Why February is the New Spring
It’s a common belief that Spring is the busiest and best time to buy and sell property. And most years this is true. However, last year, Spring was not the huge selling season it normally is. The two major reasons for this were the election disrupting everyone, and the financial insecurity still being felt after the tail end of global financial crisis. Although interest rates have been low for a while now, it has taken some time for consumer confidence to return.
Late last year there were increased numbers of people wanting to buy but not the equivalent amount selling. This assisted with the sale prices for those people who did manage to get on the market before Christmas.
By the time the election was over, many potential sellers were then thinking about Christmas and holidays so they put selling in the too hard basket
Over the holidays, people have had time to think about what they want to achieve this year and many have now decided to sell. This month those people are working on their houses and getting them ready for sale so that they can be on the market in February.
February is a great time to sell as the weather is usually beautiful and warm and shows the house in the best light. Many sellers will be keen to get that house sold before the cold weather hits. April will be particularly busy with Easter, Anzac Day and School Holidays, so most people will want to be well and truly settled before then.
The buyers who missed out last year are still looking, and many new buyers are hitting the market after making new year resolutions to buy or upgrade their home. Those buyers are aware that interest rates will probably rise at some point this year so they’re keen to get locked in as soon as possible.
All of these factors combined mean that February is going to be a big month in Real Estate.