Spring opens the door to selling season
THE Perth property market can expect a flurry of activity over the next few months as more sellers enter the market.
Historically, spring is known as the selling season and reiwa.com data shows that house listings in the Perth metropolitan area typically surge in the September quarter, dropping off over Christmas and January before rising again in autumn.
“If you go back over the past decade or so, it’s interesting that the most sales occur in autumn rather than spring, although the difference between these two seasons is marginal,” REIWA president Hayden Groves said.
“It could be that school holidays, AFL finals and more long weekends in spring contributes to the fewer sales but it proves that broader economic conditions and things like interest rates, wages growth and population growth levels play much more a part in sales activity than the seasons do.
“That said, buyers are more inclined to buy in spring when properties are looking their best and they are often motivated to buy and be settled before Christmas.”
Mr Groves said most agents were reporting they had listings ready to come onto the market in spring, which could see an increase in stock once the weather improved.
While property listings start to lift in September, reiwa.com data indicated sales start to grow slowly, peaking in November.
“New listings to market bring with them new buyers who take some time looking around at the listing stock before making a buying decision,” Mr Groves said.
“With average selling days at around 68 metro-wide, it follows that new stock listed in September is sold in November when vendors are often beginning to reduce their asking prices and selling expectations to meet the market.”
With more listings on the market during spring, sellers face greater competition to attract a buyer and Mr Groves offered the following advice to boost their chances of a quick sale.
Ensure your selling expectations are in line with market sentiment and in accordance with expert opinion.
Consider selling by auction, especially if other properties around you are listed by conventional means.
Trying a price range rather than a fixed asking price is another option.
Make your home “sing” by putting in the extra effort to present it well.
Ensure your garden is immaculate, the paint and other finishes are up to the highest standards and minimise clutter around the home.
Ideally, move out and have the property professionally staged to ensure your property stands out amongst others on the market.
Property owners wanting to sell are advised to have their homes in tip-top condition.