There is a perception in the market that spring is the ideal time to sell property. The weather’s good, buyers are out and about, and homes appear best in ample sunlight amid blooming gardens.
But this winter, prices are continuing to rise, even in the wake of historic gains. In the month of May, Sydney property prices rose 0.71% according to CoreLogic, and Melbourne prices were up 0.52%.
“Our industry is based in inventory and stock, and supply and demand,” says Stasi Adgemis, senior auctioneer and director of hockingstuart Doncaster, “and at the moment, there’s not a strong supply of property, but the demand is still there.”
Adgemis said, “Sometimes agents say, when the garden looks a bit better you might get a bit more on price. But the fact of the matter is, buyers that are serious and genuine have often been looking for a significant time. They’ve done their homework. I’m dealing with buyers who have been looking since the start of the year, and we’re now six months into the year, and they’re still looking. They’ve done their homework, and they’re in a position that, if the right property comes up, they’ll buy it.”
Adgemis said sellers can make their properties appealing in the winter months. “Sellers can make their homes warm and comfortable,” he said, adding that there are also advantages to buying in winter.
“It’s a great time to buy because they can see the property in the worst weather. You might be able to see leaks, and you can get an idea of when it’s only 10 degrees, what the home feels like. You can also see if the home gets much natural light in winter,” he said.
“In a seller’s head, they might think the flowers are blooming, the birds are chirping, we’re going to get a better price in spring,” said Adgemis, “but at the end of the day, markets are governed by supply and demand.”
“When you hit spring, if everyone’s thinking the same thing, the supply’s going to increase and the demand mightn’t be as high. Instead of getting four or five parties interested in your property, you might get only one or two because there are that many properties to choose from,” he cautioned.