Over the first three months of the year 94.5 per cent of those who sold their homes in Melbourne made a profit, according to CoreLogic’s most recent Pain and Gain report. These results are fairly consistent with the past, indicating that if you’re selling your Melbourne property you’re likely to make a profit regardless of the time of year.
However, research suggests that during a certain season you’re more likely to sell for a good price (and it’s not when you’d expect).
When’s the best time to sell property in Melbourne?
Conventional wisdom says that spring is the best time to sell your property. However, during this time there are considerably more listings, which means more competition and more choice for buyers. Over winter there are less properties listed, meaning that buyers might be more inclined to make a higher offer when they find the right one.
Swinburne University suggests that this is the case. In fact, the researchers’ analysis shows that during July houses and units in Melbourne sell for 3.22 per cent and 2.79 per cent more, respectively. If you’re thinking of selling your home does that mean you should rush to market during July to achieve a higher sale price?
During July houses and units in Melbourne sell for 3.22 per cent and 2.79 per cent more, respectively.
Sell when it’s right for you and your finances
The Melbourne property cycle is temperamental. Prices go up and down within decades, years and even months. And during some months you may be able to achieve a sale price 1, 2 or even 3 per cent higher.
However, the most important thing when selling a home is always to make sure it’s the right time for you. Think about whether you’re ready for a move, whether you’ll upgrade in the same area or move to another.
Don’t worry to much about whether it’s the best time to sell property in Melbourne. The fact is, Reserve Bank data shows that Australian property prices increased by 7.25 per cent a year during the 30 years to 2015, and while they may dip in future they’re likely to keep heading up in the long run.
If now’s the right time for you make sure you get expert local advice so you can achieve the best possible result. Get in touch with the team at your local Brad Teal office to get started.