When looking to buy your first property there are many factors that are at play, but two factors that will rush to the forefront is getting your deposit ready and when is it the right time to buy property. The type of season will play a part in helping you get the best deal, but which season is the best season.
A time for properties to heat up and a time to cool down
Australia has various property markets that heat up and cool down at various times, but not simultaneously. Regional, coastal, and capital city markets all have their own property market that has various factors that influence them. Corelogic revealed data that shows that the gross value of sales p.a. was at $280.6 billion. The total sales p.a. sat at a total of 477,101. However, if there is one thing that influences all markets simultaneously it is the season which houses are sold in.
Spring comes with warm weather and flowers that are blooming to offer that curb appeal to properties. This is also the time in the property market when things are slowly picking up in the property market. The pleasant weather allows more sellers to put their house on the market, which gives buyers more variety in terms of houses. However, due to the increase of property on the market, the prices become more competitive and slightly higher compared to other seasons. With houses literally in full bloom it increases the value of property making you pay slightly more than what you would pay during other seasons.
The heat is definitely on when it comes to property being sold. Summer is the most popular time when houses are being sold on the market with more people out to buy. Sellers prepare their homes in these ideal weathers and know that they are going to get good value for their house due to the number of properties being sold on the market. For the seller, this means that you could be coughing out more. However, there are various options to go about buying a house such as going the auction route or speaking to an estate agent to find prices that don’t break the bank. January can be a more opportune time to cash in on house deals that were passed in before Christmas. Some sellers are usually looking to get property off their hands before the January slump comes, providing you with an opportunity to negotiate for a bargain.
Autumn is the pre-rush to finalise property sales before winter kicks in. Both buyers and sellers can benefit from this season in some ways, but it favours those who are buying. With buyers looking to off loaf their properties before the slow month of winter buyers can find themselves locking in a good deal.
However, to make the most of purchasing a home during this time it is ideal that you keep on the property market trends for the area during spring to get a general feel of where things are headed.
The ushering of cold winds also sees a lull in the property market as fewer houses are put up on the market. Without the make-up of trees and shrubbery that tends to hide houses, you will be able to see a property for what it is. It also means that as a buyer there will be less competition and a shot of getting lower prices. If you aim to buy your house in winter, then it would be ideal to start saving for a deposit or looking for the best deal in home loans to finance your house. There might not be a wider pool of houses to choose from, but there will be lower prices to make up for it.
To have a full insight into how various property markets are doing you need to research various property platforms and know your data. Even if crunching numbers is not your thing, you can get a better understanding of where you can find the best deals in town through an estate agent.