Wondering what is the best time of year to buy a property? You’re not the only one! In fact, this is one of the questions licensed buyers agent and expert in Sydney real estate Nick Viner of Buyers Domain is asked the most. In this piece for Inner West Mums Nick tackles the question.
With winter now upon us, it is timely to note that I generally encounter fewer buyers braving the cold weather to inspect properties in the middle of the year. The end of the financial year also tends to slow down buying activity as people sort out their finances and this year, the outcome of the Federal election campaign allowed both sellers and buyers an extra reason to procrastinate.
If you have been looking to buy and have noticed fewer properties on the market, Domain reported on 14 May 2019 that property sales are at their lowest point in two decades. The volume of property sales is down by about 35 per cent from the most recent peak in 2015.
Interestingly, a study carried out by RPData in 2010 found at that time that the busiest month for property sales across Australia is actually March, which on average equates to 9.3 per cent of yearly residential property sales. This is followed by May, July and October, with December and January showing a marked decline in property sales during the Christmas and New Year period.
Although March is the busiest month, the difference in sales activity between the months is only a fraction of a per cent, and is in fact reasonably evenly distributed throughout the year.
So, what does all this mean to you if you’re thinking of buying a property this year?
Data shows that the time of year has less impact than what many people are led to believe. In saying this, buyers are finding current stock levels in many areas have plummeted and it remains to be seen how quickly vendors will regain confidence to list their properties on the market. That is not to say that it is a bad time to buy; quite the contrary. But it explains why you may be finding it very difficult to find the right property. If that is the case, consider using a buyer’s agent who may have access to off-market properties (i.e., properties that are not advertised online).
In reality, the very best time for anyone to buy a property is:
- when you have done your homework
- when you have your finances in order
- when you are ready to buy.
The current low interest rates (which were cut this month to a record low by the Reserve Bank of Australia) and positive market predictions by many real estate commentators provide strong incentives for would-be buyers to start getting ready for their next property purchase.
If you are thinking of buying a property, it is important to understand the market and to do your research. This is where we can help you. To buy with confidence, contact us today as now could be a great time for you to buy.
If you have any specific property-related questions you would like answered in an upcoming post, please feel free to post your question here.
You might also like: