The October long weekend gave us all a taste of Adelaide’s long-expected warmer weather. It also enticed a few of us to get out and tizzy up the outside of the house and the garden in preparation for a spring sale.
Is spring really a good time to sell, though? According to CoreLogic, spring and autumn are the prime times for real estate sales.
Spring, because after winter, the days become warmer and longer, spring flowers bloom with a burst of colour and a redolent air, and there’s a general mood of optimism and hope. Autumn, because the stress of Christmas and summer holidays have passed, the hot days are becoming cooler, and the autumn colours are blazing before the imminent change to the colder months.
However, autumn is six months away. Right now, we can look forward to long lazy summer days and, in the lead-up, gorgeous spring weather that’s perfect for putting the house on the market.
Spring-loaded advantages
Adelaide hasn’t fared too poorly in the real estate market. While house prices are falling in the eastern states, Adelaide has held its own. In fact, our median house price has only dropped around .2% compared with the national average of 1.4%* over the past month. And while real estate sales were a little slow during July, August was up by 8.1%. Overall, home prices in Adelaide are still around 45% higher† since the onset of COVID in March 2020.
So what’s all that mean?
According to realestate.com.au, Adelaide is the last capital city to record a price fall this year and has been the strongest performing capital over the past 12 months.
Demand for housing is high while supply currently is still low. The RBA has hit us again with another .25% rate rise yet buyers have had time to adjust. They continue to factor this, and the inevitable cost of living increases into their borrowing capabilities and are ready to re-engage with the market.
That’s good news if you’re selling because high demand and FOMO (fear of missing out) means your property will likely sell quickly. However, there are still some things you should consider if you’re thinking of selling in spring.
Benefits of a spring sale
If you’re keen on going to market in spring, you should be asking a few pertinent questions:
- Do I have a clear reason for selling?
- Am I emotionally invested to sell?
- Is my property in presentable condition for sale?
- If not, what would I need to have done? How long will it take? What will it cost?
- What’s happening with the local market and recent sales in my area?
- Do I have an agent in mind who I know, like and trust? (you do…McGrath Real Estate Group!)
- What sort of timeframe would I like my property sold?
If your property ducks are all in a row, read on because the biggest plus is that now the warmer weather is here, there’s a renewed interest in the real estate market.
While gaining strength each month, spring listing activity is still well below the five-year average (down approximately 25%), but it is picking up and sure to gain momentum. So, it makes sense to get in now while competition remains strong, and the prices are holding at a reasonably high level.
There’s also renewed investor interest as rental yields increase and the resumption of immigration influences local markets.
On top of plenty of uncertainty, and a market in constant flux, there will always be buyers looking to purchase their next home or investment property.
Accordingly, you’ll want to make sure that the direction you take with your property is the right one wherever you’re selling in Adelaide.
Tips for a spring bonanza
Pardon the pun but it’s time to spring into action and get a few things done before calling your agent.
- Spring cleaning: Time to spruce the place up and ensure everything sparkles. Have a clean-up and a clean out, and get some tips from our blog on decluttering and minimising.
- Kerbside appeal: The adage ‘you don’t get a second chance to make a first impression’ is never more accurate in the real estate industry. Make sure your home looks a million bucks from the street with a garden spruce up, makeover, or some serious landscaping work.
- Home maintenance: Time to fix all those little niggling issues you’ve been putting off for so long. Your local handyman is your new best friend if it’s beyond your capabilities.
- Style and stage: More often than not, your decor, furniture and furnishings won’t cut it when presenting your home for sale. Having a stylist to stage your home for photos and open inspections is well worth the investment and could add thousands to the value of your home.
- Say it with flowers: It’s a perfect time to add vibrancy to your home’s presentation with bursts of colour from spring flowers. Throw open the windows and add cut flowers inside the house and colour in the garden to welcome visitors with fresh air, lively hues, and floral scents.
- That’s entertainment: Showcase your outdoor or alfresco area as an extension of your home by turning it into another living space. This demonstrates to prospective buyers how it can be utilised as an entertainment area that can be enjoyed all year round.
No one knows what’s happening in the local real estate market better than the experienced sales team at McGrath Real Estate Group. One call is all it takes for one of our property gurus to visit your home and provide you with a professional appraisal of your home’s worth and a realistic assessment of where your home sits in the current market.
And they can also recommend some things you might like to consider before listing your home for sale in spring.
Phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.
* CoreLogic Hedonic Home Value Index Report — October 3, 2022
† CoreLogic Property Pulse, Research News — September 7, 2022