The property market in Australia continues to make headlines, though it’s not always the news people want to see. House prices in Sydney are consistently rising by $1,145 a day (a day!), and such unattainable prices are basically pushing under 35s out of the market entirely.
All of that is to say that it’s by no means a buyers market, but with such a competitive landscape, sellers have a lot to gain from listing their homes for sale in these wild times (provided they can actually afford to buy something else afterwards).
And though now is as good a time as any to list your place, new research from realestate.com.au would indicate there is, in fact, a statistically proven best time to sell your home.
“Analysis isolating the effect of sale month from other features that affect price reveals that properties sold in November receive the highest average prices,” a report from realestate.com.au reads. “Across Australia, sales in November have been almost 6% higher than those in January, the statistically cheapest month.
“This suggests the end of the year is the best time to sell your home: October, November and December.”
It’s interesting because we’d imagine the end of the year to be a busy time for all, what with the school holidays, festive season and summer break. Selling your home (and embarking upon the admin involved in doing so) is a big feat, which is why so many tend to put it off until the new year begins, when the weather starts to turn. But maybe they shouldn’t.
“There are a few reasons why these property markets display such strong seasonal effects,” the report reads. “As well as prices generally going up through the year, in Sydney and Melbourne, spring brings auction season, often cited as when the weather is nicest and properties look their best. This may inspire buyers to pay more later in the year.”
According to the data, selling your home in these late spring months could bring the sale price up by 10% or more, especially if you live in Sydney, Melbourne or Hobart. Season is not quite as impactful for other cities like Brisbane, Perth, and Adelaide, though generally speaking, house prices in Australia are the highest at the end of the year.
The report takes into account data from the past six years, which has shown consistency in the spring months as the best time to sell your home. But will these trends continue into 2021 and beyond?
The hypothesis is that this year could be a little different. “This is because lockdowns and concerns about the COVID-19 pandemic have played a much larger role than seasonality when it has come to buyers and sellers’ moving decisions.
“So far, the beginning of 2021 has been characterised by the release of significant pent up demand and a consequent surge in prices as buyers rejoin the market.”
Basically, with such high buyer demand for new listings, someone considering selling would do wise to get on with it now, as opposed to waiting. And when you do list your home for sale? Be sure to paint the front door this expert-approved colour.