New PropTrack data reveals that homeowners who choose to sell their properties in November can achieve prices 0.78% higher than the national average.
For a property selling at around $880,000, this equates to an extra $7,000 in the seller’s pocket.
The analysis, which spans data from 2014 to 2023, highlights that most markets experience peak sale prices during spring, coinciding with increased buyer activity.
Outside of spring, February and March also see heightened buyer interest and elevated sale prices.
Conversely, the quietest period for property sales is June and July, when prices tend to drop.
Markets like Melbourne, Adelaide, and Perth can see seasonal price increases of over 1% above the national average during their peak, with sellers in these cities gaining an additional $10,500, $11,000, and $9,400, respectively.
Interestingly, Sydney bucks the national trend, achieving the highest prices in March.
However, October and November sales in Sydney also outperform the yearly average.
“Analysis of selling prices from 2014 to 2023 shows that November is the prime time to sell a home, with prices 0.78% above average, aligning with the spring selling season,” the report states.
“This differential is equivalent to almost $7,000 for the average property sale of around $880,000, but can result in even greater returns for higher-value homes.”
The report also notes that the best selling outcomes are generally achieved in October or November across most markets, when buyer activity surges.
February and March also see elevated prices, as buyers re-enter the market following the holiday season.
With national home price growth continuing at above-average rates, the strong spring selling season and the approach of November suggest that sellers are likely to see further price increases as 2024 progresses.
