Adam Empringham,
Director of Sales at Image Property.
Spring Selling Season on the Horizon
The spring selling season is nearly here, with vendors putting the finishing touches on their properties around the southeast.
The spring selling season is classed as one of the best times to sell your property because many buyers hold off purchasing during the cooler winter months – especially in our neck of the woods.
This year it will be the first spring for three years when our property markets have not been impacted by lockdowns or restrictions of some sort, which made it more difficult for buyers, sellers, and agents alike.
Market strength
In Brisbane, property prices remain solid with the local market continuing to record sound market metrics.
According to CoreLogic, the median days on market in Brisbane were just 23 days in July – the second quickest time to sell of all capital cities in the nation and far superior to Sydney, which has a median of 35 days.
We are also starting to see a clear divergence between the River City’s property market and the southern capitals, which is a healthy signal for the spring selling season.
The latest CoreLogic data shows that Sydney recorded a quarterly drop in median values of 4.7 per cent, with the annual result now being an increase of only 1.6 per cent over the year to July.
Likewise, in Melbourne, where median values reduced a further 3.2 per cent over the quarter and posted a dwelling value increase of just 0.3 per cent over the year.
However, in Brisbane, the results couldn’t be more different, with dwelling values remaining firm over the quarter, and recording growth of 22.1 per cent over the year.
Listings remaining low
In Brisbane at present, the total number of property listings on the market are similar to the same period last year, which was a time of rising market conditions don’t forget.
In fact, with fewer than 21,000 properties for sale in Brisbane in July, according to SQM Research, this reflects a property market that is undersupplied – compared to the usual volume of listings – since way back in 2010.
The ongoing strength of the Brisbane market is further highlighted by the fact that the total number of new property listings on the market (less than 30 days old) has fallen 12 per cent since the same period last year, according to SQM.
Likewise, the number of old property listings (on the market for more than 180 days) has reduced a substantial 47.9 per cent since last year, which is a sign that buyers are active, and vendors are selling.
At Image, we always supercharge our marketing campaigns during the spring selling season because of the evidence that selling in spring is better than any other time of the year.
So, if you are a homeowner or investor who is considering whether you should sell in spring, please contact us directly so we can discuss all the ways we can help you achieve a successful sale of your home or investment property.
