Spring has well and truly sprung, which means real estate markets Australia-wide are set to explode with a swag of fresh listings, a rush of new buyers and a trend of properties being snapped up within hours of hitting the market.
At least, this is the impression that many of us have of the spring property market, as it has long been touted in property circles that there’s no better time to sell than now.
Why do so many assume that property markets will experience a massive uplift in sales and a flurry of new activity in spring – and is this season really the hottest time for real estate?
The truth about selling property in spring
In some markets at least, the idea that a robust selling season emerges every spring has proven to be true.
In our cooler southern states, for instance, the 1st of September represents a shift in weather, lifestyle and attitude that sees more people getting ‘out and about’. Leaving the house to inspect open homes no longer means bundling up in five layers with a scarf and an umbrella, before battling the wind and chill to traipse the streets for your new abode or investment.
In spring, as the weather warms up people move out of hibernation mode, the proposition of shopping for real estate becomes much more appealing – which can therefore creates the perception of more demand.
We could mount a case in support of this theory in Melbourne’s auction market. In 2015, when the spring selling season came to a close in the final week of November, there were more than 1,850 homes scheduled to go under the hammer, according to the Real Estate Institute of Victoria.
This is a staggering figure, especially when you consider that around 5,000 homes were up for auction over the entire month – itself a new record.
That said, as with all things to do with property, one blanket rule doesn’t cover all markets across the country.
And while a spring selling season may translate to more listings and more sales in some suburbs, it can amount to nothing more than an over-hyped marketing ploy in other markets.
The spring selling fallacy
Consider, for a moment, the plight of a property seller in Queensland. As spring approaches (bringing the warmer weather with it), is their property listing going to look any more attractive, appeal to any more buyers or be easier to access, simply because of the change in season?
The common sense answer is no. For those who live north of the border, sunshine reigns supreme year-round and your property can present just as beautifully in April as it does in September.
As a result, many in the property industry don’t buy into the ‘spring selling fallacy’ in Queensland.
What the experts do suggest is a tailored approach to reading current market conditions. So, rather than simply assuming that spring is a good time to sell, do the research on your local area and monitor the market.
Are properties selling at a deep discount, or are they achieving close to the asking price? Are the classifieds flooded with listings similar to your property type, creating some serious competition for you – or will you be offering something unique if you opt to sell now?
Use this information to guide towards deciding whether it makes sense to list – or hold off on listing – your property, and you’ll be on your way to achieving the best possible price.