Despite popular belief, real estate agents and statistics indicate that spring isn’t necessarily the
The right season for selling your home depends on:
- Property type;
- The location of the property; and
- Market activity.
Property type and selling my property
There are many different types of property in Australia, such as apartments, units, row, terrace and townhouses, as well as attached, semi-detached and detached
In fact, according to the Australian Bureau of Statistics (ABS) and the Reserve Bank of Australia (RBA), homes types in Australia have changed considerably over the last decade. Apartment numbers have tripled since 2009, while the number of detached and semi-detached houses has remained consistent over the same duration.
Data also suggests that the Australian housing market consists of mostly detached homes (78%) with the remainder comprising of higher-density property – flats, units and apartments (15%), and semi-detached property – townhouses, terraces and row property (10%).
Various property types, according to the ABS and RBA, attract different buyers. The main factors that dictate which type of properties people purchase are affordability and lifestyle preferences.
As a result, higher-density property is typically more affordable (with prices around 30% lower) than semi-detached and detached dwellings. Plus, units, flats and apartments are usually found in established suburbs, close to amenities and employment.
These types of homes, therefore, attract investors, first home buyers, professional couples and downsizers. Detached homes, on the other hand, typically attract larger families looking to escape from the confines of urban living.
By thinking about your property type before selling, you can assess market demand and put your home on the market when demand is highest.
For instance, selling your apartment in spring when there are hundreds more just like it on the market could mean that your property will go unnoticed. But listing your property in Autumn when apartment listings are lower could mean you’ll fetch the highest price possible and help to sell your property quickly.
Selling my property: seasonal market activity
Sales data is vital when it comes to timing the sale of your property, as it gives you an indication of who is buying and when and the types of property that are selling. By following local market activity, you’ll narrow down sales activity to your specific area.
When it comes to an area, many people think that spring is the best time to sell their home, as this is when they see more sale signs. However, realtors indicate that during the autumn months of March, April and May buyer activity is the strongest, as the number of homes on the market typically drops.
Looking at auction figures, CoreLogic RPData suggests that volumes have been the highest during October 2018, with similar numbers seen in March 2018. Although, the higher auction volumes in October are typically attributed to a vendor rush before the Melbourne Cup Carnival, when property buying slumps.
Based on this information, it’s critical that when selling your property you think of local and national events and activities that may prevent your home sale’s success.
Government elections, changes to first home buyer grants and interest rates, the Melbourne Cup, Christmas and traditional holiday times can slow-down market activity, as can
Property location and selling my property
When it comes to selling your home, you tend not to give its location a second-thought. And yet, this is a very important factor for buyers, especially when it comes to amenities, infrastructure and lifestyle.
For instance, let’s say your local council plans to seal the dirt road out the front of your home and put in paving and a bike trail, but the work won’t be completed until summer.
Would you put your home on the market before, during or after work completion?
In this case, waiting until summer to put your home on the market might work in your favour. The sealed road, paving and bike trail will attract more buyers. Plus, the completed work is new and looks its best, which, in turn, will further enhance your home’s street appeal.
Making the most of your property location regardless of where your home is situated – in the city, by the ocean, across from a park or facing rural grazing land – enables you to increase the appeal of your home for the right buyer.
- City dwellings are best sold during the warmer months when buyers can make the most of the views.
- Ocean property sells best when the sea is calm and tranquil and the weather warmer.
- Property overlooking parks sells when the grass and trees are green or beautiful autumn shades, and when the weather is inviting.
- Rural homes opposite grazing land sell better when crops fill the paddocks or sheep and cattle roam across the fields.
Are you thinking about selling your home to finance a relocation? eChoice can help you understand your borrowing power and secure home loan pre-approval so you can start scouting the property market. We have access to hundreds of products, so we’ll find you a competitive rate.
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