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Knowing what makes a house sell in the Australian property can give you an added advantage to increase its affordability. It’s a numbers game that requires thorough research and people skills to get your property off your hands at a great price. With an estimated 70,173 settled sales of dwellings nationally how do you make your property stand out and sell?
Location
The top of most buyers list is the location of the property. Your property is most likely to sell if it’s close to public transport, areas of employment, recreational centres, shops, schools, medical facilities. Cities along with neighbouring suburbs are growing at a fast pace because of it being a place that offers employment to most Australians. Sydney has already hit the 5 million mark in terms of its population and Melbourne following closely with 4.6 million. The land upon which your house is built will also determine your properties value and ability to sell.
Affordability
This is the most influential factor, following the location of a property that makes people want you to take their money, or quickly turn on their heels and make a run for it. Knowing how to price your house correctly by doing market research or enlisting the help of an estate agent is beneficial. You will have to be realistic about monetary setting which plays a role in how fast it gets sold on the market.
This has caused there to be significant interest to purchase property that is 40km out from CBD’S, causing a rise in suburban hotspots. According to statistics released by Real Estate, Coombs in the Australian Capital Territory (ACT) takes the lead with a 57.8% growth and a median house price of $868,000. Furthermore, there is a year on year growth rates for these suburb hotspots that range from 36.7% to 57.8%.
Interest rates and fees
One thing that will influence how you manage to sell your property is the interest rate and fees such as stamp duty that comes with it. These determine the affordability of your house, and when pricing your property, you will have to take this into consideration. According to the Reserve Bank of Australia (RBA), the Australian mortgage market has grown to 98.3% due to low-interest rates in terms of home loans.
Most people use a home loan to purchase their house, and the amount that you place on your property can increase the interest rate significantly. With Australians owing a total of $1.72 trillion in residential housing loans, and our volatile economy, this has caused lenders to be stricter when it comes to how much someone can take out on their home loan. The pricing of your property can either attract or deter a potential buyer.
It’s visual appeal
People are visual beings and we are often interested in things that speak to us on an intellectual and emotional level. No one will invest in a house that looks like its infested, falling apart, or a place where ghosts go to recuperate. Research done by Roy Morgan revealed that 62% of 13,6 million homeowners in Australia did some sort of renovation on their homes, which comes as no surprise. After all, home is where the heart is. The best chances of you getting your house sold are if the buyer can visualize themselves making your house their home. Update its appeal online with a flattering picture of your house right down to fixing things that will make it feel homely to improve your chances of sealing the deal.
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