INSIGHT

October 2016

A bumper spring for property

Spring is here – the weather is warming up, gardens are blooming and people are heading outside after a chilly winter. Spring is also the peak period for buying and selling property. If you’re in the market for a new home, follow our checklist to make the most of the season.

Research the market

No matter whether you’re buying or selling, it is critical to understand the health of the market in your patch. Knowing current values, and pricing your home accordingly, can aid successful and prompt sale rather than watching your home languish on the market.

Similarly, if you’re buying it is important to have an idea of current market values to avoid being swept along by marketing hype. Keep an eye on the sales results of the types of properties you’re interested in to build a personal knowledge bank of the local market.

Get the best price for your own property

In the excitement of upgrading to a better home, it can be tempting to focus on what lies ahead. But don’t lose sight of the need to present your home in the best possible light. A little effort now can make a tremendous difference to the final sale price. We have some tips to get your house looking its best this spring:

Follow our checklist to make the most of the spring season.

  • Spend some time sprucing up the garden by tidying edging, weeding and prune any shrubs or overhanging trees. Your front garden is the first impression a potential buyer gets.
  • Add a new letterbox or even front door to create the 'wow' factor that encourages buyers to step inside.
  • A fresh coat of paint can add new life to your interior and exterior walls. You should also patch up any cracks or holes in the walls.
  • A thorough spring clean is a good investment too. Less clutter not only makes your home appear spacious and brighter, it also gives buyers a better chance of imagining themselves living in the property.
  • Take advantage of the spring weather and maximize light by opening curtains and blinds during your inspections.

Plan your next purchase

Think about what matters in your next home. Features such as an extra bathroom or a designer kitchen may be important but location is always a key draw card. Draw up a wish list of preferences for a location - like proximity to schools, good transport links, or water views. Decide which characteristics you are prepared to compromise on, and which are must-haves.

Critically, remember that at some stage in the future you may want to sell your new home. A property with quirky features or an unusual location may seem charming but if it appeals to a niche group of buyers the property could have narrow market appeal, and this can limit your future capital gains.

Important Information:

Important Information:

The economic information was prepared from a variety of information sources, based on the information available at the time of publishing. We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made at the time of compilation, but no warranties are made as the accuracy, reliability or completeness. Neither Citigroup nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this information. This information is an indicative guide only. This material contains general advice only and does not take into account your individual objectives, financial situation or needs, and you should consider whether it is appropriate for your particular circumstances. Further information and our dispute resolution process is available at www.citibank.com.au or by phone on 13 24 84.

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