Spring Fever - Predicting and preparing for the spring market The winter market has been unseasonably warm and with only a month left, it’s worth questioning whether this momentum can be maintained in spring. Winter property sales are at record-breaking points, with last week’s clearance rate at 75.9 per cent, well above the 15-year average of 66 per cent, and the average Sydney home price rising to $690,000, 12.6 per cent up from last year. RP Data’s senior research analyst Cameron Kusher has commented that results were strong for this time of the year. “Compared to winter last year, there are more homes not only going to auction, but getting cleared. “It shows that, particularly in Sydney and Melbourne, there is still confidence in the market.” The strong winter activity also means a shortage of available listings paired with an abundance of buyers. While prices have gone up, there are still plenty of people looking to upgrade or make their first purchase. Kusher predicts another active spring season, similar to the market conditions of last year, however, notes that this growth phase has now been sustained for two years – the traditional length of a property boom. “It will be interesting to see how long the market can sustain this,” says Kusher. “At some point, the market will have to cool.” Traditionally, spring brings a robust market with many aspects of the season working in a seller’s favour. Apart from good weather helping your home shine, there are also plenty of families who look to settle in before their children start the new school year, or those who seek to purchase in the start of the financial year. These conditions also benefit other vendors, meaning that you will be faced with a higher degree of competition. With warmer weather approaching, those thinking of taking their property to market should prepare their home to make it more memorable to buyers. First home impressions are particularly important as buyers’ initial responses will colour their view of the rest of the property. A spring clean can begin with improving your curb appeal by taking care of your lawn and garden, ensuring that the street view of your home is clear for viewers and taking a pressure washer to outdoor nooks and crannies. Following the landscape and exterior, ensure that the interior of your home is in working order by fixing broken/cracked tiles, replacing or steam-cleaning carpets and making sure that taps and water fixtures are not leaking and to the right pressure. Polishing fittings such as lights, doorknobs and mirrors will also allow the natural light to illuminate clean surfaces rather than problem areas. Organising your belongings is essential to showcase storage space and give the impression that your home is well cared for. Consider removing pieces of furniture to give a better understanding of the layout, and clearing counters, closets and cupboards of clutter to allow access to all available space. It could be useful to think of your home as a showcase, and depersonalize removing family portraits and other miscellaneous personal, political or religious belongings. Buyers can then view the property as their own and bare walls can be replaced with mirrors to add depth and an illusion of space. Finally, minimal staging with fresh scents and light, cheerful colours can help create an attractive atmosphere that matches spring’s new beginning. It is expected that the coming months will see a continuation of property trends and preparing your home for sale now will allow you to take full advantage when spring fever hits.
Posted on: Mon, 11 Aug 2014 06:31:55 +0000
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