A Quick Cash Boost With The Second-Hand EconomyHow to take advantage of second-hand economy so you can make some cash..quick!

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  • A Quick Cash Boost With The Second-Hand Economy

Almost 100 million used goods were sold last year in Australia, according to a new survey by Gumtree.

The Gumtree 2018 Second-Hand Economy Report found that Aussies are trading items worth a collective $34 billion dollars each year.

To make sure you grab your fair slice of this, we’ve compiled a rundown of how to use the second-hand economy to your advantage for a quick cash boost.

1. Know What’s Popular

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It’s well known that nearly all brand-new items depreciate in value quickly. That second-hand tag is something that affects certain items more than others.

What should you sell then? Gumtree’s survey found that books were Australia’s favourite item to buy second hand. Unfortunately, unless you’ve got a whole library hidden away in your home, books are unlikely to bring in the big bucks. The good news is that other popular items, such as home décor, furniture, cars and antiques will.

Items that your child has outgrown could also help to restock your bank account. Second-hand pushchairs, highchairs, stair gates, baby monitors and even clothes are all regularly purchased by cost-conscious mothers.

2. Know Their Worth

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Aussies have an average of 25 unwanted or unused items per household, according to Gumtree. Incredibly, they also claim that those 25 items are worth an average of $4,200. Yes, thousands worth of unwanted items could be sitting in your home right now.

One question first-time sellers face is knowing how to price their items correctly. Underselling something might not be the end of the world, but doing a little research could help you avoid throwing money down the drain.

Start by searching similar items online. Popular online listings and auctions sites see thousands of items uploaded each day, so the chances are you’ll find something similar to what you’re looking to sell. Their listed price, might not be what they finally sell for. Negotiation is part and parcel of selling second-hand items, whether in person or online.

Alternatively, find out how much sale item is currently available for brand new. You can then knock 40/50/60% off your own price depending on the age and condition of the item you’re looking to sell.

Finally, trust your instincts. Nine times out of ten common sense will be able to tell you whether you’re pricing is accurate. It’s also worth remembering that you can always knock down your price at a later date if your item doesn’t generate any interest.

3. Know Where To Sell

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Online is the most popular way to sell second hand, with 88% of Aussies in Gumtree’s survey saying they had done so in the last year. It’s hardly surprising considering how quick and painless the process has become.

Listing and auction websites are where most sellers start. It’s also worth checking out social media. Groups on Facebook often feature selling sections where communities trade their hand-me-down items.   

Always take into consideration postage costs when selling online. Incorrectly pricing your postage could see Australia Post taking a huge chunk out of your profits.

Garage sales or a yard sale are also a popular alternative. You don’t have to take postage into consideration. You receive the money there and then and you can even make friends from the neighbourhood in the process.

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