Every Spring there’s one question we’re asked way more than any other (besides, “When does the Inglewood Night Market start?”) and it’s, “Is Spring the best time to sell?”
‘Conventional wisdom’ says that Spring is the best time of year to sell. The question is, is it true? Let’s look at the facts.
1. What does the research say?
At the start of 2021, realestate.com.au did a study of property sale prices over the last six years to see in what months properties sold for the highest average prices.
What they found was that there was a strong seasonal difference in prices for Sydney, Melbourne and Hobart. They put this down to two things – Spring being the traditional Auction season, and buyers potentially holding off selling nice homes to this time of year.
They also found that seasonal effects were much weaker in other capital cities, including Perth.
Have a look at the graph below. What do you notice?
It tells us that average property prices are slightly lower in Perth in the cooler months. What else does it tell us? That the % difference is pretty piffling – the gap between the lowest and highest is less than 3%.
And that there’s no stand-out month where property prices peak.
You do get a slight bump in the warmer months, but that’s it.
Compare that to Sydney, where the average price difference between the lowest and highest month can be as high as 8%.
2. What effect has the Perth market downturn had?
Now, the stats could also be a reflection of the fact that until October/November 2020 it had been a pretty lean seven years here in the Perth market. But it’s interesting to note that Adelaide and Brisbane show a similarly minimal difference in price. We know that Perth has its own market which has always performed differently from Sydney and Melbourne.
3. What have we noticed at Red Fox?
Our own stats tell us that whilst December and March quarters are slightly busier for sales, we sell pretty well during the September and June quarters too.
One of the benefits of the cooler months is that stock levels tend to be lower, so there’s less competition and homes for buyers to choose from.
Buyers will cherry-pick from the best properties available. So selling when there are fewer homes on the market could work to your advantage.
So when is the best time to sell?
It’s when it suits you.
Any property will sell at any time of the year as long as you’ve got a good agent with a great process guiding you.
I’ve sold on Christmas Eve, public holidays, and long weekends. On summer days when I felt like I was melting from the heat, and freezing Winter ones where I’ve been at home opens watching the rain come in sideways.
Unless you’ve got a compelling reason for selling at a specific time of year, such as a truly spectacular flowering garden that only looks good in Spring, or a sensational pool and outdoor area that you think will attract more interest and value if sold in Summer, it really doesn’t matter when you hit the market.
What’s important is having a great agent with the right strategy and process to guide you.
If you’re considering selling and would like a confidential, no-obligation chat about your specific property and the current market, call us now on 0405 812 273. We’d love to help.