Tips for Selling Property in Australia
Tips for Selling Property in Australia
If you are selling property in Australia or real estate in Australia, right now in September 2021, you are essentially in some amount of luck. Australia has been witnessing a dramatic rise in home prices across the past few months, and some economists even define this rise as alarming rather than dramatic. These pundits are concerned potentially because the Australian economy had in fact contracted by about 2.5% in 2020 and is witnessing positive growth in the current year. Possibly, this also indicates that in economic terms, Australia has pushed behind the pandemic and the nation is marching towards normalcy, albeit, at a slow pace.
To help you further, we have culled out some useful tips so that you can extract the best from this booming market.
- Selling Homes in Australia
Put yourself in the shoes of a potential buyer if you are selling homes. Assuming that a buyer is looking at ‘property for sale in Melbourne’ what would be his/her primary considerations? Neighbourhood, schools, hospitals, access to public transport in the immediate vicinity, the overall appeal of the home in terms of well-appointed spaces within and outside the home and of course the price.
- Find your Real Estate Agent
In most situations, selling property in Australia calls for the services of a real estate agent, and therefore you should identify one and authorize him/her to find buyers, negotiate with them, draw up the necessary paperwork and effectively walk you through the entire process. Check with your friends or family members to identify the real estate agent that can guarantee you the desired outcomes. Do not hesitate to interview multiple real estate agents and negotiate their terms. Try to avoid any upfront charges or at least keep it at the minimum.
- Different Methods of Sale
Check with your real estate agent if there are different methods applicable to your real estate in Australia. In some regions, private treaties and sales through auction may be applicable. The process of alienating your property may differ when these options are present. In a sale through a private treaty, you can define an asking price while it would be a guide price in the case of an auction. The asking price should be set in relation to the going price trend for a similar property. If the asking price is very high, your property may not attract buyers.
In an auction sale, make sure that the auction terms are carefully designed so that if the final price is not to your satisfaction, you have the right to call off the auction. The auction sale is generally recommended when you have an irresistible property with multiple buyers evincing interest. But, you may have to wait till the end of the auction to know which side of the bread is buttered.
- Formal Agreement with your Real Estate Agent
Always have a written formal agreement with the real estate agent specifying also whether you are giving the agent any exclusive right to sell the property and the duration over which such a right will hold. Incorporate all fees and any other associated costs that will be charged to you.
- Ensure that there are No Demands or Liabilities on the Property
In some instances, you may have outstanding mortgage dues. Consider if the entire mortgage can be paid off before alienating your property. Most buyers would prefer unencumbered properties so that they can have a lot of peace when they move in and start living. Similarly, also check whether there are bills to be paid for utilities, taxes, and other claims on the property. Maybe, you can negotiate an advance from the buyer to clear these dues if your own finances are constrained. This step is essential for selling property in Australia.
- Spruce Up the Property
Does your home or property for sale need some sprucing up? Make sure that there are no leaky pipes, electrical fittings are functioning properly, no clutter around the home, and generally presentable. Can a coat of paint make your property more desirable and if yes, do not hesitate to spend a small amount on that. Buyers always want to avoid repairs, replacements, etc. as soon as they move in.
- Prepare the Documents
Speak to your estate agent and understand the documentation needed to conclude the sale. Generally, sellers would be required to declare any outstanding mortgage, restrictive covenants on the owner, if any, easements impacting the property (right of way, drainage, power lines, etc. for instance) council zoning, and any other declarations. In most situations, you may also need the services of a conveyance/solicitor to prepare the sale documents, but your estate agent can be of help.
To get the best deal from this booming, market, get in touch with us with your needs and questions