While people are buying property in Australia every day, how does selling in Winter differ from the warmer months – and what should homeowners know in advance?
Traditionally, legend has it that Spring has long been regarded as the most favourable time to sell property. Gardens are looking their best, the weather usually behaves itself, and there are plenty of buyers wanting to move into their new homes in time for Christmas. On the flip side, in the past this has also meant more competition on the scene when it comes to the amount of homes potential buyers are comparing yours against.
However, these are indeed strange times in which we live. The real estate market in Australia has blown all expectations out of the water, and even the Federal Government is scrambling to solve the supply vs demand conundrum we are currently facing across the nation. As such, even if selling in Winter wasn’t always a good idea – it certainly is now.
A Homeowner’s Guide To Selling In Winter
In simple terms, a seller’s market is the term we use when demand exceeds supply, meaning vendors can usually sell their homes or properties quickly and at a favourable price. Time on the market tends to be low, settlement turnaround times faster, and auction clearing rates high. Median home and unit prices are often higher than usual, meaning that under these conditions, vendors are less likely to have to budge price as they simply have more negotiating power. It’s also not uncommon for properties to even sell above their price, as buyers are pitted against each other.
Most of us are all too aware of the fact that Melbourne was affected by a double lockdown in 2020, which contributed to a 5.6% drop in values thanks to the Covid-19 related downturn. However, October signalled the end of one of the world’s toughest lockdowns, and prices finally stopped falling. Since that momentous occasion, Melbourne property prices have actually recovered by 2.1% overall. As of February 2021, home sales were sitting a whopping 26.1% higher than they were just one year ago for the Greater Melbourne region.
However, just because it’s a seller’s market doesn’t signal an easy sale – there are still things that any homeowner needs to consider if they want to maximise their profits when it comes to selling in winter.
Set The Tone – Every prospective buyer wants to truly envision what a property could look like under their ownership, particularly if they are an owner occupier. Thus, it’s your job to present the space in the most favourable light. Make your space cosy, liveable, and ultimately – appeal to the emotional side of your prospective buyer, no matter the season.
Do The Deep Clean – Just because you’re selling in winter, don’t expect buyers to ignore your outdoor areas. Leaves, fallen branches and debris equate to work from the eyes of the prospective buyer, so make sure you pay careful attention to the cleanliness of both the interiors and exteriors of your property prior to listing.
Showcase Year Round Living – Be sure to show your potential buyers how to use the many areas of your home rain, hail or shine. If you haven’t got one already, consider adding a fire pit, outdoor heaters, or even a pizza oven to quite literally show them how easy it is to entertain guests in your property, no matter the time of the year.
Chase Light And Warmth – Selling in Winter can be tricky when the days are dark and gloomy outside. If prospective buyers have made the effort to inspect your home, reward them with a space that is cosy, inviting, and filled with as much natural light as possible. Ensure that any fireplaces or heaters are crackling to offer your prospect a warm reprieve from the outdoors.
Get The Timing Right – When you list your home for sale, the question of when matters as much as how. Listings that go up in August can beat the spring rush, which usually kicks off in Victoria after the school holidays and once the AFL grand final is over. Timing is all about mastering the balancing act between supply and demand, so listing in August offers the best of both worlds.
Sourcing The Right Advice On Selling In Winter
A completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants, and aim to provide tangible real estate advice to those in stressful positions with crazy hours at no extra cost to them. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
