It’s getting harder to sell property at auction – clearance rates are down to around 60% – and the number of unsold properties on the market are starting to climb. Buyers are now in a stronger bargaining position as they have more choice.
It is therefore critical that when selling your property, it is presented well, so it is more appealing than the similar properties on the market.
Your property is competing with all the other properties in your area. To achieve a sale, it needs to be more appealing than the competition, otherwise you will have to discount your property to make a sale.
At Tower Property Advisory one of our key services is to assist our clients with presenting their property for sale and to add value wherever possible.
We recently managed the sale of a front villa unit in Kew. Like many blocks of villa units, there was a lawn area at the front that no-one used.
By leasing the land from the Owners Corporation, we were able to create a private court yard and second car park for the Unit.
This immediately increased its value, without spending a lot of money – just a fence and some landscaping.
Our selling agent believes that the courtyard and car park added between $40,000 – $50,000 to the value of the property.
A villa unit with a private court yard is especially valued by dog owners and young families.
We helped the real estate agent make the property stand out from the other units in the market, and the vendor was able to achieve a successful sale on the day of auction.
‘We like to come up with clever ideas to improve the value of a property’ says Mike Allanadale. ‘Of course, we can’t always do this with every property, but there are a host of low cost improvements which can transform a property and make it more appealing to buyers’.
The area before improvements
The completed private courtyard with addition of car parking - a simple, cost effective idea to increase the value and to broaden appeal of the property.