COMMENT
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 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.
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March sellers typically get the highest prices in Sydney. Picture: Tim Hunter.
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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.
In Sydney, homeowners achieve the highest prices in March, with homes selling for 0.85 per cent more than the yearly average in the city.
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Best time of year to buy and sell a home graphic. NSW real estate.
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Sellers can expect an additional gain of nearly $12,000 on an average property sale valued at roughly $1.4 million.
September and October were not far behind with properties selling 0.62 per cent higher and 0.5 per cent higher respectively than the city’s average throughout the year.
The lowest seasonal prices were recorded in December and July in Sydney.
In regional New South Wales, February was the best time to sell, followed by November and
December. Sellers achieved an additional 1.16 per cent, 0.83 per cent and 0.75 per cent in returns when transacting in these respective months.
The impact of seasonality on prices varied by property type and location. Picture: David Swift
On an average property priced at $759,000, homeowners would receive an additional $8,800 in February, an additional $6,000 in November and an additional $5,700 in December.
In the winter months from June to August, homes in regional New South Wales typically sold for less due to more subdued market activity.
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, PropTrack
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