Brutal reality lesson for home sellers and buyers

It’s a challenging time to be involved in selling or buying a home and there’s one lesson that stands out.

Sell your home early or be willing to accept less – that’s the brutal reality potentially facing vendors in today’s increasingly uncertain real estate market. And perhaps even a pointer to buyers on how to negotiate a better deal. Picture: Foxtel

Sell your home early or be willing to accept less – that’s the brutal reality potentially facing vendors in today’s increasingly uncertain real estate market. And perhaps even a pointer to buyers on how to negotiate a better deal.

That’s according to celebrated TV property expert Andrew Winter.

The extent of Australia’s housing market downturn has been laid bare on Winter’s popular property makeover program, with a number of the revamped properties selling below expectation despite having had designer renovations.

The Selling Houses Australia team (l-r) Dennis Scott, Wendy Moore and Andrew Winter. Picture: Foxtel

Foxtel’s Selling Houses Australia (SHA) host and real estate expert Winter said a decline in housing values and demand has led to a challenging season in 2023 for the hit TV show, with some of the houses continuing to sit on the market for several months after being improved by the SHA team.

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“A few of the homes did take a long time to sell, often months and months after the makeover, eventually selling under the expected price they were hoping for,” he said. “This reinforces that Selling Houses Australia is a market barometer – it always represents what’s going on in the market.”

Winter said sellers should avoid “hanging on for a higher price” and learn to accept they may need to sell below expectation if the market is not booming.

“Traditionally in almost all market conditions, even often a booming market, the early offers are the best,” he said. “If the market is booming and you’re selling, the offers will be booming. If the market is gloomy and you’re selling, the offers will be gloomy. Generally, it is the early days of marketing when you get the prime amount of interest.”

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It’s been a challenging season for everyone associated with the real estate industry Picture: Foxtel

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Having wrapped up its 15th season, the show has become well-known for its expert “transformations” of properties that have proved difficult to sell. Design expert Wendy Moore and garden expert Dennis Scott work alongside Mr Winter to identify why a property has struggled to sell before embarking on renovations and a new sales campaign.

Mr Winter said last year’s season was shot during a market boom “where everything was getting over the expected price.”

“This season a lot were going under price expectation and that’s hard for people to swallow,” he said. “(It was) one of the most challenging we have faced. The season was flipped on its head as the residential housing market was taking a hit in both values and demand. I was nervous that we would struggle to sell with the most challenging sales volumes of any season of Selling Houses Australia.”

He said people struggling to sell should be open to other options such as renting out the property.

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The final episode of the 15th series of Selling Houses Australia airs tonight (Wednesday) on Foxtel at 8.30pm or On Demand.