Vendors looking to attract the highest price for their home, should consider selling in November, with new data showing sellers achieve a 0.8 per cent premium in that month compared to the rest of the year.
According to PropTrack, most markets record the seasonally highest prices in spring, which coincides with the highest market activity.
November was the best time to sell in Perth, where vendors achieved a 1.39 per cent premium and in the ACT, where vendors have recorded sales prices 1.65 per cent above the annual average.
All capital cities except Darwin saw positive results if vendors sold in November.
PropTrack Senior Economist Paul Ryan said the 0.8 per cent premium in November, represented more than $6000 on an average property sale of about $800,000 nationally, if vendors time their sales well.
“The best selling outcomes are achieved in October or November in most regions,” Mr Ryan said.
“This is also when buyer activity ramps up.”
Spring premiums were also achieved in Melbourne (October) and Brisbane (October) while Sydney, Adelaide, Hobart and Darwin all had peak sales prices in March and April.
Mr Ryan said the lowest seasonal prices are recorded in June and July when the market is typically quieter.
“Some markets, such as Melbourne and Perth, see seasonal price changes of more than 1 per cent on average during their peak time to sell,” he said.
“While the start of the calendar year’s selling season over February and March also corresponds to seasonally higher prices.”
Mr Ryan said that the strong rebound in prices heading into spring meant many areas were again making fresh highs.
“Home prices nationally are already back at their peak after nine months of consecutive growth,” he said.
“With the spring selling season underway and November – the best time sell – approaching, it’s likely ongoing price growth combined with a seasonal boost will benefit many sellers over the next few months.”