How to make $5800 in quick cash by selling pre-loved goods
Many Australians are spending more time at home during the pandemic, making it the perfect time to offload unwanted goods.
A hit to people's hip pockets has affected millions of people and caused them additional financial stress, but there are ways to make some fast cash.
Independent research in online-selling site Gumtree's new annual Second Hand Economy Report found Australians could have up to $5800 per household - an increase of $500 on last year - of unwanted goods lying around their home.
The report quizzed 1000 Australians and found:
● 19 per cent of households have preloved or unused items in their home ready to sell.
● 42 per cent say they are more likely to sell second-hand items.
● 23 per cent say selling second-hand goods made them feel more in control of their finances.
●41 per cent would use the extra cash from selling second-hand goods to pay for household expenses.
Sales and marketing associate Johanna McGovern, 30, lives in Manly in Sydney and says she is going a "bit stir-crazy" during the pandemic and wanted to give her bedroom a makeover.
She is also working from home and decided to give her room an urgent revamp - she ended up selling about $600 of items online.
"It was getting a bit old-fashioned for my liking so I put a few things online including my bed frame, lamp, mirror and bedside table that I could get some extra cash for," Johanna says."Then I made a cheeky trip to Ikea and redecorated, I've turned it into a calm oasis."
Of the $5800 Australians can potentially make, some typical, good-quality items can sell for the following: Dyson V7 at $320, outdoor table set at $500, golf clubs at $300, standing desk at $250 and Lego set at $50.
Johanna regularly uses online websites to sell her unwanted goods and says it's a good way to give her goods a new home without having to throw them out.
In 2020 the most popular items offloaded have included home decor and furniture (33 per cent) including appliances, kitchen and dining chairs, gardening tools and equipment and lamps. Gumtree Australia's head of marketing Amanda Behre encourages people to offload preloved items - albeit safely during lockdown - to bring in extra cash.
"People are much more willing to buy things from the second-hand economy, particularly when there is economic uncertainty and people are trying to be a bit more savvy with their personal finances," she says.
She urges people to provide clear photos and good descriptions when selling via online sites and respond quickly to any inquiries to make a prompt sale.
Gumtree also rolled out "contactless trade" badges that sellers can use to remind buyers they are following the COVID-19 safety precautions.
Behre also says that selling highly sought-after items is the key to making fast cash.
"Think about what's in demand, things that are in season and popular," she says. "When lockdown first started people were looking for electronic equipment and sports and fitness equipment and this has continued."
The report shows Australians have on average saved 13 items from ending up in landfill due to selling them through the second-hand economy.
Tribeca Financial's chief executive officer Ryan Watson says that selling unwanted goods online is a win-win.
"It provides you with a dual benefit, one, extra money in your pocket and two, a chance to declutter your house," he says.
"I think people would be surprised about how much cash they could generate from selling unused items around the home, right now is an optimal time for a spring clean."
He says he has seen clients sell second-hand goods online and use the proceeds to build a rainy-day fund.
Originally published as How to make $5800 in quick cash by selling pre-loved goods