For homeowners, strategically timing the sale of their property in certain months can result in higher gains, and in some states, the price difference can fluctuate more than 1 per cent above the average throughout the year.
That might not sound like a lot, but when we’re talking multimillion-dollar assets, its a lot of money.
According to PropTrack’s latest Market Insights, the best month to sell homes across the country has been revealed.
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In Melbourne, homeowners achieve the highest prices in October, with homes selling for 1.11 per more more than the yearly average in the city.
Sellers can expect an additional gain of $10,500 on an average property sale valued at roughly $944,000.
March and November were not far behind, with properties selling 0.87 per cent higher and 0.82 per cent higher respectively than the city’s average throughout the year.
The lowest seasonal prices were recorded in July in Melbourne.
October has been shown to be the best time to sell your home in Melbourne.
But if you live in regional Victoria, November has been shown as the best time to sell, followed by December and February.
Sellers achieved an additional 1.98 per cent, 1.81 per cent and 0.92 per cent in returns when transacting in these respective months.
On an average property priced at $590,000, homeowners would receive an additional $11,700 in November, an additional $10,700 in December and an additional $5,400 in February.
In the winter months from June to August, homes in regional Victoria typically sold for less due to more subdued market activity.
Nationally, November was shown on average to be the best-selling month, with homeowners who list their property typically achieving prices that are 0.78 per cent above the yearly average.
This translates to almost $7,000 in additional earnings on an average property sale priced around $880,000.
At a national level, selling prices in February, March and October were also some of the highest during the year. They were 0.52 per cent, 0.6 per cent and 0.57 per cent greater than the yearly average respectively.
This is reflective of the lift in market activity, which is typically seen in spring as well as the period following the quieter holiday season in December and January.
The strong interest from buyers during these times often results in more competition and higher prices.
With market activity progressing strongly since the start of the spring season, we expect home prices to continue growing as we approach the best month to sell, nationally.
This will benefit sellers who are likely to obtain above average prices on their properties.
*Megan Lieu is an economic analyst with PropTrack.
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