Earning extra cash the easy way

MILLENNIALS are leading the charge when it comes to offloading their unwanted goods in return for some fast cash.

Figures from popular secondhand selling website Gumtree found the industry is worth a whopping $43.5 billion.

And a majority (69 per cent) of millennials (those aged 18-34) have had luck in selling something second-hand in the past year.

Many are planning to make the most of the cash they earn – 77 per cent are considering selling items and putting the proceeds towards a house deposit.

Gumtree managing director Martin Herbst said for those looking to make some money – particularly ahead of the expensive festive period – there were a few key things to do to ensure their items hit the mark and were snapped up by a buyer.

“Quality images are very good and be descriptive with each item,’’ he said.

“As the seller you can also browse through the website or the app and get references from other items being sold and do your price research to see what the actual prices are of items being sold.” Taking photos of receipts or tags that go with the item can also lure in customers – the platform draws in 85,000 new listings each day.

Nick Fullerton, 33, purchased his first home in Brisbane’s south and to help save his deposit he sold unwanted items including furniture online.

He even made purchases of used goods ahead of buying brand new items to save – buying himself a second-hand surfboard.

“I easily made hundreds of dollars selling stuff, it’s really easy to do,’’ Mr Fullerton said.

“It’s always a good place to buy things as well, rather than buying things like a new surfboard off the rack, I bought one second-hand.”

But consumer finance expert Lisa Montgomery urges those who are looking to make some quick cash to not be tempted into spending what’s in their wallet.

She suggests having a separate savings account that isn’t linked to a daily transaction account and having savings in it for a specific purpose.

“Having that cash at arm’s length means that we are more likely not to touch it,’’ she said.