Despite the recent influx of negative news in the media, Melbourne’s property market hasn’t taken such a dive.

The city’s growth was the lowest it has been in 5 years however we still managed to grow by 0.1% to $914,528 at which point, unit prices did a little better at a gain of 0.7% bringing it to $505,861.

Interesting right? Whilst the media is telling us we are at a turning point, we are still managing to push a market gain.

So what does this tell us?

In the eyes of a first home buyer, this is probably not good news. You are not going to get your lucky break and be able to afford a home in the location and the price you were hoping for simply because it is not 1991 anymore.

However, if you’re reading this from the perspective of a seller, you are definitely in luck.

let’s say you’ve had your home for 2 years, you were lucky enough to ride the gain train. Which would mean you’re better off now, financially, than you were 2 years ago.

This arguably may be the best time to sell.

Hear me out.

Your home of 2 years has yielded a profit of roughly 14% over 2 years from 2016 to 2018.

Keysborough 13.5% growth

Dandenong 10.8% growth

Springvale 11.6% growth

So while the market is slowing down in growth, you would be in an ideal situation to sell your home. Regardless if you are buying up or buying down, your next home will leave you with more money in your hands.

The new home you may purchase won’t plummet dramatically and your current home will sell at a profit from when you first purchased.

To us, it seems like this current real estate climate has put you in the perfect situation.

Find out what your home is worth for free, click the link below to get started.

We will help you compare your current house value with that of when you purchased and help you make an informed decision on your next step.

Please note: this is in no way financial advice. You should ensure you do your own research before committing to any decision.

Let’s start off by understanding what a property valuation is.

A property valuation is a report of some sort that is requested by the person selling their home, or anyone with a vested interest in the property such as a buyer or a lender (a bank).

The report usually has information inside that consists of, property details such as land size, building size, rates, physical details of the construction and any add-on construction done to the property. You’ll also find any details of issues that need immediate attention to. One of the defining factors of a property valuation is information on comparative sales in the area which is also called a Comparative Market Analysis (CMA). A CMA is an examination of the prices at which similar properties in the same area recently sold for.

Why do you need to get a Property Valuation?

If you are selling your home, we cannot stress enough how important it is to have a property valuation done on your home. To ensure you are getting the highest possible price for your home, you will need to know how the homes in your area that are similar to yours, are doing.

It’s important to be educated when preparing to sell your home. In most cases, this is the biggest asset you and your family have. Having an understanding of why your home is worth what it is, puts you ahead of the game. It’ll give you a great indication of how the market is moving which puts you in prime position to know if you should sell or not.

How can I value my home

What can I do to increase the value of my home before I sell?

People selling their homes seem to think that what the agent appraises their home for is the final figure. This is not true. You can’t change the physical location of your home but you can do other things to help. Let’s take a quick look at what you can do to increase the value of your home.

1) Think about a renovation or extending the floor area of the house. Can you add a bathroom, bedroom or entertaining area? What about improving your indoor-outdoor flow?

2) A tidy environment can potentially increase the price. A well presented garden with no unnecessary trees branches or mess laying will help your cause.

3) Sometimes the hardest rooms in the house to make look modern are the bathrooms and kitchen. It doesn’t need to be expensive, a few well placed pieces of furniture or decor could transform the entire space. Think of it as a mini make over. Updating the bench top, cabinets, lighting and fixtures will often do the trick if your budget is a little higher, you could even try a little paint.

4) Where do your vehicles sleep at night? A home with a Garage or a carport usually projects a safe place which is enticing for home buyers.

5) An overall clean and tidy up is always a good idea. It gives the perception that the house has been maintained well and the sense of internal structures being in good condition.

In closing, if you are thinking of selling your home, we encourage you to speak with us to have a free property valuation done by suburb professionals who know and understand your home.