The average Australian household has $5,200 in unwanted goods
Selling second hand items helps Aussies save for holidays, cover living costs and pay off debts.
New research reveals Australian households are sitting on a proverbial goldmine of surplus items which could be sold second-hand to generate additional income.
The Second Hand Economy Report 2016, commissioned by online community marketplace Gumtree, underscores the financial benefits of accessing the second hand market.
The report reveals 89% of Aussies are hoarding an average 25 unnecessary items per household, with a second hand re-sale value of more than $5,200 - an increase of around $1,000 or 23.8% on last year.
Australia's second-hand market is booming, with 84 million used goods sold in the last 12 months.
However, the report suggests there's still over $26 billion in untapped second hand selling potential lurking in garages and crawl spaces across the country.
The report indicates the most common unused items Aussies have sitting at home are clothes, shoes, and accessories (61%), books (53%), music, DVD's and CD's (51%) and games and toys (49%).
90% of Australians have, at some stage, purchased at least one second-hand item and more than half (56%) have sold second-hand goods in the last year.
The motives behind these sales vary but more than a third (38%) who sold unwanted items in the past year, did so to help cover increased living costs, settle debts or pay their rent.
On average, buyers reported savings of almost 50% when shopping via the second hand marketplace.
These savings are put towards holidays (52%), living expenses (45%) and reducing personal debt (29%).
And what do we like to buy second hand? Aussie's prefer second hand books (39%), collectibles and antiques (27%), homewares and furniture (25%) and vehicle accessories (24%).
Want to buy, sell or swap goods online? We've listed 14 websites perfect for second-hand shopping.
- finder.com.au Money Podcast #14 – Divorce and finances, difficult apartment dwellers and denim indecision
- NSW property developments will soon be approved quicker
- Contiki offering exclusive VIP Splendour packages for 2017
- View Finder: Offline with Stan and the joy of Dolby Vision
- New home loan rate changes for March 2017 [updated]