If you’re hitting the property market – whether you’re looking for a home to call your own or an investment property to add to your portfolio – it’s worth noting that some times of year present better opportunities to buy and sell.
The time can vary, depending on the state or territory you’re searching within – and it can also vary from city to city, as well as depending on which regional centre you might be focused on.
Factors Affecting Property Prices
The reason for the fluctuations is all about specific conditions, such as tourism booms, employment-related factors linked to closures of main industries, booms and busts in things such as mining or agriculture, or the impact of government projects that might lead to better infrastructure and more opportunities for economic development and growth. With all these components at play, there are different motivations driving both buyers and sellers that add up to why they choose to transact their property at a particular time of year.
Capital Cities for Capital Growth
In Australia’s capital cities where, historically, capital growth has been far higher than regional centres, work and education factors are stronger and this typically leads to greater sales activity in the last quarter of a calendar year, when both vendors and buyers are looking ahead with plans for a fresh calendar year. The impact on the property market is less triggered in rural and regional centres, where properties usually stay on the market for a much longer period, with less potential buyers looking. As popularity in regional centres grow, with an increasing number of home-buyers looking for a more affordable entry point into the property market and the subsequent improvement to capital growth rates, this will continue to evolve.
Despite all the factors that do impact on best selling and buying times for property around Australia, there really is only one best time of year to buy or sell – and that’s the time that suits your needs. The reality is, with so many different personal circumstances driving the decisions behind when people are looking for properties or putting their own properties on the market, such as interstate or overseas relocation, new job opportunities, death, marriage, family, or downsizing in retirement, the best time to sell or buy property for many people is more about personal triggers than seasonal ones. Still, for people who do have the flexibility of choice, taking time to research whether some times of year may serve you better, is a worthy pursuit.
Buying a Property in Summer
There is a common perception that warmer months mean hotter house prices but the truth is that it might just be the opposite. Summer in Australia is a time of holidays and festivities, with many people away and not thinking about property purchases.
For you as a vendor that could mean less competition at auctions but it might also mean less properties on the market as well – something that balances out the competition factor. With so many flowers in bloom at this time of year, studies have shown that houses with tidy, colourful gardens sell faster than those without and, as the heat rises, it’s also a great time of year to sell properties with well-maintained swimming pools.
Buying a Property in Spring
The property markets tend to thaw out in spring and in most Australian capital cities and regional centres it adds up to a very busy vibrant market. For buyers, it’s a peak time of choice and, for sellers, that means a high number of attendees at open for inspections. Bargains are less likely to be found as the increased competition pushes prices ever-upward.
Buying a Property in Autumn
After the spring/summer buying frenzy subsides, buyers are more likely to find less competition – and better prices. With so many people enjoying the luxury of time off work over the summer months, the ability to research the market and do their homework can lead to a boost in buyer confidence by the time the cooler weather takes hold.
Buying a Property in Winter
Cold days and rainy conditions do not add up to brilliant settings for open for inspections. Buyers can expect there to be less rubberneckers looking at the properties that are on the market but that means that the people who are present at that auction you’ve got your eye on are more likely to be serious buyers. From a comfort perspective, if you’re looking for a home to call your own, the coldest days in winter provide a great opportunity to see how cosy your new home might actually be – something that can be a make or break factor in choosing a property to suit your needs.
Despite all the factors that do impact on best selling and buying times for property around Australia, there really is only one best time of year to buy or sell – and that’s the time that suits your needs. The reality is, with so many different personal circumstances driving the decisions behind when people are looking for properties or putting their own properties on the market, such as interstate or overseas relocation, new job opportunities, death, marriage, family, or downsizing in retirement, the best time to sell or buy property for many people is more about personal triggers than seasonal ones. Still, for people who do have the flexibility of choice, taking time to research if some times of year may serve you better, is a worthy pursuit.
For more information about how to get your finance in place so you are ready to hit the property market, talk to our mortgage specialists at Lending Specialists today.
