As housing values in Adelaide have risen 3.3 per cent in the last quarter, putting your premium property up for sale can be tempting.
However – despite the market’s success – there are other factors to consider in timing the sale of a premium property.
With more than 15 years of experience in real estate, Principal of Refined Real Estate Victor Velgush shares his tips on picking the right time to list your home.
Buyers have complete confidence
Velgush says it’s essential to consider even the slightest falter in the market.
“When thinking about the high-end, economic factors will influence it more because the demand is thinner,” Victor says.
“If demand is spooked, for some reason, you really should hold your property and not sell it.”
Victor says one of the most common factors which can put off high-end buyers is business confidence.
“They want to know that their business and business in general is going to go well – that’s the main priority,” Velgush says.
“Outside of business confidence, they want to have faith in the government, the economy and other factors like immigration and interest rates.”
Demand is greater than supply
Listing when properties are in high demand can pay off, of course, and Victor says that time is now.
Victor says Adelaide’s top properties are currently in high demand due to the city’s relative affordability and the perceived success of the state’s handling of COVID-19.
“We’ve got Eastern seaboard investors, expats and people that haven’t even lived here before coming in with Sydney money or London money,” Victor says.
“They come to auctions and just impulsively buy a $1.6million property because they thought it was so cheap.”
Victor says this pent-up demand of a seller’s market drives competition, not only leading to a good return on your investment but also limiting the days your property is on the market.
“[In a seller’s market] there’s so many buyers who are missing out on properties,” Victor says.
“If they get to one property they really like, they are often willing to stretch themselves and pay a higher number to not miss out.”
It’s the right season for your property’s location
Victor says there’s an understanding that Spring is the best time to sell as the warmer weather encourages buyers to attend more open houses.
However, the best time to sell premium property may have more to do with how your property looks to buyers in the weather rather than the weather itself.
Victor says the best time to sell can differ depending on your property’s location.
“If you’re on the beach, of course, it’s nice if the weather isn’t bleak and horrible,” Victor says.
“But, if you’re in the Hills, maybe it’s nice to have a slightly cooler day where everything is green.
“A lot of houses do look better in spring and summer because all the flowers come out and they look beautiful.
“People feel excited by that.”
Your property looks its best
Similar to ensuring your property looks good from the outside, your home must look good inside before you put it on the market.
Victor believes the presentation of a premium property can be more important than market confidence.
Although it’s tempting to rush through the staging process or disregard a blown light-bulb, this could leave high-end buyers disappointed and unwilling to buy your home.
“A lot of people who are buying at that level, are business owners or they’re investors,” Victor says.
“They’re used to having really good treatment, and they’re used to having everything right.
“If something doesn’t look right, doesn’t work or isn’t fixed they can lose confidence.”
In addition to making your property look the part, a stager can help find ways to emphasise its most exclusive features.