November is officially the best month for property prices in Australia, with sellers achieving prices 0.8% higher than the average throughout the year, according to PropTrack data.
A 0.8% uptick could represent an extra $6,000 in the pockets of sellers handing over a property valued at around the average of $800,000.
“Based on an analysis of selling prices from 2013 to 2022, the best time to sell a home is November,” PropTrack senior economist Paul Ryan said.
“This also coincides with the peak of the spring selling season, when buyers are out in droves.”
But if you’re not quite ready to take the plunge and sell, another market peak might be expected early next year.
March has also been found to be a strong month for sellers, with properties garnering prices 0.72% above average.
Meanwhile, June and July are generally the worst times to sell, with prices coming in 0.9% and 0.94% below average across the nation, the data reveals.
“Home prices nationally are already back at their peak after nine months of consecutive growth,” Mr Ryan said.
“With the spring selling season underway and November – the best time sell – approaching, it’s likely ongoing price growth combined with a seasonal boost will benefit many sellers over the next few months.”
|
Region |
Best month to sell |
Price difference |
Price difference in November |
|
National |
November |
+0.8% |
+0.8% |
|
Sydney |
March |
+0.85% |
+0.71% |
|
Melbourne |
October |
+1.14% |
+0.97% |
|
Brisbane |
October |
+0.52% |
+0.25% |
|
Adelaide |
April |
+1.18% |
+0.46% |
|
Perth |
November |
+1.39% |
+1.39% |
|
Hobart |
February |
+1.46% |
+1.16% |
|
Darwin |
March |
+2.85% |
-1.24% |
Australia’s property market recently recovered from the record decline it experienced in 2022 and early 2023.
A lack of housing supply has driven prices upwards in recent times, and an influx of listings during the spring selling season hasn’t yet appeared to negate the trend.
Property prices have reached a new record high in Perth and Adelaide, with Brisbane also on track to reach a new peak in October, CoreLogic research director Tim Lawless said earlier this month.
Australia gears up for busiest auction week in 18 months
Looking forward, CoreLogic expects this week to be one of the busiest auction weeks of the year, with 2,509 homes set to go under the hammer across the capital cities.
That marks a 10% jump on last week’s auction activity and a near-16% increase on that of the same week of last year.
Further, the following week is forecast to bring a ‘super Saturday’ event.
“An early view of next week’s auction numbers suggests that just shy of 2,900 capital city homes will go under the hammer next Saturday, with weekly expected auction numbers coming in above 3,500, which will be the highest number of homes taken to auction since the week before Easter 2022,” CoreLogic economist Kaytlin Ezzy said.
Image by wirestock on Freepik.
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
