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2:30 Mins

I’m sure you have all heard it before, that before you list your property for sale in Hervey Bay, it is really important that you do a little bit of your own research, so you get an understanding of your homes value in the current market.

With so much information out there, it can quickly be overwhelming when looking at Key Market Indicators like:-

  • Median House Prices,
  • Capital Gains,
  • Rental Yields,
  • Vacancy Rates.

Soon you can find your yourself thinking, ‘oh my god, I need a drink. I’m not looking at these numbers anymore’.

So, we thought over the next few weeks, we would update you on what these key market indicators actually mean. So that when you are researching, you have an understanding how it relates to the value of your property.

We will start with the basics of supply and demand in the property market, by looking at average days on market and the amount of properties available for sale in your area of Fraser Coast.

The amount of properties available for sale – This gives us an indication of the level of supply in a market.

Average days on market – This gives an indication of the level of demand in the market.

Seller’s Market

If we are looking at an area where there are a lower average amount of days on the market (high Demand) and also less properties available for sale (Low Supply). This gives us a really good indication that this is a Seller’s Market.

What does this mean for your properties value?

  • May be able to adopt a more aggressive price strategy.
  • May be able to ask for a more premium price.

Buyer’s Market

This is at the opposite end of the spectrum. This is where there is a high number of properties available for sale in the area (High Supply), and also they take a little bit longer to sell. A high average amount of days on the market can mean a little bit less demand.

What does this mean for your properties value?

Selling in a Buyer’s Market is not a completely bad news story, it just means you may have to look at pricing your property competitively in the market with a more conservative pricing strategy.

Competitive pricing can help you increase the demand for your home in a softer market place. After all there is a lot more competition in these markets and the goal is to get the most amount of people to view your property, so you can get the highest quality purchaser and the highest achievable price.

I hope this has given you a good starting point to doing a bit of research into understanding the value of your property and how current market trends affect the listing price.

If you would like some more information on the value of your property why not organise free Market Appraisal with our team (click here) or pop in for a coffee, we would love to have a chat!