It has been found that homeowners who sell their properties in March typically secure higher selling prices, providing a favorable advantage in timing.
Paul Ryan, Senior Economist at PropTrack, pointed out that selling during the peak period of property prices can bring in additional earnings, averaging around $10,000 AUD, a significant figure indeed.
Although a 0.85% difference might seem marginal, considering Sydney's high property price levels, this margin translates to thousands of Australian dollars in actual earnings, making it an advantageous consideration not to be overlooked.
On the other hand, the report also highlighted late spring and November as a favorable time for property transactions, as sellers during these periods typically fetch prices that are on average 0.71% higher. Both spring and late summer are considered the golden period for property sales.
However, for buyers looking to purchase properties at relatively lower prices, the best time is in December. During this period, Sydney's property prices are relatively lower, showing a decrease of about 1.04% compared to the trend in the second half of the year.
Similar trends have been observed in a few other cities such as Darwin, where the lowest property prices do not occur during the winter season, unlike in other places.
Mr. Ryan emphasized that the optimal time for buying usually aligns with the best time for selling. As most sellers are also buyers, market conventions drive transactions to take place at the right moments.
Furthermore, besides Sydney, other regions such as Melbourne, Brisbane, Perth, and the Australian Capital Territory also show that spring is the best season for sales, while early autumn is the optimal selling time for Adelaide.
Ultimately, this research provides another significant data point for sellers seeking the best prices in the Sydney real estate market. For participants in the real estate market, timing the transactions accurately remains a crucial factor in ensuring successful deals.
