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Statistics on home sale trends to make your house sell

Published on December 1st, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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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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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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