There’s still time to sell your home before new year
Just because it’s the silly season doesn’t mean people are too busy celebrating for serious pursuits like buying houses. New data has found the perception that homebuyers leave the market at the start of December and don’t return until at least mid January is misplaced – and that just because your house wasn’t on the market before the end of November doesn’t mean you’ve missed the boat.
PRDnationwide National Research Manager Diaswati Mardiasmo says there is still plenty of time to sell your property before the New Year.
“December is the busiest time of the year for many individuals, but clearance rates over the last four years suggest that the silly season does not mean people are too busy to buy and sell houses,” Dr Mardiasmo says.
“If you look at the auction data from the past few years there isn’t really a drop off in December. Properties are still going under the hammer in December, and December clearance rates are very similar to the yearly averages.”
The average December auction clearance rate across capital cities for the last four years was 48.2 per cent. The average yearly auction clearance rate across capital cities for the last four years was 49 per cent, demonstrating a negligible difference between the average December rate and the average yearly rate. This shows that there is minimal disadvantage in selling during the silly season.
While the number of properties listed for auction tend to drop off slightly in December marking the end of spring, the number still remains above the yearly average. In Sydney the average number of properties reported per month during the past four years was 2156, while the average number of properties reported for December was 2309.
In fact, now might be the best time to act, as figures spanning the four years from 2011 show an average of 29 properties cleared at auction in January, compared to an average of 1120 in December.
Property buyers in Coolangatta are keen to find a home before Christmas, with PRDnationwide Coolangatta principal Jason Abbott saying he had seen a higher number of buyers coming through properties because there was not as much stock on the market.
“There are just as many buyers but not as many listings, which creates a greater demand,” he says. “Some sellers do have strong opinions on the matter and want to wait until after Christmas. This a good thing for those who do choose to sell before the year ends as there is less supply.”