Spring has always been considered the ideal time for selling real estate, but it is not just the sunshine and flowering gardens that make it attractive. In Australia, spring signals the countdown to the end of the year. This alone provides both sellers and buyers motivation to shake off their winter hibernation and take action.
It's important to keep in mind that not every spring market is the same, as broader market conditions like interest rates and the economy still have a significant impact.
There are some typical seasonal advantages, however, that can make it a more enticing time to list. Let’s take a closer look at some of these key statistical insights and current trends.
1. More Listings
Spring typically brings with it an uplift in the number of homes coming onto the market.
This year, higher listing numbers are being seen across all Australian capital cities and regions as sellers look to capitalise on strong continued price growth and demand achieved over the past 18 months.
The LJ Hooker Group is anticipating a solid end-of-year market, with appraisal numbers up 12 to 15 per cent month-on-month, indicating more stock is on its way.
An active market also makes spring an appealing season for sellers. Although this leads to increased competition for vendors, it is accompanied by an increase in buyers attending open homes.
LJ Hooker Head of Research, Mathew Tiller, said while there is a lot of activity out with the increased listings, there isn’t an oversupply as buyer demand remains steady.
"If the anticipated rate cut comes at the start of next year, it is likely to bring more buyers back into the market, this will tip the supply balance towards demand, and we will see price growth start to pick up again," he said.
2. High Buyer Activity
Typically, fewer new listings come onto the market during winter, as many sellers hold out for the warmer months. So, by the time spring rolls around, house hunters are keen to see fresh new stock.
CoreLogic analysis reveals an average increase of 18.2 per cent in new listings and 8.3 per cent in sales over the past decade from winter to spring, driven by cities along the East Coast.
They also found colder regions have the largest increase in springtime listings.
The countdown to the end of the year also brings a renewed sense of optimism, so psychologically buyers who may have missed out earlier in the year may feel recharged and ready to start house hunting again.
The increase in new stock means a wider range of buyers looking at property first-time purchasers, families, professionals, and investors.
Typically, people are also out and about in the warmer weather. Some buyers may not have realised that they were even in the market for a new home until driving past an open home and deciding to come inside for a look.
Property portals such as realestate.com.au and Domain also report an increase in listings over spring. So even, those scrolling social media could be tempted to attend an open inspection if a property catches their eye.
3. Better Presentation Opportunity
Without a doubt, spring is a fabulous time to sell property. Not only are gardens looking at their best, but you can open up curtains to bring in more natural light, which makes a home more welcoming and attractive.
First impressions can make a lasting impression, so the key is to make buyers make an emotional connection to your home. To do this, you need to declutter and depersonalise your space, allowing others to envisage their life living at the property.
Make your home look clean, inviting and more spacious by saying goodbye to rarely used items or those simply collecting dust. LJ Hooker agents can provide plenty of handy tips for preparing your home for sale in spring.
This will include how to successfully stage your home, which may require the services of a professional. Remember, you don’t have to do a full makeover of your home for a successful sale. It may be that a stylist can utilise your existing furniture or focus on key areas that can help to win over potential buyers.
If you have a pool, make sure it is compliant and sparkling clean. Pressure-cleaning pathways, terraces and patios can also help to highlight the outdoor space.
4. Faster Sales
Auction campaigns are a popular method for selling in spring, with campaigns typically running between three to four weeks. Unlike a private treaty sale, these types of sales come with a deadline.
Mr Tiller believes auctions are an effective spring selling strategy as vendors can accept an early offer or hold out to see what the market will pay under the hammer.
"It makes sense particularly at this time of the year as people are keen to secure a deal by the end of the year," Mr Tiller said.
Auction sales are unconditional and also not reliant on a bank valuation, allowing the seller and buyer to move ahead with their plans.
Spring buyers can be more serious and motivated, as they typically want to complete the purchase before summer. This can also mean fewer days on the market for homes if selling through a private treaty, depending on the location and demand.
5. Mid-Week Open Inspections
Mid-week or twilight inspections tend to increase once daylight saving commences. This is an effective strategy to showcase the lifestyle features of a property and help buyers make a connection with the property. As the sun sets, be sure to turn on the outdoor lighting in the gardens, pool and terrace.
Not all agents hold mid-week inspections, so there is less competition to attract potential buyers. It also provides an alternative for busy families or shift workers who may be unable to attend on a weekend.
As mid-week open homes tend to be less busy, it means house hunters also have more time to look through the property at a calmer pace.
6. Potential for Higher Prices
More buyers in spring could potentially mean more competition for your home and result in a higher result. If there are multiple offers on your property, then you may just achieve top dollar.
But according to CoreLogic, sales volumes across some cities have also decreased during previous springs when the market was experiencing a downturn. So, success, of course, is always dependent on market conditions.
Determining a home's value is far from simple. It relies heavily on factors such as property valuations, appraisals, the structural integrity of the house, and broader economic conditions.
Your LJ Hooker agent can provide you with an insight into what is happening with prices in your neighbourhood.
"After such an extended period of growth, spring is a good time for sellers to get an appraisal to see how much equity they have in their home," Mr Tiller said.
7. Demand for Family Homes
Spring can be a great time to sell property in a popular school zone. Many families will be keen to secure a new home in their chosen area before the start of the New Year. This sense of urgency often leads to higher turnout at open homes.
"The looming new school year can certainly provide an incentive for families to take action, particularly if the property is within their desired area," Mr Tiller said.
It is important to check the boundaries for local schools as these can change from year to year. If you are located in a highly prized school catchment, this should be included in your advertising material. Likewise, be sure to highlight if it is within walking distance to the school as well as any nearby parks and local transport routes.
Spring brings numerous benefits to vendors —such as increased buyer demand, optimal presentation and the potential for quicker sales. Your local LJ Hooker agent will come up with a successful strategy and guide you through every step of the way. Book a free expert property appraisal to get an idea of how much your home is worth from the experts in the industry with over 90 years of experience.
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.
