On 16th January, Fitch Ratings predicted that of all the property sectors in all the world, Australia would see the largest price falls – up to 5 per cent. On the plus side, increasing migration, falling unemployment and GDP growth ahead of the trend should see a recovery in around 2020.
For those wanting to get into the investment property market, falling prices offer opportunities. However, if you’re already hip deep in property and wondering what to do for the next twelve months while waiting for the upswing, it may be time to explore how to enhance the value of the property you already have.
The standard approaches are a good beginning. The low cost options include cleaning up and giving the walls a lick of paint (in neutral colours if you hope to sell, because your feature wall is someone else’s nightmare fodder). Freshen up the fixtures while you’re at it and make the front of the house more inviting with a new mailbox or a low-maintenance garden. With the whole summer decluttering craze that’s setting social media on fire, why not be inspired to streamline your furniture and belongings to show rooms to their best advantage?
A lot of mid-range enhancements include renovations, new flooring and insulation, but you can also go several steps up and investigate the cost to benefit ratios of more technological and sustainable improvements. According to Integrated Technologies Australia, buyers are very interested in home automation and interactive technologies.
There’s no need to go super Star Trek and install proximity-activated sliding doors, but if it’s within your budget, a remote controlled garage door can impress buyers. Ceiling speakers might be just what the house-hunter ordered, or a range of smartphone-controlled amenities like temperature control, security and lighting.
Some renewable energy options attract rebates and grants and may help to reduce your power costs in the long term. Improving water efficiency water and redesigning for sustainability may also attract both renters and buyers to your property. In fact, Joel Hutchines of property-tech start-up Cnstrct thinks a revamp of thinking around design and construction could solve some of the affordability issues in the property market.
At the very least, it’s worth considering the installation of more power points to cater to a device-heavy world.
If you are thinking of buying or selling property or you are unsure of how well your property portfolio is positioned in the current changing market, contact United Global Capital today on 03 8657 7640 or email [email protected] for a no cost, no obligation consultation and learn how you can position yourself for success.