Despite the residential property market’s fluctuations we’ve experienced over the last decade, November has consistently delivered higher prices for sellers in WA over any other month.
According to PropTrack research which looked at property prices from 2013 to 2022, sales in Perth in November achieved prices 1.39% higher than average during the spring peak.
Across the country, the average differential was 0.8%.
Realmark managing director John Percudani said this is important information for any vendor looking to avoid being undersold.
“This research aligns with what we’ve seen at Realmark over three decades in West Australian property,” he said.
“Spring and summer is often considered the best time to sell, as it aligns with buyer behavior as home-open and online listing traffic ramps up. March is the other month that has been identified as a prime selling time.
“The median house price in Perth is currently $570,000, and a 1.39% jump would amount to a jump of almost $8,000 for a property of that value. When looking at a million-dollar property, that figure obviously increases to almost $14,000.
“These are certainly significant premiums and worth considering when looking to get the most out of the market.”
PropTrack’s senior economist and the report’s author Paul Ryan agreed that depending on the property at hand, the benefit of timing a property sale to a high-performing month could be quite substantial.
“Home prices nationally are already back at their peak after nine months of consecutive growth,” he said.
“With the spring selling season underway and November – the best time to sell – approaching, it’s likely ongoing price growth combined with a seasonal boost will benefit many sellers over the next few months.”
Regardless of what time sellers decide to bring their property to market, Raalmark advises of the importance in avoiding the risk of underselling by working with an agent who prioritises a smart sale, rather than a fast sale.