This article is from the Australian Property Journal archive
THE spring selling season is still the best time for homeowners, with November returning the best price difference results nationally.
According to a new report from PropTrack, November is the best month for homeowners looking to sell with prices coming in 0.78% above the national average throughout the rest of the year.
This means for an average property sale of around $880,000, sellers would see an additional gain of nearly $7,000.
“Analysis of selling prices from 2014 to 2023 show November is the prime time to sell a home, with prices 0.78% above average, aligning with the spring selling season,” said Paul Ryan, senior economist at REA Group.
“This differential is equivalent to almost $7,000 for the average property sale of around $880,000 over the past year but can result in even greater returns for higher value homes.”
Melbourne, Adelaide and Perth all see seasonal price changes of more than 1% above average during their peak time to sell, reflecting an additional $10,500, $11,000 and $9,400, respectively.
Perth, Hobart and the ACT all see the greatest positive price difference across November, with increases of 1.3%, 2.34% and 1.49% respectively.
Brisbane and Melbourne also favour spring but see the largest gains in October, up 0.56% and 1.11% respectively.
With Melbourne recording a November price bump of 0.82% and Brisbane a smaller increase of 0.2%.
While most markets see the greatest positive price difference in the spring selling season, Sydney favours March, with a 0.85% boost compared to a 0.4% difference in November.
Also favouring Autumn, Darwin’s smaller more volatile market sees the largest price difference with a 3.43% price lift in April. Darwin is also the only capital to actually record a decline over November, with a drop of 1.69%.
While Adelaide sees a major 1.37% price difference in July and just a 0.04% increase over November.
“The best selling outcomes are achieved in October or November in most markets, when buyer activity increases. The autumn selling season – particularly February and March – also sees seasonally higher prices, with buyers accumulating over the slower holiday period,” added Ryan.
“Home price growth is persisting at above-average rates nationally. With the spring selling season progressing strongly and the best month to sell – November – approaching, further price growth will likely continue to benefit sellers throughout 2024.”
