As just about anyone involved in the Northern Territory real estate game knows - property sales are at an all-time low.
Current data from the Australian Bureau of Statistics (ABS) points out that Darwin house prices have fallen by 2.4 percent in the June quarter, and by 6.5 percent in the past 12 month.
While most capital cities increased prices, it was highlighted that Darwin and Perth were the only two capital cities to have recorded falling prices.
The cause has been pinned primarily to a number of Top End projects coming to an end, with a population fall subsequently affecting the market.
As a result, a sizable proportion of the Territorians has moved on from the area, due to the lack of available jobs to transition into.
This affects the market, as the Northern Territory is left with an excess of properties and a limited amount of people to fill them through either renting or purchasing.
The challenges real estate professionals are facing in this climate are immense, with agents needing to adapt to remain active.
So in light of the current situation - here is our tips on selling in a crowded market.
Know your Property/Client
Have a good understanding of your property and your target market - this knowledge should be your key priority going into selling your property, and will help in forming a sale strategy.
Remember the SWOT (strengths, weaknesses, opportunities and threats) analysis from school? Well it's still relevant and is a great for outlining your selling points - standard features, problem areas and wow factors of your property.
Create a list of those likely to buy your property - this will be your target audience, and will assist in tailoring your property to a particular segment of the market.
The way your property is presented is very important in the real estate game - it's all about generating that desire and emotional bond for your potential buyers. Take a look at our blog post on how to present your property for sale here.
If you have the money to get in a professional property stylist, than opt to go down this road. This could be the point of difference to get your sale over the line.
If there are certain areas of the property that need an upgrade, weigh up your options - as this could potentially be a factor which may be an issue for your target market. For example, if your target market is say the baby boomers bracket, buying a property that requires work may not be an attractive buy.
Make sure your chosen real estate agency is up to date with new promotional avenues - online channels are now the most successful, but don't disregard other traditional avenues.
Make yourself available for open homes - the more viewings the better. Step back and allow your agent to engage with viewers and answer questions.
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