Have you ever looked around your place and wondered how much cash is sitting in those old clothes you never wear, gadgets you never use or other items just gathering dust?

Turns out, you might be sitting on a small fortune without even realising it. In fact, according to a report by online sales portal eBay, Australian households reportedly have up to around $7,000 worth of unused or unwanted items just lying around—talk about hidden treasure!ⁱ

Uncovering hidden cash: what you didn’t know you had

Let’s break it down: that vintage record player you rarely use, the designer jeans you bought but never quite fit into, or even that collection of Pokémon cards from your childhood—all of these could potentially fetch a pretty penny if sold to the right buyer.

One person’s clutter can be another’s prized possession. That quirky vase you’ve been eyeing suspiciously for years might be a valuable piece of art to someone else. The thrill of discovering that something you considered junk is actually worth something substantial is like a mini treasure hunt in your own home!

The key is knowing what’s hot in the market. Take a quick peek online to check out what’s collectible or in demand right now. Or go for a wander around a bricks and mortar antique or retro store or a second-hand clothing store to get ideas on what’s popular.

eBay even has a handy list of the most popular searches on their website where you can get inspiration and check out things people are looking for online.

Tips for successful selling

Selling unwanted items can be a breeze but there are some things you can do to maximise your chances of successful sales. Here are a few handy tips:

• Research, research, research: Knowledge is power. Take some time to research similar items online to gauge their market value. Facebook Marketplace, eBay, and specialised collector forums are gold mines of information.
• Clean and presentable: No one wants to buy something covered in dust. Clean your items thoroughly and present them nicely in photos. Good pictures can make all the difference in attracting buyers.
• Price it right: Don’t get greedy! Set a fair price that reflects the item’s condition and market demand. Sometimes a quick sale at a slightly lower price is better than waiting forever for the perfect buyer.
• Be honest: Describe your items accurately. If there’s a scratch on that antique mirror or a missing button on that vintage jacket, own up to it. Honesty builds trust and helps avoid disputes later on.

The online selling rollercoaster: pitfalls to avoid

Now, let’s talk about the less glamorous side of selling online—yes, there is one. While the internet can be a fantastic marketplace, it’s not without its quirks. Here are some things you need to beware of:

• Scammers and timewasters: Unfortunately, they exist. Be cautious of buyers who make unrealistic offers or seem overly eager without legitimate questions.
• Shipping nightmares: Packing and shipping fragile or large items can be a headache. Invest in proper packaging materials and always opt for tracked shipping to avoid lost parcels and headaches.
• Fee frenzy: Many online platforms charge fees or take a cut from your sales. Factor these into your pricing strategy to ensure you’re not left short-changed.
• Patience is a virtue: Sales can take time. Don’t be discouraged if your items don’t fly off the digital shelves immediately. Persistence pays off!

If the idea of selling online is a little intimidating, you could also try having a stall at a local second-hand market or setting up shop for the day and having a garage sale.

Selling your unwanted belongings isn’t just about decluttering your space – although that’s a major win in itself! It’s about unlocking hidden value and turning your unused stuff into cold, hard cash. Whether you’re saving up for that home deposit, padding your emergency fund, or just wanting a little more cash to splash, every sale gets you one step closer to your financial goals.

So, what are you waiting for? Who knows – that old comic book collection could be your ticket to a much healthier bank balance. Happy selling!

i How much extra stuff have households accumulated through the pandemic? – Savings.com.au