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Perth property market set to blossom

Recent statistics released by RP Data foresee a strong spring selling season due to high demand for properties and a strong auction clearance rate appearing.  

On a national scale, auction clearance rates came in at 74.4 per cent for the first weekend of spring, up from 72.9 per cent the previous week. The Perth market recorded a clearance rate of 28.6 per cent.

According to the Domain Group’s recent spring Market Report, price growth in Perth is set to gradually continue throughout the remainder of 2014 with the city’s median house price forecast to increase by between 3 to 5% over the 2014-15 financial year.

Furthermore, there have been four predictions made regarding the property market for the coming season with property interest from China, growth in investment and first home buyers’ purchases, progress in prestige market sales and development of new urban hubs all set to drive Australia’s property market for the remainder of the year.

These statistics reveal that the property market is set to pick up throughout spring, creating a more positive selling capacity for vendors than we have seen over the cooler winter months.

Four reasons to sell in spring

If you’ve been waiting for the right time to sell, that time could be now. With the property market starting to make a turn around, spring could be the perfect selling season for you and your property… We tell you why!

Everything looks nicer in spring

As the weather starts to pick up, so does everything else it seems! Your home’s surroundings and appearance are often affected by the season. As flowers blossom, grass grows greener and the overall scope of your garden appears brighter and healthier, your property becomes that little bit more appealing to potential buyers! Spring regularly bring a fresh perspective, and for buyers, it can often mean a time to shrug off the doom and gloom of winter, embracing the idea of a new home.

There is less for buyers to choose from… for now!

Housing supply typically grows from the spring through to the early summer giving buyer a lot more to choose from. Often, when there are fewer properties on the market, a keen buyer may overlook any negative aspects of a potential property in hopes of securing the purchase. On the other hand, if supply is at a high, these negative aspects  may discourage the buyer as there could be several other options available.

Furthermore, If there are more buyers fighting for each house, it can translate to more competition between them, which in turn drives prices higher.

 

Keen buyers

There's no secret that property sales pick up during springtime. Some serious buyers (who have been pent up over winter) come out a little early to scope out the market and avoid any heavy competition come summer). This often results in more competition for properties between buyers as they have been unable to find their dream property over the winter months. It could be a time to use this demand to your advantage- as demand rises, so too does the probability of your home being snapped up!


A new home for Christmas

Unless they are selling an investment property, a priority for most sellers in the market come spring is their desire to be in their new home by Christmas. This would mean selling as soon as possible in order to allow for enough time to find their next home.

Essentially, for many, spring is a time to sell and buy. Few families would want to deal with the stress of being out of home, especially around Christmas time.

Additionally, there is often a time lag experienced by buyers if houses are not settled come mid-December as solicitors and conveyancers traditionally close for a long stretch over the holiday season. This causes a delay, up to approximately January 10, where it's hard to transact any business at all.

This encourages selling in spring to come with a sense of urgency. So if a quick sale appeals to you, spring could be the right time for you to list!

Getting your home ready for a spring sale

Now that you’re sure that a spring sale is right for you, there may be a couple of things you’ll need to get in order before you are able to list your property. Start by taking a good look at your home and what could be done to improve it's surroundings. If you were a buyer, what would put you off the property? This is often difficult to deliberate on your own home as it is usually filled with possessions you love and adore. But once you have decided what needs a little bit of TLC, you’ll be glad you found it.

Anything can turn buyers off these days and therefore it is good to be prepared. We look at some 'top turn-offs" for buyers:

  • Pets and their pet things – Though you might love your furry friend to bits, they can be a major deterrent for buyers. Limiting distractions for buyers is key so make sure your pets are out of the way whilst your home is on the market. They should be away from your home during home opens or if you can, have them stay with a family member the whole time your home is on the market. This will help to eliminate any lingering pet smells that buyers definitely do not enjoy!

  • Cigarette smoke – This is usually a deal breaker! No one wants to invest in a new home that smells of cigarette smoke and it is usually a reason potential home buyers walk straight back out again during home opens, not even giving the property a chance.

  • Dirty/Messy Bathrooms – Understandably, a huge turn off for potential buyers! It is common for bathrooms to become cluttered with makeup, perfumes, and other grooming items but don’t let this stop you from attracting the right buyer. It is important you store everything under the counter, and give the area a once over to ensure it’s clean and free of any hair and toothpaste stains – no one wants to see these.

  • Clutter- The key is to allow the buyer to visualise their own furniture in the space, not to show just how much can be crammed into your living room.

Pay special attention to how your home is presented. Remember – a well presented property suggests a well maintained property. This usually gives the buyer peace of mind and limits the worry that they may encounte hidden problems once the property is officially theirs.

Tying into this, remember you are always on show. From the second you list your property for sale, there will be buyers doing a sneaky drive-by daily. They will be scoping out the property, street and overall neighbourhood. This can often be the decider for some buyers. How the property appeals to them from the outside will help them decide whether they want to venture inside or not. Here are some ideas to help you keep your home in ship shape in case any potential buyers drive by for a looksee:

  1. Make sure your front gardens and lawns are well kept and maintained.

  2. Cut back any over grown plants and weed any messy garden beds.

  3. Remove all junk mail and newspapers from the letterbox and yard as they arrive.

  4. Park the cars in the garage, if possible.

  5. Avoid having rubbish out for collection on the kerbside.

  6. Each night before sunset, turn on all outdoor lights.

When it comes to the inside of your home - do your best to create a warm and positive mood, making the buyer feel more comfortable. This is best achieved by making your home seem more inviting. So consider embracing the following:

  • Replace all dish and hand towels throughout your kitchen and bathrooms for fresh, clean ones. You may even wish to purcahse new ones to give your home that extra new feeling. Also, consider spraying them with starch so they appear ironed and free of any crinkles.

  • When it comes to rugs, pick up all visible chunks of wool from them and make sure they are secured using rug tape and rubber mats to keep them in their correct position and in the best quality. Rug tape will also help to limit any accidental trips for potential buyers coming through your home.

  • Use accent lighting for decorative purposes, helping to add ambiance to any room whilst creating visual effects.  It draws the eye to ornaments, paintings and feature furniture.

  • Keep nice smelling hand soap in your bathroom and make sure to wash your hands before your home open begins to infuse the bathroom with a beautiful scent.

  • Decorate with artwork to limit bare walls. Bare walls often create a cold and unwelcoming feeling, so spice them up with some dramatic artwork.

Keep in mind – first impressions do count!

Another key factor that stands out to buyers is accessories. Whether you have some already or not, it’s the little things that help create a great impression to potential home buyers. Now is the time to get your hands on some trendy, statement pieces that will appeal to a wide variety of potential buyers. It would be best to invest in pieces that you would be able to take with you to your new home so make sure you consider your new homes style before you purchase.

Next, think about finishing touches and what little changes you could make which may end up making a huge difference to how your home is presented and viewed by potential buyers. For example, consider purchasing fresh flowers to present as a centrepiece on your dining table or among other bits and bobs on your coffee table. This will help to create a homey vibe which will help buyers picture themselves living in your space.