Australian Property Market Update: Latest Data by State – November 12, 2024
admin November 15, 2024 Australian Property Market Update: Latest Data by State – November 12, 2024 Our property markets continue...
February 4, 2024
DISCOVER 8 INTERESTING REAL ESTATE FACTS YOU SHOULD KNOW
1. Citrus Smells in the home impact would-be buyers
Using Simple Citrus Scents to Win Over Potential Home Buyers.
It’s a commonly known fact that pleasant and comforting scents can attract potential home buyers. That’s why many real estate agents recommend leaving fresh-baked goods like cookies on the kitchen countertop during viewings. It fills your home with a welcoming aroma and triggers a sense of nostalgia for buyers looking for a new place to call home.
But did you know that a recent study in the Journal of Retailing suggests that simple citrus scents are actually more effective in winning over buyers? The study found that shoppers spent an average of 31.8% more in a home decor store when it was scented with a simple orange scent rather than a blend of scents. Consider using a simple and fresh citrus scent to make your home even more appealing to potential buyers.
2. Painting your home can increase your property’s value by up to 5%
Increase Your Home’s Value by Applying a Fresh Coat of Paint.
Did you know that you could increase your home’s sales value by up to five percent just by applying a few fresh layers of paint to the interior and exterior of your property? The reason behind this is quite straightforward: a freshly painted house is visually appealing to buyers who search for properties online.
By making your home appear more visually attractive, you can generate more views and requests for a private inspection, which can help you sell your property at a better price and in a shorter amount of time.
3. Failing to maintain your garden can lead to a decrease in your property’s value
The Importance of Landscaping for Your Home’s Value.
Landscape economist John Harris claims that well-maintained landscaping can increase your home’s total value by up to 28%.
This is a significant boost if you’re planning on selling your home. Moreover, a research paper by Clemson University found that elevating your landscaping and gardening efforts from “good” to “excellent” could add an additional six to seven percent to your home’s value. If you’re interested in more interesting real estate facts to impress your clients or colleagues, check out these 14 mind-blowing fun facts. Share them with your favorite property manager today.
4. Most expensive property sold without a house in Australia
Australia’s Most Expensive Property Sale to Date.
Did you know that the most expensive property ever sold in Australia is a vintage boat shed in Point Piper? It was sold for a whopping $40 million! Although there isn’t a house on the site, the boatshed is equipped with three bedrooms, two bathrooms, and a modern kitchen on its second and third floors.
The property is situated on a 1973 sqm parcel of land and comes with incredible boating facilities on Sydney Harbour, including two jetties and four boat moorings. The largest mooring can accommodate a 26-metre vessel.
The boat shed was previously owned by the O’Neils for 60 years, who purchased it in 1958 for £9000 ($AU $16,797) from Dr Ignacy and Elvira Listwan, who were Polish-born survivors of World War II.
5. Sell Faster by Conducting Auctions Earlier in the Day
Timing is Key: Auction Your House Early for Maximum Success.
You’ve heard the old adage about early birds and worms, but did you know that it applies to house auctions too? Recent data shows that auctioning your property at 9 am on a Saturday can increase your chances of making a sale by 49%, compared to 42% for auctions held at 10 am. It’s clear that timing is a crucial factor when it comes to auction success.
If you’re looking to avoid competition, consider holding a mid-week auction. Keep in mind, however, that fewer people may attend these events.
6. For the Best Returns, Sell Your House in November
When Is the Best Time to Sell Your Home? Let’s Find Out.
The season in which your home is sold can significantly impact the price you receive for it. Recent data suggests that November is the ideal month for selling, with properties sold in this month receiving the highest average prices.
On the contrary, January is the least profitable month, with sales averaging almost six percent lower than November. So, if you’re thinking of selling, October, November, and December are the best months to put your home on the market.
7. By adding a balcony to a one-bedroom apartment can increase its value by nearly 12%?
Insightful Findings on the Impact of Balconies on Apartment Sale Prices.
According to a study analyzing data from 1,200 apartments sold in inner Melbourne, one bedroom apartments with balconies are projected to sell for 11.69% more than those without balconies.
Similarly, two bedroom apartments are expected to sell for 8.40% more on average if they feature balconies. However, for apartments with three or more bedrooms, having a balcony does not significantly impact sale price. Instead, the average price per square metre of indoor space rises with the size of the apartment.
8. When establishing a price, steer clear of using nines.
Why Pricing Your Property at $499,000 Instead of $500,000 May Not be the Best Strategy
The psychological pricing strategy of listing items at $19.99 instead of $20 has been around for over a century, but is it still effective today? When it comes to selling a property, pricing it at $499,000 instead of $500,000 may not be the best course of action.
With the majority of buyers starting their search online and using filters, listing at $499,000 means potentially losing out on buyers searching for properties listed at $500,000 or higher. In contrast, listing at $500,000 will show up for buyers looking on either side of the price range.
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