With the average price of house prices in Australia closing in on seven figures ($959,300) in 2024 (ABS), getting the best possible price for sellers has a new meaning for Australian sellers.
And when it comes to getting the best possible price, seasonality and the property cycle drive the peaks and troughs of property prices. Meaning, yes, there really is a ‘best’ time to get your home on the market.
Best season of the year to sell a home — Spring
Real estate activity has always been at it’s highest in spring – the months between September and November have long been considered the best time to sell property. And it’s not just a theory – according to realestate.com.au, spring has recorded the highest sales activity over the last 10 years (2013 – 2022).
The resulting increase in demand from buyers naturally leads to a surge in house prices, leading to a favourable market for sellers. Data from PropTrack reveals that sellers enjoy up to a 0.8% increase in sale prices compared to the average throughout the year.
Best month of the year to sell a home — November
November is statistically the best time to sell your home – sale prices in November hav averaged 0.78% more than the national annual average (PropTrack). For houses valued at 1,000,000, that’s an average profit of $7,800.
Realestate.com.au’s month-by-month analysis of the change in sale prices for homes across all states in Australia showed that November featured the highest overall price change, but March is also a big month for property sales too. October has also been known to show strong returns, where winter (June and July) sales are known to provide the lowest returns.
Differences in price changes for each property markets
An interesting finding was that the extent of price change was more dramatic in some state property markets than others — real estate markets in Sydney, Melbourne and Hobart saw peak price changes of between 9-11%, while Brisbane, Adelaide and Perth’s markets saw smaller differences that barely broke 4%.
What this means is that seasonality plays a big part in driving up prices for more active markets like Sydney, Melbourne and Hobart; selling during peak seasons in these markets can mean a substantial increase in tens of thousands of dollars.
On the flip side, sellers outside of these markets will not experience the same boost in sale prices during peak periods.
When is the best time to start listing your home for sale?
If you are looking to take advantage of the seller’s market during the spring season, the best time to start making preparations to list your home is at least a month in advance (towards the end of August is ideal).
While the formal process of listing a home for sale can be completed as quickly as within 5 business days, there are other considerations that can extend the timeline.
You may need to secure your new property before putting the current one up for sale, the home will need to be cleared out, decluttered, and styled before the photos can be taken — all of which take time.
Once the property is listed, it can take time to generate enquiries. The average time for a listed home to get an offer is 30-60 days. The sooner the property is ready for listing, the more time sellers will have during the spring season to respond to offers.
Is it worth selling a home during non-peak seasons?
Of course, property sales occur year-round. It’s just that during these peak seasons, it’s just that these peak months are more likely to be more lucrative than winter months.
Peak winter (June, July) and summer (December, January) months are known for being the worst times to sell a home. During winter, the harsh cold weather is a deterrent for viewings, and buyers often prioritise travelling and holidays during the summer months. However, the lack of competition from other sellers during non-peak periods may also present an opportunity for a sale.
While it’s all well and good to plan to put your house on the market during peak season, there are other circumstances that can make it difficult. For instance, if the move is time-sensitive, you’re not going to have the chance to consider holding off until peak season – you’re better off making the sale at a time that works for you and your family.
Whatever time of year you decide to sell your home, it’s recommended to work with an experienced conveyancer to ensure that the process goes as smoothly as possible while protecting yourself from any unforeseen liabilities throughout the process.
At Entry Conveyancing, we have a team of solicitors and conveyancers in Melbourne and Sydney, who can assist you with the legal aspects of the property sale. Get in touch with our team today to learn more about our services.
