean your home to show it at its most spotless. Spring sunlight shows up the dirt, so don’t forget windows and floors.
• Have a good declutter to make spaces appear larger. Spring is an ideal time for a garage sale!
• Attend to any minor repair jobs that need doing and consider a fresh coat of paint.
• Cut back any winter growth in the garden, add some quick colour with easy grow flowers and make sure pathways are clear of weeds and leaf litter.
• Put personal effects, like family photos or quirky decorations, in storage. It’s important to style a home that buyers could see themselves living in.
• Talk to an agent about the best marketing strategy for the current market conditions.