For homeowners, strategically timing the sale of their property in certain months can result in higher gains, and in some states, the price difference is more than 1 per cent above the average throughout the year.
According to PropTrack’s latest Market Insight, the best month to sell homes in regional Queensland is February, followed by November and December.
Sellers achieved an additional 0.92 per cent, 0.55 per cent and 0.31 per cent in returns when transacting in these respective months.
On an average property priced at $716,000 homeowners would receive an additional $6,600 in February, an additional $3,900 in November and an additional $2,200 in December.
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PropTrack economic analyst Megan Lieu looked into how timing impacts prices achieved in Queensland.
In the winter months from June to August, homes in regional Queensland typically sold for less due to more subdued market activity.
In Brisbane, homeowners achieve the highest prices in October, with homes selling for 0.56 per cent more than the yearly average in the city. Sellers can expect an additional gain of $4,700 on an average property sale valued at roughly $845,000.
February and May were not far behind with properties selling 0.44 per cent higher and 0.23 per cent higher respectively than the city’s average throughout the year.
The lowest seasonal prices were recorded in June and July in Brisbane.
Brisbane sellers generally see the best results in October, according to Ms Lieu. Picture: Darren England
The best time to sell across the country is in November. Homeowners who list their property for sale typically achieve prices that are 0.78 per cent above the yearly national 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 who is an economic analyst with PropTrack.
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