The real estate market tends to be quite cyclical and moves with the seasons.
Knowing the general trends and understanding the ebbs and flows of the market can help you both when selling and when buying.
You’ll find the listing rates and clearance rates can vary significantly from season to season.
However, it’s important to understand that though these different selling seasons apply to most property markets across Australia, there are certainly exceptions.
For example, suburbs experiencing a mining boom or tourism boom might have no clear differences between seasons, especially when there is a lot of investor activity.
Spring is well-known as one of the best seasons to sell in.
Properties, especially houses, look better with great weather and sunshine.
As a result, you’ll usually find an increased number of listings at this time of the year.
Spring could make for an ideal time to buy property if you’re hoping for a lot of different options.
On the flip side, even though there is a larger supply of properties on the market, there is usually also high demand from buyers.
This means that many buyers might be fighting for the same property, ultimately driving up the prices.
Therefore, the chance of finding your dream home is higher, but so is the chance that you’ll have to pay more.
Summer isn’t too different in terms of the property market.
However, you’ll usually see less people listing property as December tapers off.
After the holiday festivities are over though, there is generally an increase in market activity during February and March.
Of course, more properties for sale again means that you’ll have more choice.
If there is high demand for a certain property, prices would be driven up.
You might be able to snag a good deal if sellers are trying to offload their properties before the end of December or before school starts at the end of January.
Autumn could be the ideal time to buy property for many people.
Though the frenzy of the warm months is over, there is generally still a fair selection of properties to look at.
There are also typically less active buyers meaning less people competing for any potential properties that you want. Auctions are less intense and you have more power to negotiate.
With generally less properties on the market and less active buyers during the coldest months of the year, you’ll likely have more bargaining power.
Listings could be properties that haven’t been able to sell in previous months or could be properties from vendors who couldn’t wait until Spring.
Not only will there be less buyers to compete with, you’ll also have a chance to see properties without blooming flowers or flourishing, green grass.
The smaller amount of distractions could make it easier for you to compare properties and to decide which is the most ideal for you.
Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.