When is the best time of the year to sell your home?
The answer may be summer, according to Ray White Group Chief Economist Nerida Conisbee, who analysed property prices over the past 10 years and found values rose by an average of:
- Summer = 1.8%.
- Spring = 1.7%.
- Winter = 1.5%.
- Autumn = 1.2%.
The analysis also found that many of the top-performing suburbs in summer were located near coastal regions.
“This comes at an interesting time for summertime suburbs, most of which are by the beach and in places that become even more desirable during the hotter months. While most of Australia has been seeing strong price growth over the past 12 months, beachside holiday destinations haven’t been doing so well with many recording price falls,” Ms Conisbee said.
“During COVID-19, a lot more people wanted holiday homes. Now we can travel again, having a holiday home is no longer so desirable. In many localities with a lot of holiday homes, local councils are cracking down on homes being used for Airbnb. More broadly, interest rates are making it a lot more expensive to pay off loans.”
Bridging loans let you buy before you sell
If you’re planning to put your home on the market soon, you may be considering buying before you sell. That’s because, with prices rising in many parts of Australia, transacting in that order can ensure you have a home to move into and also might give you the chance to buy while prices are lower and sell while they’re higher.
If that appeals to you, speak to your Loan Market broker about bridging finance. This is a type of short-term, interest-only loan that gives you the funds to buy first. When you subsequently sell your property, you then use the proceeds to pay off the bridging loan.
