Nerida Consibee: Which suburbs do best over the summer months?

Spring is generally seen as the peak selling season.

Gardens look best, sellers and buyers come out and there is a rush to finalise sales before we settle down for the summer break.

But an analysis we took recently, shows that summer is the period in which prices rise the most.

Having a look at price growth by season over the past 10 years has shown that prices, on average, increase 1.8 per cent, marginally higher than spring at 1.7 per cent.

Autumn price growth is lowest at 1.2 per cent while winter comes in at 1.5 per cent. 

Many of the suburbs that do best over summer are not surprising.

Beachside Flinders on the Mornington Peninsula is a strong performer.

Similarly, Cottesloe is Perth’s most expensive beachside suburb and would get great exposure during summer. 

This beachside trend becomes even more apparent in regional areas.

Summer is also Byron Bay’s peak season, so it would attract many potential buyers at this time.

Noosa Heads, in Queensland, and Goolwa, in South Australia, would be similar.

While beachside dominates strong performers in summer, there were some surprises.

Terrey Hills in Sydney is relatively close to the beach but would be considered more an urban rural area with large homes on large blocks.

Canberra has no beaches, but Deakin is one of its most desirable suburbs, even during the quieter summer months. 

This comes at an interesting time for summertime suburbs, most of which are by the beach and in places that become even more desirable during the hotter months.

While most of Australia has been seeing strong price growth over the past 12 months, beachside holiday destinations haven’t been doing so well, with many recording price falls. 

During COVID-19, a lot more people wanted holiday homes.

Now we can travel again, having a holiday home is no longer as desirable.

In many localities with a lot of holiday homes, local councils are cracking down on homes being used for Airbnb.

More broadly, interest rates are making it a lot more expensive to pay off loans.

We may or may not see a Melbourne Cup rate rise, but many households are struggling with the cost of living already.

While most will do whatever they can to hold on to their family homes, investment properties would be an easier asset to sell. 

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Nerida Conisbee

Nerida Conisbee is the Chief Economist at Ray White.