A return to stable value growth suggests that a decision to sell your property in 2024 will deliver a predictable result, avoiding the boom-bust behaviours we’ve witnessed over the past three years.
Predictions of price growth around 2% to 3% this year will deliver a good return on the back of a surprisingly strong 8.1% achieved last year, against all expectations.
The heat came out of the market at the end of last year because of the rate rises in June and November. If the Reserve Bank of Australia hikes rates one more time soon, and it has said this is possible if the recent break-out inflation number needs one final nail in its coffin, then the first quarter of the year may be a challenge.
Sellers will see buyers returning to the market with more confidence, based on the assumption that interest rates might start to fall from the middle of the year.
Most likely, this will be a year of consolidation after a hectic 36 months in which we saw prices leap 24.5% in 2021, drop 4.9% the following year and then spring back 8.1% last year.
The numbers, provided by industry researcher CoreLogic, represent national trends so also make sure you understand your local market.
If the timing seems right for you to upgrade this year, then these tips will help you prepare your property for sale.
Declutter
It’s always a good idea to depersonalise your home before the For Sale sign goes up. That means removing family photos so that buyers can imagine living in your property, instead of feeling like visitors in your home.
Quick brush-up
Repainting is one of the most popular home improvements you can make when selling. Choose neutral colours that will create a blank canvas for prospective buyers. It’s incredible how many people reject a house because of the colour scheme.
Staging
If your budget will stretch, consider investing in a company to stage your home. This will usually require the removal of some or all of your furniture. It is replaced by pieces specifically selected to put your home in the best possible light.
Impressions
Ensure the front of your home is pristine. Repaint the exterior if it looks weathered, and invest in landscaping to add more curb appeal.
Minor repairs
Identify any small problems and get them fixed. Hiring a tradesperson to do this work should ensure an excellent result and give you time for everything else.
Deep clean
In the final weeks leading up to the start of your sales campaign, consider hiring a professional company to deep-clean your home. You’ll be amazed at the difference it will make.