When Is the Best Time to Make a Move in Property?
Written on the 6 March 2020 by Nathan Drew, Fox Finance Group
You've probably read plenty over the years about the "best time to sell" for homeowners in Australia, and as most Agents will tell you, there are definitely different factors to consider here, when selling.
What I'm interested in right now is when is good time for me to snag myself a property bargain? I spent some time speaking with an Agent that we work closely with at FFG. More specifically, my curiosity is around if there is such a thing as "the best month to buy a house?" Turns out there is. And it's probably now, here's why.
Seasons and Buyers Habits
In my conversations with my Agent, we discussed that different seasons throughout the year can indeed be a factor on price outcomes in the property market. Interestingly, it was noted that amongst other things, school holidays contribute to price fluctuations because parents who are potential buyers finally have some time to get out and look at properties.
I recently read an article that stated that a home buyer in the nation's most populous market - Sydney - could save over $30,000 just by buying in December rather than July. The reason was that December sellers, are often eager to sell, especially if they've already purchased their next property and need to move quickly.
The slow down in late December and early January can cost sellers valuable days-on-market with dormant activity, and agents typically taking this time to have a well-earned break with their family. So, the December deadline typically offers up some negotiating power to the buyer.
Tax time can also offer up another deadline for sellers. Investors in particular may need to offload assets before the end of the financial year, making May and June a good time for buyers to hit the open homes and make an offer to motivated sellers.
At the other end of the spectrum, while spring can generally deliver the most people at open homes, it also drives competition between buyers, which can mean that you may need to pay more for your home. The good news is that stock numbers are generally at their most buoyant around this time so you may have more to choose from.
As you would be aware, Autumn has arrived, and both the data and the agent chatter that I hear tells me that prices tend to still be strong around this time because limited stock drives values. However, it's not as fierce as Spring, but it's a market that is peppered with school and public holidays allowing buyers the time to peruse homes.
So When Is a Good Time?
So, March could be your moment. It's the first of the autumn months, it's generally the lull before families who are now recovering from summer holidays and are into a new school year, start thinking about purchasing their next house.
If March is the month that you'll be thinking about making your move in the market, please reach out to us first to get an idea of how much you can borrow before hitting the open homes.
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Author: Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via: LinkedIn