When is the best time of year to buy a property?
Home sales tend to rise along with the temperature and the holiday spirit Christmas seems to bring. Many buyers rush to buy and settle before Christmas, before the market hits a slump in January as the whole country breaks off for the summer. Daniel Pym of Loan Market says “If you’re in the market for a new home, January is another good time to buy,” Pym says, “as you may be able to pick up a bargain on a property that was passed in before Christmas.” “November and December are the biggest auction months,” he adds. “From a buyer’s perspective, January is often an opportune time to buy as some of those properties passed in before Christmas come onto the market as a private treaty sale.” “January also is generally a slow month for builders and contractors. With most people on holidays and factories closed for the break, this makes it a good time to negotiate fees on new homes”.
Deciding when to buy comes down to your personal circumstances, but it helps to understand the dynamics of the market in the area you’re looking to buy.