It is time to take out of storage your summer threads. Flowers are starting to bloom. There is new life beginning to sprout up all over the place. The days are getting longer and the days are getting warmer (well, they are in Queensland so my friend likes to brag).
Unlike Game of Throne, Spring is coming. For those intrepid property buyers, is spring the best time to buy property?
Market impacts
The weather heats up coming into spring and so does the property market. This means there is more to choose from.
Auction activity ramps up as spring draws closer. CoreLogic RP Data reveals that the number of auctions in the capital cities increased from 1,747 for the week ending August 22, to 2,113 for the last week of winter.
Take advantage
With so many choices, this means more that will fit with what you are looking for. There’s nothing like choice to make a buyer happy. Before you jump in the car to place your bid or make an offer, find out how much you need and how much you can borrow. This is far easier with the help of an experienced mortgage broker (hello … here to help you make this happen).
Clearance rates are higher
CoreLogic data also shows that auction clearance rates increase during spring, meaning a higher proportion result in a successful sale. This year, rates have been as low as 60 per cent, but they are steadily climbing and may soon breach the 80 per cent mark.
Auction clearance rates typically increase during spring.
If you’re looking to secure a home loan and take another step up the property ladder, this may be the time. Higher clearance rates could mean you’ll be more likely to walk away with the property you really want … that means no compromising.
The right time
Property is cheaper during certain months of the year, according to Swinburne data. In Sydney, houses are cheaper to buy in June, while in Melbourne they are most affordable in May.
But the differences will be minor. It is more important to buy when it’s the right time for you. That means being armed with the right info so you can make the best decision for you and your goals.
If you need a hand, this is what I specialise in, message me debs@smartline.com.au
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