New Year, new beginnings – Peter Maloney, CEO at conveyancing technology experts GlobalX, says property sales at this time of year are usually driven by people’s desire of starting the New Year fresh, and families wishing to move before the start of the school year.
“Buyers who have children prefer to get settled ahead of the new school year, and a spring or early summer sale means relocation can take place near or over the holiday period, allowing ample time for unpacking.
“Similarly, investment properties can be renovated in time for the January-February period, which sees many people searching for rental properties before universities and training institutions begin the academic year,” Mr Maloney explains.
This year’s seasonal sales have started off great, with CoreLogic’s November report stating auction clearance rates above 75 per cent, their strongest level in over a year.
In terms of value, most capital cities have seen home values increase over the past year, apart from Perth and Darwin. Sydney, Melbourne, and Canberra saw the strongest increases in home value, 10.6, 9.1, and 7.9 per cent respectively, followed by Hobart, 5 per cent, Brisbane, 4.1 per cent, and Adelaide, 2.5 per cent.
Combined with the lowering level of discount on homes – from 6.1 per cent last year to 5.8 percent at present –, “home sellers are coming away with more cash from their sales,” concludes Mr Maloney.
If you are looking to sell but have not yet put your property on the market, there is still time to put up a for sale sign, and make some money before next year’s academic semester starts.