When you first think about selling your property it can become quite overwhelming. By surrounding yourself with the best team of professionals to help you is essential for a stress-free and successful sale. Whether they're the Agent, Property Stylist, Tradespeople or Lawyer, each person has a big part to play.
We understand this can be one of the biggest and most important decisions, so when you're deciding to sell your home or investment property, it's critical to ask your Agent the right questions and form a strategy together as a team. Today we asked our Senior Sales Executive, Thomas Tregonning to cover some of the most frequently asked questions. Whether it's your first time or you're a seasoned seller, we hope this will ensure you're prepared for your next step.
How is the market performing after the Victorian Lockdowns?
Without a doubt, one of our most common and current questions right now is how the recent lockdowns have affected the inner-city apartment market. Thankfully, we haven’t seen the downturn that was anticipated by the media earlier in the year with the Docklands market continuing to perform well. While we have seen some price fluctuations through the lockdowns, something that has stood out for us is a lower volume of properties being put up for sale. This in turn has made it harder for buyers to find the right property and overall increased competition in the area.
Are buyers still looking to purchase?
In short, absolutely. Docklands has continued to establish itself and is quickly becoming a sought-after destination over the years. With improvements to the area, including; The District Docklands expansion, Docklands Library, the South Wharf Drive extension, new Woolworths shopping centre, more cafe and restaurant options, as well as the long-awaited Docklands Primary School reaching the stage of completion, Docklands is high up on most buyers list.
When should I engage a Conveyancer?
Engaging a conveyancer is just as important as giving your Agent the go-ahead to start selling and should be done at around the same time. With apartments, contracts can take about two weeks to prepare because of Owners Corporation procedures. When selling, the last thing we want is to have a buyer wanting to put an offer on your property but then having to wait a few weeks for the contracts to be prepared. Jayson Sande of Anchor Conveyancing has built a strong reputation over 25 years of always looking after his client’s best interests. With his deep understanding of Docklands, he is a local identity whose legal opinion is often sought after when selling. There is no doubt that he is the most experienced legal professional in Docklands.
Who is buying right now?
Looking back over the 118 properties we have sold since the beginning of the pandemic in March, we haven’t seen a noticeable change. The same core demographics continue to purchase apartments. From first home buyers to retirees, locals upgrading, downsizers or rural residents looking for a permanent city base, Docklands is still a very diverse area for buyers. However, something that has changed since March is the resurgence of Investors to the established market, something we haven’t seen to this level in years.
Does styling really make a difference?
If your property will be vacant during the sales campaign, having a stylist come through to enhance the feel and add warmth to your property is an important step. Most buyers find empty properties cold and stark. They can look and feel smaller than it is as it can be hard to visualise the true space with no reference to the size of a bed or dining table. In addition, Styling makes the property more approachable for buyers online and has a higher conversion rate of potential buyers reaching out for an inspection. The team at Selective Interiors are masters at bringing a room to life and is our go-to when it comes to all things styling.
Should I repaint before selling?
A fresh coat of paint is one of the most cost-effective improvements. It not only makes your property feel new again, but it also elevates your property and makes it stand out to buyers. While some people love this idea, we understand it isn’t for everyone. That’s why we work with Tony Urbas. His team have been operating for decades and are experts at their craft. For quotes or questions, please reach out and we can set up a consultation.
How long will it take to sell?
We sell mostly through private sale campaigns, so we don’t typically adhere to a traditional four-week campaign with an auction at the end. The duration of a private sale is dictated by the levels of interest with some selling in a few weeks and others taking a month or two. Before Covid-19, Lynn and I had an average sale time of 36 days. However, with the lockdowns and not being able to conduct open for inspections, we have seen that extend to 47 days. It is still a very respectable time frame considering that the average campaign length in Docklands is now over 120 days.
Consistently ranked as the No. 1 Agency in Docklands, Lucas Real Estate is here to answer any other questions you may have. Priding ourselves on our local knowledge and service, we look forward to speaking soon.