In 2018, Canberra’s detached home market remained flat while apartment prices took a hefty knock.
Latest Domain figures show median home prices effectively stalled on $738,933 while apartment prices slumped 6.1 per cent to $412,718 – their steepest drop in 15 years.
Domain has predicted a slightly brighter 4 per cent growth in home prices in 2019 with apartments recovering by 2 per cent.
Stephen Bunday of LJ Hooker Dickson says many factors are impacting the market including tighter lending, the banking royal commission and the upcoming federal election.
“Buyers and sellers will certainly factor these variables into their decisions,” he says.
“There will still be plenty of market activity, but I think buyers will be more discerning.”
Bunday says that should focus sellers on the presentation and marketing of their homes.
“It will be more competitive. Homes that are maintained, styled, professionally photographed and effectively marketed will likely grab buyer attention,” he says.
Mario Sanfrancesco of Peter Blackshaw Manuka says Canberra’s economic indicators are still sound.
“We’ve got low unemployment, high average wages and ongoing population growth,” he says.
“People are continually relocating to Canberra and that adds to demand.”
Sanfrancesco says the biggest concern is tightened bank lending practices.
“When these are eased, we will see a return of confidence,” he says.
The Manuka agent agrees effective marketing is the X factor in fostering a competitive home-buying environment.
“It’s in the detail– maintenance, presentation, styling, photography and an agent who understands the product and the market,” he says.
How to achieve the X factor
- Presentation. A more competitive selling environment means attention to detail. Ensure your home is well maintained and presented. Concentrate on kerb appeal – lawns and plants, paintwork and gutters – and declutter the interior.
- Styling. If you’ve got a good eye, go for it. If you need help, call in a professional. An investment in staging your home for sale can make all the difference.
- Agent. Your area expert is the person most likely to understand the current state of the market and be able to accurately assess where your property fits. They aim to maximise your return.
This article was first published in www.domain.com.au. Here is the link to the original article: https://www.allhomes.com.au/news/canberra-agent-tips-on-how-to-sell-against-flatlining-market-odds-797519/