Typically, the warmer months mean that the Australian property market is at its most active, starting around October and slowing around February.
However, market momentum temporarily slows during the Christmas and New Year period, before restarting in earnest once the festive season is over. This is because many buyers become distracted by celebrations and summer holidays, and many agents also take the opportunity for a well-earned break.
But just because the market is quieter through this period, don’t assume it has totally stopped!
If you’re keen to be selling a property over the coming weeks, don’t worry. There are some distinct advantages to selling during this period.
1. Advantageous Timing
The first major advantage to selling a property over the Christmas/New Year period is timing.
The spring months are typically busy for the real estate market, and so many people who sold their home during this period will soon be facing the time when they need to vacate their sold property. This puts them under great pressure to quickly find a new home.
People in this situation don’t enjoy the luxury of waiting to see if the market continues slow. Failure to find a new home soon could lead to a potentially protracted period living in rental accommodation or crashing at a relative’s place – neither of which would result in a particularly merry Christmas.
2. More Time to Inspect
Buyers also have more time to inspect open homes at this time of year.
With most workplaces slowing down through the second half of December, those looking to buy a property can usually arrange to take a couple of hours out of their workday to attend property inspections.
3. Less Stock in the Market
Selling property when the market is at its busiest has the advantage of many more buyers actively searching for a home. However, it is also the time when there are many more properties on the market that are in direct competition with you.
Selling during a quieter time gives you the distinct advantage of facing less competition from similar properties. Over the Christmas and New Year period, actively searching buyers will have less stock to choose from, ensuring that your property stands out.
4. New Year’s Resolutions
This is a time when people take stock of their lives and plan to make changes for the year ahead. Making a commitment to substantial life changes may involve moving to a new home. For example, people may decide to get married and start a family over the year ahead. Or they may decide the time is right to downsize. Such life-changing decisions inevitably require some change in a person’s living arrangements.
These changes could mean there are more motivated buyers at this time of year. For these people, making the decision to buy a new home is a crucial first step in realising the rest of the changes they wish to see happen in their lives.
5. End of Rental Leases
This time of year is particularly busy in the rental market.
With many renters facing the end of their leases, they may be considering their next steps. For some, the time will now be right to make the transition to home ownership. With interest rates low, and house prices having cooled the past year, home ownership is now more affordable for first-home buyers.
Now is a great time to position your property to this demographic of potential buyers.
6. Getting into the Christmas Spirit
Making your home emotionally appealing to prospective buyers is essential. What better time to pull their heart-strings than during the Christmas season?
By decorating your house in a way that shows how it can be a great home for family get-togethers over the festive season, you’ll be able to emotionally engage buyers in a more powerful way than at any other time of year.
Start with a nicely decorated tree, with packaged gift boxes surrounding it on the floor. Set the dining table with festive crockery and Christmas crackers. Don’t forget the outdoor spaces – an attractively laid BBQ table will highlight how the backyard can be used for summer entertaining.
Prospective buyers will be able to easily visualise how their families could inhabit the house and make it their own.
How Devine Real Estate Can Help
When it comes time to listing your property for sale, speak to Devine Real Estate.
Our experience in Sydney’s Inner West is unparalleled. We have a deep understanding of the local market and will implement all the strategies required to make your property appeal to prospective buyers.
We wish to take this opportunity to thank all of you for your support over the past year and we look forward to a fantastic 2020!