Does the time of the year really influence Melbourne house prices? Research suggests that it does. We've had a closer look at the facts to help you decide when the best time to sell your Melbourne property may be.
Does the month of the year affect Melbourne house prices?
The average house price in Melbourne changes every month. Swinburne University of Technology research proved this in late 2015 by averaging property sales in Melbourne each month to find the least and most expensive months in which to buy.
Their data isolated July as the month when you're most likely to achieve a high sale price. In fact, houses in the city sold for $26,395 or 3.22 per cent more than the average. On the other hand, May was identified as the worst month to sell. Houses went for a 2.52 per cent, or $20,657 less on average during this period.
What's the best time to sell?
if we look at it from a purely statistical perspective it appears that July may in fact the best month.
Deciding when the best time to sell your home can be an incredibly complex decision. However, if we look at it from a purely statistical perspective it appears that July may in fact the best month – when you're most likely to receive an impressive offer.
Swinburne research and CoreLogic RP Data both support this claim. Since 2012 housing supply in Melbourne is consistently at a low in early July, meaning demand outstrips supply and sellers are given the advantage.
It's important to note however, that in mid-July housing supply usually increases sharply.
This indicates that according to these figures, late June to early July is the best time to sell your Melbourne home. During this period you may have less competition from similar sellers, and available property may be more scarce.
What's the secret to success?
Sales figures and data provide an interesting snapshot of home sales in Melbourne and help us to understand the market. However, they only paint one part of an incredibly complex picture. Selling your home is a gigantic step and regardless of what research says the best idea is always to sell when it's the right time for you.
If it's the right time for you get in touch with a local real estate agent that you trust. With the right help you could get the best price possible – regardless of the seasonality of Melbourne house prices.