Sellers punt on Cup
Home sellers should follow the lead of publicans and motel managers during the Swan Hill Cup Carnival and capitalise on the influx of visitors to the region, according to LJ Hooker.
The local real estate market sales volume has shrunk 20 per cent since last year’s Carnival, LJ Hooker Swan Hill Principal John Monahan said, magnifying the exposure of properties for sale at a time when the region’s population increased by the same figure.
Research analyst CoreLogic found Swan Hill home owners sold, on average, every 12.4 years.
Mr Monahan said publicans, restauranteurs, motel and caravan park owners routinely made the best of the long weekend race meeting – this year from June 8-10 - but few home owners recognised the once-a-year window of opportunity created by a teeming population.
“Home owners move infrequently so, when they decide to sell, it’s vital to pick the best time,” said Mr Monahan.
“It’s hard to remember Special Voyage winning the 2006 Cup, but that’s the interval of time it takes for the average home owner to decide to sell in Swan Hill.
“The Cup attracts visitors from Melbourne, Bendigo, Wagga Wagga and elsewhere and home owners should be viewing this influx as an opportunity to get in front of a critical mass of potential buyers.”
With the number of homes for sale down 20 per cent locally compared to the last Carnival, more buyers would be looking at fewer properties this long-weekend, increasing competition for a contract.
Investment wise, average yields in Swan Hill (5.5 per cent) are almost double that of Melbourne (3 per cent), according to CoreLogic.
Mr Monahan said his office’s phone and website traffic ‘runs hot’ in the weeks following the Carnival as visitors ‘can’t get over’ the affordability and investment yields on offer compared to Melbourne and other regions.
“Swan Hill might not have necessarily been on their purchase or investment radar, but after a day at one of Country Victoria’s best sporting events, a trip to Lake Boga, lunch on the River and enjoying our company, visitors start thinking about making a foothold here.”
The extended length of home ownership re-enforced the need for home owners to engage a real estate specialist for professional guidance.
“You may have an idea of what your home is worth, but it may be more than a decade since you’ve actually been active in the real estate cycle. That make it hard to be across what your home could be worth and what is appealing to buyers in today’s market.
“If you’re thinking about capitalising on the Cup’s opportunity, you need to get in contact with a real estate specialist working in the market every day, who will give you the best idea of where your property is placed,” Mr Monahan said.