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.
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 the season months of Autumn could be your moment. The autumn months are generally the lull before families who are recovering from summer holidays and are into a new school year, start thinking about purchasing their next house.
If you are 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.
* Terms and conditions apply. Subject to the lender’s own assessment and product policies. The Comparison Rate helps you work out the total cost of the loan (including fees and charges) and can also help you compare different loans. For further information on this and more, speak with one of our Lending Specialists today. Comparison Rate effective as at 15.02.2020.
Nathan joined Fox Finance Group in 2018 to help drive the strategic growth of the business and also help build on the solid foundations that have held strong in the business since 2006.