A question real estate agents often get asked is “what time of the year is the best to sell?” The answer is now. For the last 15 years, autumn has proven to be the best selling season of the year.
REIWA sales figures from 2001 to 2015 showed there were, on average, 50 per cent more sales between March and May then other times of the year. By March, the holiday season is well and truly over and many people are ready to tackle their goals for the year ahead. If buying a property is one of those goals, autumn is when they are more likely to kick off the process.
What may come as a surprise to some is that spring is not the busiest selling season, coming in second. It’s generally perceived to be the busiest as optimism returns, moods improve and gardens start looking good, however, there are a number of reasons that probably contribute to not as many properties selling over spring, especially September, including the AFL Grand Final and the start of school holidays.
Traditionally we see less sales over the winter months with the cooler conditions and shorter days often deterring people from wanting to get out and about and explore properties at home opens.
However, overall the Perth property market relatively ignores seasons as a contributing factor to median prices. Comparatively, some Sydney and Melbourne markets’ median prices are affected by seasonal sales activity by a surprisingly considerable amount.
Similarly, the average time it takes to sell a property in Perth does not vary too much from season to season.
Here, major economic, political and social factors play more of a role in affecting sales prices and changes to interest rates, population growth, employment levels, consumer confidence and policy stimuli impact more substantially irrespective of the season.
With history showing that autumn is a good time to sell in Perth, those considering going to market should do so. Buyers are encouraged by low interest rates and healthy supply levels so do what you can to be competitive in the current market.
I recommend you meet the market and list competitively early on, and ensure your property and gardens are well maintained. Make the most of the selling season and speak to your local REIWA agent about how the market in your area is performing and what the best selling strategy is for you.
Author: REIWA President Hayden Groves