Have you ever wondered what times of the year people look at purchasing in the Australian housing market? In this article we explore the different seasons and consumer behaviours.
Perhaps you’re a seller, looking for the perfect opportunity to market and sell your house at an ideal price. Or you could be a home buyer looking for the best time to find yourself a good deal.
There are various factors that can impact seasonal real estate trends. They generally include the budget on both the home buyer and home sellers front, property preference types, whether people are looking to buy a house as an investment property, and where the home is located. Not to mention other environmental or political factors.
Is spring really the best time to sell or buy a house?
Traditionally, spring has been considered an ideal time of the year to sell a house. It’s thought of as a season of “abundance” in the Australian housing market. Spring offers ideal environmental conditions for people looking to get out and look at property.
From a seller’s perspective, spring presents as an opportunity to highlight a house that struggles in the hot or cold seasons.
One of Australia’s leading lenders, Commbank stated that spring is one of the busiest times in the property market. Verified by the data of CoreLogic, in the last couple of years, plenty of auctions occur during this season.
While a great number of houses go up for sale during this season, they’re not met with an equal number of sales.
What about buying a house in summer or autumn?
In Australia December and January are summer months that coincide with Christmas and the New Year. Because of this people generally wind down and buying a house isn’t as high up on the priority list.
Like spring, summer is a popular time for sellers rather than buyers. Buyer activity does tend to pick up at the end of summer (February). Real estate companies suggest that sellers’ market their properties in February as this is when the demand for property begins to pick up again.
Similarly, according to past trends, buyers are most active between the months of March to May (autumn seasons). Due to the demand of home buyers, this can drive property prices up for sellers. Furthermore, this creates a competitive environment.
Buying a home in winter
Winter is a slower season for the Australian housing market. During the cooler months home buyers are less likely to get out as they want to stay in the warmth. This factor leads to homebuyers putting off selling their houses.
Conversely, although this season isn’t as popular for real estate, agents suggest it’s a great opportunity for buyers who want to purchase a property at a lower price. Winter also provides both sellers and buyers with the advantage of lower competition.
When should you look at selling or buying a home?
Ultimately, there is no clear-cut answer for this question. Everyone has their own set of circumstances and goals that they want to achieve. As a lot of real estate investors and property experts’ state; “it’s not about timing the market, rather it’s about your time in the market.”
When figuring out when you should buy or sell property, you should always consider how it is going to benefit you from a financial perspective. For more guidance, it’s always suggested that you consult a professional. They will be able to assess your situation from a holistic perspective to provide you with the best advice in regard to the Australian housing market.
