Spring (March-May) The spring months are often considered the best month to sell a house.
According to Realtor.com's research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale.
"Property price falls are likely to continue and accelerate in 2023," report author Cameron Kusher said, blaming the cooling market on the rising cost of borrowing and its associated drain on household budgets.
If the price rises are maintained for the rest of the year, home values will end up about 4% higher in 2023, defying earlier predictions of sharp falls of 10% or more for this year, CoreLogic says. “Economists are shredding their previous price forecasts,” said Sally Tindall, research director for RateCity.
Sellers can net thousands of dollars more if they sell during the peak months of May, June and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.
If you are looking at property sales, OpenAgent data generally indicates that the busiest times of year in Australia for buyers are the autumn months: specifically March and May. The most popular month for sellers to list their property for sale is November, just before the summer holidays.
The downturn in the global housing market is set to continue in 2023, with most Australian cities expected to fall by double digits in what is shaping up to be the deepest property correction in more than 30 years. Few people are willing to buy or sell in a falling market, and stock is hard to find.
Despite interest rates continuing to rise, house prices are expected spike further in 2023 and 2024, according to the National Australia Bank.
Sydney's ailing housing market will bounce back next year with price growth that will lead the country, new economic modelling has revealed. SQM Research's annual Housing Boom and Bust report released Tuesday showed Sydney prices were primed for growth over 2023 due to an increase in underlying demand for housing.
Property Prices Could Potentially Surge in 2024
Evans and senior economist Matthew Hassan in a market update. "Prices are now expected to increase by 5% in 2024, revised up from 2%." Westpac predicts that by 2024, house prices will rise by 5% in both Sydney and Melbourne, 6% in Brisbane, and 8% in Perth.
With borrowing costs continuing to rise and the subsequent reduction in borrowing capacities, property price falls are likely to continue and accelerate in 2023, Kusher said. “We're expecting prices to decline by up to 10% nationally in 2023, with greater falls expected in the larger capital cities,” he said.
The combined capital cities could see house prices rise 2 per cent to 4 per cent by the end of the 2024 financial year and units could climb by 1 per cent to 3 per cent, the Domain Forecast Report predicts.
What do we see? An expected earnings yield for the S&P 500 of 5%, based on the 2023 profit forecast. That compares favorably with the generally accepted risk-free return of 3.76% for 10-year U.S. Treasury bonds. Corporate profits make up a large part of the equation for future investment returns.
“The unique set of circumstances we're seeing this year may present a prime opportunity for those looking to invest in the property market,” Mr Khursigara told Your Investment Property magazine. “Both Federal and State governments are buoyant with the estimates of new migrant arrivals in 2023.
The average annual growth rate for well-located capital city properties is about 7%, which means that Australia's median dwelling price should be around $1.1 million in 2030. But some properties will outperform others by 50-100% in terms of capital growth, so take these house price predictions with a big pinch of salt.
According to Domain figures, the value of Australia's housing market fell by -5% across capital cities in 2022. Sydney dropped by -10.9% and Melbourne was down -5.9%. While Canberra and Brisbane house values fell by -6% and -1.1% respectively last year. Most of the damage was done by the end of spring selling season.
Mortgage Bankers Association (MBA) vice president and deputy chief economist Joel Kan. Kan expects mortgage rates to average 5.6% by the end of 2023.
“Right now, Sydney, Melbourne, Brisbane and Perth would all be considered buyers markets,” says Nerida Conisbee, Chief Economist at realestate.com.au.
The data provided exclusively to The Sunday Telegraph showed the median house price would be $1.92m in 2027 and the median unit price would be $1.02m. Sydney prices would also be nearly triple those in Perth, Adelaide and Darwin if the current growth trajectory continued.
Bottom line. Thursday is generally thought to be the best day of the week to list a house for sale. Studies show that homes listed on Thursdays are more likely to sell faster, and for a higher price.
Spring is typically when most home selling activity begins, but home sales really heat up in the summer months. Real estate is all about location, though, and where you live may have an impact on the peak selling season for your home.
Generally, home prices are lowest in January because demand is low, inventory is low and fewer buyers are looking for homes. While January might be the best month to get the lowest price on a home, you pick from a smaller selection of homes.