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November is the best time to sell property nationwide, apart from Darwin, according to property data service platform PropTrack.
In its recent Market Insight released on Friday (20 October), PropTrack revealed that home owners choosing to sell in November achieve the highest prices – approximately 0.8 per cent higher than the average throughout the year.
While it’s well known that most markets across the country see the greatest home buying activity in spring, PropTrack has quantified that, for an average property value of around $800,000, the benefit of selling in November represents more than $6,000 in higher returns for sellers.
In the report, PropTrack stated: “Based on an analysis of selling prices from 2013–22, the best time to sell a home is November, when prices are 0.8 per cent above average. This also coincides with the peak of the spring selling season, when buyers are out in droves.
“The best-selling outcomes are achieved in October or November in most regions. This is also when buyer activity ramps up.
“Home prices nationally are already back at their peak after nine months of consecutive growth. With the spring selling season underway and November – the best time to sell – approaching, it’s likely ongoing price growth combined with a seasonal boost will benefit many sellers over the next few months.”
PropTrack also confirmed that the mid-winter months of June and July held the lowest seasonal prices.
In a graph showing the seasonal differences from average prices by month, it revealed June was 0.9 per cent lower and July was 0.94 per cent lower.
The property data services platform revealed the only region that saw home prices decrease in November compared to other months was Darwin, which had a price difference in November of - 1.24 per cent, while its best month to sell was March.
Spring season off to a bang
The strength of the spring selling season had been first identified in PropTrack’s Listing Report September 2023, where it found that the number of new listings across Australia’s combined capital cities was 5.9 per cent higher in September this year compared to last.
PropTrack economist Anne Flaherty stated at the time: “An improvement in seller sentiment is a key driver behind the annual rise in the number of new listings. This time last year, sentiment among both buyers and sellers was declining, with the market in the midst of one of the most aggressive series of interest rate hikes ever undertaken by the Reserve Bank.
“Interest rates are now largely predicted to have reached their peak, having held steady since July. This has supported a recovery in sentiment which, according to realestate.com.au’s Residential Audience Pulse, has recorded a significant jump from the start of the year.”
Moreover, the Housing Industry Association (HIA) recently found that sales of new homes in NSW rapidly grew in September, with buyers looking to have contracts signed before additional regulatory costs relating to higher thermal performance and energy standards were added from 30 September 2023.
The state government’s new standards are expected to increase the price of new homes by between $15,000 and $40,000, with builders needing to add greater insulation and items such as double-glazed windows.
HIA chief executive industry and policy Simon Croft commented: “Sales of new homes in NSW spiked in the month of September, more than double the volume in recent months, as buyers rush to get ahead of new regulations that will add significantly to the cost of a home.
“The NSW government has introduced a range of new regulatory costs that apply to homes for contracts signed after 30 September 2023. This has seen home buyers across NSW draw forward their purchasing decisions and sign new building contracts before these additional costs are imposed.
“Increasing the supply of homes will require governments to help lower the cost of building, not add additional taxes and regulations. As governments make new homes more expensive, fewer new homes will be built.”
The HIA indicated that the NSW aberration saw new home sales across Australia increase by 6.9 per cent in September 2023 compared to the previous month.
In the three months to September 2023, new home sales nationally remained 18 per cent lower than at the same time the previous year.
[Related: Spring selling season to be busy: Proptrack]
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