How to make a quick $5400
THE typical Australian household is sitting on a gold mine of at least 25 unwanted items which could be sold for more than $5400, according to new research from Gumtree.
The classifieds site says a growing number of people are tapping into the estimated $43.5 billion second-hand economy to make extra cash, take a holiday or even save for a home deposit.
Gumtree's seventh annual Second Hand Economy Report has found the value of the sector grew by nearly $4 billion compared with 2016, while the average value of sellable household items increased by more than $200.
"Australians in general are very resourceful," said Gumtree general manager Martin Herbst.
"The second-hand economy allows you to tap into some of those unwanted items in your house. This is a great season of the year for spring cleaning, lots of items during the winter have gathered dust and you need to declutter. It's a very big time of the year for us."
Gumtree estimates that, for the first time, more than 100 million items exchanged hands through the second-hand economy. Of 60 per cent of Australians who sold second-hand items, 83 per cent did so online.
Clothing, shoes and accessories were the most common items, followed by books, music, DVDs and CDs and electronic goods. More than three quarters of parents said they had bought second-hand items such as toys, cots and clothes when having a baby.
Mr Herbst said while Gumtree didn't have statistics on average time it took for an item to sell, recent updates had made the process much more seamless. "You can use the app to take a photo and get it online in a matter of seconds," he said.
He added that the imminent arrival of Amazon would be good for the whole industry. "I think competition is good and consumers need a lot more choice," he said.
"Gumtree is really focused on leading the second-hand economy. That's where we lead, particularly with our local focus. Overall the e-commerce market in general I think had tonnes of potential to grow."
Sydney-based building regulator Ed Di Michiel, 23, last year used the $6500 he made from selling his car to take a holiday to Vanuatu, and earlier this year made $4500 selling his motorbike.
He said a growing number of people his age were turning to the second-hand economy. "I'm starting to get more expenses, more bills are coming in, life's getting a bit more expensive in general so it definitely helps," he said.