Tips for a summer property change

Planning on selling your home, purchasing an apartment or moving rental properties in Regional Victoria this summer? The Real Estate Institute of Victoria (REIV) and its members are often asked for advice across all segments of the property market: here are some tips from us.

Don’t get sucked in by gimmicks: The selection of an agent is integral to achieving the best result possible. Real Estate Institute of Victoria (REIV) agents are qualified, have local knowledge, are insured and bound by principles of conduct and
regulations. You can find an REIV member in your area on the ‘Choose an REIV Member’ section of the REIV website.

Presentation is key: With a competitive sellers’ market and the popularity of home renovation and decorating, presentation has never been more crucial to the lucrative sale of houses and apartments. It may seem daunting to shell out for a fresh coat of paint, new carpets, fresh blinds, professional window cleaning or some landscaping work but any of these measures could fetch you a significantly higher sale price which could far exceed the cost of the works.

Know your local market: Do your research. The REIV website’s Market Insight section allows you to quickly and easily get a snapshot of the property market in your suburb. It will give you recent sales, the median sale price, quarterly price change, days on market, auction clearance rates and more.

Don’t over capitalise: Set a realistic and practical budget and stick to it – whether you’re buying or renting. We are often ruled by our hearts over our heads when it comes to our home but you don’t want to find yourself and your family under mortgage or rental stress. It’s no secret that the banks have implemented tighter lending conditions too, so you want to make sure you can afford a property before you commit to purchase.

Don’t rule out a bridesmaid suburb: REIV data shows that buyers can save tens of thousands and renters can save hundreds per week by moving to a neighbouring suburb.

For example, Lara renters could save $110 by renting in Corio and buyers could save $95,000 if they purchase in Point Lonsdale over adjacent Queenscliff.