Selling a property: FAQs

While spring has traditionally been thought of as ‘selling season’, due to a surge in buyer activity, in reality serious buyers look for homes 365 days a year. The right time to sell depends on local market supply, buyer demand, and your personal timeline. There are also external factors to consider such as interest rates or Federal Budget changes which may affect how the market is moving. 

Everyone’s situation is personal to them; ultimately your choice depends on your financial equity, bridging financial availability and risk tolerance. It’s best to evaluate both options and talk to your local agent to decide what works best for you:

• Selling your property first before buying can eliminate financial pressure as you know your exact budget for your next purchase and avoid holding two mortgages. However you may need to move elsewhere temporarily or negotiate a longer settlement period if you don’t find a new home quickly
• Buying your new property before you sell ensures you don’t miss out on your dream home. Being active in the market and acting quickly means you may be in a better position to beat the competition. It’s worth understanding that buying first means you could be responsible for two properties if your sale takes longer than expected. If you’re considering buying first, talk to your agent about your options around settlement and making a purchase offer subject to the sale of your current home, and reach out to a Loan Market broker to learn more about bridging finance

You don’t always need to spend a large amount for a high return on investment when it comes to preparing your property for sale. There are some low cost improvements that could add value and boost buyer appeal:

• Declutter: Help buyers visualise themselves living in the property. Remove bulky furniture and personal items to make rooms feel larger and brighter
• Fresh paint: Neutral interior paint instantly brightens rooms and eliminates wear and tear
• Address maintenance: Fix squeaky doors, leaking taps, cracked tiles, and chipped paint
• Professional styling/staging: Staged homes statistically sell faster and attract higher opening bids
• Curb appeal: Pressure-wash driveways, tidy garden beds, and refresh the front door

Yes, buyers frequently submit pre-auction offers to take the property off the market early. If a pre-auction offer meets or exceeds your ideal price, you can accept it. Alternatively, your Ray White agent can use that offer as a benchmark to bring the auction forward, creating immediate competitive bidding.

Each property sale method serves different campaign goals:

• Auction: A public sale with a fixed deadline that creates competitive bidding and results in an unconditional sale
• Private treaty: A standard listing with an asking price or range, allowing conditional offers and negotiated terms
• Off-market: A discreet sale process usually for high-privacy sellers, that matches properties directly to active buyers without public advertising

If you’re interested to know more, read our guide on the differences between auction vs private treaty.

A reserve price is the minimum confidential figure a seller agrees to accept at an auction. Once bidding reaches or passes the reserve price, the property is officially "on the market" and will be sold to the highest bidder. Your agent can analyse open home attendance, recent local comparable sales and market data to establish a realistic reserve price.

The number of days or weeks on market depends on market conditions, pricing and buyer demand. Many properties sell within two to six weeks of being listed, with properties sold at auction seeing fewer days on market than those sold via private treaty. 

A Section 32 (or Vendor Disclosure Statement) is a mandatory legal document prepared by your conveyancer or solicitor. It discloses essential information to buyers prior to signing a contract, including title details, council zoning, easements, building permits, and outgoing rates. In most jurisdictions, a property cannot be legally marketed or sold without a completed draft contract.

A cooling-off period gives a buyer a statutory timeframe (typically two to five business days, depending on the state or territory) to withdraw from a private treaty purchase contract, usually incurring a small statutory penalty.

Cooling-off periods do not apply to properties sold at auction, or properties sold within a specific window (typically two to three business days) before or after an advertised auction date.

Typically, there are a few standard costs to expect when selling a property:

• Agent fees: A percentage or fixed amount paid upon successful sale, you can learn more about Ray White agent fees here
• Marketing and advertising: This can include various platforms or types of marketing such as portal listings, signage, floor plans, and photography to maximise property visibility to potential buyers
• Conveyancing / legal fees: Preparation of the legal Contract of Sale and title documentation - legal requirements may vary state by state
• Another cost to consider is how much you may need to spend to prepare your property for sale, such as maintenance work, styling, and landscaping

Yes, a property can be sold with a tenant in place. The sale can proceed in one of two ways:

• Subject to existing lease: The buyer inherits the tenant and lease agreement upon settlement (ideal for investor buyers)
• Vacant possession: The seller provides notice to the tenant in accordance with state residential tenancy laws so the property is empty upon settlement (ideal for owner-occupier buyers)