The Australian real estate market has been a hot topic of discussion of late, and it's evident that the frenzy won't be pumping it’s brakes any time soon - especially as autumn is often an extremely busy time in real estate (and that’s not even taking into account the current unprecedented market conditions we’re currently seeing across Australia!).
In this update, we cover what’s currently happening across the Australian housing market as we transition into a new season, and if you’re thinking of selling your property, we cover why autumn may in fact be a fantastic time to sell, as well as how you can prepare for an autumn house sale.
Autumn Forecast: leaves falling, prices rising, demand still at record highs
With the Easter holidays fast approaching, Super Saturday is just around the corner (the weekend before a public holiday, traditionally known as one of the busiest times for auctions nation-wide). But in a market like nothing that we have experienced before, it would appear that Autumn fever has already seized the market, with national house prices continuing to edge 0.8 percent higher this week against a higher volume of auctions and new listings hitting the market.
According to CoreLogic data, the second highest number of weekly auctions was recorded this week over the year-to-date, with a total of 2,232 homes taken to auction across the capital cities. The higher volumes did little to dampen the clearance rates, which sat at 83.2 per cent at last collection.
Australia’s biggest property markets, Melbourne and Sydney, both recorded preliminary clearance rates above 80 per cent (compared to 65.6 and 68.1 percent respectively last year), with Sydney logging the sixth consecutive week of over 80 per cent auction success rate.
Canberra was not to be outdone, shining as the best performer of the smaller auction markets with a preliminary auction clearance rate of 95 per cent this week.
CoreLogic data indicates that auction markets are going to face their biggest test this weekend with substantially higher volume incoming (currently tracking at a whopping 2,700 auction events).
The level of buyer demand for property continues to hold steady at near record levels, according to the latest REA Insights Weekly Buyer Demand Report. Total inventory levels remain low across Australia, despite an increase of 1.9 percent in new listings across the country, indicating a strong rate of absorption as prospective buyers continue to outnumber newly advertised supply additions.
Why is autumn the best season to sell a house?
With auction volumes rising across the nation and the unprecedented market conditions favouring sellers, you may be wondering if it is a good time to sell your property.
Timing the sale of your property can make all the difference, but most importantly, it has to suit you as the seller. Often people believe that the warmer months are the best time to sell, but in truth, all seasons have their advantages. So, is autumn a good time to sell a house?
There is a reason why autumn is so busy for real estate - Autumn is a smart time to sell.
Everyone is back from summer holidays, school and work routines have settled down, and people have had some time to consider what they’re looking for in their next property move. They might also be hoping to get their house move done before winter.
With the state of the Australian property market the way that it is, there is no better time to start discussions with your local real estate agent to see what your property could be worth in the current climate.
Our Top Tips for selling in Autumn:
1. Curb appeal is important
While this is important no matter what season you choose to sell, in autumn it is even more crucial to remain diligent about your curb appeal as leaves fall. First impressions are critical, and they start at the curb. Some things you can do include:
- Give the fence a fresh lick of paint
- Hit the entryway path with a pressure hose
- Tidy up the front yard and keep it neat! Pay attention to garden beds and remember to keep the lawn mown
- Rake up any fallen leaves
- Fresh florals can always add a more welcoming feel (this applies to apartments too!), you can find some Autumn flowering plants to your balcony or around your front entrance
2. Clear your gutters and drainage
- Is your home surrounded by trees? Leaves collecting in your gutters can give the impression to buyers that the home is uncared for
- Autumn can also bring a lot of rain, so ensure your gutters are clear to avoid any mould issues during open homes
3. Emphasis the cosiness
- Your home should feel warm and inviting to your buyers who come through to inspect, so if a heater is available, make sure that is turned on before they come through your home open
- Make sure that you’re ready for any unpredictable weather to keep the climate of your home at a comfortable level - that includes checking for draught in cracks around doors and windows before the first open
4. Create light
- As the sun drops lower during the Autumn season and the days get shorter, you can still create great lighting inside your house to create a feeling of airy space. Pull back blinds and keep hutters open, but also turn on lighting around the house
- Consider putting table lamps or other additional lighting in any dark areas around the house
All seasons have their benefits and drawbacks, but with the right strategy, any season is a great time to sell! Talk to one of our local agents today with the expert know-how to help. Book a free, no-obligation appraisal now.