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Three ways to get the best price in a housing slump

Posted on 5 February 2016

Australia’s real estate sector could be about to get even more competitive, with a major bank saying house price growth could be restricted to just 1% over the next two years.


The National Australia Bank has just published its latest residential property survey, which took the pulse of the nation’s real estate sector in late 2015.

NAB says a national decline in property investment and reductions in foreign buyer activity will restrict house price growth, and that the best days of the recent market boom may have been and gone.

If you’re selling a property or considering putting it on the market for sale or rent, this negative sentiment may seem gloomy. But there are always good opportunities to grasp if the right preparations are made. With a more competitive real estate market upon us, here are three easy ways you can prepare your property for the Australian real estate market and get the best possible price, even with NAB’s prediction of 1% growth!

1. Take care of cosmetic improvements

Wholesale renovations are expensive and require significant investments of both time and money. In a tightened real estate market, you have to weigh up the pros and cons and decide if it’s worth it.

However, cosmetic improvements like landscaping, painting, new flooring, fresh décor or even a thorough clean are relatively easy to do and usually inexpensive. With these improvements done and dusted, your property can be put on the market in a more attractive state, hopefully attracting the price you are looking for.

2. Have a pre-sale inspection and report done


Setting the right sale price for your property is an important factor in getting the fiscal result you want. Ask too much and you may get ignored, ask too little and you may be giving away a bargain.

One of the best ways to ensure your property is priced and presented properly is to have a pre-sale property inspection done by a licensed professional. This thorough inspection will identify any areas of the building and grounds that need improvement, such as the presence of pests or areas that need repairs. Building and pest inspections can be done as part of a strata plan or on individual properties.

In a highly competitive national real estate market, properties that have had building and pest inspections will have a better chance of selling.

3. Wait and see

The Australian real estate market has seen some extraordinary growth in recent years and a slow down or correction has been widely predicted for just about as long. If you have to sell your property right now, then the timing of the market could either be in your favour or not. That’s just how it works. But if you have the option to hold onto the property, it could be best to just wait and see.

By all means, put the property on the market for the price you want and see what happens. If there’s no one willing to pay the price, then you can always take it off the market and wait for a better opportunity.

 

By Darel McBride

 

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