What colour will add the most value to my property?
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It might not be the most exciting hue, but grey homes, or homes with a variation on grey, tend to sell for the highest prices in Melbourne, according to a new report on Colours by Secret Agent.
You've decided to sell your house, and are now considering the best ways to prepare the property for sale. One of the easiest ways to freshen up your home for sale is to paint it - but what colour is likely to deliver you the highest price?
Which colour is likely to have the greatest appeal to the broadest range of buyers?
Secret Agent set out to answer exactly this question, and has released its findings in its a report titled 'Colour'.
The answer, it turns out, is slightly disappointing - grey is the colour that delivers the highest price in most suburbs, but it does vary from suburb to suburb.
In Toorak, dark grey delivers the highest prices, while in St Kilda, greyish blue generates the best results. In South Yarra, a silvery grey has great success, and in Carlton, a light, bluish grey is popular.
Brunswick homes deviate from the theme, with a green 'sea mist' colour generating strong sales.
And in Richmond, homes with a pink-grey tone tend to do well.
WILLIAMS MEDIA asked Secret Agent researcher Daniel Schulz how the research came about.
"I was merely interested to see if there would be a correlation, and what the correlation would be," he said.
Schulz said colour plays a role in many fields, including real estate. "My Masters thesis is analysing colour for watermelon ripeness," he elaborated.
"There is always a heavy debate when renovating a house to sell, if you should paint again, and if so what colour - so there is always an interest," he said.
Schulz said grey is a safe colour that has broad appeal, so it's not surprising it came out so strongly in the results.
"Grey is associated as being neutral and impartial, and thus people of any background will be more partial to it, compared to something like bright pink or orange," he said.
"This would potentially lead to higher prices, as it leads to a wider audience being interested and more competition," he said.
But Schulz cautioned that colours go in and out of fashion, and while grey is popular this year, next year the findings could be quite different - beige could make a revival.
"I think to accurately know the correct colours, there needs to be analysis on a yearly basis, at a minimum, to be consistent," he said.
Schulz said in future research he'd like to see greater granularity, by seeing what colours work best in different rooms of the house.
Schulz said he would heed the findings of the research if he was painting his own house.
"I would paint it grey/beige on the outside, and look into what works specifically for the different rooms," he said.
"Assuming I wanted to sell it, this I believe would lead to more conservative buyers taking an interest and thus driving up the price," he explained.
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Source: https://www.therealestateconversation.com.au/2018/04/04/what-colour-will-add-the-most-value-my-property/1522805286
This article provides general information which is current as at the time of production. The information contained in this communication does not constitute advice and should not be relied upon as such as it does not take into account your personal circumstances or needs. Professional advice should be sought prior to any action being taken in reliance on any of the information.
