The Agency's CEO Matt Lahood shares his top tips on achieving the maximum sale price for your property this spring.
State of the market leading into spring
Before we jump into maximising your spring sale price, let’s take a quick look at the market to date. Throughout July clearance rates saw a small improvement nationally from June, Sydney has fluctuated below the 70 per cent mark. This is not surprising given it is winter with people away or choosing to sell in months other than July. The other factor which slows auction activity is the talk of interest rate rises, as reported in the media.
The market is still performing well with the home value index increasing in Sydney by 1.37% for the month of July. This is an increase of 12.37% on July last year. You can refer to national home values here. While we are seeing large buyer turnouts at open homes, there is less stock available as many homeowners will not put their property on the market until they can find their new home first.
Continuing ahead, I believe the market will stay very stable, there is unlikely to be any dramatic growth in housing prices within the next three months. Throughout August, September and October more stock will be hitting the market.
83 Cascade Street, Paddington, sold in July by Ben Collier.
How to achieve maximum sale price in spring
Having been in the business of selling homes for three decades, these are my tried and tested techniques for getting the absolute best outcome in the sale of your property.
1. Above all else declutter your home!
Creating more space and light is paramount. Moving into the warmer months you need to open up as much airflow throughout the home as possible.
2. Focus on areas of the home used in summer
Particularly in family homes, maximise the garden and make it look picturesque. Re-mulch, relay turf, plant new trees – whatever it takes to make the garden look great. I also strongly advise hiring children’s play equipment, be it swings or slides. Children will immediately run to these and potential buyers will already feel at home. And remember, the front yard is as important as the backyard.
Finally, if you have a pool make sure it is expertly cleaned and that the fencing is up to date. A new fence can add huge value and completely changes the look and feel of the garden.
3. Gutters are a big issue and must be cleaned
During winter debris from trees clutter gutters and block water flow, not to mention become a fire hazard. If you are putting your home on the market and the gutters aren’t clear, this will be picked up in pest and building inspections. Additionally, make sure the roof is well maintained and if you have solar heating that it is in good working order.
4. Choose your viewing times wisely
When it comes to apartments never sell a south-facing apartment in winter as it will be freezing! In general with apartments, you should make sure you have two viewing times, one when the sun is shining into the property and one at twilight. This way prospective buyers can see the property at its warmest and coolest, in summer this is key.
If a home has a garden, show the home when the sun is shining onto it, again have two viewing times with sunlight shining in and at twilight. West-facing bedrooms can seriously heat up and so choose a viewing time avoiding the peak heat.
5. Style with a summer vibe
Choosing summer colours and fragrances is a must – use candles, flowers and music to lift the ambience at all open homes. Remove heavy, dark furniture and make sure winter remnants like heaters are stored away. Airflow is always important and if there is air-conditioning make sure this is working efficiently. If you are beach or park side choose artworks that mirror the surrounding areas.
6. General maintenance 101
Tend to all those little jobs that are often put to the side! Prospective buyers notice these details. This may include fixing broken gates, paint touch-ups and removing mould on pavers.
8 Superba Parade Mosman, on the market with Kingsley Yates and Nic Yates.
The Agency update
We are thrilled to have opened the doors to our brand new home on Bondi Beach! Designed by award-winning architects Redgen Mathieson, The Agency staff and clients are loving the iconic waterside location with its cosmopolitan, beachside energy.
Across the Bondi, Inner West and Lower North Shore offices our agents have achieved some stellar results during the heart of winter.
In the Eastern Suburbs, Ben Collier and team sold $28,300,000 worth of property in off-market sales in just four days over the final week of July – an incredible result.
On the Lower North Shore, The Agency team has been taking major strides with a plethora of new listings coming on board and a number of hot auctions. Saturday the 29th of July property partner Andrew Toohey and chief auctioneer Thomas McGlynn sold 4/34 Boronia Street Dee Why. With close to 100 bids from eight registered bidders, the hammer fell $176,000 above reserve at $1,176,000.
Property partner Rees Rear and auctioneer Katina Giannos achieved a fantastic outcome for the vendor of 7/ 2-6 Bridge Street in Stanmore. Just as the first home buyer concessions kicked in, they worked closely with a number of interested parties to sell the one bedroom at auction for $730,000 to a first home buyer from Mosman.
The Agency Bondi Beach and its 10 metre-long hot desk.
New project news
Throughout July The Agency Projects has been engaged to manage a number of high-profile developments, this comes after the recent announcement the team will be managing the sale of the $1.3 billion Spirit development on the Gold Coast.
These projects include the $45 million 'Norfolk' at Kurraba Point on Sydney harbour and the $18.5 million 'Aurora Cronulla' overlooking Gunnamatta Park and Port Hacking. Both are premium boutique developments, the Norfolk features just four breathtaking prestige penthouses, while the Aurora Cronulla is home to nine luxury apartments.
“The Norfolk will be unlike anything Sydney has seen before,” says Associate Director Luke Hayes. “Designed by renowned Popov Bass Architects, with uninterrupted harbour views these four penthouses are absolutely exceptional from every angle.”
*The top image is of 5/11 Shellcove Road Neutral Bay, listed by Shane Slater and David Grant.