The benefits of an early Spring sale
As most people will know, the Spring market is often regarded as ‘peak selling season’ in the Melbourne property market. However, this is actually an oversimplification of the true state of affairs, as there are different phases of the market depending on when in Spring you sell.
One misunderstanding is that whilst the Spring market is an active time for anyone buying or selling property in Melbourne, the increased activity is not as marked as many people believe. Data from Corelogic has indicated that the number of properties on the market increases by around 10% during Spring. However, one thing that history has taught us is that whilst the spike in property listings during Spring does encourage more buyers to the market, it can also mean that competition between sellers can increase as well.
The most important fact to keep in mind is that the later you get into Spring, the number of sellers tends to increase due to the impact of successful purchasers who then need to sell to complete their purchase. So the later you leave it to place your property on the market, the more likely you are to face a market with more sellers, (and less buyers because a percentage of these have already purchased).
In contrast, the earlier in Spring that you put your property on the market, the lower the level of competition from other vendors, and the larger the pool of potential buyers that are available to inspect your property.
We saw two prime examples of the benefits of an early Spring sale this weekend.
Greenvale: 845 Mickleham Road. Three bidders fought for the keys to this well proportioned four-bedroom, two-bathroom home a short walk from Greenvale Shopping Centre. As you can see from the photo, both buyers and sellers were pleased when the gavel finally fell at an impressive $950,000.
Tullamarine: 13/112A Mickleham Road. A good mix of first home buyers, downsizers and investors showed interest in this well-maintained two-bedroom villa with easy access to schools, transport and Melrose Drive shops. A productive auction campaign saw the SOLD sign go up at $500,000.
If you are keen to make the most of the opportunities presented by an early Spring sale, why not give one of our team at Barry Plant Gladstone Park a call this week on 9330 1088. We’d be more than happy to assist with any advice or information you may need.
Regards,
Nick Pugliese - Sales Manager
and Bill Karp - Director
Barry Plant Real Estate
Gladstone Park