When are the best buying times?
December 6, 2013 / Written by Rich Harvey
Smart home buyers are constantly looking for an edge when it comes to purchasing property. That means taking many factors into account, including the time of year.
Christmas and Easter
Many professionals agree that the weeks leading up to Christmas and Easter are the best times to buy a property.
The reasons are simple: Very few people look at homes on major holidays like Christmas and Easter.
This means less competition and a better chance for buyers to find the hidden jewel they've been looking for.
Additionally, if a person has their home on the market during Christmas, it's a safe bet they're looking to sell as soon as possible. This can benefit buyers, as motivated sellers might be more willing to come down on price or make other favourable changes.
When to avoid buying
Without taking into account specific market conditions, it's typically a good idea for sellers to hold out until after March and May.
According to figures from RP Data, which analysed numbers from January 2000 to December 2009, most property sales occurred during March and May for both units and houses.
This indicates that these times of the year will likely see multiple bids from interested parties, pushing up home prices and making settling a deal harder for buyers.
Last week we saw the Sydney auction rate continue its strong momentum with an 80.4 per cent clearance rate from just under 900 properties under the hammer.
Rich Harvey, Managing Director of www.propertybuyer.com.au, said that the holiday season for real estate agents will be brief this year.
“We’re seeing good numbers of properties still coming onto the market and auctions being listed for the Saturday before Christmas," Mr Harvey said. Vendors are seeing the strength of the market and choosing the time to take advantage. While activity will moderate for around 2 or 3 weeks over Christmas/ New Year we expect to see a solid start for buyer inquiry in early January.”
Savvy buyers knows that there are opportunities to purchase well in all times of the year.
Gaining the edge
Whether looking to buy in Avalon or Camperdown, getting a leg up over the competition is about more than just choosing the time of year to buy. It’s about researching the market extensively to get a good understanding of current market values and choosing properties that future proof your needs (ie space for the kids, hobbies, relatives, etc).
A qualified buyers agent can not only assist in finding homes that suit individual needs, regardless of the time of year, they can also help with negotiations in an attempt to get buyers the best deal.
In short, finding the right buyers agent can make buying a house in Australia a breeze, come spring, summer, autumn or winter.