The best time of year to sell your property
Ever got a glossy flyer in your letterbox declaring that the best time of year to sell your home happens to be that month or the next? Usually we see them in July or August with the old promise of a bumper Spring. New life, new market activity and new hope. So is there really a best season to sell?
After doing this for 20 years I’ve never been able to spot a significant trend. Like most industries ours gets quiet over Christmas. Home buyers are away, sellers are distracted and real estate agents are either full of Christmas cheer and turkey (after a busy year) or self-pity (after 2011). But when is it busiest? We grabbed some data to see if we could find you a reliable trend.
We chose Brisbane’s inner suburb of Highgate Hill and tracked all sales over the past 10 years. With approx 2000 properties it’s a good sample, because there’s been relatively little new development in the suburb during that time. For example it’s been largely unaffected by huge changes in sales volumes that a major apartment project can add. (We’re not suggesting this represents all of inner-Brisbane but we don’t have a staff of data analysts so it’s the best we’ve got!)
The graph below tells a simple story and it’s very hard to pick a “best month of the year to sell”. Summer is our quietest season and interestingly Winter is the busiest. No cricket on Saturdays? No trips to the beach? Whatever the reason a good statistician would surely says the variance was insignificant. A bit like that stuff in your mailbox.
Of course we can now say that if you want the best chance of selling an inner-Brisbane property you should do it in May and you should list it with me!
PS: this post follows on from one last month about the rental market and the “March Quarter Myth”. Just two good examples of how following the herd won’t always get you the best results.