Calling all home sellers and buyers: Get ready for November – it’s going to be huge.
The recent extension of the Stage 4 lockdown conditions in Melbourne means that we’re all going to miss the spring selling season. And while that’s a huge disappointment, it’s not the end of the world.
For 2020, our big selling season in Victoria will be November and December.
As an experienced real estate agent in the area, I know for a fact that there’s substantial pent-up demand among buyers.
Despite the frustration of the current situation, you should remain optimistic about the future. It’s easy to forget that Melbourne property prices were humming along at record levels – 12.4% annual capital growth – until the full ferocity of Covid-19 hit our state, our families and our businesses.
Even now, Melbourne property values remain up 5.9% year-on-year, so while the stage 4 restrictions have slowed current transactions to a trickle, there is a reason to be positive about the future of homeownership.
Industry analysts CoreLogic says that Melbourne property has lost 4.6% in value since the start of the pandemic. Believe me, that kind of loss can be made up in a few weekends of high demand.
So, if you’re still planning to sell your home once we’ve reached the end of what the Premier calls the “road out”, then you need to start preparing now.
To sell quickly and maximise the value of your property, you need to present your home beautifully. It’s not just about impressing prospective buyers but also competing against similar homes in your area that will be on the market, too.
I advise all my clients to take their time in preparing their homes. They should focus on curb appeal to create a fantastic first impression, fix the small problems around your home and undertake a major decluttering project.
Summertime sales campaigns have distinct advantages over those in spring as buyers have more time, as the evenings are longer and this is when they often take time off work.
If you want to auction your home, then I recommend you go under the hammer in late January or early February to ensure most people are back from their vacations. This provides the opportunity to once again follow up with those who had expressed an interest in the property during the sales campaign.