Turn clutter to cash

The second-hand economy is thriving, allowing Aussies to turn their clutter into fast cash. Here are Sophie Elsworth’s best ways to do it

OFFLOADING items cluttering up your home can quickly be turned into fast and easy cash.

Consumers could be costing themselves thousands of dollars by failing to sell preloved items they no longer want or need.

Popular online classifieds website Gumtree’s latest Second-Hand Economy report quizzed 1000 Australians, and found nine in 10 had unwanted items in their homes.

The report also found:

ONE in two Australians admit to throwing unwanted items in the bin. ●AUSTRALIANS have about 25 unwanted or unused items per household.

HOUSEHOLDS could make $4200 each from their unwanted items.

OVERALL, the second-hand economy is worth $34 billion.

The most popular items people are happy to farewell include clothing, shoes, accessories, books, DVDs and CDs, games and toys and electronics.

Gumtree Australia’s managing director, Martin Herbst, encourages Australians to declutter their unwanted items and turn it into cash.

“We found 66 per cent of Australians actually buy something second-hand to reduce waste and recycle,’’ Mr Herbst said.

“People can find niche things and great items second-hand.’’

But the report found the biggest barriers to selling items second-hand include being time poor (37 per cent), being uncertain about what to sell (34 per cent) and having trust and safety issues (33 per cent).

Gumtree has more than three million listings on its site at any time, which rolls into tens of millions of items advertised annually.

Users do not pay to list an item but can opt to purchase additional features, such as boosting the ad to give it more prominence online.

And for consumers who do take the time to post a descriptive ad with clear pictures, it often results in a successful sale.

This, of course, is if your price is right.

Tribeca Financial’s chief executive officer, Ryan Watson, said creating cashflow from unwanted goods was a “win’’.

“A win because you can get rid of some of the clutter around your home and a win because you get some extra change in your pocket,’’ he said.

“In a time when it is costing us more than ever to live, it makes sense to convert unwanted or unused goods into cash.”

Mr Watson said the extra cash made from selling unwanted items would be better off being put into a mortgage offset account – an account linked to your home loan – or in a savings account.

Other popular places to get rid of unwanted items includes eBay or by donating items to charities such as GIVIT.

Holding a weekend garage sale can also be a quick way to make money.

But not everyone is out to make a buck from their secondhand items – the report found many opt to donate to charity (72 per cent) or give goods to family or friends (34 per cent).